31 years have passed since the signing of the “Contract of the Century”.

Axar.az reports that September 20 is celebrated in Azerbaijan as the anniversary of the Production Sharing Agreement (“Contract of the Century”) on the development of the Azeri-Chirag-Deepwater Guneshli (ACG) field block located in the national sector of the Caspian Sea and as the professional holiday of workers working in the oil and gas sector - Oil Workers’ Day.

The celebration of this day as a professional holiday was formalized by the decree of the National Leader of the Azerbaijani people, Heydar Aliyev, dated August 16, 2001.

On Oil Workers’ Day, the successes achieved in this field of the industry and the main issues facing it are discussed, and workers and specialists who have shown special services and dedication in this field are awarded honorary titles, orders, and medals by decrees and orders of the head of state.

The celebration of this day as a professional holiday for those working in this sector is connected with the signing of an agreement on the joint development of ACG and the sharing of the produced oil in Baku on September 20, 1994, between the State Oil Company of Azerbaijan (SOCAR) and 11 foreign oil companies from six countries. The ACG agreement, initially signed for a period of 30 years, was adopted by the Milli Majlis on December 12, 199,4, and entered into force on December 14, 1994. This agreement was the first major investment made by Western transnational companies in any country of the former Soviet Union and is known as the "Contract of the Century".