Monday, 16 September 2019 09:58 GMT

IMF forecasts Azerbaijan's oil sector to grow

(MENAFN - Trend News Agency) Baku, Azerbaijan, July 6

By Sara Israfilbayova – Trend:

Azerbaijan's oil sector growth should rise by 2.5 percent this year, IMF Mission Chief for Azerbaijan Natalia Tamirisa said in an interview withTrend .

She said that this year, the Southern Gas Corridor pipeline network will become operational. Then the growth will start to moderate to about 1.2 percent going forward as oil production declines, she added.

The Southern Gas Corridor project envisages the creation of a pipeline infrastructure for the transportation of Azerbaijani gas, which is extracted as part of the development of the Shah Deniz 2 field, to Europe via Turkey.

The main components of the project are Shah Deniz Stage 2, expansion of the South Caucasus pipeline Baku-Georgia-border with Turkey, construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) from Turkey's eastern border to the western border and the Trans-Adriatic Pipeline (TAP) connecting Greece, Albania and the Adriatic Sea in southern Italy.

Supplies of Azerbaijani gas to Europe are expected in the amount of 10 billion cubic meters in early 2020. In addition, 6 billion cubic meters of Azerbaijani gas will be supplied to the western regions of Turkey. Deliveries to Turkey began in the summer of 2018.


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IMF forecasts Azerbaijan's oil sector to grow


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