The president of Azerbaijan met with Chicago area business leaders Monday hoping to spur investments in the Central Asian republic’s rapidly developing oil economy.
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Heydar Aliyev held a private meeting with officials from Amoco Corp., Motorola Inc., Caterpillar Inc. and FMC Corp.–companies that hope to capitalize on the offshore oil fields below the Caspian Sea.
During a luncheon held later at Amoco’s corporate offices, representatives from the four companies praised Aliyev’s efforts to move Azerbaijan toward a market economy and to attract millions in foreign investments. They also reaffirmed their commitment to seek investment opportunities.
“Amoco is the largest U.S. investor in Azerbaijan, and our hope is to be in that position for a long, long time to come,” said Larry Fuller, chairman and CEO of Amoco Corp.
Aliyev’s three-day Chicago visit comes days after the Azerbaijan president signed a joint statement with President Clinton aimed at improving relations between the two countries. During his stop in Washington, Aliyev, a former Soviet KGB general, also signed agreements with Exxon, Mobil and Chevron to allow the companies to drill for oil.
Aliyev, in the United States on his first official visit, came to Chicago at the behest of business leaders here.
“We have opened our doors to foreign investments, and we have worked to liberalize our economy to become attractive to foreign investments,” Aliyev said.
Azerbaijan, a former Soviet republic, sits on one of the world’s richest oil reserves. Analysts estimate the reserves could yield up to 80,000 barrels a day in the beginning and up to 700,000 a day in 15 years.
Aliyev also urged business leaders to lobby Congress to repeal a 1992 bill that bans financial aid to Azerbaijan. Legislators imposed the sanction because of Azerbaijan’s bitter dispute with Armenia over an Armenian ethnic enclave inside Azerbaijan.
Calling the ban “unjust and unfair,” Aliyev said lifting the sanctions will help spur economic development and assure the flow of oil from Azerbaijan.
But as Aliyev pressed for removal of the sanctions, about 60 local Armenians protested outside Amoco’s headquarters. Waving placards and shouting through bullhorns, the group denounced Amoco’s relationship with Azerbaijan.
“The U.S. oil industry cannot roam the world financing dictators for the sake of greed,” said Vasken Aivazian, of the Armenian National Committee. “Our legislators and these oil companies cannot trade blood for oil. They have a responsibility to assure human rights for all.”