Prime Minister: Azerbaijan's oil production exceeded 50 million tons

For the first time in its history oil production in Azerbaijan exceeded 50 million tons in 2009, an increase by 14 percent compared to 2008, Prime Minister Artur Rasizade said during the parliamentary discussion of the Cabinet of Ministers' report on socio-economic development of the country in 2009 on March 16.

Gas production reached 21.6 billion cubic meters in 2009, 300 million cubic meters more compared to 2008, Rasizade said.

Significant improvement of the oil refining plants allowed to cover  annually increasing demand for major oil products. For the first time the depth of oil refining exceeded 90 percent.

Since the beginning of 2010, as a result of diversification of supplies, Azerbaijan has begun to export natural gas to Russia and volume of gas supplies to Georgia has increased, the minister said.

Azerbaijan has completed the preparatory work to launch gas supplies to Iran in the framework of the earlier contract, Rasizade said.

This contract envisages supply of 100 million cubic meters of gas in March-April 2010. Iran and Azerbaijan are holding talks over signing of long-term contract to supply gas in large volumes.

Record volume of gas reserve, with over 1.9 billion cubic meters, was stored in gas-holders for the autumn-winter period, the minister added.


/Trend Capital/