“Contract of Century”, signed thanks to wisdom and foresight of national leader Heydar Aliyev, provided a base to the successful economic development of Azerbaijan, favorable conditions for realization of national policy. Opening Caspian Sea to foreign investors, this contract formed a basis for implementation of a number of huge energy projects of international importance. Final investment decision signed last week as part of Shah Deniz-2 project is the continuation of the political and economic successes mentioned. Designed for complete exploration of Azerbaijan’s biggest gas field, this project will change energy map of the region and Europe and deliver Azerbaijan’s rich gas resources to necessary markets. Contributing to the long-term and sustainable development of the country, the project will encourage diversification of economy, replace oil capital with human capital that are applied in Azerbaijan for long years. Characterized as an energy safety project, Shah Deniz-2 has created an opportunity for a new cooperation, which will embrace more countries and companies.  

The key elements for energy policy’s successful and safe development include firm cooperation with international institutions, learning of global experience, economic diversification and many-sided transparency. Correct and fruitful use of revenues coming from oil, the unique national wealth of the country, principle of protection of transparency in production is the sign of effective policy. In the global experience there is a negative precedent like “Dutch syndrome”, which paralyzes economic system as a result of economy based on oil only, also relying on oil revenues. In this respect, the purposeful policy underway in our republic towards fruitful use of natural resources for interest of every citizen, prevention of economy’s dependence on oil factor, directing revenues to strengthening of scientific and intellectual potential and formation of human capital is undeniable.

The project represents first of all the national interest, shows social development strategy underway in Azerbaijan, proves national policy pragmatically. Shah Deniz-2 project is expected to be a major factor in implementation of the high-level service and transparent policy principle, a leading branch in the fruitful policy aiming at the dynamic development of human capital.