Azernews.Az

By Nigar Orujova

Azerbaijan's capital Baku has hosted a two-day conference on Nobel Brothers Petroleum Company's contribution to the first oil boom that occurred in the city in the late 19th and early 20th centuries.

Baku Nobel Heritage Fund and State Oil Company of the Azerbaijan Republic (SOCAR) hosted the Nobel Brothers' First International Research-Innovative Conference, which was organized by Azerbaijan-Scandinavian Cooperation at the premises of legendary Villa Petrolea on October 22-23.

The conference featured discussions on the Nobel Brothers Petroleum Company's role in developing Azerbaijan's oil industry.

The planning and implementation of the conference was supported by international organizations, including the Nobel Family Society, Centre for Business History in Stockholm, Nobel International Fraternity, National Historical Archive of Azerbaijan, National Archives of Georgia, and Nobel Brothers Batumi Technological Museum.

The overall purpose of the conference was to increase the understanding of successful technical, social and socio-economic innovations.

The event brought together about 50 foreign participants including members of the Nobel Family Society, director of the Nobel Museum, ambassadors of foreign countries to Azerbaijan and representatives of international companies.

The famous Swedish Nobels family name is synonymous with oil, the once and future lifeblood of Azerbaijan's economy. The Nobel family led the charge to develop Azerbaijan's oil resources at the end of the 19th century.

They introduced innovations like oil pipelines and steam-powered tankers to the oil industry, transforming Baku into one of the world's leading oil sources for a glorious and brief period.

Robert Nobel was the first of the Nobels to understand the future and success of the oil industry in Baku. He convinced his brother Ludwig to invest in oil extraction. Thus, they established the Nobel Brothers Oil Extracting Partnership in 1873.