External Trade
Azerbaijan has concluded 21 production-sharing agreements with various oil companies. An export pipeline that transports Caspian oil to the Mediterranean from Baku through Tbilisi, Georgia to Ceyhan, Turkey (the Baku-Tbilisi-Ceyhan Pipeline) became operational in 2006. The pipeline is expected to generate as much as $160 billion in revenues for the country over the next 30 years. The recent high price of oil is highly beneficial to Azerbaijan's economy as the nation is in the midst of an oil boom. Eastern Caspian producers in Kazakhstan also have expressed interest in accessing this pipeline to transport a portion of their production. In March 2001, Azerbaijan concluded a gas agreement with Turkey, providing a future export market for Azerbaijan.
In 2002 the Azerbaijani merchant marine had 54 ships.
Read more about this topic: Economy Of Azerbaijan
Famous quotes containing the words external and/or trade:
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—Harriet Beecher Stowe (1811–1896)
“Experience has shown that the trade of the East is the key to national wealth and influence.”
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