As the minister of fuel and power of Azerbaijan Republic Majid Karimov informed the AzerTAj correspondent in Moscow where takes part the international exhibition – forum: “Fuel, energy and sources of raw materials-2004 ”, Azerbaijan actively integrates into world economic community, cooperating with many large countries of the world, including in oil-and-gas sphere, electric power industry. Alongside with it, Azerbaijan expands and deepens cooperation and interaction with the neighboring states - the countries CIS, including Russia. According to the Minister, the Forum on which states - participants of the CIS are represented, has special value for deepening of relations in sphere of fuel and energy complex, and for Azerbaijan is one more opportunity to show the achievements in development of the oil-and-gas industry.

Speaking about cooperation and interaction with the Russian Federation, which is close neighbor and partner of our republic, M. Karimov has told: “We actively cooperate with this country in oil-and-gas and power sphere”. He has reminded, that a first step in the field of export of the Azerbaijan oil on the world market became with commissioning the pipeline Baku-Novorossisk, in this connection in January 1996 the agreement between the governments of the Russian Federation and the Azerbaijan Republic has been signed. Operation of this pipeline and output of the Caspian oil of Azerbaijan to Black Sea are the evidence to expansion of regional cooperation. The Russian oil company LUKOIL strengthens positions in the Azerbaijan oil-and-gas market. Since 2001, deliveries of the Russian natural gas to Azerbaijan have been started. Despite of disintegration of the USSR, the power supply system of Azerbaijan continues to function in parallel with the power supply system of Russia that is favorable to both sides. According to Minister, besides the decision on increase power exchange between our countries for what construction of the second 330-kw electric mains, which will allow carrying out also transit of the electric power through territory of Azerbaijan, has been adopted. In oil-and-gas branch between Azerbaijan and Russian companies there have been established close mutually advantageous cooperation, tens Russian businessmen and the companies successfully work in the Azerbaijan market. At the same time, close interaction is adjusted in the field of data exchange about high technologies and in scientific and technical area.

Majid Karimov also informed that opportunities of the Azerbaijani-Russian bilateral cooperation are yet to be widened. So, the decision of the intergovernmental commission on economic cooperation between the Russian Federation and the Azerbaijan Republic develops extensive program of actions on carrying out in 2005 the Year of Azerbaijan in Russia. Accordingly, 2006 has been declared the Year of the Russian Federation in Azerbaijan. In this connection, carrying out of some actions directed on expansion and deepening of cooperation in oil-and-gas and power branches were planned.

Azerbaijan, according to the oil strategy incorporated by the national leader of Azerbaijan Heydar Aliyev who has brought invaluable contribution to revival and development of oil-and-gas branch of the Republic, and just it has been of 10 years as he declared the policy of open doors, involving foreign investments into large-scale development of the richest deposits of Caspian Sea. This policy yields the results: for today, 23 oil contracts with 33 leading companies representing 15 countries of the world have been signed. The volume of investments under these contracts is estimated in 60 billion US dollars, and on realization of the "Contract of the Century ” till now has been invested 7 billion dollars, and this process proceeds today ”, minister of fuel and power of Azerbaijan Majid Karimov said.