After eight hours of talks in Geneva, neither side appeared to give any ground. But both expressed willingness to keep talking.

Development of the Azeri-Chirag-Guneshli (ACG) oilfield and the Shah Deniz gas field are the main energy projects in Azerbaijan.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

According to Fitch, progress in reducing reliance on public sources of funding and moving towards market-determined financing costs differed across sectors and entities.