AZERBAIJAN - Energy BaseAzerbaijan is one of the richest countries in the world in energy resources. It has vast onshore and offshore reserves of oil and gas with the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. region rated as one of the most prolific hydrocarbon basins in the world. The country's leadership is positioning Azerbaijan to become a major player in the energy industry in the 21st century. Azeri reserves of oil and gas are more than enough to meet domestic demand in the long-term. Currently Azerbaijan is self-sufficient in oil and refined products. In late 1997 the country started exporting oil for the first time since it became an independent state. Demand for natural gas in Azerbaijan is growing faster than supply. The country now consumes all the gas that it produces (see tables overleaf o·ver·leaf
On the other side of the page or leaf.
on the other side of the page
Adv. 1. ). But demand outstrips supply and Baku is refusing to import gas, expecting this would add impetus to the drive towards self-sufficiency and lead to the development of Azeri gas fields. The Azeri economic base has been improving slowly but steadily over thepast three years. The economy had faced the negative fallout fallout, minute particles of radioactive material produced by nuclear explosions (see atomic bomb; hydrogen bomb; Chernobyl) or by discharge from nuclear-power or atomic installations and scattered throughout the earth's atmosphere by winds and convection currents. resulting from the collapse of the Soviet Union in 1991, the year in which Azerbaijan emerged as an independent state. In the subsequent years there was severe internal turmoil as pro- and anti-Moscow groups fought for power in the country, while at the same time a war was going on for control of the predominantly Armenian enclave enclave /en·clave/ (en´klav) tissue detached from its normal connection and enclosed within another organ.
A detached mass of tissue enclosed in tissue of another kind. of Nagorno-Karabakh. The situation began to stabilise after President Gaidar Aliyev assumed power in June 1993. He began to implement a delicate balancing act by not moving too close to either the US or Russia. This approach, combined with prudent economic policies, has begun to pay dividends. Hyper-inflation has been brought under control, the Azeri currency - called manat ma·nat
n. pl. manat
See Table at currency.
[Azerbaijani and Turkmen, from Russian moneta, coin, from Latin mon - is relatively stable and the country's gross domestic product (GDP GDP (guanosine diphosphate): see guanine. ) has been rising since 1996 after shrinking by two-thirds since 1989 (see the economic base following).