Sea-news.az reports that the historical agreement on the joint development and production sharing of the Azeri-Chirag-Gunashli (ACG) block of fields and the deep-water part of the Gunashli field in the Azerbaijani sector of the Caspian Sea was signed on September 20, 1994, in Baku, at the Gulustan Palace.
The “Contract of the Century” became a major turning point in the economic development of independent Azerbaijan, as well as in ensuring energy security on an international scale. The signing of the historical agreement is evaluated as an important milestone in the formation of Azerbaijan’s oil strategy and the strengthening of the country’s position in the global energy market.
