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Azerbaijan to raise oil output by 11% this year

08 June 2009 15:56 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan is forecast to see a 11.1% rise in oil output in 2009, said SOCAR.

According to the projection, SOCAR will produce 8.5 million tons of oil and the foreign firms operating in Azerbaijan will extract 41.5 million tons this year.

The company said it predicts 50 million tons of oil will be produced in the country in 2009.

For 2010, oil output will reach 55 million tons including 8.4 million tons by SOCAR and 46.6 million tons by foreign firms.

In 2011-2016, annual oil output is forecast to be 60 million tons, including 8.4 million tons by SOCAR and 51.6 million tons by foreign firms.

45 million tons of oil was produced in Azerbaijan in 2008.