Work on feasibility work of AGRI project comes to end
Work on a feasibility study for the AGRI project (Azerbaijan-Georgia-Romania Interconnection) is coming to an end, Natig Abbasov, Deputy Minister of Industry and Energy Azerbaijan, said at the international conference "Establishment of Bridges" in Baku.
Abbasov said that up to 2 billion cub.m. are planned to be exported via AGRI during the first stage, and from 5 to 8 billion cub.m. of gas during the second stage. "Despite participation of Azerbaijan, Georgia, Romania and Hungary in the project, other countries, such as Ukraine and Bulgaria are also interested in it. Some countries even offer to build the gas liquefying terminals on their territories, but the proposals will be considered after AGRI implementation," Abbasov said.
On September 14, 2010 in Baku SOCAR, Romgaz and GOGC signed a memorandum of mutual understanding between Azerbaijan, Romania and Georgia to establish a joint company to implement the AGRI project. The project envisages deliveries of liquefied gas from Azerbaijan to Romania via Georgia.-0-
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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