the non-oil industry encouraged inflation. Azerbaijan shows some signs of the so-called "Dutch disease" because of its fast-growing energy sector, which causes inflation and makes non-energy exports more expensive. In the early 2000s, chronically high inflation was brought under control. This led to the launch of a new currency, the new Azerbaijani manat, on 1 January 2006, to cement the economic reforms and erase the vestiges of an unstable economy. Azerbaijan is also ranked 57th in the Global Competitiveness Report for 2010–2011, above other CIS countries. By 2012 the GDP of Azerbaijan had increased 20-fold from its 1995 level. Energy and natural resources Two-thirds of Azerbaijan is rich in oil and natural gas. The history of the oil industry of Azerbaijan dates back to the ancient period. Arabian historian and traveler Ahmad Al-Baladhuri discussed the economy of the Absheron peninsula in antiquity, mentioning its oil in particular. There are many pipelines in Azerbaijan. The goal of the Southern Gas Corridor, which connects the giant Shah Deniz gas field in Azerbaijan to Europe, is to reduce European Union's dependency on Russian gas. The region of the Lesser Caucasus accounts for most of the country's gold, silver, iron, copper, titanium, chromium, manganese, cobalt, molybdenum, complex ore and antimony. In September 1994, a 30-year contract was signed between the State Oil Company of Azerbaijan Republic (SOCAR) and 13 oil companies, among them Amoco, BP, ExxonMobil, Lukoil and Equinor. As Western oil companies are able to tap deepwater oilfields untouched by the Soviet exploitation, Azerbaijan is considered one of the most important spots in the world for oil exploration and development. Meanwhile, the State Oil Fund of Azerbaijan was established as an extra-budgetary fund to ensure macroeconomic stability, transparency in the management of oil revenue, and safeguarding of resources for future generations. Access to biocapacity in Azerbaijan is less than world average. In 2016, Azerbaijan had 0.8 global hectares of biocapacity per person within its territory, half the world average of 1.6 global hectares per person. In 2016 Azerbaijan used 2.1 global hectares of biocapacity per person – their ecological footprint of consumption. This means they use more biocapacity than Azerbaijan contains. As a result, Azerbaijan is running a biocapacity deficit. Azeriqaz, a sub-company of SOCAR, intends to ensure full gasification of the country by 2021. Azerbaijan is one of the sponsors of the east–west and north–south energy transport corridors. Baku–Tbilisi–Kars railway line will