Published in 2020. Over its 28 years of independence, Azerbaijan has become known in the world market for its oil and gas. 2019 marked two important milestones in the modern history of Azerbaijan: 25 years since the country signed a ground-breaking Production Sharing Agreement (PSA) with the company BP to develop oil fields in the Azerbaijani sector of the Caspian Sea, and 20 years since the State Oil Fund of Azerbaijan (SOFAZ) was established.
The research conducted for this report concludes that the revenues from the sale of Azerbaijani oil have not reduced the unemployment rate, have not alleviated poverty, and have not liberalized, diversified, or modernized the national economy. In fact, in many areas the situation has gotten worse. The report presents concrete recommendations to increase transparency and accountability in spending of Azerbaijan’s oil and gas revenues.
The report was published at Crude Accountability in 2020.