PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of September 27, 2004 No. 128

About approval of Long-term strategy for revenue management from oil and gas

For the purpose of ensuring achievement of the balanced development of national economy, effective management and use of the income by the direction in not oil sector of the oil revenues increasing every year and gas as a result of carrying out successful oil strategy, I decide:

1. Approve "Long-term strategy for revenue management from oil and gas" it (is applied).

2. This Decree becomes effective from the date of signing.

Approved by the Presidential decree of the Azerbaijan Republic of September 27, 2004 No. 128

Long-term strategy for revenue management from oil and gas

Introduction

As a result of the reforms undertaken in the Azerbaijan Republic in recent years in the country are reached macroeconomic and financial stability, structural changes in economy went deep, there was favorable situation for development of entrepreneurship. The works which are consistently carried out in all directions gave powerful impulse to social and economic development of the country, including improvement of welfare of the population.

Thanks to realization of the national oil strategy which is carried out since 1994, the Azerbaijan Republic entered qualitatively new stage of development of oil and gas fields, in national economy the large volume of investments is involved, success in the field of transportation on the world markets of hydrocarbon inventories of the Caspian Sea through Azerbaijan is achieved, since 1999 steady receipt to the country of foreign currency as a result of export of profitable oil under "The contract of century" is provided.

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