General historical background on economic aspects of the visit of the President of the ‎Republic of Azerbaijan Heydar Aliyev to the United States of America (July 27- August 5, ‎‎1997) ‎


President of the Republic of Azerbaijan Heydar Aliyev paid an official visit to the USA on July 27- August 5, 1997 at the invitation of President Bill Clinton. He visited New York, Washington, Chicago and Houston in the framework of the visit which lasted 10 days. Heydar Aliyev held more than hundred meetings and held negotiations with the officials of the government and public spheres of the USA.

The visit of the Azerbaijani President played an important role in the development of the US-Azerbaijani relations in politico-diplomatic and economic spheres. In the framework of this visit the following documents were signed, they played an important role in the establishment and development of economic contacts between Azerbaijan and the US and are effective today, too.

Statement of intention for establishing of bilateral dialogue on the development of energy bearers", Washington, August 1, 1997;

"Joint Statement on the Azerbaijani-US relations", Washington, August 1, 1997;

"Agreement between the governments of the Republic of Azerbaijan and of the United States on the protection and encouragement of investments", Washington, August 1, 1997;

"General Agreement on the encouragement of projects between the government, National Bank of Azerbaijan and Eximbank of the USA", Washington, August 1, 1997.

Beginning the first day of his official visit from New York, Heydar Aliyev met the editor of the US review "Institutional Investor" Steven Quench and its investor Cisel Moren and was comprehensively interviewed by them about the economic potential and investment environment of Azerbaijan. On the second day of the visit, the Azerbaijani President was interviewed by "Wall Street Journal" and "The New York Times".

On July 28, 1997, Heydar Aliyev met the heads of "BP-America" oil company Steve Percy, Ed Wyhead and Michael Townshend. The perspective work of this company, which received a lump share in the "Contract of the Century" was discussed. On July 29, Heydar Aliyev met the members of the US-Azerbaijani Chamber of Commerce and Business Council of the International Understanding Company. He made a long speech on economic potential and development opportunities of Azerbaijan. He answered numerous questions of the representatives of business circles of the US intending to cooperate with Azerbaijan. Meeting his speech with great interest, Dow Jones News Agency obtained his agreement to cover it via the international agencies. Don Stacey and Reza Veziri, co-chairmen of the US-Azerbaijan Chamber of Commerce also made speeches at the meeting. On the same day, Heydar Aliyev met the representatives of the international humanitarian organizations (International Relief Committee, International Restoration Centre, International Committee of Food Distribution, USAID and UNICEF) in the UN headquarters acting in the framework of the organization.

On July 29, ending the New York part of his official visit, President of Azerbaijan set out for Washington. He was interviewed by the newspapers "Philadelphia Inquirer" and "Journal of Commerce" on the plane.

On July 30, 1997, President Heydar Aliyev met Richard Cheney, president of "Halliburton" company in his residence in Washington. The activity of the company in Azerbaijan in the past three years and the new opportunities of cooperation in the oil industry were discussed in the meeting.

On the same day, Heydar Aliyev met the delegation head by the member of the Foreign Relations Committee of the US Congress. The importance of focusing on development of bilateral economic contacts between the countries was stressed. After numerous meetings and negotiations in the Congress, the US-Azerbaijani Chamber of Commerce organized an official reception in honor of the President of Azerbaijan Heydar Aliyev in the National Construction Museum in Washington.

On July 31, President of Azerbaijan Heydar Aliyev first received James Harman, president of the US Eximbank, and exchanged views on the document to be signed for regulating the financial relations between the two countries. Then he held tête-à-tête meetings with the US Minister of Finance Robert Rubin and Minister of Energy Federico Pena and discussed the issues of cooperation in concrete spheres. On the same day, President of Azerbaijan met the representatives of the US business circles in the US Trade Ministry and made a speech on the history, political and economic system of Azerbaijan, and the reforms in the country after the independence. After finishing his speech, Heydar Aliyev answered the questions of the participants of the meeting.

After the meeting, President of Azerbaijan received James Wolfenson, president of the World Bank, the biggest financial body in the framework of the UN. Reforms in the financial sector of Azerbaijan and their positive results were discussed at the meeting.

At the end of the day, William Daily, US Trade Secretary and Federico Pena, US Energy Secretary organized an official party in honor of President Heydar Aliyev in the building of the "Old Senate Suite" of the US Congress. High officials of Clinton administration, prominent US politicians and statesmen and presidents of various companies attended the party.

On August 1, 1997, a tete-a-tete meeting was held between President of Azerbaijan Heydar Aliyev and US President Bill Clinton in the White House. After the meeting, there was a ceremony of the signature of the above mentioned documents. Then the two presidents made statements. Then an agreement on joint exploration of four oil deposits in the Azerbaijani Sector of the Caspian Sea was signed between the Azerbaijani State Oil Company and the US oil companies. The signature ceremony attended by Heydar Aliyev and Bill Clinton was held in the "Roosevelt room" of the White House. It means that agreements and treaties of great importance for the US are signed in this room. After the signature of documents a party was given in honor of the President of Azerbaijan Heydar Aliyev on behalf of the US President. In the evening of the same day President of Azerbaijan left for Houston, one of the business centres of the US, to continue his official visit.

On August 2, President of Azerbaijan met the representatives of big oil companies in Houston and conducted negotiations on the issues of mutual interest. On the same day, he received William White, president of "Frontera Resources" company, Richard Matske, president of Chevron, heads of the "John Wing and Charley Welson" company, James Pate, president of Pennzoil, Argu Dunckham, president of Conoco. At the end of the day, the US-Azerbaijani Chamber of Commerce and "Houston Cooperation Society" organized an official reception in honor of President Heydar Aliyev. Heydar Aliyev made a speech at the reception.

On August 3, 1997, President of Azerbaijan received the presidents of "Erickson", "Texaco", "Arco", "Shell" and "Mobile" companies specialized on the production, delivery and sale of oil. Future investment projects of these companies, who joined the cooperation in the framework of the oil strategy, were discussed. Arriving in Chicago from Houston on the same day, Heydar Aliyev met Tomas Pritsker, representing one of the rich families of Chicago, who has invested a large sum in the non-oil sector of Azerbaijan.

On August 4, President of Azerbaijan met the heads of the "FMS", "Caterpillar", "Motorola" and "AMOKO" companies in Chicago. Investment in the spheres of communication and non-oil sector of Azerbaijan were discussed in these meetings. On the same day, President Heydar Aliyev received Yelena Teplitskaya, chairwoman of the US-Eurasian Trade-Industrial Chamber. Then, visiting Chicago stock exchange, Heydar Aliyev made a speech here.

On August 5, the final day of the official visit, President of Azerbaijan met the heads of business agencies and banks of Chicago in the "Chicago club". The heads of the most prestigious business bodies and representatives of business circles of the US, including John Kohl, vice-president of "AMOKO" on finances, May Mellow, vice-president of "Society General" Bank, Peter Lind, executive director of the "Chase Manhattan" Bank, John Glipertson, executive director of the "Goldman Charges" Bank, John Grinney, executive director of "Citybank" and high officials from "Morgan Stanley", "Laser Frères", "Credit Boston", "Bank of America" attended the meeting. After this meeting, President Heydar Aliyev finished his official visit to the United States and returned home.

 
General historical background was compiled on November 20, 2008