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ARTICLE · 23 JULY 1997

Country Profile - Azerbaijan

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United KingdomGovernment, Public Sector

Azerbaijan is potentially on the cusp of a massive economic boom. Foreign investment increased fivefold in 1996 to $342m - 80% of which was in the oil sector. These huge oil reserves could provide vast opportunities not only for the extractive sector, but also for a variety of support industries.

Of all the former Soviet republics, Azerbaijan is the one which currently appears most likely to fulfil its economic potential. By the year 2010, Azerbaijan expects to have received some $14bn of foreign investment - much of it in the oil and gas sector, which currently accounts for 71% of exports. More than 50 separate oil and gas deposits in the Caspian Sea are under exploration, and experts say that there is an 85% post-survey chance of striking oil (by comparison, North Sea exploration figures run at about 15%). Five major consortia have product-sharing agreements with SOCAR, the national oil company and Azerbaijan's biggest creditor.

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