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$82 billion invested in economy of Azerbaijan in last 15 years

01 June 2010 10:01 (UTC +04:00)

According to him, Azerbaijan signed â€œcontract of the centuryâ€ in 1994 and it has achieved the increase of oil production, construction of new pipes, transportation of produced oil, serious development in this sphere since 1994. Azerbaijan has been in collaboration with foreign companies since 1994.

The he spoke about hydrocarbon potential of the country. Azerbaijan is expected to produce 52 mln tonnes oil and 30 bln cubic meters natural gas this year. At the same time we will sell in the new markets, to profit more from our oil gas potential, he said.
Azerbaijan has 3 oil and 4 gas pipelines.

Although, the global financial crisis decreased the oil prices, Azerbaijan developed in 2009, too: Economic growth of Azerbaijan was more 9% last year and the growth goes on this year, too, he added.

$82 billion has been invested in Azerbaijani economy since 1995. Half of this was directed to development of non-oil sector.

I.Aliyev said that, Azerbaijan started Chirag Oil Project and will start Shah Deniz 2 project recently. This project will be allocated $ 20 bln.

By the organizing of Iteca Caspian Company, International Oil Gas Exhibition will be held till June 4. At the same time, International Oil Gas Conference will be held on June 2-3.