Azerbaijan oil sales to yield $140bln at $50 per barrel

"According to international expert estimates, Azerbaijan will receive $140 billion profits in coming years at oil prices of $50 per barrel," Ilham Aliyev told an international oil exhibition in Baku, RIA Novosti reports.

Aliyev said the financial resources would be used to boost Azerbaijan's development, and that the country's capabilities as a hydrocarbon exporter were rising.

"With the commissioning of the Baku-Tbilisi-Ceyhan oil pipeline and the launch of the Baku-Tbilisi-Erzerum gas pipeline, Azerbaijan will turn into a significant oil and gas exporter," Aliyev said.