President Ilham Aliyev: In spite of oil price decline, Azerbaijan’s economy grew 5%

President Ilham Aliyev: In spite of oil price decline, Azerbaijan’s economy grew 5%
# 02 June 2015 07:48 (UTC +04:00)

Baku. Ramiz Mikayiloglu – APA-Economics. “We are already implementing the project of the 21st Century – the Southern Gas Corridor”, President Ilham Aliyev said at the opening ceremony of the 22nd international Caspian Oil and Gas Exhibition and Conference.

He said that Baku-Tbilisi-Kars is also a strategic project: “But for oil and gas strategy were carried out successfully, we could not do these works. Azerbaijan got strategic currency reserves in the sphere of oil-gas and their export. Azerbaijan’s economy increased 300% during past ten years, social issues were solved. We could reduce dependence on oil. Oil factor in our economy makes 30%. We achieved successes in diversification of Azerbaijan’s economy. In spite of oil price decline, Azerbaijan got 5%-growth in economy”.

President noted that the task laying ahead is to diversify the economy, reduce dependence on oil and gas sector, realize unimplemented infrastructure projects: “Along with this, the tasks laying ahead in energy sector will also be fulfilled. Because there is a ground for this. International cooperation in oil and gas sector shows that Azerbaijan has productive foreign cooperation. Especially, BP is our partner, shareholder in both the “Contract of the Century” and “Shahdeniz” projects”. We have being cooperated with BP for over 20 years. SOCAR and BP cooperation will last for decades from now on”.

Head of the state said that Azerbaijan’s oil and gas contracts are protected by law: “Today, we can say looking to the past that Azerbaijan implemented the energy projects timely”.

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