Azerbaijani MP: New ACG contract will give great impetus to other sectors development

Baku. 15 September. REPORT.AZ/ The agreement signed in Baku yesterday on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG) will give a great boost to the development of non-oil sector, entrepreneurship, tourism and other fields along with oil sector".

Azerbaijani lawmaker Aydin Huseynov told Report.

He noted that yesterday's ACG agreement is equal to the Contract of the Century in 1994 in terms of scale: "The agreement, signed in 1994, was a very important turning point in the economic and political life of Azerbaijan. We can evaluate yesterday's agreement in the same way".

He noted that this agreement is a ground for getting oil revenues in the period up to 2050 and directing these revenues to the non-oil sector: "Also, you know that SOCAR share increased to 25% from 11.6%, which means a great source of revenue in the future. Moreover, under the new agreement, international companies will pay a bonus of $3.6bn to the State Oil Fund of the Republic of Azerbaijan. More than $40bn capital to be invested in the ACG oil field. All this, along with the development of the oil sector, will give a great boost to the development of non-oil sector, entrepreneurship, tourism and other spheres".

According to lawmaker, mainly the agreement will stimulate the country to export competitive products. "Competitiveness of the economy will rise. In addition to the economic effect, the biggest factor should be taken into account that the signed agreement proved Azerbaijan as a reliable partner. Since 1994, Azerbaijan has fulfilled its commitments at a high level and known as a reliable partner. While the first agreement was political step of national leader Heydar Aliyev, this agreement is the triumph of President Ilham Aliyev's political will", he said.