“The Contract of the Century has introduced Azerbaijan to the world as a reliable partner,” said vice president of the country`s state oil firm, SOCAR, Khoshbakht Yusifzade.
“Signed as a result of national leader Heydar Aliyev`s oil strategy in 1994, the Contract of the Century is considered the largest and most expensive oil agreement in the world,” said Yusifzade as he addressed the International Caspian Energy Forum – 2014 in Baku.
“The Contract of the Century has proven itself both politically and economically. The political importance of the contract is that the world's leading oil companies have recognized Azerbaijan as a reliable partner and began to cooperate with Baku.”
“The economic importance lies in the fact that Azerbaijan`s oil and gas production has increased dramatically, paving the way for the development of the non-oil sector of the economy,” the SOCAR vice president said.
“If in 1997 Azerbaijan was producing 9 million tons of oil, in 2010 the figure reached 51 million tons,” Yusifzade added.