Though an armistice is largely holding, border disputes remain common, and a final peace between Azerbaijan and Armenia is elusive.

The quantity of oil shipped through Azerbaijan, Georgia and on to Turkey and further into the Mediterranean market declined to 1.7 million tonnes in January to June this year.

The company said in April it would invest $200 million in the construction of a solar power plant with a capacity of 230 megawatts.

The dollar tranche will be issued for a period of 10 years, and the soum tranche for 3 or 5 years. The organisers of the issue are Citi, Gazprombank, J.P. Morgan and MUFG.