Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

82 DOING BUSINESS IN AZERBAIJAN
philosophy behind the Oil Fund is to ensure inter generational
equality of benefit with regard to the country's oil wealth, whilst
improving the economic well-being of the population today and
safeguarding economic security for future generations. In
December 2008, SOFAZ reported $11.2 billion. According to “BP
Statistical Review of World Energy 2009” Azerbaijan has proven
natural gas reserves of 42.3 trillion cubic feet (Tcf).
The country’s leading natural gas producer, the Bahar oil and gas
field, is located off the southern tip of the Absheron Peninsula and
currently accounts for slightly over half of the country’s natural gas
output. The Gunashli field accounts for approximately 67% of the
oil and 50% of the natural gas produced in the country.
Azerbaijan opened the Caspian Sea region for international
business. The oil & gas sector of the Azerbaijani economy is an
excellent example of a successful cooperation between
multinationals and the government of a country in transition.
The country’s oil & gas policy proved extremely successful in
opening it up for the international businesses in other sectors.
At present, a number of international service companies,
engineers, shippers in the oil related industries successfully do
business in Azerbaijan.
Extractive Industries Transparency Initiative (EITI)
The initiative launched by the former UK Prime Minister Tony Blair
at the World Summit for Sustainable Development in Johannesburg
in September 2002.
The Government of Azerbaijan declared its willingness to join EITI
and support the international efforts for higher transparency in the
extractive industries and becoming a pioneer country in the implementation
process at the EITI Lancaster House Conference on June