“THE AGREEMENT OF THE CENTURY" IS THE FOUNDATION OF AZERBAIJAN'S STRATEGIC DEVELOPMENT CONSEPT

Abstract

Abstract

The "Contract of the Century" is a historic agreement signed in 1994 between the Republic of Azerbaijan and a consortium of major international oil companies. It marked a pivotal moment in Azerbaijan’s modern history, as it opened the door for the country to become a key player in the global energy market. This landmark deal focused on the development of Azerbaijan’s vast oil reserves in the Caspian Sea region, particularly the Azeri-Chirag-Gunashli (ACG) oil field. By attracting significant foreign investment and technological expertise, the contract allowed Azerbaijan to exploit its natural resources efficiently and safely. The agreement not only transformed Azerbaijan’s oil industry but also played a crucial role in the country’s economic and political development. It helped to solidify Azerbaijan’s position as an energy hub in the South Caucasus and contributed to the diversification of energy supply routes to Europe, Asia, and beyond. The "Contract of the Century" is seen as the foundation of Azerbaijan’s modern energy strategy and has had long-lasting impacts on the country's growth, stability, and international relations