Dear visitors, dear friends,

I cordially welcome all of you. Today is a fine holiday. We mark 10th anniversary of the "Contract of the century ”. In this holiday, I want to welcome especially our dear visitors who have arrived in Azerbaijan, to express them profound gratitude.

10 years ago, with signing of the “Contract of the century” had been founded the basis of oil strategy of the national leader of our people of Heydar Aliyev. During the passed period, all-around development was observed in Azerbaijan. Our country has achieved tremendous successes in economy, and from the political point of view could take a worthy place in the world community. In Azerbaijan, many social questions have found their solution. In a word, for the passed 10 years our country has passed long and glorious way.

At the same time, all of us well remember, in 1994 when the “Contract of the century” was signed, situation in our country was extremely difficult. As a result of processes, occurred after gaining of state independence by Azerbaijan, our country, unfortunately, appeared at the edge of precipice. There was social, economic, political and military crisis, the Armenian occupational forces grasped the Azerbaijan lands, chaos and anarchy reigned in the country, and we were on the edge of civil war. The economy has been completely destroyed. Economic recession happened in those years has put our country in the extremely difficult position.

During such difficult moment, during heavy time our people have once again demonstrated wisdom. Under the insisting requirement of people our national leader Heydar Aliyev has come back to Azerbaijan, people has elected him as President after which began the period of development of our country. All negative tendencies were put an end, and established stability and social order, the illegal armed groups were disarmed. In a word, Azerbaijan has taken a way of development.

Certainly, one of the major factors of development was the oil factor, which was necessary for using.

I perfectly remember those years. Then, the companies, wishing to put investments into Azerbaijan, were not so much. In fact, Azerbaijan was known all over the world as the risky country, therefore, certainly, attraction here large capital investments demanded huge efforts, political skill, and foresight. All these questions have found their solution. Signing of the "Contract of the century” was the beginning of oil strategy of Heydar Aliyev. This Contract has been signed thanks to his foresight, wisdom, resoluteness, and boldness. You remember, that was very seriously interfered as in the country, and abroad. But despite of all these difficulties, Azerbaijan has achieved the goal. The oil contract has been signed, and inflow to Azerbaijan of large foreign investments was provided. For the passed period, our country has held leading positions on volume of foreign investments per capita not only among the former Soviet republics, but also among the countries of the Eastern Europe. The investments imported into our country not only have played the important role in development of oil sector in Azerbaijan, but also gave a powerful pulse to development of non-oil sector. For the first time in the history, Azerbaijan has opened Caspian Sea for the foreign companies, and an international consortium has appeared on the Caspian. The leading companies representing various countries began to cooperate successfully enough with Azerbaijan due to what the prompt and all-around development of our country was provided.

The oil sector of Azerbaijan, naturally, is a determinative for the national economy. All our efforts, certainly, are directed on acceptance of measures for prompter development of oil sector. In this sense, the role of the "Contract of the century” in the modern history of Azerbaijan represents exclusive value. Investments flow to the country was estimated in billions dollars, and the infrastructure was created. In Azerbaijan, modern drilling installations have been constructed and commissioned. Today, Azerbaijan has four modern drilling installations adequate to all world standards, - "Dada Gorgud", "Istiglal", "Gurtulush” and huge drilling rig "Heydar Aliyev". There was opened tens thousand new workplaces, and the budget received revenues from the taxes. In a word, the “Contract of the century” has in every respect played a huge role in the modern history of Azerbaijan.

Azerbaijan independently carries out its oil strategy, the basis of which has been founded by Heydar Aliyev. Our country successfully enough cooperates with the various companies in sector of the Caspian belonging to it. The have been signed 23 oil contracts with 25 world oil companies. Within the framework of their realization, investments will be enclosed in our country for the amount more than 50 billion US dollars. For today, it has been enclosed over 10 billion dollars of investments, it will be as much enclosed in forthcoming 3-4 years. It testifies that Azerbaijan is space very favorable for foreign investors. In the “Contract of the century” economic interests of Azerbaijan are completely provided. At the same time, quite comprehensible conditions are created and for foreign investors. Otherwise, it would not be possible to import into Azerbaijan such volume of investments. Our foreign partners are sure, that every manat enclosed in Azerbaijan, each dollar is protected up to the mark, and the legislation of our country guarantees it. As you know, each signed contract is approved by Milli Majlis. Azerbaijan is the reliable partner. It is extremely important for us. In fact, as I have already noted, in 1994 our country was in difficult political-economical situation besides the international community did not possess sufficient information on Azerbaijan. And the available information not completely reflected the Azerbaijan realities. Therefore, recognition of Azerbaijan as very reliable, stable country favorable for foreign investments, represented for us extremely great value, and we have achieved it. It is observed and in the investments enclosed not only in oil, but also in the non-oil sector. It testifies that our rating, image on international scene, all over the world promptly grows and becomes stronger. Thus, it will allow us to achieve all-around development of our country.

It is necessary for us to provide branching of our economy so that it based not only on the oil factor. As you know, for this purpose we take enough measures, and the non-oil sector of economy of Azerbaijan successfully develops. It will allow us to achieve further development of each region, each sphere of our country. But in the basis of all there is the oil factor. We should not forget it, it is a fact, and so will be for long years. It is glad, that incomes received from oil also are effectively enough stored and used. As you know, one of the questions being a component of oil strategy of Heydar Aliyev consists in fair distribution of incomes received from oil among citizens of Azerbaijan, their value in the subsequent development of national economy and preservation for the future generations. All these tasks are being implemented.

The Oil Fund founded in Azerbaijan by Heydar Aliyev is operating transparently and openly. It is regularly subjected to international audit procedure, and the public is kept informed of its receipts and expenditures. This is an extremely important factor. Azerbaijan as an oil country should effectively use its national resources. It was not accidental that the first payments were spent on solving social problems of our refugees and internally displaced people, who had the hardest living conditions. This question is Azerbaijan’s priority one. Our brothers and sisters ousted from native lands as a result of the Armenian aggression should be a focus of constant attention. It is the State Oil Fund that funds construction of new houses, hospitals, schools and other objects for refugees and IDPs.

Besides, a great attention has been paid lately to tackling other social problems in Azerbaijan: salaries and pensions are rising; and this policy will be continued.

I said on the eve of the presidential elections that the citizens of Azerbaijan would live better every year. We have all possibilities to reach this. The most important is that the government is pursuing right policy. This is Heydar Aliyev’s policy. I stated, promised before the elections that will be devoted to this policy. Today, I can say the Heydar Aliyev’s policy is alive in Azerbaijan, it’s being strengthened and will live for good.

I must also mention the extremely important role in our achievements of the infrastructure created in 70-80s of the last century. These were exactly the years when the oil infrastructure was created and new enterprises put into operation in Azerbaijan. The Deepwater Jackets Factory now bearing the name of Heydar Aliyev was founded exactly in those years. All the oil projects we are now realizing would be at least 5-7 years late without this factory. This is one more manifestation of the great attention the national leader of our people used to pay to these issues when governing the country in the 1970s.

Today, the Baku-Tbilisi-Ceyhan pipeline is being successfully developed and will be put into operation very soon. Other oil pipelines Baku-Novorossiysk and Baku Supsa are now operating. With the Baku-Tbilisi-Ceyhan pipeline started, the revenues will increase allowing us to solve successfully all social and economic challenges.

The gas field “Shakhdeniz” in Azerbaijan sector of the Caspian Sea will also play an important role in our further development. A huge work is being done in this direction as well, and I am sure of successful transportation of gas to Turkey and Europe.

In other words, all the tasks set have been solved. When the “Contract of the Century” was signed in 1994, many didn’t believe in its success supposing it will remain on paper, because not only economic but also political and geopolitical problems were to be solved before. The oil strategy and diplomacy of Heydar Aliyev allowed to cope with all the tasks. Marking today the 10th jubilee of the contract, we can say all questions have been solved. I am sure that Azerbaijan will be rapidly developed and convert to a powerful state very soon.

As you know, the political and economic reforms implemented lately in Azerbaijan yield good fruits. Since the elections, some 70 thousand now jobs have been open, social problems of regions are successfully solved. In other words, we are on the right way. I wish us every success and good luck on this way.

Dear friends!

Accept again my heartfelt congratulations on the occasion of the 10th anniversary of the “Contract of the century” and best wishes for your good health and happiness.