President Ilham Aliyev: Azerbaijan managed to transform oil into human capital

Baku, September 14, AZERTAC “Azerbaijan managed to transform oil into human capital,” said President Ilham Aliyev at the signing ceremony of the Amended and Restated Agreement on the Joint Development and Production Sharing for the Azeri and Chirag fields and the Deep Water Portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea. “The contract of the century allowed us to channel oil revenues into the non-oil sector. I think that unlike many oil producing countries Azerbaijan managed to transform its oil into human capital. Oil can bring both benefits and problems. We know that both in the past and nowadays oil has been the cause of wars, conflicts and bloodshed,” the head of state said. “Oil production does not mean that countries will be flourishing and developing. It is confirmed by what we see in many oil rich countries. This is why our duty is to transform the oil revenues into human capital and ensure that each Azerbaijani citizen could see this change.” “It is our opportunities to effectively use the oil revenues that lie at the heart of all our accomplishments - our flourishing regions, our developing country, Baku – one of the most beautiful cities in the world – construction of more than 3,000 schools, more than 600 hospitals, more than 50 Olympic centers in the districts, more than 11,000 kilometres of constructed roads, energy infrastructure, economic development and diversification of the economy,” added President Ilham Aliyev.