Azeri energy projects could fetch $400bn by 2024
Azerbaijan could receive $400 billion from the implementation of
oil and gas projects by 2024, Minister of Energy and Industry Natig
Aliyev said.
In an interview with European journalists, he said the figures cited in the projections on future receipts from the oil sector have doubled due to soaring world crude prices.
Another reason for the increase is the excess of hydrocarbon reserves at the country's major Caspian fields Azeri-Chirag-Gunashli.
The means accumulated in the State Oil Fund, the body that holds Azerbaijan's oil revenues, currently amount to $5 billion, with the figure to reach $7 billion by the year-end.
Azerbaijan signed a deal in 1994 with major oil companies of the world called the Contract of the Century to tap its vast energy fields.
In an interview with European journalists, he said the figures cited in the projections on future receipts from the oil sector have doubled due to soaring world crude prices.
Another reason for the increase is the excess of hydrocarbon reserves at the country's major Caspian fields Azeri-Chirag-Gunashli.
The means accumulated in the State Oil Fund, the body that holds Azerbaijan's oil revenues, currently amount to $5 billion, with the figure to reach $7 billion by the year-end.
Azerbaijan signed a deal in 1994 with major oil companies of the world called the Contract of the Century to tap its vast energy fields.
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