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President Aliyev: Projects in Azerbaijan gave strong foundation for realization of Southern Gas Corridor

Economy Materials 15 February 2018 21:39 (UTC +04:00)
The projects implemented in Azerbaijan have created a strong foundation for realization of the Southern Gas Corridor, said Azerbaijan’s President Ilham Aliyev.
President Aliyev: Projects in Azerbaijan gave strong foundation for realization of Southern Gas Corridor

Baku, Azerbaijan, Feb. 15

Trend:

The projects implemented in Azerbaijan have created a strong foundation for realization of the Southern Gas Corridor, said Azerbaijan’s President Ilham Aliyev.

President Aliyev made the remarks as he was addressing the Fourth Ministerial Meeting of the Southern Gas Corridor Advisory Council in Baku Feb. 15.

The President stressed that the Southern Gas Corridor project is one of the key elements of Azerbaijan's energy strategy, which has been very successful so far and has helped Azerbaijan diversify its economy.

“We have invested in non-oil sector, human capital and infrastructure using energy resources, and thereby ensured long-term sustainable development of our economy. Certainly, the projects we have implemented in Azerbaijan in previous years have created a strong foundation for the implementation of the Southern Gas Corridor. Our energy strategy began shortly after restoration of our independence, and after three years, in 1994, Azerbaijan signed a contract with the world's leading oil companies consortium led by BP. Taking into account the volume of the project and investments, the contract was immediately named as the "Contract of the Century". After our last meeting in Baku in February last year, we signed a new agreement to extend the "Contract of the Century" on the same field. Presently, the project is extended until 2050. In the upcoming decades, we will benefit from stable and sustainable development at one of the world's largest oil fields, Azeri-Chiraq-Guneshli,” he said.

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