Weekly economic review

The founding ceremony of the Turkish section of the railway was held in Kars on 24 July with the Presidents of Turkey, Azerbaijan and Georgia being in attendance.

Presidents of Turkey and Azerbaijan Abdullah Gul and Ilham Aliyev highly appreciate the realization of Baku-Tbilisi-Kars railway project. The two Presidents met in Kars on 24 July morning prior to the founding ceremony of the Turkish section of Baku-Tbilis-Kars railway.

Ilham Aliyev described the realization of this project as a historical event which will contribute t prosperity of the region and perspectives of transportation of cargo from Asia to Europe.

According to Gul, railway will revive the historical Silk Way and will enable to transport cargo from China to Europe. The project will make a significant contribution to the economic development of the region, improvement of living standards of the people and it will further strengthen the cooperation among Georgia, Azerbaijan and Turkey, Gul said.

The Baku- Tbilisi-Akhalkalaki- Kars railway project includes the construction of 105km-railway lines, with 76 km section running via Turkey and 29 km section via Georgia. Moreover, 183 km section of Akhalkalaki-Marabda-Tbilisi railway will be also reconstructed to improve the carrying capacity to 15mln tons of cargo per year. It is planned to build in Akhalkalaki a facility for the transition of trains from the track existing in Georgia to the European one. The project is estimated at $422mln and including the accompanying infrastructure its cost will comprise $600mln. This transport corridor will be commissioned by 2011.

The passenger transportation by railway is expected to comprise 1 million people and freight flow - about 6.5mln tons in the early years.The passenger transportation is expected to make up 3 million people and freight flow - 18mln tons in this second and important stage. This project will serve as a cultural corridor between Asia and Europe and will contribute to the international dialogue.

Azerbaijani President is confident that the level of cooperation among Georgia, Turkey and Azerbaijan is unique worldwide. "Similar trilateral cooperation in political, economic and cultural fields perhaps cannot be found in the world. It is unique," President Ilham Aliyev said in Kars at the ceremony of foundation of the Turkish section of the Baku-Tbilisi-Kars railway on 24 July.

President Aliyev said largest regional projects being implemented among the three countries, such as Baku-Tbilisi-Ceyhan (BTC) oil pipe, Baku-Tbilisi-Erzurum (BTE) gas pipe and Baku-Tbilisi-Kars (BTK) railway, are of special importance for the region and for the world. He said oil pumping via BTC will total 40mln tons this year and over 50mln tons next year. The role of energy security in the world makes its clear how important BTE and BTC projects are, the President said.

"According to estimates, Azerbaijan's gas reserves comprise 2trln cu m, which will enable gas supply to Azerbaijan and its friendly and fraternal countries for many years to come," Aliyev said.

"Realizing the significance of those regional projects, the number of countries willing to join them is ascending. And that enables the countries of the region to receive both economic and political dividends," said President.

Aliyev said the corridor connecting Asia to Europe via Azerbaijan, Georgia and Turkey is the most efficient and the shortest.

Georgian President Mikhail Saakashvili thinks Azerbaijan's support to his country as a guarantee to Georgia's independence. "Azerbaijan is a guarantor of Georgia's independence," Saakashvili said in Kars at the ceremony of foundation of the Turkish section of the Baku-Tbilisi-Kars railway on 24 July.

Saakashvili said Azerbaijan had always supported Georgia in its difficult times, mentioning Azerbaijan's gas supply to Georgia during an energy crisis in winter of 2005. "Georgian people will never forget that," said Saakashvili, adding that Azerbaijan-Georgia cooperation improves the two nations' welfare.

According to Saakashvili, owing to the political will of Georgia, Turkey and Azerbaijan, all obstacles have been overcome and the sides are carrying out successful regional cooperation. Saakashvili particularly mentioned the Baku-Tbilisi-Ceyhan (BTC) oil pipeline and Baku-Tbilisi-Erzurum (BTE) gas pipeline among the most considerable aspects of cooperation. "The Baku - Tbilisi- Kars railway project is of special significance, he said. This is the continuation of our successful cooperation."

The project unites not only Azerbaijan, Georgia and Turkey, but also countries of Asia, ranging from China to the European counties. This project is of great economic importance both for region and people of countries which participate in the project. Despite of all suspicions of 'some countries' with respect to expediency of the BTK, several Asian countries, including Kazakhstan, are also interested in the project.

This project will be successful, because all three countries put many efforts and the issues will be solved ahead of time. The project unites not only two countries of the Caucasus, but also the entire Caucasus region, testifying for independence of the three countries.

Subscribe to Trend in Google News! Subscribe
Turkmen officials to discuss TAPI project in Kabul
Turkmen officials to discuss TAPI project in Kabul
Qatar targets 25% cut in greenhouse gas emissions by 2030 under climate plan
Qatar targets 25% cut in greenhouse gas emissions by 2030 under climate plan
Brent falls to two-week low after inventory shock
Brent falls to two-week low after inventory shock
Loading Bars
Latest
Indo-Pacific is a "Fact Of Life": S Jaishankar
Oman approves Covaxin shots for travel without quarantine
SOCAR Turkey’s sales down year-on-year
Kazakhstan, Russia resume negotiations on Khvalynsk, Imashev fields
Kazakhstan’s national postal operator to buy spares via tender
Turkmen officials to discuss TAPI project in Kabul
SOCAR Turkey sees increase in assets
Kazakhstan completes repair of Pavlodar oil chemistry refinery ahead of schedule
Azerbaijan allows administration of fourth dose of COVID-19 vaccine
Pasha Bank is ready to support new projects on developing Azerbaijan's startup ecosystem - board member
Kazakhstan increases petroleum oil exports to France
Turkmenistan, Iran expand bilateral relations
Uzbekistan to subsidize difference in average gas price
Merck raises full-year profit target after cancer drug sales help Q3 beat
Nar supports publication of book on veteran teachers
Renesas buys Israeli Wi-Fi chipmaker Celeno for $315m
Turkey receives positive signals from Armenia – Turkish defense minister
Indian forex reserves surge by $58.38 bn in H1
Qatar targets 25% cut in greenhouse gas emissions by 2030 under climate plan
Kazakhstan's economy to grow faster than in other EAEU states - EDB expectations
Georgia to keeps tight monetary policy – NBG
India, Sri Lanka and Maldives hold joint exercise on maritime security
Kazakhstan boosts manufacturing volume of gold
Indian Govt looks to revive tourism sector as jab drive gathers steam
Canadian company to invest in exploration of gold deposits in Uzbekistan
Turkish company talks plans for crop, livestock production in Azerbaijan's Karabakh
21 subject olympiad winners enter Baku Higher Oil School
IRENEX shares data on sales of Iran’s NIOPDC at energy exchange
Bahar Azadi gold coin price again falling in Iran
Azerbaijan’s 9M2021 imports of Turkish chemical products increase
Kazakhstan to build capacious renewable energy facilities
PM Modi reaffirms India’s focus on free & open Indo-Pacific
Iran reveals COVID-19 data for October 28
Chief Financial Officer of Azerbaijan's Bravo supermarket chain talks profit prospects
Pension savings in Kazakhstan increase
Iran's Bistoon TPP boosts electricity generation
Romania plays very important role in Azerbaijan-NATO cooperation plan - Azerbaijani president
Konkan Shakti 2021: India, UK take part in maiden bilateral tri-service exercise
Georgian public foreign debt on the rise
During second Karabakh war, we felt support of people of Kyrgyzstan - President Ilham Aliyev
Turkey occupies very important place in international arena - Azerbaijani President
EBRD talks details of putting out former uranium mining sites in Uzbekistan
Indian-origin Anita Anand is Canada's new Defence Minister as PM Trudeau reshuffles Cabinet
Kazakhstan reports decrease in volume of money transfers
Azerbaijan's Barda city commemorates victims of Armenian aggression during second Karabakh war (PHOTO)
Russia’s Gazprombank projects Azerbaijan’s refinancing rate level
Iran’s Shahid Tondgooyan Petrochemical Company reaches increase in production
Armenia ready to begin delimitation and demarcation of borders with Azerbaijan
Azerbaijani President congratulates Turkish counterpart
Saipem announces time of returning EBITDA to pre-COVID level
Iran shares amount of needed money for construction of roads, bridges in Khuzestan Province
Iran reveals volume of trade turnover via border terminals in Sistan & Baluchestan Province
Saipem reveals revenue forecasts for 2H 2021
Turkey acting jointly with Azerbaijan regarding normalization of relations with Armenia - FM
Saipem sees significant increase in revenues
Turkey reveals number of ships docking at Tekirdag port in 9M2021
Armenia lagged behind Azerbaijan in armaments issue – Armenian president
Azerbaijan talks ongoing work to restore houses damaged from Armenian shelling during Second Karabakh War - Trend TV (PHOTO)
Ryanair vows 5-day refund turnaround after COVID criticism
Hungary talks on measures to diversify gas supply routes
Hungary’s gas reservoirs 86% full, well above EU average
Investment projects in Turkmen oil and gas fields in Caspian Sea discussed at int'l conference
BSTDB ready to support Azerbaijan to meet emission commitments under Paris agreement (Exclusive)
Bank Keshavarzi Iran sees increase in loans issued for purchase of agricultural machinery
SOCAR’s STAR Refinery boosts crude imports
Turkmenistan Airlines simplifies clearance of int’l cargo transportation
Turkmenistan, Danish Haldor Topsoe to co-op in ammonia, methanol production
Azerbaijan sees significant growth in investment in capital market
Iran increases exports through Bilasuvar border checkpoint
Remains of two people found in Azerbaijan's liberated Aghdam - Prosecutor General's Office
Azerbaijan to discuss change of state duties
Iran announces amount of currency sold at NIMA exchange rate
Kazakh gas producing company opens tender to attract designing services
Iran allocates financial aid to support maritime industries
President Ilham Aliyev receives credentials of incoming Romanian ambassador (PHOTO/VIDEO)
President Ilham Aliyev receives newly appointed ambassador of Kyrgyz Republic (PHOTO/VIDEO)
Baku Stock Exchange talks readiness to issue "Green Bonds" for Azerbaijan's liberated lands
Israel 2021-22 budget clears parliament's finance committee
Kazakh banks increase lending value m-o-m
Iran builds prefabricated homes in Kish Island
Azerbaijan's Bravo auctions its first bonds via Baku Stock Exchange (PHOTO)
Azerbaijan completes repairs of houses in Jojug Marjanli damaged by Armenia’s shelling (PHOTO)
Azerbaijani oil prices decline
Georgia releases data on COVID-19 cases for October 28
Iran's Astara port , Russia's Astrakhan port declared sister ports
Kazakhstan reports increase in all types of deposits
Kazakhstan to consider construction of reservoirs in Kyzylorda region
Kazakhstan doesn’t plan to suspend scheduled flights – ministry
Iran reactivates fuel stations after cyberattack
Azerbaijan betters positions in revised Global Firepower 2021 rating
Iranian currency rates for October 28
Booster jab is important for long-term protection against COVID-19 - Azerbaijani doctor
National Iranian Oil Company discloses volume of gas to be extracted in country
SOCAR Ukraine sees 11% increase in fuel sales
Iran and Turkmenistan sign cooperation document
Iran's export to Kazakhstan increases
Azerbaijani boxers start performance in World Cup in Belgrade with victory
Azerbaijan repatriates 38 children from Iraqi orphanages – MFA
Turkey unveils number of ships docking at Antalya port
Iran's Energy Exchange announces products to be on sale on October 30
All news