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USD 20 bln to be invested in future oil processing in Azerbaijan

September 27/2011

(Trend) -- About USD 20 billion will be invested in future oil processing in Azerbaijan, the Minister of Energy and Industry Natig Aliyev said during a roundtable on Tuesday titled "Azerbaijan's State Independence: Industrial and Energy Complex on the Way to New Heights."

"After gaining independence, the Azerbaijani oil and gas sector has reached great achievements," the minister said. "The development was observed in all sectors, particularly in oil and gas production, processing, and chemical production."

The countrys oil production amounted to about 9 million tons per year in the early 1990s. The figure exceeded 50 million tons last year, with an increase in growth of 5.5 times.

Aliyev said that success was achieved in gas production. Earlier Azerbaijan imported gas to meet its own needs but at present the country exports gas to several countries. Azerbaijan has an extensive gas transmission infrastructure.

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