The economic policy in the country over the past ten years has contributed to a significant expansion of the economy, an increase in the social welfare of the population and the modernization of the entire socio-economic infrastructure. After the restoration of independence, Azerbaijan faced important tasks. Azerbaijan had to formulate an independent national economy based on effective integration into the world economy and modern market principles. Thus, the rich reserves of hydrocarbons in Azerbaijan and the many years of experience in their production and processing have created the foundation for the development of the oil production and processing industry in the country, and the petrochemical, as well as the nonoil sector of the economy.