On 19 July 2007 the Political Cultural Center of Azerbaijani Women with the support of the Open Society Institute conducted the debates on the topic “What thinks our intelligentsia: where should we spend our profit from oil?”. The invited oil expert, coordinator of Coalition for Improving Transparency in Extractive Industries, Sabit Bagirov (right) mentioned that “within the scope of profit distribution, a wide range of issues should be covered first”. (21-JUL-07)

Written by Shahla Ismailova/ HRH Baku on the basis of meeting materials

At the beginning of the event, Sabit Bagirov gave comprehensive information about the oil revenues in Azerbaijan. He mentioned the large share of oil in budget profits (65%), in foreign trade (84%). Sabit Bagirov gave a breakdown of the oil production share; thus, 5% is spent to cover the exploitation costs, about 47% to the investment costs and the rest 48% is the profit. According to him 2009 will be the year of the highest oil profit to Azerbaijan, about 35 billion USD and in 2010, This amount will have reached 55 billion USD. If not spent, the oil profit will have reached the total amount of 200-250 billion USD; however, the oil profit is being spent and the process lacks transparency.

Participants
The participants of the debates were economists and intelligentsia. The well known experts of economy and oil industry Gubad Ibadoglu, Ingilab Ahmedov and Azer Mehdiyev also gave speech and presentations during the meeting.

Debates
Mehriban-VezirThe part of presentations was followed by the debates on what should be the proposals from the intelligentsia to the government. The big emphasis was made on the necessity of financial contribution to the development of science, music, theatre, art, etc. The organizer and facilitator of the meeting, Mehriban Vezir (right), stressed the importance of the support to researches to be conducted to deepen the knowledge of Azerbaijan society about the historical links and outstanding figures of the country.

She also informed that the information about the proposals would be highlighted in “Express” newspaper for next 4 days.