US Ambassador to Azerbaijan: changed  geopolitics of the region

ArmInfo.US Ambassador to Azerbaijan Mark Libby hosted a reception on the occasion of the 30th anniversary of  signing the so-called <Contract of the Century>. During the reception he stated that the Contract significantly changed the history and energy geopolitics in the region.

According to Azerbaijani media, in  his speech he recalled that the <Contract of the Century> is an  agreement signed in 1994 between the Azerbaijani company SOCAR and 11  foreign energy companies, including four U.S.  companies, to develop  the flagship ACG oil field (<Azeri-Chirag Gunashli>).

 Requiring complex and lengthy negotiations, the deal represented  what was then the largest Western investment in the former Soviet  Union.>. The ambassador noted that it would not be an exaggeration to  say that the Contract of the Century changed the course of history  and of energy geopolitics across the region.  This agreement has a  special place in the history of  U.S.-Azerbaijan bilateral relations.

 U.S. companies and US political support were indispensable factors  in the contract negotiations, in developing AGG and in launching the  associated Baku-Tbilisi-Ceyhan export route.  "In this regard, the   Contract of the Century is a primer illustration of what we can  achieve together when we combine U.S. investment and political heft  with Azerbaijan's initiative and leadership," the American diplomat  noted. The ambassador praised the Baku regime for embracing the  global energy transition and preparing to host COP29. "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  ambitions) in pursuit of green energy and decarbonization goals. In  all these examples of U.S.-Azerbaijan partnership and potential  future cooperation, U.S. companies play a key role," the ambassador  continued.  More than 200 U.S. companies operate in Azerbaijan and  U.S. foreign investment since 1995 stands at $18.7 billion, the  ambassador said.