The 32nd anniversary of the signing of the "Contract of the Century" is being marked

Today marks the 32nd anniversary of the signing of the "Contract of the Century."

The agreement "On the Joint Development of the Azeri-Chirag-Gunashli (ACG) block of fields and the deep-water portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea and the share distribution of oil production" was signed between the State Oil Company (SOCAR) and world-renowned oil companies on September 20, 1994, at the Gulistan Palace in Baku.

By a decree of national leader Heydar Aliyev dated August 16, 2001, September 20 is annually celebrated in Azerbaijan as a professional holiday for oil workers – "Oil Workers' Day."

On Oil Workers' Day, the achievements made in this industrial sector and the key challenges facing it are discussed, and workers and specialists who have demonstrated outstanding merit and dedication in this field are awarded honorary titles, orders, and medals by decrees and orders of the head of state.

The celebration of this day as a professional holiday for workers in this sector is linked to the signing on September 20, 1994, in Baku of an agreement between the Azerbaijan State Oil Company (SOCAR) and 11 foreign oil companies from six countries on the joint development of ACG and the distribution of produced oil in the form of shares. The ACG agreement, originally signed for a term of 30 years, was adopted by the Milli Majlis on December 12, 1994, and came into force on December 14, 1994. This agreement became the first major investment by Western transnational corporations in a former Soviet Union country and became known as the "Contract of the Century."