The signed memorandum will further advantage the cooperation among Caspian littoral states.

The signing of the Memorandum of Understanding between the Government of the Republic of Azerbaijan and the Government of Turkmenistan on January 21 on joint exploration and development of hydrocarbon resources of the Dostlug field in the Caspian Sea is an important historical event for both countries. Prosperity of oil sector in our country closely relates to the name of Great Leader Heydar Aliyev. Discovery of new oil fields in the Caspian Sea in the 1970s of XX century under the leadership of National Leader Heydar Aliyev can be considered as a turning point in the country's oil refining, reconstruction and modernization of the petrochemical industry. New equipment, including drilling rigs, a floating crane with a capacity of 2,500 tons, geophysical exploration, pipe-laying vessels and other technical means were imported to the republic for the development of offshore fields in those years at the initiative of Great Leader of Heydar Aliyev. Azerbaijan, which has made significant contributions to the legal status of the Caspian Sea, has also made a breakthrough in the development of marine hydrocarbon resources in the framework of mutual cooperation. On September 20, 1994, a document was signed in Baku with the world's leading transnational companies on the development of oil fields in the Caspian Sea and the distribution of production as the “Contract of the Century” as a result of the far-sighted policy pursued by the national leader Heydar Aliyev after the Republic of Azerbaijan restored its independence. The signing of the “Contract of the Century” was a very important political that attracted the world's leading oil companies and foreign investors for the use of natural resources in the Caspian Sea and paved the way to international cooperation on the water. New contracts were signed on the development of the rich resources of the Caspian Sea after the “Contract of the Century”. Now, most of regional countries, including some European countries ensure their energy safety through diversified sources and corridors established at the initiative and active participation of our republic. The “Dostlug” field which Azerbaijan refers “Kapaz” and Turkmenistan “Sardar”, has rich oil-gas resources. Previously, Ilham Aliyev, the President of the Republic of Azerbaijan said the innovations will be in the direction of oil-gas production, transportation and further increase of the country's energy potential. The message given by the Head of State with the signing of a memorandum on the development of the “Dostlug” field made a perfect sense. This project has great importance in respect to perspective development of the oil-gas sector. Oil and gas to be produced in the field will be transported through full infrastructure and export pipelines of Azerbaijan. Azerbaijan, an oil and gas exporter will also rise in importance as a transit country. The signing of memorandum is an important step in point of raising cooperation to a new level between Azerbaijan and Turkmenistan in energy, transport and communications (ETCR). This project plays also an important role internationally and regionally. The signing of said document proves that all matters on Caspian Sea can be solved through dialogue and cooperation. The memorandum creates opportunity for implementing energy and transport-communication projects in the Caspian Region and involving foreign investors to this project, as well as strengthening the transport-transit potential of Azerbaijan. Azerbaijan’s energy strategy founded by the National Leader Heydar Aliyev is carried out by the President Ilham Aliyev on his farsighted, rational, effective decision making policy and coordinated action plan.