President of Azerbaijan: "Azerbaijan's energy reserves will suffice for at least 100 years"

Azerbaijan's energy reserves will suffice for at least 100 years, said President of Azerbaijan Ilham Aliyev at the opening of the 15th exhibit "Caspian oil and gas-2008".

He said this year Azerbaijan will produce 50 mln tons of oil and next year it is expected to produce over 60 mln tons.

"We have realized all the tasks set in the framework of the oil strategy, initiated by Heydar Aliyev. Today, we are at the start of a new stage, when Azerbaijan is turning into the country, which has no problems with monetary reserves. The country's monetary reserves exceed $10 bln today and this volume will further grow", noted I.Aliyev.

He said today Azerbaijan intends to play an important role in ensuring energy security of Europe, which is encouraged by the geographic location, strong transport infrastructure and other factors.

"Issues of energy security are important in the world and we will contribute to resolution of these issues under provisions, appropriate for us", said the President of Azerbaijan.

/Day.Az/