Azerbaijani president determined priorities in further economic development

The traditional and significant 17th exhibition in Azerbaijan ‘Oil and
gas, oil refinement and oil chemistry of the Caspian’ is being held in
2010, Azerbaijani President Ilkham Aliyev said, Trend reports.

The exhibition was first held in 1994. Today, Azerbaijan's economy is
not so dependent on the oil factor. Azerbaijan has been cooperating
with foreign companies for 16 years.

The State Oil Company of Azerbaijani (SOCAR) is one of the world's
leading companies, investing billions into other countries. According
to Aliyev Azerbaijan will extract 52 million tons of oil this year and
30 billion cubic meters of gas, 3 times more than the country
consumes.

The president said that the country’s economy has received $82 billion
worth of investments since 1995. Half of the investments have gone
into the oil and gas sector, mainly gas.

Ilkham Aliyev said that prices for oil in 2009 dropped by 3-4 times.
The economic and financial crisis had a negative effect on all spheres
but the economy of Azerbaijan saw 9% growth last year. Falling prices
had no negative effect.
A new grand project, Shakh Deniz-2, was started in the Chirag oil
field, in which at least $20 billion will be invested.