Baku News

BAKU, June 6 (RIA Novosti) - Azerbaijan will receive $140 billion from oil sales in the next few years if the price of oil averages $50 per barrel, the president of the oil-rich Caucasus republic said Tuesday. "According to international expert estimates, Azerbaijan will receive $140 billion profits in coming years at oil prices of $50 per barrel," Ilham Aliyev told an international oil exhibition in Baku. Aliyev said the financial resources would be used to boost Azerbaijan's development, and that the country's capabilities as a hydrocarbon exporter were rising. "With the commissioning of the Baku-Tbilisi-Ceyhan oil pipeline and the launch of the Baku-Tbilisi-Erzerum gas pipeline, Azerbaijan will turn into a significant oil and gas exporter," Aliyev said.