Expert: Azerbaijan’s position as gas exporter to continue strengthening
Baku, Azerbaijan, Nov. 12
By Emin Aliyev - Trend: Azerbaijan's position as a gas exporter will continue to strengthen in the future, Director of the Centre for Economic and Political Research, Sabit Bagirov said on Nov. 11 at the Azerbaijan and Caspian Oil and Gas Week 2013 conference held in Baku.
"The assets of the State Oil Fund of Azerbaijan as of October 1 totalled $35.81 billion. Overall strategic currency reserves of the country reached the level of $50 billion. These figures grow each year and I am confident that this tendency will not change," Bagirov said.
According to the Research Centre's director, oil revenues became one of the most important financial resources of Azerbaijan after the restoration of independence.
"The proceeds from the oil and gas sector are directed towards funding of various social, major infrastructure and other projects including in the form of transfers to the state budget. The results of this policy are obvious," Bagirov said.
The expert said that in 2012, Azerbaijan exported 36.8 million tons of oil and 6.6 billion cubic meters of gas.
"The peak oil production accounted for 2010, then began to gradually decrease which is quite normal," Bagirov said.
He went on to say that Azerbaijan's gas export potential will continue to grow.
"By 2016 Azerbaijan will export 25 billion cubic meters of gas annually thanks to the Trans Anatolian Natural Gas Pipeline Project (TANAP)," Bagirov said.