Khoshbakht Yusifzada: Azerbaijan received 60% of produced oil as 'profit'

The Azeri-Chirag-Gunashli (ACG) oil and gas field located in the Azerbaijani sector of the Caspian Sea produced a total of 570 million tons of oil and 205 billion cubic meters of natural gas, First Vice President of the State Oil Company of Azerbaijan (SOCAR) Khoshbakht Yusifzada said at the event dedicated to the 100th anniversary of the birth of national leader Heydar Aliyev titled "National leader Heydar Aliyev is the author of Azerbaijan's independent energy policy", Report informs.

Yusifzada emphasized that 60% or 345 million tons of oil produced from these fields was sold as Azerbaijan's "profit oil", giving a great impetus to developing the country's economy.

The first vice-president of SOCAR said that the Contract of the Century is Heydar Aliyev's first masterpiece: "With the signing of the Contract of the Century, all states realized that Azerbaijan is a stable country. You can do business here. It is no coincidence that 35 contracts were signed after this contract. The Contract of the Century is also economically significant.

In 1997, annual oil production in Azerbaijan was 9 million tons, but with the implementation of the Contract of the Century, oil production increased 5.6 times to 51 million tons in 2010."