Azerbaijan to invest some $20 million in oil refineries

Azerbaijan plans to invest around $20 million in developing oil refineries, Azerbaijani Minister for Energy and Industry Natik Aliyev said at a conference on industrial-energy complex, Trend reports.

Azerbaijan was extracting about 9 million tons of oil annually in early 1990s. Last year's figure exceeded 50 million tons, increasing 5.5-fold in 2010.

Aliyev said that success was achieved in gas extraction as well. The country fulfills own demands for gas and has advanced gas infrastructure.