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Azerbaijanâ€™s Minister of Industry and Energy: â€œWe should not to increase oil output for a long timeâ€ - PHOTO

Azerbaijanâ€™s Minister of Industry and Energy: â€œWe should not to increase oil output for a long timeâ€ - <font color=red>PHOTO</font>

29 February 2012 10:24 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Azerbaijan must keep oil output at the current level, Minister of Industry and Energy Natig Aliyev said at the CEIBS meeting.

To him, Azerbaijan should not increase oil production in the upcoming period: â€œThe country has reached the goal on development of oil industry, which was set in 1994. Increase of output may have some sedition. For example, in such case, currency flow to the country can soar and inflation may intensifyâ€.

â€œAzerbaijan has enough gas reserve. Discovery of new fields is very importantâ€, said the Minister.

The Minister noted that Azerbaijani industry had sufficient base of raw materials, mineral resources and they had not been studied yet: â€œRelying upon it, we must direct the development of industrial sector. I think that oil and gas industry must be in hands of the state. The international practice also confirms this. But other spheres of the industry must be given to entrepreneurs and develop. Currently, legal normative base is underway in this regard. It is important to make decision during 1-1.5 years and attract entrepreneurs to this sphere. I think that we must solve these issues until 2020â€.