Oil and gas condensate production declined 1.6 percent from January to August from a year earlier to 23.05 million tonnes, while natural gas output increased 11.3 percent to 27.917 billion cubic metres (bcm) in the same period.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was a record high of 12.8 percent in August, up from 11.9 percent in July.

Central Bank, which has revised its economic growth forecast to 4.6 percent from 3 percent in June, said that two main drivers of the higher growth would expand more rapidly this year than it was projected earlier.

Consumer prices in Armenia were up 8.8 percent year-on-year in August after 8.2 percent inflation in July. Inflation in August was 0.4 percent compared to a month earlier when the consumer price index declined by 0.5 percent.

This financing is part of a wider EU4Business and EBRD credit line – a financing instrument to boost the competitiveness of local firms in the Eastern Partnership region.

SOCAR said that Kazakhstan planned to use BTC for its oil from the North Buzachi onshore oilfield that was developed by Chinese companies CNPC and Sinopec.