Agriculture makes up a quarter of its gross domestic product and provides a sizeable share – almost 10 percent in 2019 – of its export revenue.

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

A deal is described by the ex-Soviet state’s pro-Western president as a “positive precedent” despite a steep increase in price.

Annual inflation in Azerbaijan in September was 5.2 percent, up from 4.8 percent in August this year.