Negotations on joint developments on oil deposits "Azeri", "Chirag" and "Guneshll" in the Azerbaijani
sector of the Caspian Sea, with reserves estimated over 500 million tonns, with the International Con-
sortium of oil companies, which have been goinfon since 1991 ended successfully.

In September of 1994 Heydar Aliyev, President of the Republic of Azerbaijan, issued a decree to allow
the State Oil Company of the Azerbaijan Republic (SOCAR) to sign a contract with the International
Consortium of oil companies. The Consortium consisted of oil companies like "AMOCO Caspian Sea
Petroleum Ltd".," "British Petroleum Exploration (Caspian Sea) Ltd., "Den Norske Stats Oleselskap
A.S", "LUKoil" joint stock company, "Mc Dermott Azerbaijan Incorporated," "Pennzoil Caspian Corpo-
ration", "Ramco Khazar Energy Ltd.," "Turkish Petroleum A.O." and "UNOCAL Khazar Ltd". The con-
tract provides oil developments in the above-mentioned deposits for the term of 30 years.

On September 20, 1994, a solemn ceremony for the signature of the contract was held in the Palace
of "Gulustan" Heydar Aliyev, President of the Republic of Azerbaijan, made a brilliant speech in the
ceremony of signature.


Paving the way for the foreign companies to Azerbaijan.

This Contract created favourable conditions for making investments to the economy
of the republic.

On November 10, 1995, SOCAR signed a contract with "Pennzoil", "AGIP"" and
"LUKoil" on the Garabag oil structure. Company founded in 1996, began to work in
the perspective "Garabag" structure.

On June 4, 1996, SOCAR signed another contract with "LUKoil" of Russia, "BP" of
Great Britain, "Statoil" of Norway, "Elf-Aquaitaine" of France, "OIEC" of Iran and
"Turkish Petroleum A.O." on joint developments in the highly perspective "Shah-
deniz" oil structure.

On December 14, 1996, SOCAR signed the fourth contract with "UNOCAL" and
"AMOCO" of the USA, "Itochu'' of Japan, "Delta" of the Saudi Arabia on joint devel-
opments in the oil deposits of "Ashrafi" and "Dan Ulduzu".

On January 14, 1997, SOCAR signed the fifth contract with "Elf-Aquaitaine" and "To-
tal" of France on joint explorations, developments and output and "Lankaran-Talish-
Deniz".

And finally on July 4,1997, SOCAR signed a new contract with "LUKoil" and "Ros-
neft" of Russia on joint oil developments in the deposit of "Kepez" in the Caspian Sea
during the visit of the President of the Republic of Azerbaijan Heydar Aliyev to Mos-
cow.

These contracts, signed at the threshold of the XXI century, will raise the welfare of
the Azerbaijan people, provide the qualitative renewal of all the industry, the research
and industrial-technical balance of the oil industry in the first place.

Joint Declaration by President George W. Bush and President Vladimir V. Putin on the New Strategic Relationship Between the United States of America and the Russian Federation, US-Russia Summit, Moscow, 24 May 2002. Released by Office of the Press Secretary, White House


    In Central Asia and the South Caucasus, we recognize our common interest in promoting the stability, sovereignty, and territorial integrity of all the nations of this region. The United States and Russia reject the failed model of "Great Power" rivalry that can only increase the potential for conflict in those regions. We will support economic and political development and respect for human rights while we broaden our humanitarian cooperation and cooperation on counterterrorism and counternarcotics.

    The United States and Russia will cooperate to resolve regional conflicts, including those in Abkhazia and Nagorno-Karabakh, and the Transnistrian issue in Moldova. We strongly encourage the Presidents of Azerbaijan and Armenia to exhibit flexibility and a constructive approach to resolving the conflict concerning Nagorno-Karabakh. As two of the Co-Chairmen of the OSCE's Minsk Group, the United States and Russia stand ready to assist in these efforts.