Azerbaijan eyes to increase output of oil products

  06 November 2018    Read: 1121
Azerbaijan eyes to increase output of oil products

The total output value of oil products in Azerbaijan is expected at 2.85 billion manats in 2018, which is 4.5 percent more than in 2017, according to the forecasts on Azerbaijan’s socio-economic development for 2019 and the next three years.

For 2019, the Azerbaijani government expects the output of oil products to increase by 0.3 percent, to nearly 2.86 billion manats. Despite the decline to 2.69 billion manats in the forecast for 2020, an increase in the output of oil products is expected after that. Thus, this figure should reach 3.1 billion manats in 2021 and almost 3.13 billion manats in 2022.

According to Azerbaijan’s State Statistics Committee, in January-September 2018, Azerbaijan produced 3.7 million tons of oil products (an increase of 8.8 percent over the year).

Gasoline, diesel fuel, naphtha, kerosene, fuel oil, lubricants, petroleum bitumen and coke are produced in Azerbaijan.

Presently, due to the growth of fuel consumption in Azerbaijan, Azerbaijan’s state oil company SOCAR, the only manufacturer of oil products in the country, is working to modernize the existing processing facilities.

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