On November 19, Yuri Shafrannic, Russian minister of oil and energy, arrived in the capital of Baku, with a package of proposals on the extraction and delivery of oil, joint projects on the oil industry. He arrived here, at the invitation of the Azerbaijani leadership and on the instructions by the Chairman of the Council of Ministers of the Russian Federation.

The Russian minister met the Azerbaijani President Heydar Aliyev in the evening. According to Yuri Schafrannic, 10 proposals in his "suitcase" gave opportunity to benefit both Russia and Azerbaijan. He said that they were ready to sign an agreement on the delivery of the Azerbaijani oil and to pump it into oil pipeline in enough volume in the necessary direction. On the other hand, Russia is interested in the use of the Azerbaijani experience and existing technical facilities in the Russian sector of the Caspian Sea.

Expressing his regret on the cessation of economic ties, the Russian minister noted that their resuscitation was possible and it was in the interest of the both parties. In his view, a firm ground was laid for the current and long-term cooperation between Russia and Azerbaijan in the sphere of combustible-energy after a change of power in Baku and as a result of works done in this direction within a short time. Yuri Schafrannic said: "We would like officialize our ties from legal point of view. It will give an opportunity to the Russian companies to cooperate with the Azerbaijani party in the framework of the legislation."

During his meeting with Heydar Aliyev, he informed him on the signature of the agreement between the State Oil Company of the Azerbaijani Republic and the Russian "Lukoil" company on joint activities. It became clear that one of the clauses of the agreement provided explorations by the Russian specialists in the Siyazan deposit of Azerbaijan in order to increase productivity. In case of favorable opportunities, the company is ready to offer its service in the exploration of the deposits of the Caspian shelf. As it is known, the leading foreign companies strive for concessions in the exploration of these deposits.

Specially stressing that the oil was the main wealth of Azerbaijan, Heydar Aliyev noted the importance of having in view its interests and said that he was for cooperation in this sphere based on modern technology and equipment. He positively appreciated the restoration of the ceased contacts between the two states, especially economic ones, and said that he supported these contacts based on mutual profit.