PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of January 24, 2003 No. 844

About enhancement of structure of the State Oil Company of Azerbaijan Republic

After finding by the Azerbaijan Republic of the state independence of one of the major tasks there was carrying out reforms in economy and public administration. Forming in the country of the relations of market economy and creation of the controling mechanism meeting modern standards required carrying out radical restructurings.

In recent years the important steps directed to increase in efficiency of public administration, regulation of economy on the basis of the new principles were taken. Structures of the numerous ministries, the state committees, the companies, concerns and other structures were reviewed, powers of the operating central executive bodies are brought into accord with requirements of market economy, the new institutes having necessary functions are created.

The performed reforms covered all spheres of economy and public administration and promoted creating favorable conditions for approval of the principles of market economy, creation of ample opportunities for economic initiative, providing reliable social position of people and privatization of state-owned property. The state made specific decisions and performed measures concerning each of the listed directions.

Historically the basis of the economy of Azerbaijan was constituted by the oil and gas industry, and one of the most important achievements of our country consisted in creation in this industry of powerful scientific and technical and personnel potential, wide infrastructure. This industry turned into the leading factor of economy, special attention was constantly paid to its development.

Recently were pushed and the new oil strategy and the doctrine representing fatal value for progress of our republic are successfully performed.

Having signed on September 20, 1994 "The contract of century", Azerbaijan for the first time in the region together with a number of the known companies of the world started operation of the oil and gas fields belonging to it. The carried-out work gave powerful impulse to growth of the authority of the country on the international community, integration of commercial ties.

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