The Agreement has been signed in Gulistan Palace of Baku on September 20, 1994 which was later named as the Contract of the Century due to its tremendous importance. Production Sharing Agreement related to the development of “Azeri – Chirag – Guneshli” deepwater oil fields has been reflected on 400 pages and 4 languages. 13 companies (Amoco, BP, McDermott, Unocal, SOCAR, LukOil, Statoil, Exxon, TPAO, Pennzoil, Itochu, Ramco, Delta) from 8 countries (Azerbaijan, USA, Great-Britain, Russia, Turkey, Norway, Japan, Saudi Arabia) have participated in signing of the Contract of the Century. This Contract has paved the way towards to the signature of other 26 contracts with 41 oil companies from 19 countries.

After the signature of the Contract of the Century, the parties to this document have established working structures – the Steering Committee, Azerbaijan International Operating Company (AIOC) and the Consulting Council. They have initiated its activities as they have been granted with legal competencies at the basis of the Special Decree signed by the President of Azerbaijan on December 2, 1994.

The speech made by President Heydar Aliyev at the signing ceremony of the Contract of the Century on September 20, 1994 is a meaningful historic document which enables us to use the language of political analysis and not just of the political interests. It reflects many principal key points and sound thinking laid in the core of intentions and decisions made by head of the Azerbaijani State.

Heydar Aliyev has recalled to the participants the importance of the past – the history of Baku oil industries which is known by principal achievements and useful consequences. Going point by point, his speech has consisted of solid milestones.

“The Development of oil industry … gave a strong impetus to the development of Baku and Azerbaijan as a whole”.

“The Democratic State was created … in 1918. This State has strived to use the resources which belong to the people to its wellbeing”.

Later on, “the Soviet Socialist regime has been established. … Azerbaijan lived in the conditions of that regime being as a part of the Soviet Union. The most important wealth of Azerbaijan – the Oil has been used in the interests of the Soviet Union”.

“Starting from 1920, drastic changes have occurred in the destiny of Azerbaijan. The economy of Azerbaijan has been developing and the strong industrial potential has been created in the Republic. Our oil industry has passed long historical pathway.”

I think that it is necessary to bring today this fact into the attention of our guests and recall it in front of the Azerbaijani people. It is the pride and the glory of the Azerbaijani people which says about the achievement of our people, our oil workers in world economy.”

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Source: President.Az
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