BAKU, Azerbaijan, September 20. The Contract of the Century showcases successful Azerbaijan-U.S. collaboration, said U.S. Ambassador to Azerbaijan Mark Libby, Trend reports.
"This agreement has a special place in the history of U.S.-Azerbaijan bilateral relations. U.S. companies and U.S. political support were indispensable factors in the contract negotiations, in developing ACG, and in launching the associated Baku-Tbilisi-Ceyhan export route. In this regard, the Contract of the Century is a prime illustration of what we can achieve together when we combine U.S. investment and political heft with Azerbaijani initiative and leadership," he said at the event dedicated to the celebration of the 30th anniversary of the Contract.
"The Contract of the Century was an agreement signed in 1994 between SOCAR and 11 foreign energy companies, including 4 U.S. companies, to develop the flagship ACG oil field. It established ACG as the foundation of Azerbaijan’s energy sector and ultimately of the remarkable prosperity Azerbaijan enjoys today. It is no exaggeration to say the Contract of the Century changed the course of history and of energy geopolitics across the region," the ambassador added.
Mark Libby pointed out that, through the Southern Gas Corridor, Azerbaijan has established itself as a key player in the regional energy market and a critical energy supplier to Europe.
"As Azerbaijan embraces the global energy transition and prepares to host COP29, the government has made promising commitments on emissions reductions and has a bold agenda to become a regional leader in green energy exports. Many U.S. companies are industry leaders in renewable energy and carbon mitigation technology, while U.S. research institutions are developing new innovations that could potentially transform the green energy sector on a global scale. Much like the Contract of the Century 30 years ago, Azerbaijan and the United States now have a prime opportunity to combine our respective strengths, in this case, it’s U.S. know-how and Azerbaijani ambition, in pursuit of green energy and decarbonization goals," he said.
The ambassador further noted that more than 200 U.S. companies operate in Azerbaijan and U.S. foreign investment since 1995 stands at $18.7 billion.
"We would like to see this number grow in the coming years, and we see massive potential in sectors such as green energy and decarbonization. I commend Azerbaijan for its leadership as host of COP29 and its commitment to the green energy transition. As we mark 30 years since the Contract of the Century I look forward to seeing what we can achieve together in this next chapter of Azerbaijan’s energy story and the U.S.-Azerbaijan economic partnership," Ambassador Libby concluded.