Azerbaijan, Baku / corr Trend E.Huseynov / In 2008, oil production in Azerbaijan is expected to reach 50mln tons, as compared to 43-45mln tons in 2007, Azerbaijani President Ilham Aliyev said to the Azerbaijani-Turkish business forum on 7 November.
According to the World Bank's predictions for the world oil prices at $50 per barrel; over the next 20 years, Azerbaijan's revenues from the implementation of the oil and gas projects will total $200bln.
In recent times, the world oil prices have not fallen below $85 per barrel.
According to the President, in 2007, the government plans to invest $8bln into the Azerbaijani economy, and in 2008, the state investment in different projects will reach $3bln. The country's current reserves currently equal $7bln.
"The poverty ratio in Azerbaijan will be reduced from 49% in 2003 to 20%, and by the end of the year the figure will be reduced," Aliyev said.