BAKU, Azerbaijan, September 20. Today, Azerbaijan marks the 30th anniversary of the signing of the "Contract of the Century".
On September 20, 1994, at the Gulustan Palace in Baku, an agreement known as the "Contract of the Century" was signed, named for its immense significance. The 400-page contract, written in four languages, outlined the development and production-sharing for the deepwater Azeri, Chirag, and Gunashli oil fields.
Thirteen companies from eight countries - Azerbaijan, the US, the UK, Russia, Türkiye, Norway, Japan, and Saudi Arabia - participated in this historic event. Companies included Amoco, BP, McDermott, Unocal, SOCAR, LUKoil, Statoil, Exxon, Turkish Petroleum, Pennzoil, Itochu, Remco, and Delta. This landmark deal later paved the way for 26 additional agreements involving 41 oil companies from 19 different countries.
Following the signing of the "Contract of the Century", key operational bodies were created, such as the Steering Committee, the Azerbaijan International Operating Company (AIOC), and the Advisory Council. These structures began their work after receiving legal authority, which was granted on December 2, 1994, when Azerbaijan’s President issued a special decree. The Parliament ratified the contract on December 12, 1994.
The "Contract of the Century" is remembered as the first major economic agreement that cemented Heydar Aliyev’s oil strategy as a priority for Azerbaijan’s future. However, its impact reached far beyond the expected economic benefits. In the early 1990s, Azerbaijan was emerging from a severe crisis, and this contract was a lifeline, representing the hidden intentions and strategic thinking that had always guided Heydar Aliyev’s policies.
This agreement was a turning point for Azerbaijan, unleashing significant economic opportunities that helped rebuild the country, unify its efforts, and modernize effectively. At its core, the contract provided the necessary tools for Azerbaijan’s economic revitalization, all while preserving its independence and harnessing the nation’s moral strength. The "Contract of the Century" was a driving force for this modernization, with the state ensuring control over the process.
Now, 30 years on, the implementation of the "Contract of the Century" stands as a testament to Azerbaijan’s potential. It reflects the country’s deep reserves of energy, the strength of its will, and its determination to achieve greatness.