25th Anniversary of "Contract of the Century" to be celebrated in Washington
BAKU, Azerbaijan, Nov.19
The 25th Anniversary of the “Contract of the Century” will be celebrated in Washington, D.C., on November 21.
Organized by the Caspian Policy Center, the event will bring together government officials and business representatives from the United States, Azerbaijan, and other countries of the Caspian region, Trend reports.
The two-panel event will feature high-level speakers, including Azerbaijan’s Minister of Industry and Energy Parviz Shahbazov, SOCAR Vice President Elshad Nasirov, U.S. Under Secretary of Energy Mark Menezes, U.S. Assistant Secretary of State Francis R. Fannon, and others.
The panel discussions will address the role of the “Contract of the Century” in facilitating the economic growth of Azerbaijan, strengthening economic relations of the Caspian countries with other regions of the world, ensuring energy security in the region today, and promoting opportunities in the Caspian oil and gas sector in the future.
Signed by 11 large oil corporations on September 20, 1994, in Baku, the “Contract of the Century” launched a grand program on joint development of three Azerbaijani oil fields in the Caspian Sea - Azeri, Chirag, Gunashli. In light of its paramount importance, it was called the “Contract of the Century.” Today, the Contract is one of the largest agreements in terms of both the amount of hydrocarbon reserves and the total volume of the proposed investment.