TODAY CONSORTIUM "SHAH-DENIZ" WILL ANNOUNCE THE RESULTS OF THE CHOICE OF SUPPLY ROUTES
The final decision of the Azerbaijani consortium on the development of “Shah Deniz” gas field delivering gas to the European market will be officially announced on June 28 in Baku.
According to the consortium "Shah-Deniz", the ceremony of announcement will take place at 11:00 am at the Four Seasons. The event will be attended by the shareholders of the "Shah-Deniz" project, the management of State Oil Company of Azerbaijan, as well as representatives of the diplomatic corps.
It became known on June 26 that a consortium of "Shah-Deniz" chose the Trans Adriatic Pipeline (TAP) as the route for delivering the Azerbaijani gas to Europe; TAP passes through the territories of Greece, Albania and Italy. --12B--
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- Photo sessions
- 27 June 2013 19:53
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- Economics
- 28 June 2013 11:24
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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