The Contract of the Century - September 20, 1994
After Azerbaijan restored its independence in 1991, it embarked on the path of development in various sectors. However, the efficient exploitation of the country’s greatest natural resource, oil, and its export to foreign markets required serious attention. At that time, Azerbaijan’s economy was still in a difficult situation after the collapse of the Soviet Union, and it was impossible to overcome this situation without foreign investments.
Thanks to the political foresight and diplomatic skills of the National Leader Heydar Aliyev, on September 20, 1994, a contract was signed in Baku, the capital of the Republic of Azerbaijan, involving eight countries and 13 of the most prominent oil companies for the joint development of the rich Azeri, Chirag, and Gunashli oil fields in the Azerbaijani sector of the Caspian Sea. He described this document, called the “Contract of the Century,” as “a historical agreement that strengthens Azerbaijan’s independence and is aimed at the future.”
The “Contract of the Century” not only brought wealth and development to Azerbaijan but also secured long-term stability and a strategic position, defining the role the country would play in global energy politics in the 21st century.
