Azerbaijan turns 60 per cent of oils sales into profit

A total of 570 million tons of oil and 205 billion cubic meters (bcm) of natural gas have been produced from the Azeri-Chirag-Guneshli (ACG) oil and gas field, located in the Azerbaijani sector of the Caspian Sea.

The statement came from the First Vice-President of the Azerbaijan State Oil Company (SOCAR) Khoshbakht Yusifzade during a speech at an event dedicated to the 100th anniversary of national leader Heydar Aliyev, Report informs.

Yusifzade stressed that 60% or 345 million tons of oil produced in these fields generated profit in Azerbaijan's budget, which gave a great impetus to the development of the country's economy.

According to him, the "Contract of the Century" is the first masterpiece of Heydar Aliyev in the field of the national oil and gas industry.

“With the signing of the Contract of the Century, all countries, all companies have realized that Azerbaijan is a stable country. You can work here. It is no coincidence that 35 agreements were signed after this Contract. The 'Contract of the century' is of great economic importance," Yusifzade said.

If in 1997 the annual oil production in Azerbaijan was 9 million tons, then with the implementation of the "Contract of the Century" oil production in 2010 increased by 5.6 times and reached 51 million tons, said the SOCAR top official.