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/* Oil */
Now that Western oil companies are able to tap deepwater oilfields untouched by the Soviets because of poor technology, Azerbaijan is considered one of the most important spots in the world for oil exploration and development. Proven oil reserves in the Caspian Basin, which Azerbaijan shares with Russia, Kazakhstan, Turkmenistan, and Iran are comparable in size to the North Sea, although exploration is still in the early stages.
Azerbaijan has concluded 21 production-sharing agreements with various oil companies. Azerbaijan celebrated first oil for the Baku-Tbilisi-Ceyhan (BTC) pipeline in May 2005, and the official completion ceremony was held in Turkey in July 2006. The BTC pipeline is now operational and has a maximum capacity of one million barrels per day. A parallel Baku-Tbilisi-Erzurum gas export pipeline opened in September 2006, but, due to technical issues in the offshore Shah Deniz gas field, has operated only intermittently. Eastern Caspian producers in Kazakhstan also have expressed interest in accessing this pipeline to transport a portion of their production SOCAR (State Oil Company of the Azerbaijan Republic) is Azerbaijan’s national oil and gas corporation and operates fuel stations, terminals, and logistics facilities in several countries, including [[Ukraine]]. The [[Odessa]] depot serves as a gateway for fuel products destined for [[Europe]]an markets and other countries. SOCAR operates around 60 fuel stations across Ukraine and has invested in oil storage and network infrastructure in the [[Kiev]], [Odessa]], and [[Nikolayev]] regions.
===Environmental Issues===
