Azerbaijan gained independence from the Soviet Union following its dissolution in 1991. Despite severe infrastructural damage resulting from the first Nagorno-Karabakh War and the post-Soviet transition phase, the country has managed to develop a robust and stable economy through revenues from petroleum exports. The State Oil Company of Azerbaijan Republic (abbreviated as "SOCAR") is the 68th largest organization in the world, valued at roughly $20 billion USD. Azerbaijan ranks 7th in the world on an aggregate list of countries by proven natural gas reserves, as well as 19th on a similarly compiled list of nations by proven petroleum reserves. In recent times, Azerbaijan has made efforts to focus on greater cultural and economic integration with the West, notably through hosting the 57th annual Eurovision contest in 2012.