Foreign

U.S. Ambassador to Azerbaijan Mark Libby organized a reception in connection with the 30th anniversary of the signing of the Contract of the Century, APA reports.

Congratulating Azerbaijan on the eve of the 30th anniversary of the signing of the Contract of the Century Mr Ambassador noted the Contract of the Century was an agreement signed in 1994 between SOCAR and 11 foreign energy companies, including 4 U.S. companies, to develop the flagship ACG oil field: "Requiring complex and lengthy negotiations, the deal represented what was then the largest Western investment in the former Soviet Union. It established ACG as the foundation of Azerbaijan’s energy sector and ultimately of the remarkable prosperity Azerbaijan enjoys today. There are two points I want to highlight about the significance of the Contract of the Century for Azerbaijan and the United States. First, at a time when most post-Soviet countries were struggling to rebuild economically, the Azerbaijani government in the early 1990s had the wisdom and foresight to take an uncharted path and welcome foreign investment into its energy sector. This required a high tolerance for risk and a cleared-eyed vision for the future, but it paid major dividends. It is no exaggeration to say the Contract of the Century changed the course of history and of energy geopolitics across the region. Second, this agreement has a special place in the history of U.S.-Azerbaijan bilateral relations."

Mr Libby said U.S. companies and U.S. political support were indispensable factors in the contract negotiations, in developing ACG, and in launching the associated Baku-Tbilisi-Ceyhan export route: "In this regard, the Contract of the Century is a prime illustration of what we can achieve together when we combine U.S. investment and political heft with Azerbaijani initiative and leadership. The United States and Azerbaijan also played multifaceted roles that were critical to the subsequent development of the Southern Gas Corridor. By participating in the Southern Gas Corridor, Azerbaijan has established itself as a key player in the regional energy market and a critical energy supplier to Europe. As Azerbaijan embraces the global energy transition and prepares to host COP29, the government has made promising commitments on emissions reductions and has a bold agenda to become a regional leader in green energy exports. Many U.S. companies are industry leaders in renewable energy and carbon mitigation technology, while U.S. research institutions are developing new innovations that could potentially transform the green energy sector on a global scale. Much like the Contract of the Century 30 years ago, Azerbaijan and the United States now have a prime opportunity to combine our respective strengths, in this case it’s U.S. know-how and Azerbaijani ambition, in pursuit of green energy and decarbonization goals. In all these examples of U.S.-Azerbaijan partnership and potential future cooperation U.S. companies play a key role. And many of those companies are with us here tonight. First, on a personal note, I’d like to thank the many U.S. companies joining us this evening for your generous and steadfast support as donors to our Independence Day celebration. This event is not just an annual celebration of American independence. It is a celebration of the partnership we have with Azerbaijan. Your generous donations and support make it possible for us to host a fantastic event year after year and we absolutely could not do it without you. But more importantly, you and your companies are the anchors of the U.S. business community in Azerbaijan. We are proud you are here and appreciate your important role in the U.S.-Azerbaijan relationship and in the prosperity and growth of Azerbaijan."

Ambassador Libby reminded that more than 200 U.S. companies operate in Azerbaijan and U.S. foreign investment since 1995 stands at $18.7 billion: "We would like to see this number grow in the coming years, and we see massive potential in sectors such as green energy and decarbonization. I commend Azerbaijan for its leadership as host of COP29 and its commitment to the green energy transition. As we mark 30 years since the Contract of the Century I look forward to seeing what we can achieve together in this next chapter of Azerbaijan’s energy story and the U.S.-Azerbaijan economic partnership. Thank you for coming.".

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