Azerbaijan to retain hefty oil output in coming years: minister
BAKU – Azerbaijan will continue large-scale oil production over the next four years, Economic Development Minister Shahin Mustafayev has said.
He said in parliament that the resource-rich South Caucasus republic is to produce 223 million tons of oil in 2011-2014. Whereas production is predicted at 51.6m tons next year, the figure is expected to reach 62.4m tons in 2014.
Azerbaijan’s gas output is also expected to increase – from 29 billion cubic meters in 2011 to 32 billion cubic meters in 2014. Total production over the next four years is estimated at 120bn cubic meters.
Mustafayev said that whereas the oil sector accounted for 47 percent of the gross domestic product in 2009, the figure is planned to decrease to 38 percent by 2014.
Azerbaijan’s non-oil economy is expected to grow 7.2 pct next year. Average growth over the following three years is predicted at 8 pct. Legislative framework, business and investment climate are being further improved to boost non-oil sector growth.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!