Dear participants of exhibition and conference!

I cordially congratulate you on opening the exhibition "Caspian oil, gas, oil-refining and petrochemistry-99", which is held in Baku sixth time, and I wish success at your work.

I want to express confidence that, as in last years, today's exhibition will play the significant role for the development of the oil and gas industry and at the same once more will demonstrate how importance have the oil and gas deposits of Azerbaijan and Caspian in the whole for the world in 21century.

The participation of the famous oil and gas industry companies of the world in Baku exhibition once more confirm that process of the integration of our republic to the world economy continue successfully. The exhibition and conference "Caspian oil gas" have turned into the place of the international meeting of the businessmen and working in this sphere.

At the international exhibition "Caspian oil gas" for the first time held in 1994, were presented 120 companies from the 11 countries of the world. In today's exhibition take part more than 320 companies from the 28 countries of the world. The representatives of the 15 countries and some international organizations will speak at the conference with more than 45 reports.

The exhibition "Caspian oil gas" traditionally held and expanding every year, causing great interest in the world, attracting thousands of specialists is the bright demonstration of policy realizing by us in the oil industry one after another, and successfully realized the oil strategies and conceptions. That’s why Azerbaijan the ancient oil territory and known as oil country. Just in Azerbaijan 150 years ago first time started to the oil extraction by industrial way. But 50 years ago first time in the world practice began to extract oil in the opened air. Finally our republic signed the document "Contract of the Century" in 1994, putting forward the new oil strategy and doctrine started to the joint exploitation of the oil and gas deposits in the Caspian Sea with many oil companies.

The work carried out by us for the last five years, at the present moment yields its fruits to Azerbaijan and to the countries and companies cooperated with us. Today Azerbaijan has signed 19 international agreements in the sphere of exploitation of oil and gas deposits. The largest 33 oil companies from the 14 countries of the world take part in these agreements. As the result of this to Azerbaijan and in its oil and gas industry will be invested capitals in sum about 60 billion dollars of the USA. For the last period in the framework of the signed agreements by the foreign companies have put in more than 2 billion dollars of the investment and this process continue.

On this way we faced with big difficulties, even with the tragical events, act of terrorism, attempts of revolution, but we haven't retracted from our way. And today there are some who prevents to realize the oil strategy by us. These forces make all possible in order to break established stability in the country, to carry on negative propaganda about the oil deposits, to withdraw the investors from Azerbaijan. But life sorts everything out. Today with the feel of great pride we can say that all signed agreements in the sphere of oil industry are successfully carried out, reached great successes. The circle of the countries showing interest to Azerbaijan more and more extends.

I want to mark some important events in implementation of the "Contract of the Century". As the result of the modern geophysical and exploring of the well-boring, carrying out in the deep-water part of the deposit "Azeri", "Chiraq" and "Guneshli" entering into this contract the oil and gas resources were defined supposed by us. On signing of the "Contract of the century", its resources forecasted in the volume of 511 millions of ton. Now on the basis of more exact information it was determined that oil resources formed more than 640 millions ton.

Of course this is not the final figure and in the future these recourses can increase exploring of the well-boring. One of the main tasks was the first oil production and this problem is successfully solved. On November 12, 1997 in our republic together with the official representatives of the partner countries with great solemnity marked the first oil production. Now 10 operational wells from the platform "Chiraq 1" bored, where extracted 15 thousands ton oil in 24 hours. It should be noted particularly that in order to reach this figure of extraction foresaw only in 2002, but the potential of the deposits, using of the modern techniques, technology and equipment gave opportunity already in 1999, in other words to reach the extraction of 5,5millions ton of oil three years earlier.

The construction of underwater oil and gas pipelines, construction and exploitation of the Sangachal terminal and transportation of the extracted oil to the world market was one of the main tasks. And this was realized successfully.

It is necessary to say frankly, that in some countries and circles they believed that not only we should reach it, but they perceived the question about the delivery of the Azerbaijani oil on the world market with greater discontent and objection. But we achieved desirable and in 1997 for the first time on the reconstructed oil pipe line Baku-Novorossiysk started to transport oil, extracted from the platform "Chiraq -1". On April 17 of this year it was held the solemn ceremony the exploitation of the pipe line Baku-Supsa and this event confirmed success of the Azerbaijan oil policy.

The work, provided in the framework of other agreements also implemented on the provided programme, it is carrying on the large-scale works on the geological, geophysical and exploring drilling. Now at the deposit "Shahdeniz" are boring two exploring boreholes. The boring arrangement "Dede-Korgut" has already finished its work, and now the works on tests, mastering are carrying on. It is continued the boring of the second well by means of the boring arrangement "Istiglal".

So, the work which was begun in 1994, already gives its positive results. The main is that the factories, constructions, service objects start moving, opens new working places for ten hundreds of people. It is invested a capital in large volume to the Azerbaijani economy, it is paid out big amounts in the form of bonus and taxes. All this influences positive effect to other spheres.

Our cooperation with foreign oil companies are widely developed, and in the future it is provided the realization of new and new projects. Among them we can note the mastering of oil deposits and continuation of exploring works, construction of the oil pipe line Baku-Ceyhan, transport of Turkmenian gas on the Transcaspian pipe line through the territory of Azerbaijan and Georgia to the Turkey.

In all this matters we constantly see and feel your support and friendly relation dear friends. We express our thanks for this. At the same time, I estimate especially the work of the company "Spearhead exhibition" and Trade Industrial Chamber of Azerbaijan, who organized this exhibition.

The President of the Azerbaijani Republic Heydar Aliyev