Azerbaijan to get large oil revenues if oil prices stay high

Jun 06, 2006 02:00 AM

Azerbaijan will receive revenues worth $ 140 bn over the next 20 years if the world prices on crude do not fall below $ 50, President Ilham Aliyev said in his address at the annual Caspian oil and gas exhibition in Baku.
He said the volume could be considered quite large for Azerbaijan.

The president pledged that all citizens will benefit from the inflow of oil revenues. The income will be used to expand infrastructure and improve the living standards of the population.
Aliyev said the potential of the State Oil Fund, an entity that holds revenues from the production and exports of oil, is being expanded as well. He noted that the country’s state budget has tripled over the past three years and will continue to grow in the coming years.

The head of state went on to say that foreign oil companies have invested $ 20 bn in the Azerbaijani oil sector so far. He said international experience shows that such a considerable volume of investments is usually made in countries with stability, which is the case in Azerbaijan.
“We have managed to provide this stability,” Aliyev said. He said the foundation of this policy was laid by the former president Heydar Aliyev and it will be continued. Azerbaijan will soon become a major oil and gas exporter, which will turn it into a leading regional state, he added.

The president said that with the increasing world demand for gas, Azerbaijan may reconsider its policy in this area. Certain changes may be therefore made to the project on tapping the country’s major offshore gas-condensate field, Shah Deniz.
Some 360 companies from 31 countries were attending the 13th International Caspian Oil and Gas Exhibition and Conference.

Source: AssA-Irada
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