Agreement on Joint Development of Oil Field Changes the Situation in the Caspian

Agreement on Joint Development of Oil Field Changes the Situation in the Caspian

“The signing of a memorandum on the Dostlug field is the result of many years of persistent actions of our countries”, President of Azerbaijan Ilham Aliyev said during a video conference with the head of Turkmenistan Gurbanguly Berdimuhammedov, according to Azerbaijan in Focus, reporting Turan News.

“Today, Turkmenistan and Azerbaijan are relatively young independent states, less than 30 years passed since we have become independent states, but over these years we have been able to achieve great success. Today we are confidently moving forward, we are solving very important issues of social welfare, economic development, and global transnational projects. Countries open for investment, where foreign companies are confidently investing large funds,” Aliyev said.

“Today’s signing opens a new page in the development of the Caspian hydrocarbon resources. This project will contribute to strengthening the energy security of our countries, as well as our neighbors. This project opens up great export opportunities,” Aliyev continued.

“Joint work will help unlock the huge potential of the two energy powers, create favorable conditions in the Caspian region for the development of energy, mutually beneficial international partnership”, he added.

In turn, the President of Turkmenistan said that the signing of the memorandum marks a fundamentally new stage in the energy cooperation between Turkmenistan and Azerbaijan in the Caspian Sea. New opportunities are opening up for joint work on a solid international legal base and additional serious incentives are being created for the inflow of large foreign investments into our region.

He called the signed memorandum “historic”, which will raise the strategic partnership of the two countries to a new level in the energy sector.