The terminal port on the Aegean Sea has been commercially operating since December 6, 2016. Investments in its operation amounted to $400 million.

BP expects to discover oil reserves at SWAP to compensate for a decline in oil production at its major project in Azerbaijan – the Azeri-Chirag-Guneshli oilfields, which account for most of the country’s oil output.

Azerbaijan exports to Turkey and Europe through the Southern Gas Corridor continue to make inroads into an energy market until now dominated by Russia.

The growth forecast for the region was increased to 4.7 percent in 2021 from a previous projection of 4.1 percent in September.

Azerbaijan has until now paid scant attention to the growing worldwide wave of renewable energy sources.

The disputed communication links lie at the heart of the talks --- the talks have focused on a rail and road link between Azerbaijan and its exclave of Nakhchivan.

The bank raised the upper level of the rate corridor to 8.25 percent from 8.0 percent, while the lower level remained unchanged - at 6.0 percent.