In recent years Azerbaijan has strengthened its state independence, achieved stable social and political status within the Republic developing the progress on the way towards democracy, market-oriented economy, having ensured thereby gradual integration into the world economy. Implementation of policy pursued by the National Leader of Azerbaijan Heydar Aliyev enabled Azerbaijan to play an important role in the geo-politics of the Caucasus and in the Caspian Region. Azerbaijan has turned into the geopolitical center concentrating the interests of the USA, the states of Europe and Asia not only because of its oil and gas reserves but also due to the key location on the Black Sea - Caspian Sea basin. Realization of tremendous projects on exploration of hydrocarbon resources and their further transportation to the world market has turned Caspian region into one of the key regions in the XXI century. Due to the wise policy of the National Leader of Azerbaijan Heydar Aliyev, the first contract was signed on September 20,1994 regarding the joint development and production sharing of oil fields Azeri, Chirag, Guneshly (deep waters) (ACG) situated on Azerbaijan sector of the Caspian sea. Later on this contract became famous as "The Contract of the Century". This Contract was the first to turn on the green light, welcoming foreign companies to execute further contracts in Azerbaijan. Since 1994, 26 Joint Development and Production Sharing Agreements have been executed in Azerbaijan oil industry between SOCAR and foreign companies. What is promised to Azerbaijan Republic and its citizens by concluding these Contracts, His Excellency President Ilham Aliyev said: ''The oil strategy which is being carried out during the last years has one more time proved to be the true choice. However, this does not mean that we want to link our future just with oil. The oil factor just as means of strengthening our independence and improving the economy of the country. We use these means for this particular purpose. Oil has a value when it is produced, transported, sold, and income is yielded. Oil has no value when it is under ground or soil. Some people say that oil is our national wealth, and let 's leave it for the disposal of future generations. This is a very wrong and populist idea. To reiterate, oil is just a tool in our hands. I think that we have made the best use of this tool. Azerbaijan is now known worldwide. Over billion dollars have been invested to Azerbaijan. Azerbaijan has taken the benefit from other oil related sectors of the economy, a certain development has been the case in these fields. There is a great deal of progress in the infrastructure and service sector. Thousands of young Azeries-have improved their education in foreign countries or by attending a number of training courses organized by foreign companies operated in Azerbaijan. Besides:
• while the oil contracts are being implemented, the oil industry infrastructure will be renewed; besides, a new and strong oil infrastructure will be created;
• new bulks of investment will flow in other sectors of the of the country economy;
• Azerbaijan will obtain new and up-to-date technology;
• a great number of new enterprises will be established in Azerbaijan, and such enterprises will service the foreign oil companies;
• banking and insurance business will be promoted;
• a sound layer of entrepreneurs will be created, which will work within the laws of the civil society;
• the foreign companies will pay more taxes which will flow into the state budget;
• thousands of new job opportunities will be available in different fields of industry and public service;
• Azerbaijan will earn dozens of billions of US Dollars from the sale of its oil, and this will be used for implementing large social programs, raising salaries and pensions, assisting poor families, war-disabled persons, and refugees.
All this will result in creation of a strong economic potential, which will help protect and maintain the independence of the country. I can say that the future of oil in Azerbaijan is very bright. I believe that our country will make the best use of this income, and this will help the other sectors of the economy grow''.

Heydar Aliyev