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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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