LUKOIL may be Called A Flagman of Russian Oil Industry Azeri Energy Minister

LUKOIL is one of the first companies that came to Azerbaijan and presently participates in the Shah Deniz project, with reserves of 1 trln cu.m gas. The LUKOIL was key and important company as the first Russian company that came to Azerbaijan even though Azerbaijan was a country having dilapidated economy and instable political situation, Natig Aliyev, the Azerbaijani Minister of Energy and Industry said at the 4th International Oil Forum in Moscow, Trend Special Correspondent in Moscow reports.

We should assess the support provided by LUKOIL and Russia during our hard times. I think that Azerbaijan has paid back the LUKOIL with all the opportunities for work and activity in Azerbaijan, the Minister said.

Vahid Alekperov, the President of the Company received the highest prize of Azerbaijan from the Azerbaijani national leader Heydar Aliyev. And in 15-years of its activities, LUKOIL may be called the flagman of the Russian oil industry, Aliyev said.

The minister said that today each country carries out its oil policy and has its conception and strategy. Aliyev said that Azerbaijan was pioneer for marine fields and large oil experience has been gained in the oil sector, as well as relevant infrastructure has been created and Azerbaijan as one of the countries with the old history of oil production, has established its successful conception and strategy.

Speaking about the importance of the oil in the economy of Azerbaijan, the Minister said that Azerbaijan is developing very rapidly, highly, strongly and with stable rate, and the reason for all the above mentioned is the oil industry of Azerbaijan. As a result of the last year, the economy of Azerbaijan reached the record indicators. The rate of the gross domestic product increased by 26,4% and this year, the indicator equals to more than 34%. The oil of Azerbaijan is in creasing year by year. If last year we produced 22,2 mln tons of oil, then this year we have exceeded 30 mln tons and will produce nearly 32 mln tons of oil, the Minister said.

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