Festive events dedicated to the start of construction of the Trans Adriatic Pipeline (TAP), are taking place in Thessaloniki. The ceremony will be attended by Greek Prime Minister Alexis Tsipras, the special envoy of the State Department on international energy issues Amos Hokstayn, European Commission Vice President Maroš Šefčovič, Bulgarian Energy Minister Temenujka Petkova, Managing Director of Trans Adriatic Pipeline Ian Bradshaw, representatives of members of the TAP consortium of companies - BP, SOCAR, Snam, Fluxis, Enagas and Axpo, as well as delegations from the participating countries, RIA-Novosti reported.
The TAP gas pipeline’s length, 880 kilometers and an initial capacity 10 billion cubic meters per year must take gas from the Azerbaijani field "Shah Deniz-2" from the pipeline TANAP (Trans-Anatolian Natural Gas Pipeline) at the border of Greece and Turkey. The pipeline has to cross Greece, Albania, the Adriatic Sea, and in the south of Italy to enter the Snam gas transportation network.
In the future, it provides an opportunity to increase the capacity to 20 billion cubic meters of gas per year;
550 kilometers of the pipeline will pass through the territory of Greece. Athens considers TAP as a strategic project – for the first time Greece will take place on the energy map, and receive direct investment of 2 billion euro. -02D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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