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President Ilham Aliyev: â€œSome people expected Azerbaijan to face â€œDutch diseaseâ€, â€œoil curseâ€, but none of these took placeâ€

04 June 2013 09:14 (UTC +04:00)

Baku. Rashad Suleymanov – APA-Economics. ‘This exhibition that started to be held 20 years ago, attracts the more participating companies each year’, Azerbaijani President Ilham Aliyev said at the opening ceremony of the 20th International Caspian Oil & Gas Exhibition, APA-Economics reports.

Speaking about Azerbaijan’s achievements in different spheres of economy, the President noted that 20 years ago, there were programs and intentions related to future development of Azerbaijan. Today, those intentions have already been realized.

Calling the Contract of the Century, signed in 1994, as the Contract of two centuries, the head of the state noted that the corridors, opened as a result of the implementation of these contracts, give a way to new projects: ‘For the first time, Azerbaijan opened the Caspian Sea for foreign companies. We have good experience in international cooperation. We have created a favorable investment climate. We were able to direct oil capital to human capital. Some people expected Azerbaijan to face “Dutch disease”, “oil curse”. None of this took place’.

‘Thanks to Shah Deniz project signed 17 years ago, Azerbaijan became a gas country. Today, Shah Deniz gas field seriously impacts on the energy security processes in the region. This is a world-scaled project. We are already about to start the second phase’, said the President.

In his speech, the President appraised SOCAR’s activity, at the same time, spoke about the cooperation between BP company and Azerbaijani government: ‘BP is out strategic partner. There is a good, strategic-level partnership between SOCAR and BP. Our cooperation will continue more two decades’.

The head of the state expressed that at present time, confirmed gas reserves of Azerbaijan make 2.6 bcm: ‘That is, the information will increase this figure more’.

“Azerbaijan’s revenues from oil have been directed to non-oil sector and human capital. And thanks to this, other sector were developed; social welfare had been improved, too. Transparency has been ensured in this sphere by reason of the activity of SOFAZ. Now, we are working to apply this experience in other sectors, as well’, added Aliyev.

At the end, the President got acquainted with the exhibition, viewed the stands.