A new agreement related to the extension of the "Contract of the Century" was signed this year. This is also a historic event. A contract has been signed on more favorable terms until 2050. As a result of the implementation of this contract, Azerbaijan will receive $3.6 billion as a bonus alone. The share of the State Oil Company has been increased from 11 to 25 per cent. At the same time, SOCAR will act as the operator, and Azerbaijan will retain 75 per cent of the profit oil until 2050, i.e. for the entire duration of the contract.

From the speech at the ceremony celebrating two billion tons of oil production in Azerbaijan
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