Media review - August 15, 2019

Azerbaijan"s economic profit from the "contract of the century", attitude to the protest of Iran and Russia to hold the Tangaspian gas pipeline along the Caspian bottom, a look at the development of the Azerbaijani economy is the topic of today's media.

The newspaper "Azerbaijan" writes about the "contract of the century" - ACG, which wa signed 25 years ago. Its implementation became possible thanks to the diplomacy of Heydar Aliyev, the author writes. He also quotes President Ilham Aliyev, according to which the signing of the "contract of the century" marks the beginning of the oil strategy of Heydar Aliyev, as well as the beginning of the international integration of Azerbaijan.

As part of the ACG project, signed for a period of 30 years, the first oil was produced in November 1997 from the Chirag platform. In September 2017, the contract was extended until 2050. From the end of 1997 to the end of 2018, the volume of oil produced from this field amounted to 3.5 billion barrels.

The site "Moderator.az" is discussing with the deputy Gudrat Hasanguliyev the protest of Iran and Russia against the pipeline along the bottom of the Caspian Sea, citing environmental issues. This was announced at the 1st Caspian Economic Forum, held in Turkmenistan on August 11-12. According to the deputy, Russia, without asking permission from anyone, is laying a gas pipeline to Germany along the bottom of the Black and Baltic Seas. It seems that the world is governed not by international law, but by force.

The "Yeni Musavat" newspaper is discussing inflation with MP Ali Masimli. There is an expectation of a global crisis. In order not to repeat the events of 2015-2016, the authorities must take certain steps.

The world financial market is not closely connected with the financial market of Azerbaijan, therefore there is no direct impact, but there is indirect influence. Complicating the situation is Azerbaijan"s dependence on oil. As for double-digit inflation, its main reason remains monopolies.