Foreign investments in oil and gas projects in Azerbaijan exceed $ 20 bn

Jun 06, 2006 02:00 AM

So far, foreign companies have invested over $ 20 bn in oil and gas projects in Azerbaijan, Azerbaijani President Ilham Aliyev stated to the opening ceremony of the 13th International Caspian Oil and Gas exhibition and conference 2006 which started in Baku on 6 June 2006.
Aliyev noted that attraction of such investments promote stability and trust in Azerbaijan.

“The construction of the biggest project on the Baku-Tbilisi-Ceyhan main export oil pipeline is complete in Azerbaijan. However, it is one of the next stages in the development of oil and gas sector in Azerbaijan,” the President underlined.
Aliyev said that experts estimate Azerbaijan’s revenues from the development of oil and gas projects to comprise $ 140 bn over the next 20 years, in case world oil prices comprise $ 50 per barrel.

“Perhaps, some changes will be injected soon in the project on Shah Deniz gas condensate development.”
“It is explained with the considerable increase of demand in gas not only in Azerbaijan, but also throughout the world,” he stressed.

Source: Trend
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