Ten years ago, on September 20 1994, the State Oil Company of Azerbaijan and the world’s leading oil companies signed at the “Gulistan” palace in Baku the “Contract on Joint Development and Production Sharing on the “Azeri”, “Chirag” and Deepwater “Gunashli” Fields”.

The document, which is of paramount importance for the present and future of our independent country, and prepared under the leadership of national leader of our people Heydar Aliyev, was highly appreciated in the international community and named the “Contract of the Century”, written with golden letters on the chronicle our independent republic and opened the glorious page of the oil strategy crated by founder of the modern Azerbaijan state Heydar Aliyev.

The Executive Order of Azerbaijan President Ilham Aliyev “On Marking the Tenth Anniversary of the Contract of the Century” says: “This historical event will live eternally in our people’s memory. Having strengthened its independence, the Azerbaijan Republic has once again visually presented itself to the world as a master of its resources. It was the first state in the post-soviet space to sign such a large-scale agreement with the West’s leading oil companies laying the foundation of the international cooperation in the Caspian Sea. Thus, demonstrating political courage, indestructible will, precise economic calculation and deep wisdom during the crisis social and economic situation of that time, President Heydar Aliyev advanced the new oil doctrine of independence Azerbaijan.”

Since then, the new oil strategy has ensured the closing of 23 oil contracts. The joint work done has opened wide opportunities for importation of modern technologies, reorganization of the country’s oil infrastructure, training highly skilled national specialists, as well as for development of other industries and opening new jobs. The “Contract of the Century” has attracted so far 7 bln US dollars of investments to the economy of Azerbaijan.

A solemn ceremony on the occasion of the 10th anniversary of the “Contract of the Century” was held at the Heydar Aliyev Palace on September 20.

President of Azerbaijan Republic Ilham Aliyev arrived at the palace to attend the ceremony.

The Head of State first viewed the exhibition dedicated to the 10th anniversary of the “Contract of the Century” arranged at the Palace foyer. The numerous photos taken during the contracts signing ceremonies, celebration of the first oil from the “Chirag-1” platform attended by national leader Heydar Aliyev, his visits of the “Dada Gorgud” platform, as well as those reflecting the drilling operations, underwater pipeline laying procedures, construction of the Sangachal terminal etc.

President of the State Oil Company Natig Aliyev and President of the Azerbaijan International Operating Company David Woodward familiarized President Ilham Aliyev with the exhibits, and told him about new platforms, which would be constructed in four years when the volume of oil production will be 7-8 times more. Mr. Woodward presented to President Ilham Aliyev a model of platforms to be used in the future for extracting oil from both deep-water and shallow beds of “Azeri-Chirag-Gunashli” fields.

The Head of State also familiarized with the oil-related works by renowned Azerbaijani painters.

After that the solemn ceremony began.

The audience greeted the Azerbaijan’s leader with warm cheers.

The national anthem of Azerbaijan was performed.

President of Azerbaijan Ilham Aliyev addressed the ceremony.