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

12:48 - 22.02.2023

February 22, Fineko/abc.az. 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 bn cu m of natural gas.

ABC.AZ reports that SOCAR first vice president Khoshbakht Yusifzada said about this at the event dedicated to the 100th anniversary of the birth of national leader Heydar Aliyev.

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.

"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," SOCAR first vice-president said.