Rovnag Abdullayev, the President of the State Oil Company of Azerbaijan (SOCAR), during the meeting dedicated to 2006 results, stated that in 2007 that world gas prices will increase and in future Azerbaijan plans to increase its natural gas exports to Europe by 70-80%. , Trend reports.
Mr. Abdullayev stressed that at present Azerbaijan is able not to only export natural gas but also to fully cover its domestic demand. In 2008 gas production will be increased to 8 bln cu.m, he noted. In 2007, there are plans to shift SOCAR's financial structure to international standards.
Necessary preparatory work has been done in this respect, SOCAR President stated. In 2009 Azerbaijan will produce 50mln tons of oil, while in 2010 the production rate may reach 65 mln tons.
The SOCAR President announced that the routes for the Azerbaijani crude transportation to Europe via the territory of Romania have been confirmed.