Baku. Nijat Mustafayev - APA-Economics. Azerbaijan’s oil output is 120 000 tons a day and 50 million tons a year, said Khoshbaht Yusifzade, the First Vice-President of State Oil Company of Azerbaijan (SOCAR).
Prior to 1999, petrodollars from oil exports is mainly directed to the repayment of debts but after 1999 the country started to make a profit and oil profit is growing year by year, he added.
According to him, although Azerbaijan’s capacity allows processing 20 million tons of oil a year, to 6-7 million tons of oil is processed a year.
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