The social and political processes which started in 1980s, resulted with the collapse of the USSR, and all republics of the union became independent. One of the first countries to achieve independence in those years was Azerbaijan. On 18 October 1991 Azerbaijan declared itself independent. Azerbaijan has enormous natural resources which caused the development of economy. Azerbaijan's most significant asset is the oil and gas capital. The oil industry has played a great role in the economic growth of the Republic of Azerbaijan in the years of independence. The energy carriers own the major part of exports which shows how important the energy sector is in the economy of Azerbaijan.