(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 23. Azerbaijan's oil
contracts bring new techs and human resources, along with foreign
currency, to the country, Deputy Minister of Economy Sahib
Alakbarov said during the event on 'Heydar Aliyev's role in the
formation of the competitive economy', trend reports.
'Azerbaijan has become a country in which foreign investors
believe and invest billions of dollars. For example, work is
underway to double the capacity of the Southern Gas Corridor until
2027,' Alakbarov noted.
He also noted that recently an agreement has been reached on the
construction of a thermal power plant (TPP), which will reduce
natural gas consumption to a billion cubic meters.
'This thermal power plant will generate 1,280 megawatts of
electricity and its construction will take two years. The
investments that the parties will make in this project will be
returned six years after the commissioning of the TPP,” the
official explained.
“Along with this, work is underway to build substations in
Jabrayil and Garadagh. Besides, Masdar [UAE energy company],
together with Azerbaijan, is implementing onshore and offshore
projects which will allow generating up to four, and in the future
up to six gigawatts of 'clean' energy,' he said.
Additionally, Alakbarov said that Azerbaijan, Georgia, Hungary,
and Romania have reached an agreement on the export of 'clean'
energy from the Caspian Sea to Europe.
'Before the end of this year, a feasibility study of this
project is expected to be prepared,' he stated.
The deputy minister also noted that last year the Sumgayit
Industrial Park manufactured goods worth 7.36 billion manat ($4.33
billion), and exported goods worth 2.67 billion manat ($1.57
billion).
'In the industrial zones of Azerbaijan's Karabakh, and
throughout the country, work is underway to register new residents,
create jobs, and increase manufacturing,' he concluded.
Will be updated
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