Energy Minsiter: $95 bn invested in Azerbaijan's oil & gas sector

14:45 - 7.09.2018


September 7, Fineko/abc.az. $95 bn has been invested in the oil & gas sector of Azerbaijan for application of modern technologies and best practices.

The statement was made Energy Minister Parviz Shahbazov at Azerbaijan competitiveness Forum 2018 held in Baku on 7 September.

"Azerbaijan, which last year produced 2 bn tons of oil, has been historically recognized as an oil and gas country and is the author of global energy projects," the minister emphasized.

He pointed out that Azerbaijan is implementing petrochemical projects outside the country.

"By the end of this year, it is planned to put into operation refinery Star with annual capacity of 10 million tons," the minister said.

He also noted that among the main strategic objectives were to reduce carbon emissions and increase the use of alternative energy sources.

 

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