Investments in Azerbaijani oil and gas sector reach $5bn

More than $5bn have been invested in the oil and gas sector of Azerbaijan as of now, Natig Aliyev, President of the State Oil Company of Azerbaijan, reported at the international exhibition and conference 'Oil, gas, oil processing and petrochemical industry in Caspian region'. According to estimates of experts, up to $100bn will be invested in this industry in Azerbaijan through 2020. The implementation of four promising projects will bring about $12-13bn before 2005.

Aliyev stressed that the strengthening of political stability in this region was having a positive impact on oil and gas projects - all programs launched by the State Oil Company of Azerbaijan and foreign companies were being implemented stage-by-stage. The State Oil Company of Azerbaijan also reported an increase in oil production over the past several years. It went up from 9m to 15.2m tons over the past five years, the Trend agency reported.