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AZERBAIJAN FACING NEW CHALLENGES ON THE ENERGY MARKET AFTER THE COLLAPSE OF SOVIET UNION
Abstract
The collapse of the USSR has become a great opportunity for Azerbaijan to initiate and develop energy cooperation with the West because it is a country with large oil and gas reserves. After signing of "deal of the century" in 1994 first inflow of foreign capital allowed the development of new fields (Azerri-Czirag-Guneszli), building independent transmission network of energy resources to Europe (pipelines Baku-SUPSA, BTC and BTE), improving the condition of the Azerbaijani economy and the strengthening of Azerbaijan's international position. Azerbaijan's dependence on export sales of energy resources also had negative consequences, such as "Dutch Disease" and increased susceptibility to the volatility of prices of energy resources on the world market. These phenomena was a derivative of the lack of structural reform of the national economy during prosperity time. Only a small portion of difficult economic situations during the crisis was improved by the SOFAZ oil fund, whose resources are currently running out. At the same time, the decline in domestic oil production in recent years will bring Azerbaijan into the category of transit countries.
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