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Minister: Low crude prices reduce cost of Azerbaijani energy projects

2 June 2016 11:11 (UTC+04:00)
Minister: Low crude prices reduce cost of Azerbaijani energy projects

The fall in oil prices has reduced the cost of energy projects implemented by Azerbaijan, Energy Minister Natig Aliyev told reporters on June 2.

He said that the crisis caused by the fall in oil prices has played a positive role for Azerbaijan to some extent.

"The decline in oil prices has led to a decrease in the cost of our projects," Aliyev said. "For example, the cost of the Trans-Anatolian Natural Gas Pipeline (TANAP) project, which was previously estimated at $11 billion, now stands at $9.3 billion."

"The implementation of the Trans Adriatic Pipeline (TAP) project stands at $6 billion, the second phase of the project development of the Azerbaijani Shah Deniz gas field - $23.8 billion, the South Caucasus Pipeline Expansion Project - $4.9 billion," he added.

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