For the construction of TANAP pipeline to bring natural gas from the Caspian basin to Europe via Turkey, the World Bank will allocate $ 1 billion and the European Investment Bank (EIB) will allocate EUR 1 billion, writes the Turkish Hurriyet newspaper.
58% of the project belongs to the State Oil Company SOCAR, 12% - to the Turkish company BOTAS and another 12% - to BP. Shareholders should finance the project in accordance with its shareholding. The share of Turkish BOTAŞ is $ 3 billion. To finance these funds Turkish company borrowed from the World Bank 1 billion dollars and 1 billion Euros from the European Investment Bank.
The total cost of TANAP is estimated at 10 billion dollars. Letting TANAP is expected in 2018. After the TAP (Greece-Albania-Italy) gas pipeline is built, the gas will go to Europe in 2020. -16D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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