The Balkan Countries Preparing to Receive Gas from Azerbaijan
The governments of Montenegro, Albania, Bosnia and Herzegovina and Croatia signed a memorandum of understanding, support and cooperation in the construction of two new pipelines - the Trans Adriatic Pipeline, TAP and the Ionian Adriatic Pipeline, IAP ), said the Foreign Minister of Montenegro.
The MOU was signed in Tirana yesterday. The parties undertook to promote the development, financing and implementation of projects for the construction of gas pipelines, as well as domestic markets prepare to receive gas from Azerbaijan and the Caspian region.
"The Party States expressed their full support to the projects TAP and IAP, and confirmed the EU's support for the objectives of diversification and security of supply of gas to Europe," said the statement.
As the Minister of Foreign Affairs of Montenegro said, TAP is designed to transport gas from the Caspian region to Western Europe. It is planned that the pipeline will connect Greece and Albania and across the Adriatic Sea will be delivered to the Italian region of Puglia.
IAP with length of 530 km will be in fact a branch of the Trans Adriatic. The estimated cost of IAP is 610.5 million euros. It will link the Albanian city of Fiery and Croatian Split through the territory of Montenegro, and Bosnia and Herzegovina, according to RIA Novosti. -0 -
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- Economics
- 24 May 2013 13:51
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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