"Azerbaijan`s possession of large reserves of oil and gas is our nation`s good fortune and is the most important factor for the welfare of its people and the country`s development, now and in the future".
Heydar Aliyev

The 22nd International Caspian Oil and Gas Exhibition and Conference

On June 3-5, 22nd International Caspian Oil and Gas conference were held in Baku. The organizer of forum “ITE Group Plc” Senior Advisor of the..
The contribution of Baku oil  in WWII from 1941–45

The contribution of Baku oil in WWII from 1941–45

One of the main reasons of World War II was not only eternal struggle for world resources and product market for industrial and agricultural products manufactured in one or another aggressor country, but also the concrete assertions for Europe’s oil regions

 

AGHA SHAMSI ASADULLAYEV:  entrepreneur and philanthropist

AGHA SHAMSI ASADULLAYEV: entrepreneur and philanthropist

In the “Trade and industry” section of the anniversary edition named “300 years of reign of the Romanov family” there were pointed names of eight Azerbaijanis and the first one among them was Shamsi Asadullayev.

The first oil boom: Balakhani

The first oil boom: Balakhani

The fame of Baku as a new industrial revolution capital started with strong fountains of oil in 1872 in the outskirts of the villages of Balakhani, Sabunchu and Ramana. Within few years oil-bearing parts of Absheron turned into densely populated regions. More than hundred wells were drilled and on the first stage up to forty small firms functioned in the outskirts of Balakhani. The sharpest problem of oil industrialists of that time was the transportation of oil from Balakhani to Baku. In 1877 a pood of oil cost 3 cents and its transportation to the city cost 20 cents. Yet in 1863 the professor-chemist Mendeleev recommended to build oil pipeline during his visit to Baku, but the volume of production was not big then and that’s why the proposal was never realized. In 1877 this problem became so urgent that the owner of the pipeline from Balakhani to Baku almost became a monopolist of oil-bearing regions of Absheron. The initiators of building pipelines were Nobel brothers and they got the concession for its construction with their own means.

Oil kings of Baku –Ashurbeyli family

Oil kings of Baku –Ashurbeyli family

As it is known, the history of the first oil boom starts with oil fountains that stroke near Sabunchu village in 1872. Only short time passed after this event when the descendant of Ashur-khan named Teymur-bek Kara-bekAshurbekov – the owner of this and other tow villages that he inherited became one of the most authoritative oil industrialists of Baku.

AGHA MUSA NAGHIYEV - OIL TYCOON, MILLIONAIRE AND BENEFACTOR

AGHA MUSA NAGHIYEV - OIL TYCOON, MILLIONAIRE AND BENEFACTOR

1849 – 1919)

Agha Musa was born in 1842 in Bilajari village (Baku province) to a very poor family. His father, Naghi used to sell straw. At the age of 25, after his father's death, Musa inherited a debt of 300 manats.

By nature Agha Musa was a prudent man and he wanted to buy a piece of land to farm. After several years of scrimping and saving, he had managed to save enough to buy a piece of land in Bibi-Heybat. But the land had to be watered, and irrigation was lacking. Thus, Agha Musa began to dig a well. It was then that fortune smiled on him: from the well, not very deep, a fountain of oil gushed. Day and night Musa did not leave the well, he did all the hardest work, and the same hard work was expected of his workers. This oil gush turned the porter known as Musa into the oil tycoon Agha Musa Naghiyev.


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