Azerbaijan sets 2008 oil extraction target at 50 million tons
November 14
By M. Alkhazashvili
Azerbaijan’s 2008 target for total oil extraction is 50 million tons, President Ilham Aliyev recently announced at a Turkish-Azerbaijani business forum.
This is a significant increase on the 2007 target of 43–45 million tons, and is equivalent to the annual capacity of the Baku–Tbilisi–Ceyhan pipeline.
Aliyev declared that Azerbaijan stands to make around USD 200 billion in energy exports over the next 20 years, according to the newspaper Rezonansi.
The president said that this will cause significant salary increases and allow for the implementation of a number of social programs.
“The poverty level in Azerbaijan is permanently reducing. In 2003 49 percent of the population lived below the poverty line, now that figure is 20 percent,” Aliyev stated.
This is a significant increase on the 2007 target of 43–45 million tons, and is equivalent to the annual capacity of the Baku–Tbilisi–Ceyhan pipeline.
Aliyev declared that Azerbaijan stands to make around USD 200 billion in energy exports over the next 20 years, according to the newspaper Rezonansi.
The president said that this will cause significant salary increases and allow for the implementation of a number of social programs.
“The poverty level in Azerbaijan is permanently reducing. In 2003 49 percent of the population lived below the poverty line, now that figure is 20 percent,” Aliyev stated.