Armenian entrepreneurs were quick to exploit the oil boom which began in Transcaucasia in the 1870s, having large investments in the oil-fields in Baku in Azerbaijan and the refineries of Batumi on the Black Sea coast. All this meant that the tensions between Armenians, Georgians and Azeris in Russian Transcaucasia were not simply ethnic or religious in nature but were due to social and economic factors too. Nevertheless, in spite of the popular image of the typical Armenian as a successful businessman, at the end of the 19th century 80 per cent of Russian Armenians were still peasants working the land.[7]