Dear ladies and gentlemen!

Dear guests!

As known, on September 20, 1994 in Baku between the large oil companies of the world and the State Oil Company of Azerbaijan was signed the contract on joint exploitation and using of oil deposits in Azerbaijan sector of the Caspian sea. This contract began to be realized from the moment of its signing. Since then there has done much implementation practically for its. You know that for implementation of concrete measures on realization of this contract was established the leading committee which started their work and drew up the proper programme. According to this programme, it was planned to get the first oil from the first platform of the oilfield "Chirag" at the end of 1996. It was intended in the contract to lay on the special oil pipeline for the export of the first oil and as soon as the first oil will be extracted, it must be exported.

On implementation of this programme the leading operational committee of the consortium had take enough measures and as the result of these measures including the proposals introduced by the leadership of the Azerbaijani Republic was made the decision about the construction of two oil pipelines for export of the first oil. According to the accepted decision, one of the oil pipelines will go to the port Novorossiysk through the Russia, another through the territory of the Georgia to the port Supsa at the Black sea. For the export of the first oil between Azerbaijan Republic and the Russian Federation was carried on negotiations, consultations and undoubtedly, in these negotiations took part the leading operational committee. As the result of these negotiations proper agreement was signed between the government of the Russian Federation and Azerbaijan Republic on January 18. This agreement was signed by Victor Chernomyrdin, the Prime minister of the Russian Federation and I have signed it from the Azerbaijani part. According to the signed agreement both sides the government of the Russian Federation and Azerbaijan Republic must make proper decisions and these decisions were adopted by us. I as the president of the Azerbaijan have issued the proper edict and the government of the Russia has made a proper decision for the realization of this agreement. After this, the conditions for the realization of this agreement and signing of the contract on the basis of the agreement were established.

Today we have gathered there in order to sign agreement about the construction of oil pipeline for the export of the Azerbaijani oil through the Russian territory to the Black Sea port Novorossiysk. As the result of this, on the initiative of the government of the Russian Federation the president of the "Transneft" company Valerie Dmitriyevich Chernyayev, the president of the Russian company "Lukoyl" Vagif Alekperov, the member of our consortium implementing the large activity in the construction of the oil pipeline between the Russian and Azerbaijan arrived in Baku to sign this agreement. Today the head of the leading operational committee Mr. Terri Adams was invited to this ceremony and also all representatives of the consortium and the foreign oil companies functioning in Azerbaijan were invited here.