Azerbaijan expects oil exports to increase 51 % in 2005

Oct 29, 2004 02:00 AM

Oil exports from Azerbaijan in 2005 will amount to 13.6 mm tons, which is 51.1 % more than the expected level in 2004, according to government macroeconomic forecasts, submitted to parliament along with the budget.
According to forecasts, growth in oil exports from the republic will take place thanks to Azerbaijan International Operating Company, the operator of the Azeri-Chirac-Guneshli field, which will export 11.1 mm tons of oil in 2005, while the forecast for 2004 is 6.5 mm tons.

The export forecast for the State Oil Company of the Azerbaijani Republic (SOCAR) next year is the same as in 2004 -- 2.5 mm tons.
According to government documents, oil exports will continue to grow in the following three years and will reach 23.7 mm tons in 2006, 40.2 mm tons in 2007 and 54.8 mm tons in 2008.

AIOC is expected to increase exports to 52.3 mm tons in 2008, while SOCAR does not plan to increase exports over the next four years.

Source: Interfax
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