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    In the beginning of 20 century of Azerbaijan was one of industrial areas of Russia, had 5 % of total manufacture of an industry concentrated in the field of cities of Baku. Now high territorial concentration of an industry is necessary on region of Baku - Sumgayit, where half of industrial manufacture of the Azerbaijan Republic is placed. The petroleum industry is basic and has an ancient history.

    The first mass production of petroleum was mastered on Apsheron peninsula. The commercial operation had begun in 1872, made of 4 million pood (65,520 tons), was extracted from territory in 486 km. from 16 chisel chinks and 158 wells. The most ancient petroleum chink (depth 35 m) was developed in 1594 on Apsheron peninsula by Mamedali Nuroglu.

    In 1891, half of world (global) production of petroleum belonged to Azerbaijan. In 1900 more, than 3000 chisel chinks were drilled on Apsheron peninsula.

    In 1901 the production of petroleum in Azerbaijan has reached a level of 11 million tons and it was 75 % of production of the Russian Empire.

Petroleum riches - one of the basic strategic reserves of our republic now. According to the forecasts of the scientists the stocks make more, than billion tons of petroleum and 800 millions cubic meter Gas. 1.325 million tons of petroleum 150 years were is extracted during last, 400 million tons was extracted from this quantity (amount) from bottom of the sea after 1949. On 20th September, 1994 signed the contract of petroleum, "the Century Contract", with the great petroleum companies of the world, they are: BP, AMOKO, PENZOIL, ITOCHI, STATEOIL, ELF, LUKOIL and others. Till now all 20 petroleum contracts with participation 35 petroleum companies of 14 countries of the world are signed.

    State Insurance Company "AZERSIGORTA" actively cooperates with these companies accepting and distributing of insurance risks connected with production and transportation of petroleum under these contracts. The right on this activity is adjusted by the above-stated contract and really up to the end of term of the contract (contract estimate for 30 years).

    In 1998 in Baku the constituent conference on the program TRASECA by which purpose restavration of a Great Silk Way connecting Europe and Asia has passed, which route passes through territory, and situated on a joint of Europe and Asia, Azerbaijan.

    Annually on the territory of Azerbaijan automobile and railway transportation the plenty of transit cargos is transported. Now, " AZERSIGORTA " has prepared necessary normative base of realization of insurance of transit cargos and is planned to the beginning of 2001 to begin this kind of insurance.