Industry and Energy

Home page

Industry and Energy

President Ilham Aliyev: â€œAzerbaijanâ€™ currency stocks exceed $40 blnâ€

05 June 2012 08:51 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. Azerbaijani President has made speech in the 19th Caspian Oil & Gas Exhibition and Conference. According to APA-Economics, the President noted that, Azerbaijan energy resources completely serve to Azerbaijani population.

Speaking about projects implemented in oil-gas sector President Ilham Aliyev noted that, the investments in Azerbaijanâ€™s oil-gas sector was $50 bln. Totally, $ 120 bln has been invested in the economy since 1995. Azerbaijanâ€™s oil policy has been reformed since 1990s: â€œBaku-Tbilisiâ€“Jeyhan oil pipeline is not for only delivery of Azeri oil to world market, this was also important from the standpoint of new route and new corridor was launched. We changed SOCAR to world scale company. Oil is a means for us to built modern state. Operation of State Oil Fund of Azerbaijan ensured the transparency on the oil incomes Today, our currency stocks exceed $ 40 bln. this sum will increase in the future. This supports development of non-oil sector. Oil and gas factors play role in strengthening of connections with world unity. Azeri oil makes 25%, 30%, 35% in balance of several countries. We have 7 pipes carrying oil and gas to different directions. Oul energy policy is open and loyal. We consider that, energy factor must not be used for any purpose. We helped some countries. Energy security ensures independence. Political independence depends on economic dependence. We are free in export of energy resourcesâ€.

Thereupon President Aliyev said â€˜Today independence of Azerbaijan is full and unconditional. Oil and gas reserves of some countries are more than ours. But their economies are one-sided and depend on oil and gasâ€.

Speaking about the development of Azerbaijanâ€™s economy, the head of the state noted that during the last 8 years countryâ€™s economy and industrial production grew by 3 times, poverty declined.

â€œ1 mln new work places opened in non-oil sector. Two huge oil deposits were discovered during past 2 years. According to preliminary calculations, these deposits have 600-700 bcm gas reserves. Proved gas reserves of Azerbaijan is equal to 2.6 trillion cubic meters. We have come to the decisive moment in gas sector. Shah Deniz II project is counting the days. Azerbaijan is almost ready for long-term gas strategyâ€.

The head of the state stressed that if there would be understanding among the investors, producers, suppliers, then the development can go on: â€˜Azerbaijan pursues goodwill policy in oil-gas sector and is always open for the cooperationâ€™.

Note that, letters from US President Barack Obama and Prime Minister of Great Britain David Cameron were read at the event.