Over the past three and a half decades, Azerbaijan has witnessed a remarkable transformation in its economy. Since regaining its independence, the country’s economy has grown approximately 175 times, a milestone that reflects not only its rich natural resources but also the successful navigation of a complex post-Soviet transition. Central to this success story is the historic “Contract of the Century” signed in the mid-1990s, which launched Azerbaijan on a path of sustained economic growth and global integration.

While many observers highlight the significant role played by British Petroleum (bp) and the British companies involved in the contract, since bp held a lion’s share in the contract, a closer examination reveals a more nuanced reality. In fact, American companies hold a larger share of the Contract of the Century, with U.S. firms owning 40% of the shares compared to the 19% held by British companies. Moreover, it was an American company, McDermott, that became the first foreign firm to arrive in Azerbaijan shortly after its independence, playing a pivotal role in facilitating the country’s transition from a centrally planned economy to a market-oriented one.

The contribution of American firms in bringing new technologies, know-how, and managerial expertise to Azerbaijan’s nascent oil sector cannot be........

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