Contract of the Century was signed in 1994. Azerik-Chirag-Guneshli is one of the largest fields in the world, President of Azerbaijan Ilham Aliyev said at the opening of the Southern Gas Corridor.
According to him, this contract was extended by 2050 last year: ‘The Caspian Sea was opened for foreign companies for the first time. Today, this project is being implemented successfully. After signing this contract, Azerbaijan began to carry out new oil strategy. I was SOCAR Vice President and was closely acquainted with these works. The next big project was Shahdeniz. Azerbaijan introduced itself not only as oil country, but also as a gas country. At the time, gas was not playing an important role in energy security. Because the profit was lower than oil fields. Therefore, it was not easy to involve investors in this field. Today, launch of the Southern Gas Corridor shows that this was a significant step taken timely. Shahdeniz is a key element of the Southern Gas Corridor’.
President Aliyev noted that Baku-Supsa oil pipeline was launched in 1999: ‘This pipeline connected the Caspian Sea with the Black Sea for the first time. In 2006 BTC was launched. This pipeline also serves neighboring countries as a transit pipeline. Baku-Tbilisi-Erzurum was launched in 2007 and Azerbaijan’s gas was transported to Turkey, Georgia’.