Azerbaijan Economy in 2014

Azerbaijan Economy in 2014 Decline of oil price in the world market was the main character of Azerbaijan economy in 2014. As an oil exporter country, Azerbaijan might face the effects of a sharp fall in oil revenue after oil price decline in the world market. Azerbaijan is heavily dependent on oil and natural gas export revenues. In fact, 2014 was somehow successful for Azerbaijan economy since the country was able to reserve growth in the almost... Read More

Azerbaijan to double gas export to Russia

Azerbaijan to double gas export to Russia Azerbaijan plans to supply 3bn cubic meters of natural gas in 2013- the statement came from president of the State Oil Company of Azerbaijan Rovnag Abdullayev. “We have a contract with Gazprom on supplies of 3bn cubic meters of gas a year. In 2012, SOCAR supplied Russia with only 1.5bn cubic meters of gas. This is due to the reduced consumption of gas in summer. As for the increase in the volumes of... Read More

Estimated price of Shah Deniz-2 ups

Estimated price of Shah Deniz-2 ups   The cost of the Shah Deniz Stage 2 project is now estimated slightly higher than previously at $28 billion, SOCAR President Rovnag Abdullayev said during the meeting with the graduates of the summer school of the company. “We plan to implement scaled projects, one of which is the implementation of the stage 2 project. Within the project, we will also start broadening of the South Caucasus pipeline... Read More

Botas pays compensation to Azerbaijan for gas

Botas pays compensation to Azerbaijan for gas The Turkish state pipeline company Botas paid Azerbaijan 186 million liras as part of its obligation on gas agreements signed on a ‘take or pay’ principle, Samanyoluhaber reports on Tuesday, citing sources in the Ministry of Energy and Natural Resources. Botas also paid 1.4 billion liras for unwithdrawn gas to Russia, and 1.3 billion liras to Iran. In 2011, the Turkish State Pipeline Company... Read More

Field glitch halts Shahdaniz gas exports

Field glitch halts Shahdaniz gas exports Azerbaijan stopped shipping gas to Turkey from its giant Shahdaniz gas field in the Caspian Sea, where production was halted on Monday because of a glitch during maintenance works, a spokeswoman for the field operator said on February, 09, 2012. “Shahdaniz gas field was completely shut last night during planned repair works on the platform’s electricity supply system,” BP Azerbaijan spokeswoman... Read More