The 200,000-barrel-per-day STAR refinery controlled by SOCAR was launched in 2018. The facility on Turkey’s Aegean coast processed 10.5 million tonnes of oil in 2020.

The economic situation in Uzbekistan’s major trading partners, sharp fluctuations of their exchange rates, rising commodity and energy prices are increasing macroeconomic uncertainties and risks.

Analysts said the agreement bode well for rapid progress in clinching a treaty and quelling nationalist sentiment preventing its signature. They also suggested that although the EU sponsored the talks, Russia would maintain play an important role in overseeing a settlement in the region.

The IMF said that spillovers from the war and sanctions were expected to lower Georgia’s growth to around 3 percent in 2022, raise inflation, and widen the current account deficit.