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

Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 675,000 bpd in March.

To date, the EBRD has invested more than $10.3 billion in the economy of Kazakhstan in the framework of 295 projects.

Stable gas supplies remain at the top of the agenda – gas prices have soared past $1,000-$1,300 per thousand cubic metres and oil futures now top $93 a barrel.

Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.