On 3 February, a ceremony of signing of the finance documents of the Baku-Tbilisi-Ceyhan MEP was held at the “Gulistan” Palace of Baku. The event was attended by President of the Republic of Azerbaijan Ilham Aliyev, who was cheered by the participants.

The financing package to be signed by the governments of Azerbaijan, Georgia and Turkey as well as the BTC creditors group, covers 208 financial documents with 17 thousand signatures from 78 sides. This is an important step in realization of the financial agreements on pipeline construction cost 2,95 billion US dollars.

30% of the $3,6 billion estimated Project is financed by the investors, while the remained 70% are provided by the third side.

Early oil from the Ceyhan terminal will be exported in 2005. The 1760 km pipeline will enable to safely transport one million barrel oil from the Caspian region. Up to now, 50 percent of the construction works have been done. Over 12 thousand people were employed in the construction.

Before the signing ceremony, President of Azerbaijan Ilham Aliyev made a speech. He reminded the history of the “Contract of the Century” signed in September 1994, stressing its great importance for the future of Azerbaijan. As a result of President Heydar Aliyev’s oil strategy, Azerbaijan has become a strong, economically developed country and it strengthened its independence, the head of state underlined. “Economic indices of Azerbaijan show that the Country develops dynamically, strengthens and this tradition will continue”.

In his remarks, head of the Azerbaijani state toured to the passed years, recalling the situation in Azerbaijan in 1994, when the Armenian aggressors occupied 20 percent of the Country’s territories, over million of Azerbaijanis were ousted from their homelands and became refugees and IDPs. “Just in that crucial time, in that critical moment, thanks to wise and expedient policy of the Azerbaijani leadership, personally President Heydar Aliyev, it was possible to attract vast investments to Azerbaijan”.

“In that time, it was necessary to, persuade the investors that Azerbaijan is a realisable space for foreign investments. It happened and the international companies realizing large-scale projects trusted that their investments is guaranteed in due form. All processes were under the control of President Heydar Aliyev.

And since 1994, Azerbaijan gained great accomplishments in development of its oil and gas fields. “Chirag” and other prospects in the Azerbaijani sector of the Caspian were developed. After the early oil in 1997, the Baku-Novorossiysk and Baku-Supsa oil pipelines transported Azerbaijani oil to the world markets. However, rich energy resources of Azerbaijan needed a greater export pipeline. And this is becoming true now”.

President of Azerbaijan expressed his confidence that the Baku-Tbilsii-Ceyhan Main Export Pipeline would soon operate.

And today, we are making an important step in the Project’s financing. The leading international financial structures give support to the Project. And this is of great importance for future projects”.

President of Azerbaijan Ilham Aliyev reminded the huge activity of the State Oil Company of Azerbaijan Republic and BP, as a result of which was created a single team that achieved the targeted goals step by step. “Azerbaijan demonstrated that cooperation in the construction yields fruits”.

Head of the Azerbaijani state dwelt on the obstacles and difficulties in realization of the Project, recalling the real threats for the Project in 1994-1996s. “But resoluteness of President Heydar Aliyev, reliance of the international oil companies on us and support of the world community promoted us to overcome these problems and achieve the mentioned goals. It enabled us to prove to the world that Azerbaijan is independent and independently pursues its policy. National interests of the Azerbaijani people is protected and nobody and nothing can impede this policy”.

Further, the head of state said: “Realization of this Contract is very important from the standpoint of regional co-op. It is a bright example of how the oil companies of 3 countries and over 30 world financial structures reached the common target. This Project is being realized due to the efforts of the leaders of Turkey, Georgia and Azerbaijan. The legend is becoming a reality. I am confident that our relations with the fraternal Turkey and fraternal Georgia will develop further the Baku-Tbilisi-Ceyhan oil pipeline will play its significant role in this. Our peoples and countries will become closer.

We have great plans and great wishes in the years ahead. The oil and gas fields of Azerbaijan should be efficiently used in future. Development of the “Shahdeniz” prospect is on the agenda. I am convinced that we shall succeed it. The goal of us is that our peoples benefit this Project. They will, I am sure. This is happening. Thousands of working places opened and this process will go on”.

Further, the head of state dwelt on the role of the Azerbaijan Oil Fund, created on the Decree of President Heydar Aliyev, and stressed the importance of the accumulated means there for resolution of the socio-economic problems of the Country in future. President of Azerbaijan congratulated all the participants of the Ceremony, wished health and success to all of them.

Then, participants of the ceremony signed the financing documents related to the Baku-Tbilisi-Ceyhan pipeline Project.