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11:17 17 November
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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. 

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