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Oil Production Expected To Reach 50mln Tons in Azerbaijan in 2008: Azerbaijani President

Oil&Gas Materials 7 November 2007 14:23 (UTC +04:00)
Oil Production Expected To Reach 50mln Tons in   Azerbaijan in 2008: Azerbaijani President

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.

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