Ilham Aliyev: Oil and gas produced from Azeri-Chirag-Gunashli fields will serve Azerbaijani people and state for many years to come

Sat 01 Jun 2019 18:29 GMT | 22:29 Local Time

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Oil and gas produced from Azeri-Chirag-Gunashli fields will serve Azerbaijani people and state for many years to come, said Azerbaijan’s President Ilham Aliyev, speaking at the opening of the 26th International Caspian Oil & Gas-2019 Exhibition and Conference, as well as the 9th Caspian International Power and Alternative Energy Exhibition at the Baku Expo Center.

“Our modern oil policy is associated with the name of Heydar Aliyev because it was after he had taken up leadership of Azerbaijan that the situation in the country began to stabilize, Azerbaijan embarked on the path of development and foreign investors believed in us. At that time, trust was the main prerequisite. No-one would have made major investments in Azerbaijan without that because Azerbaijan was known as a very risky country then. Great effort was made to attract investors here. The contract on the Azeri-Chirag-Gunashli oil fields signed in September 1994 gave a strong impetus to our development. It is no coincidence that due to the scope and significance of this contract it is described as the “Contract of the Century”. After the signing of the “Contract of the Century”, large-scale investment started to flow into in Azerbaijan. At the same time, other contracts were signed,” said the head of state, Trend reports.

President Aliyev noted that the "Contract of the Century" is of great importance.

“Its value is still quite large. Two years ago, the contract was extended and will be valid until 2050. This means that Azerbaijan’s oil and gas resources, as well as the oil and gas produced from the Azeri-Chirag-Gunashli fields, will serve the Azerbaijani people and state for many years to come,” added the head of state.

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