Azerbaijan: An Illusion (8 of 12)

11 more in collection THE ILLUSION OF AZERBAIJAN

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The desert outside Baku is scattered with oilfields. It is an unbelievable forest of metal and oil intertwined with people living in the middle of it all. As seen on the picture the oil is everywhere and the industry has an impact on the environment.
According to the U.S. Department of State:

”Azerbaijan is considered one of the most important spots in the world for oil exploration and development. Proven oil reserves in the Caspian Basin, which Azerbaijan shares with Russia, Kazakhstan, Turkmenistan, and Iran, are comparable in size to North Sea reserves several decades ago.” The Baku-Tbilisi-Ceyhan (BTC) pipeline, which opened in May 2005, is a part of the country’s significance.
The economy is tied up in natural gas and oil and is dependent on that. Much of the oil industry is subject to SOFAZ, which is the state oil fund. The fund manages all state revenues from gas and oil.
The country has had a boom in its economy fuelled by the oil and made it the fastest growing country in the world for a short while with its real GDP pushed up by 35 % in 2006 according to the World Bank.

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