perspective structures today are signed.
Volume of the investments under these contracts is estimated in 60 bln. US dollars.
In this connection, a major task is the delivery of oil and gas on the world market for maintenance of growing needs of world economy in energy.
A first step in the field of export of the Azerbaijan petroleum on the world market became commissioning pipelines of Baku - Novorossisk and Baku - Supsa with throughput 6 mln. tons of petroleum per one year everyone.
Export routes with the greater throughput later were analysed and the most favourable variant of a route of the pipeline Baku - Tbilissi- Geyhan by extent of 1768 kms, diameter of 42 inches and throughput 50 мln tons of oil was chosen, which   having the large strategic importance. Now construction of this pipeline successfully proceeds, 70 % of works is executed and is enclosed about 2 млрд. US dollars. The total cost of the civil-engineering design of the pipeline makes 2,95 bln. US dollars.  As a whole, in view of filling the pipeline and interests on duties for the period of construction, the total cost of the project makes 3,6 bln. US dollars. Approximately 30 % of the charges is financed at the expense of own means of the shareholders, others 70 % are provided with the third party in the credit form of financing. The end of construction is planned on the end of 2004, and first oil from port Geyhan by the Mediterranean sea is planned to export in the second quarter of 2005.
Besides, in the Azerbaijan sector of the Caspian sea was reconnoitered gas-condensate deposit "Shah-Deniz" and now civil work connected to 1-st stage of development of a deposit in cost 3,2 bln. US dollars are carried out. At an initial stage 8,8 bln. cube meters of gas per one year here will be extracted approximately. The gas extracted from this deposit is planned further to be exported through territory of Georgia and Turkey on the markets of Europe. In this direction are negotiated with the countries of Southern Europe and Balkan.
The realization of the project of the South-Caucasian gas pipeline Baku - Tbilisi-Erzurum is begun, on which will be transported 6,6 bln. cube meters of gas extracted on a deposit "«Shah-Deniz" in Turkey and 0,8 bln. cube meters in Georgia. The beginning of civil work is planned by the beginning of July, 2004, and termination - on the end of September, 2006. The extent of the pipeline will make 915 kms, diameter of 42 inches, general throughput up to 20 bln. м3 per one year.
Total amount of a capital investment makes 953 мln. US dollars.
The realization of these projects considerably will raise economic potential of Republic and will speed up integration in regional and European structures.

Doctor, Professor M. Kerimov
Minister for Fuel and Energy Republic of Azerbaijan