ECONOMY
President Ilham Aliyev: Extension of the Contract of the Century, the signing of a new agreement is a historic event
![President Ilham Aliyev: Extension of the Contract of the Century, the signing of a new agreement is a historic event](/files/2017/3/1200x630/15076175922002340014_1200x630.jpg)
Baku, October 10, AZERTAC
“The extension of the Contract of the Century, the signing of a new agreement is a historic event,” said President Ilham Aliyev at the meeting of the Cabinet of Ministers dedicated to results of socio-economic development in the nine months of 2017 and objectives for the future.
“2017 has been a very significant year in terms of events in the oil and gas sector. In particular, a new contract for the future development of the Azeri-Chirag-Gunashli field has been signed in the oil sector. The development of the Azeri-Chirag-Gunashli oil field has been extended until 2050. The newly signed agreement will be more profitable for Azerbaijan even though the contract signed in 1994 also fully provided for our interests.” “This time, the contract has been signed on better terms. The share of SOCAR will increase from 11.6 to 25 per cent, and the share of Azerbaijan's profit oil will be 75 per cent. These are the key conditions. After the signing of the contract, foreign investors will pay our country a bonus of $3.6 billion; SOCAR "AzACG" will take part in the implementation of the contract as a contractor. These are very good conditions and the extension of the Contract of the Century, the signing of a new contract is a historic event,” the head of state said.
President Ilham Aliyev noted that another major project is the Southern Gas Corridor. “I am glad that things are going well in this direction. The implementation of the Shah Deniz-2 project has been completed by almost 96 per cent. The South Caucasus Pipeline, envisaging the transportation of Azerbaijani natural gas to Georgia, is 98 per cent complete, the TANAP project is 82 per cent and the TAP project is 53 per cent complete. These figures are a clear evidence of the successful implementation of the contract,” the head of state added.