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Azerbaijan to export over 200 million tons of oil in three years

09 September 2008 16:26 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan expects the oil production rate to grow by 20.8% by the end of this year, said Natig Aliyev, the Minister of Industry and Energy.
He added that oil output will reach 52.2 million in 2008, up 9 million tons on a year earlier.
â€œOil production is projected to be 60 million tons in 2009 and 65 million tons in 2010,â€ he added.
According to him, more than 208 million tons of oil and 10.1 million tons of condensate will be exported during 2008-2011.
He also noted that 60 billion cubic meters of gas may be extracted annually in the Azerbaijan sector of the Caspian Sea and the production rate can be maintained for 20 years.
â€œIt is planned to produce 26.4 billion cubic meters of gas by this year-end. Natural gas will be mainly exported to Georgia and Turkey and crude oil to Europe,â€ he underlined.
According to him, Azerbaijanâ€™s industrial growth was 24% as against last year and 2.4 times compared to 10 years ago.