20 September in 1994 in the Palace "Gulistan" in Baku signed an agreement "On Production Sharing" about developments deepwater fields "Azeri", "Chirag", "Guneshli" in the Azerbaijan sector of the Caspian Sea. On the historical, political and international importance of the agreement was called the "Contract of the Century" and is reflected in the 400 pages and 4 languages.
on August 16 2001 the President of Azerbaijan signed a decree according to which 20 September celebrates the Day of Azerbaijani oil.
«Contract of the Century" as the number of hydro-carbons, and in terms of investment included in the list of the largest agreements. Of oil under agreements 64 billion U.S. dollars of investment 57.6 billion will be invested in the development of offshore fields and exploration in prospective structures.
Since the implementation of the "Contract of the Century" in the economy of Azerbaijan was a crisis, and started doing a great job. First of all, in 1995, as part of the primary production of oil in accordance with international standards has been restored Chirag-1 platform, and to drill wells more inclined upper platform module has been upgraded and equipped with new equipment.
At last in 1999 in Istanbul (Turkey), the OSCE summit U.S. presidents of Turkey, Azerbaijan, Georgia, Kazakhstan and Turkmenistan signed an intergovernmental agreement on the construction of the "main export oil pipeline" Baku — Tbilisi — Ceyhan (BTC) .
September 18 in 2002 with the participation of the President of Azerbaijan, Heydar Aliyev, Turkey and Georgia, the foundation was laid and the construction of the BTC. In October 2004 there was a docking Azerbaijani and Georgian sections of the main export pipeline. The official grand opening of the pipeline occurred July 13, 2006. Its length was 1773 kilometers long and passes it through three countries — Azerbaijan, Georgia and Turkey.
This pipeline has not only allowed to export Azerbaijani oil to world markets, but also become the main trunk cable of the "Silk Road" and Turkic states. The commissioning of the pipeline into operation enabled Azerbayzhdanu more actively explore the resources of the Caspian basin.