Minister: Azerbaijan contributes to regional, global energy security 30 years since signing of the Contract of the Century

Azerbaijan's Minister of Economy, Mikayil Jabbarov, marked a significant milestone on his X account, announcing that 30 years have passed since the signing of the Contract of the Century.

"30 years have passed since the signing of the Contract of the Century, a pivotal agreement made possible by National Leader Heydar Aliyev’s political determination, embodying our state's economic sovereignty," Caliber.Az quotes Jabbarov as saying on his X page. 

Recognized as one of the largest agreements in terms of investment volume, the Contract of the Century laid the groundwork for Azerbaijan's economic development and diversification.

Jabbarov emphasized the importance of this agreement in transforming Azerbaijan into a reliable partner in the global energy market, contributing to both regional and global energy security and sustainable development.

"Today, Azerbaijan, as a reliable partner in the global energy market, continues to contribute to sustainable development and energy security, both regionally and globally. We take great pride in these remarkable achievements."

On September 20, Azerbaijan marks the 30th anniversary of the historic "Contract of the Century," a landmark agreement between the State Oil Company of Azerbaijan (SOCAR) and major international oil companies. This agreement, titled "On the joint development of the Azeri, Chirag fields, and the deepwater part of the Gunashli field in the Azerbaijani sector of the Caspian Sea and the production sharing of oil," reshaped Azerbaijan and the broader region. Over the years, Azerbaijan signed 26 agreements with 41 oil companies from 19 countries. However, the "Contract of the Century" remains the pivotal event that drew a new geo-economic map of Eurasia.