The rise in the oil sector was 1.8 percent, while the non-oil sector grew by 7.2 percent.

Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.

Azerbaijan has until now paid scant attention to the growing worldwide wave of renewable energy sources.

Oil production in December was below the country’s quota under OPEC+ commitments at 654,000 bpd.

Development of the Azeri-Chirag-Guneshli (ACG) oilfield and the Shah Deniz gas field are the main energy projects in Azerbaijan.

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