The first Azerbaijani International Regional business conference has been launched in the Shamakha region of Azerbaijan on 27 May.

Niyazi Safarov, Deputy Minister of Economic Development of Azerbaijan, stated that the volume of economy in Azerbaijan in the latest four years has increased by 96%.
As for 2007, the volume of state investments into the development of regions made up AZN 1.15bln. At present, the work to create new industry enterprises has been ongoing. Development of economy creates basis to attract foreign investments into the country.

At present, the preparatory work has been held to implement the program on socio-economic development of regions for next five years, Deputy Minister said.

Iran has stated its interest in importing Azerbaijani gas in large volumes from the Shah Deniz gas condensate, located in the Azerbaijani section of the Caspian Sea, a reliable source said on 28 May.

Said Reza Kassanzade, the Deputy Iranian Petroleum Minister, also general Manager of the Iranian National Gas Company, has recently visited Baku. During the talks held between Kassanzade and the State Oil Company of Azerbaijan (SOCAR) and leadership of the Shah Deniz consortium, focused on delivery of Azerbaijani gas to Iran, including in Stage 2 of the Shah Deniz field development, scheduled for 2012-2013. The Iranian NICO holds 10% share in the Shah Deniz project.

So far, different opportunities for the Azerbaijani gas transportation have been considered. However, they concerned only the European directions. Meanwhile, 1mln cu.m of gas has been supplied to Iran per day at $300 per 1,000 cu.m, which is high enough. The contract was signed to supply 30mln cu.m of the gas to Iran and it can be extended.

It is planned to export 12bln cu m of gas a day during Stage 2 of the Shah Deniz project. Gas export will be carried out via the South Caucasus gas pipeline (SCP) both in Stage 1 and Stage 2.

At preset possible gas production from the field constitutes 21-22mln cu m from four wells. By mid-2008 the drilling of the fifth well will be complete.