We established very profitable cooperation with BP during 23 years. SOCAR and BP have useful cooperation mechanism, said President Ilham Aliyev.
The president made remarks on September 14 at the signing ceremony of contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields by 2050.
The head of state noted that Azerbaijan could sign the contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields by 2050 with other country: "But as we cooperated with BP and other countries participating in the Contract of the Century successfully, we made such a choice”.
President Aliyev noted that the oil may also cause a problem: "The situation in several oil countries proves it. Our main goal was to change the oil revenues to a human capital and we achieved it. Baku is one of the most beautiful cities in the world. Construction of over 3,000 schools, 600 hospitals and 11,000 km road is related to effective use of oil revenues. Funds allocated from SOFAZ allowed us to provide 250,000 IDPs with houses in more than 100 settlements. Revenues and expenditures of the SOFAZ are transparent. The parliament sets use of SOFAZ funds while it ratifies the budget”.
The head of state noted that Azerbaijani people feel the results of the Contract of the Century in their life: "Signing of this contract in Heydar Aliyev Center carries a symbolic meaning. Contract of the Century was signed 23 years ago with the effort of Heydar Aliyev. Today’s contract shows that Heydar Aliyev’s policy is living and will live in Azerbaijan”.