Azerbaijan's oil reserves constitute only 0.7% of world oil reserves, MP Aydin Mirzazada said during today's parliamentary session, Report informs.
According to the deputy, despite this, Azerbaijan plays an irreplaceable role in Europe's energy security. He recalled that in 1993, 96% of state budget revenues came from oil and gas sales:
"However, as a result of efforts directed at modernizing the oil industry and developing the non-oil sector during the independence period, the share of oil revenues in the budget has now decreased to 48%. This declining trend is expected to continue in the future."
Mirzazada added that oil agreements play an important role in increasing Azerbaijan's investment revenues, developing the non-oil sector, and improving the population's welfare.
