...

Current oil extraction volumes are sufficient for stable economy

Oil&Gas Materials 28 September 2012 13:19 (UTC +04:00)
Oil production volumes of 50 million tons a year are sufficient for the provision of a stable economy in Azerbaijan. This was said by Deputy Minister of Industry and Energy Natig Abbasov at the ‘Construction of bridges’ international conference in Baku.

Azerbaijan, Baku, Sept. 28 /Trend A.Akhundov/

Oil production volumes of 50 million tons a year are sufficient for the provision of a stable economy in Azerbaijan. This was said by Deputy Minister of Industry and Energy Natig Abbasov at the 'Construction of bridges' international conference in Baku.

"In recent years we have managed to increase the volumes of oil extraction from nine to 50 million tons a year. We are capable of further raising the volumes, but there is no need for that as this level is sufficient for provision of stable economy," the deputy minister stated.

He said that today gas production is more emphasised in Azerbaijan's energy policy.

"Until 2007 we have imported gas for the population's needs and production of electric power. However, since 2007 we have refused to import, so Azerbaijan is currently exporting its own natural gas," Abbasov said.

Latest

Latest