Azerbaijan, Baku, 3 June / corr Trend A.Ismayilova /The oil production in Azerbaijan will reach 60mln tons a year in 2009 and 50mln tons in 2008, Azerbaijani President Ilham Aliyev stated in his opening remarks in the annual Caspian Oil and Gas 2008 exhibition in Baku on 3 June.
"For as minimum as 100 years, Azerbaijan has possessed oil and gas resources, as well as opportunities to supply them and be a reliable partner," he said.
The President stated that the sharp rise in oil prices worldwide has brought tremendous profits to Azerbaijan. At the same time, Azerbaijan ensures transparency in the energy sector and has joined the Extractive Industry Transparency Initiative (EITI).
"The Azerbaijani community is not concerned about the way oil revenues are used as the information is open for all," the President stated.
Aliyev stressed that the key objective is to direct the oil incomes towards the consolidation of human capital, resolution of social problems and development of non-oil sector.
The economic development worldwide requires tremendous energy resources. "Taking into consideration rich energy resources of the Caspian, Azerbaijan has become an indispensable country for the world," the Azerbaijani leader stated.
According to the President, Azerbaijan covers its own domestic gas demand and imports gas to the neighboring countries as well.
"We are eager to expand the geography and production of gas. We are prepared to participate in the projects at reasonable conditions," the head of state said.