Azerbaijani President made the remarks in Baku May 29 at the commissioning ceremony of the first stage of the Southern Gas Corridor project, which implies the supply of Azerbaijan’s gas to Europe.

"Azerbaijan’s successful oil and gas policy shows that the Azerbaijani people are able to use their natural resources only in conditions of independence," the president said.

“The oil history in the world originates from Azerbaijan,” President Aliyev said. “In 1846, for the first time ever, oil was extracted through an industrial method in Azerbaijan, in Baku.”

"The monument in honor of this historic event was erected several years ago in the center of our city,” he added. “Azerbaijan ensured most of the world's oil production during that period in the second half of the 19th century and the beginning of the 20th century."

"But could Azerbaijani people benefit from this? Of course not. It's enough to look at the pictures and statistics of that time, to see that people lived in poverty. There was no industrial development whatsoever. Azerbaijan was only a resource, and the "black gold" extracted from the country's depths didn't serve the development of the Azerbaijani people. Our oil resources were getting drained. The oil revenues were not directed towards welfare of Azerbaijani people," said Ilham Aliyev.

"At the same time, we faced big environmental problems in the Absheron peninsula. Today, these problems are being solved by independent Azerbaijan. Today, independent Azerbaijan and our successful oil and gas policy show that only in conditions of independence, during the period of independence, Azerbaijani people can use their natural resources,” President Aliyev added. “Azerbaijan can successfully develop only in conditions of independence.”

"Today, as an independent country, we stand firmly, and successfully fulfill all the tasks set before the country. Such giant projects we realize together with our partners, and re-create the energy map of Europe," said the president.

Ilham Aliyev reminded that the term of "The Contract of the Century", signed 24 years ago, was extended in 2017 until 2050.

"This proves that there are big oil reserves in this field. "The Contract of the Century" breathed life into Azerbaijan, and served the country's revival. For the first time, the Caspian Sea opened up and became available to foreign companies," said President Aliyev.

He went on to note that today, the implementation of "The Contract of the Century" goes on very well, and after the signing of this contract, Azerbaijan's new oil strategy began to take shape.

"I remember those historical days very well, because as vice-president of the State Oil Company I was directly involved in this work. At the time, Azerbaijan's oil strategy was established, and today we see the results of this strategy and the work implemnted. After 1994, the second big contract on Shah Deniz gas field was signed. I must note that this contract was signed in early June 1996, exactly on the opening day of the "Caspian Oil and Gas" exhibition. Thus, Azerbaijan presented itself to the world not just as an oil but as a gas country as well," said Ilham Aliyev.

"I also remember well that during that period the gas factor did not play such a significant role in energy security in the world. Even the development of gas fields didn't get much of interest, because compared to oil fields, the revenues were lower. Thus, attracting investors to this project wasn't so easy," he said.

President Aliyev went on to say that in 1997 as a result of "The Contract of the Century" first oil was extracted from the Chirag platform.

"It was really a historic day. For the first time, foreign companies extracted oil from a new field in the Caspian Sea."

"Today, marking the opening ceremony of the Southern Gas Corridor, we see how timely and wise this step is. The Shah Deniz gas field is the main resource base of the Southern Gas Corridor," he said.

“The Baku-Tbilisi-Erzurum gas pipeline was commissioned in 2007. This is also a very important project, and the development of the Shah Deniz field would have been impossible without this project. Thus, for the first time, in 2007, Azerbaijani gas started to be transported to Georgia and Turkey. I also remember that day very well, I remember the ceremony in Ceyhan very well. When I was heading here today, all these historic moments, those days revived in my memory, and I would like to say once again that all these are truly historic achievements.”

He went on to say that Azerbaijan then started taking steps regarding future development of the Shah Deniz field.

"Of course, we all knew that a gas pipeline was needed to bring large volumes of Azerbaijani gas to global markets, and thus, practical work was launched to create the Southern Gas Corridor. A very serious work was carried out and negotiations were held. Finally, in 2012, Azerbaijan and Turkey signed an agreement on the Trans-Anatolian Natural Gas Pipeline - TANAP, and thus a powerful impetus was given to the implementation of the Southern Gas Corridor.”

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President of the Republic of Azerbaijan Ilham Aliyev has attended the official opening ceremony of the Southern Gas Corridor in Sangachal terminal.

The head of state also participated in the opening ceremony of the 25th Anniversary International Caspian Oil & Gas Exhibition. The ceremony was broadcast live at the Baku Expo Center where the exhibition was held.

President Ilham Aliyev made a speech at the event.

U.S. Deputy Assistant Secretary of State in the Bureau of Energy Resources Sandra Oudkirk addressed the ceremony.

The UK Prime Minister's Trade Envoy to Azerbaijan Baroness Emma Nicholson read out a message of the Prime Minister of the United Kingdom of Great Britain and Northern Ireland Theresa May.

Ambassador Erkan Ozoral read out Turkish President Recep Tayyip Erdogan`s message.

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo, Secretary General of the Gas Exporting Countries Forum Yury Sentyurin and BP Chief Executive of Upstream Bernard Looney addressed the ceremony.

The event then featured the screening of a BP-produced video on Shah Deniz-2 and Southern Gas Corridor projects.

President Ilham Aliyev then inaugurated the Southern Gas Corridor.

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