Nabucco’s cost still under review

Nabucco’s cost still under review   Nabucco gas pipeline project’s cost is currently under review, project’s official representative Christian Dolezal said on Friday. “The CAPEX figure of the project is 7.9 billion euro and the figure is currently under review,” he said. Nabucco gas pipeline project envisages gas supplies from the Caspian region and the Middle East to the EU countries. Reuters reported referring to the EU’s energy... Read More

Russia Warns Against Transcaspian Projects

Russia Warns Against Transcaspian Projects Russian President Dmitriy Medvedev said the issue of the Transcaspian gas pipeline requires coordination of positions of all the Caspian States. 1news.az reports citing RIA Novosti that Medvedeb was speaking at the session with permanent members of the Security Council including also Minister of Energy Sergey Shmatko and head of Gazprom Alexei Miller. “This (Transcaspian gas pipeline issue) is quite a complicated issue, which is... Read More

CESD Recommendations on Standardization Approved

CESD Recommendations on Standardization Approved Azerbaijan’s State Committee for Standardization, Metrology, and Patents has approved 65 national standards based on policy recommendations developed by the Center for Economic and Social Development (CESD). CESD worked with the Azerbaijan Institute of Standards, the State Committee’s department of technical regulation and standardization, the metrology department, and the technical committee for ecology, according to the... Read More

Is Baku expensive city?

Is Baku expensive city? List of the world’s most expensive cities was announced by consulting agency ECA International.  The capital of  Japan, Tokyo is the leader in the list, while Luanda (Angola) and Nagoya ( Japan) come in the top three of the list. In the list the most expensive city of Europe Oslo( Norway) ranks 6th,  Caracas (Venezuela), the most expensive city of Latin America, ranks 16th. The Russian capital Moscow is number 14. Istanbul (Turkey) is 38th, whereas... Read More

When Azeri Gas can be supplied to Europe?

When Azeri Gas can be supplied to Europe?   ITGI’s shareholder DEPA says a scalable pipeline with an initial 10 bcm capacity seems more rationale for now to supply all gas produced from Azerbaijan’s Shah Deniz II project to Europe as soon as it becomes available. “ITGI project should be considered as the first step in a phased approach to opening up the Southern Gas Corridor,” Harry Sachinis, DEPA Chairman and CEO. Nabucco could be the second once further... Read More

Concise Picture of Azerbaijani Economy in 2012

Concise Picture of Azerbaijani Economy in 2012 The Ministry of Finance of Azerbaijan reports that the Draft State Budget for 2012 and the Concept of Socio-Economic Development of Azerbaijan for 2012. Budget Forecasts for 2012 According to the government calculations, consolidated budget revenues in 2012 will amount to AZN 18,2 billion ($ 23,00 billion) versus 16,9 billion ($ 20,00 billion) in 2011. Expenditure of the budget will be at AZN 20,026 billion ($ 25,3 billion) against... Read More

Caspian Sea; Exit for Energy Security?

Caspian Sea; Exit for Energy Security? Trans-Caspian pipeline is a proposed natural gas pipeline from the Caspian Sea to Austria via Turkey.  Bypassing Russia, the pipeline would diversify the gas suppliers and delivery routes for Europe. Although preparations for the project started in early 2000, the intergovernmental agreement between Turkey, Romania, Bulgaria, Austria and Hungary was only signed in June 2009. The Nabucco project which is the main Trans-Caspian project... Read More

EU finalizing talks on Association Agreement with Azerbaijan

EU finalizing talks on Association Agreement with Azerbaijan The European Union is holding the latest round of plenary discussions on Association Agreement negotiations with Azerbaijan, head of the European Union delegation on negotiations on Association Agreement, John Kjaer said.   The department, headed by Kjaer, functions under the European Neighbourhood Policy, and covers the countries of Eastern Europe and South Caucasus, particularly Georgia, Azerbaijan, Armenia,... Read More

Oil export continues to decline in Azerbaijan

Oil export continues to decline in Azerbaijan In January-September, State Oil Company of Azerbaijan exported 1.089m tonnes of oil products from the two Baku oil refineries, sources in SOCAR said. The export dropped by 362,975 tonnes over the same period last year. Exports of diesel fuel in nine months hit 956,889 tonnes, a drop by 270,111 tonnes over the same period of the last year. The automobile gasoline export in January-September this year reached 73,868 tonnes, down... Read More

Rival bids submitted to export Azerbaijani gas

Rival bids submitted to export Azerbaijani gas The Shah Deniz Consortium has received three bids to export 10 million cubic metres of gas per year to Europe, a BP spokeswoman has confirmed. The bids have as expected come from the Nabucco, Trans Adriatic Pipeline and IGI-Poseidon (ITGI) projects. The consortium has already started to evaluate the bids, BP-Azerbaijan spokeswoman Tamam Bayatli told Gun.Az on Monday.   BP is a member of the Shah Deniz consortium and operator... Read More