Oil and gas condensate production declined 0.3 percent from January to October from a year earlier to 28.8 million tonnes, while natural gas output increased 17 percent to 35.8 bcm.

The existing nuclear power plant in Metsamor, 30 km from the capital Yerevan, was connected to the unified energy system after a scheduled repair.

Over the years, Kazakhstan commissioned 126 renewable energy plants with a total power generation capacity of 1,975 megawatts.

S&P said that several risks to the recovery remained relevant, including if pandemic consequences linger, persistent inflation and higher interest rates, a change in current commodity price trends, and geopolitical tensions.

Gross domestic product (GDP) grew 4.9 percent in January-October this year from a year earlier mainly backed by the growth in the non-oil sector.

The construction of new, high-efficiency gas power stations, which would replace older and less efficient assets, is an important modernization step that complements the early growth of renewable energy.