President: Results of ‘Contract of the Century’ aren’t measured by Oil Fund revenues only
"Azerbaijan is known worldwide as a country producing oil and gas. Our role in the world, our strength is growing. That’s what Heydar Aliyev's oil strategy is based upon,” President Ilham Aliyev said at a solemn ceremony to celebrate two billion tons of oil production in Azerbaijan, APA reported.
The head of state said that many historical events took place in the oil industry in the 1990s.
"I have to mention the launch of the Baku-Tbilisi-Ceyhan oil pipeline in particular. The Great Leader Heydar Aliyev laid the foundation of this pipeline with his own hands, and in 2006 we launched the pipeline. The Baku-Tbilisi-Erzurum gas pipeline opened in 2007 and is now a major infrastructure project for our gas exports, and the South Caucasus and Southern Gas Corridor projects are being implemented on the basis of this pipeline. In the 1990s, one of the Baku-Novorossiysk and Baku-Supsa oil pipelines was repaired and the other was reconstructed. That is when the foundation of the oil infrastructure was laid and the process was continued in the 2000s," he noted.
President Ilham Aliyev said that advanced drilling rigs and platforms are being constructed in Baku. The whole of the construction work for Shah Deniz-2 has been carried out in Azerbaijan.
"Thousands—if not tens of thousands—of Azerbaijani citizens have been involved in this endeavor. The world's largest oil and gas terminal, Sangachal Terminal, is a great asset of ours. In our shipbuilding plant, any type of ships is produced to carry out oil operations. We named this huge ship—which is one of them—Khankendi, and this was recently put into operation.
In short, the results of the "Contract of the Century" are not just measured by revenues flowing to the Oil Fund. It has had an extensive impact, and still does. We managed to transform "black gold" into human capital. We have effectively used our oil revenues and today it is particularly noted worldwide. Many countries have rich oil fields but are in miserable poverty. In those countries, there is no stability. Oil brings disaster on those countries. In Azerbaijan, oil brings prosperity, development, stability and strength. Today the oil and gas factor plays a major role in shaping our economic potential. Everyone should know this,” the president said.
Related news releases
- 19.01.2018SOCAR increases transfers to SSPF by 8% in 2017
- 18.01.2018OPEC: Oil output will decline in Azerbaijan this year
- 18.01.2018Azerbaijan gets 35% decline in solar power production
- 18.01.2018SOCAR transfers AZN 1.5B to state budget last year
- 17.01.2018Sale of Azerbaijani gas in Georgia extends 7 times
- 17.01.2018Azerbaijan decreases diesel production by 18% last year
- 17.01.2018Azerbaijan sees 5.5% decline in oil production, 3% in gas production
- 17.01.2018Azerbaijan's main gas pipelines transport more than 22 bcm of gas in 2017
- 17.01.2018BTC transports 6.4 million tonnes of transit oil last year
- 17.01.2018Georgia increases energy import from Azerbaijan by 8.4-fold
- 17.01.2018President Aliyev attends opening of Baku distribution network’s building
- 16.01.2018Anglo Asian Mining earns $55M from sale of gold
- 16.01.2018SOCAR sees nearly 3% decline in gas production in 2017
- 16.01.2018SOCAR reduces oil output about 6% last year
- 15.01.2018Georgia imports nearly 200,000 tonnes of oil products from Azerbaijan last year
- 15.01.2018Azerbaijan sees decline in revenues from export of oil products
- 15.01.2018Azerbaijan increases revenues from gas export by 23 percent
- 15.01.2018Azerbaijan sees 30% growth in revenues from crude oil export
- 15.01.2018Azerbaijan increases revenues from energy export
- 12.01.2018Companies to place Petkim’s AZN 500 mln bonds abroad named
- 12.01.2018Fitch: Petkim to save USD70 million annually on STAR’s descent
- 11.01.2018Date set for 4th Southern Gas Corridor Advisory Council meeting in Baku
- 10.01.2018Basic metals production for TAP increased
- 10.01.2018Brent oil price above $69/bbl first since May 6, 2015
- 09.01.2018Azerbaijan fulfils its obligation on output cut
- 09.01.2018TAP: Talks with EIB on funding for TAP are ongoing
- 08.01.2018Azerbaijan meets nearly 30% of Georgia’s demand for fuel
- 04.01.2018Gazprom increases gas production by 12.4%
- 04.01.2018OPEC holds production steady
- 04.01.2018Azerbaijan announces volume of oil and gas reserves
- 27.12.2017Azerbaijan reduces gas export to Turkey
- 25.12.2017Excise on gasoline imported to Azerbaijan with octane number up to 95 increased 200 times
- 23.12.2017SOCAR: Azerbaijan has large gas reserves to supply pipelines
- 22.12.2017Energy Regulatory Agency established in Azerbaijan
- 22.12.2017President issues order on additional measures on use of alternative and renewable energy sources
- 22.12.2017$11.5B directed to SGC so far
- 22.12.2017ADB arranges $524.5 million syndicated loan for SGC
- 20.12.2017SOCAR sees 3% decline in gas production
- 20.12.2017SOCAR reduces oil output by 2% this year
- 20.12.2017Turkey intends to increase import of oil and gas from Azerbaijan and Iran
- 08.11.2017President: Azerbaijan’s investments abroad amount to billions of dollars
- 08.11.2017Ilham Aliyev: Azerbaijan’s financial situation is very stable
- 10.11.2017SOCAR Trading to quit Calgary, move some functions to U.S.
- 08.11.2017Azerbaijani president: Shahdeniz will operate at least 100 years from now
- 08.11.2017Azerbaijan submits data on September’s oil output to OPEC
- 08.11.2017President: Oil and gas sector will be the main field for development of Azerbaijan