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Weekly actual topics in Azerbaijan (Apr. 25-29)

Analysis Materials 3 May 2016 16:36 (UTC +04:00)

Sefcovic: Southern Gas Corridor makes Caspian gas supplies to Europe a reality

The Southern Gas Corridor made bringing of Caspian gas to Europe a reality, Vice-President of the European Commission for Energy Union Maros Sefcovic said at the 516th plenary session of the European Economic and Social Committee in Brussels.

The speech of Maros Sefcovic is published on the European Commission's official website.

Sefcovic stressed that the Southern Gas Corridor is one of the biggest construction projects of our time, aimed to bring Caspian, Central Asian and Middle Eastern gas resources to the European markets.

"For years bringing Caspian gas to European markets was merely a subject for discussions and debate. Today it is a reality with contracts in place for more than $10 billion and concrete construction work ongoing in Azerbaijan, Georgia and Turkey," Sefcovic said adding that the European Commission expects to start receiving this gas by 2020.

Today the Southern Gas Corridor is among the European Commission's priority energy projects, which aims at the diversification of the EU gas supply sources and routes.

The project envisages transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian Sea to Europe through Georgia and Turkey.

Azerbaijan, Turkey have potential to increase trade turnover to $15B - minister

Azerbaijan and Turkey have a great potential to increase the bilateral trade turnover to $15 billion, Turkey's Economy Minister Mustafa Elitas said in an exclusive interview with Trend.

"The trade turnover between Azerbaijan and Turkey increased eight times and stood at $5.1 billion in 2002-2014, but it slightly dropped due to the global financial crisis in 2015 as compared to the previous years," said the minister.

Turkey's export to Azerbaijan stood at $1.9 billion in 2015, while the country's import from Azerbaijan totalled $1.6 billion.

Elitas pointed out that Turkey primarily exports iron and steel products, various finished products, electronics, furniture, plastic products to Azerbaijan.

"Natural gas accounts for 85 percent of Turkey's import from Azerbaijan," said the minister.

Aside from the natural gas, Turkey imports non-ferrous metals, chemical industry products, plastic products from Azerbaijan, he added.

"Azerbaijan's important role in the region, the high-level relations between Baku and Ankara make it possible to even more develop the economic and trade relations between our countries," said Elitas.

The minister believes that one of the most important missions of Turkish companies is to contribute to the development of Azerbaijan's economy.

"Turkey's investments in Azerbaijan reached $7.5 billion by late 2014, while the volume of investments made by Azerbaijan in Turkey's economy stand at $4.2 billion," said Elitas.

These figures show the level of relations between the two countries, according to the Turkish minister.

"But Baku and Ankara should even more develop the bilateral relations," he added.

Spanish FM impressed by Azerbaijan's economic development pace

Azerbaijan's economy is being rapidly developed, José Manuel García-Margallo y Marfil, Spanish foreign minister, said.

"I have been in Azerbaijan several times and every time I see the rapid development of the country's economy," the minister said.

The minister said that significant changes and progress were achieved in the areas of regulation and legislation.

During the business forum, Shahin Mustafayev, Azerbaijani economy minister, informed the Spanish delegation on the country's ongoing reforms to improve the business and investment spheres and expand the entrepreneurship.

Mustafayev stressed the broad opportunities for expanding the cooperation in a number of areas of the non-oil sector.

"Azerbaijan-Spain relations are being successfully developed in various spheres," Mustafayev said. "The sides have great potential for developing the cooperation in the fields of agriculture, export of agricultural products, food, tourism and others."

Baku hosted the Azerbaijani-Spanish business forum April 26. Some 120 businessmen, representing various sectors of the economy, including the construction sector, industry, agriculture, transport, energy, aircraft manufacturing, consulting services, etc. attended the event.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Spain amounted to 37.85 million manat in the first quarter of 2016. Some 26.13 million manat accounted for the export of Azerbaijani goods.

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