Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 668,000 bpd in February.

Completed in 2012, Shahdag is perfect for those travellers who are already well-adjusted to ski resorts in Western Europe and want to find somewhere more unusual and off the beaten track.

The Fund said that a faster-than-expected global recovery could push oil and gas prices higher, boosting revenues and strengthening fiscal and external balances.

Annual inflation in November was 6.2 percent, up from 5.7 percent in October this year. The central bank projects annual inflation this year in a range of 6.3-6.6 percent.

The acquisition is in line with the company's strategy of increasing its interests in copper and gold properties both in Azerbaijan and internationally.

The terminal port on the Aegean Sea has been commercially operating since December 6, 2016. Investments in its operation amounted to $400 million.

BP expects to discover oil reserves at SWAP to compensate for a decline in oil production at its major project in Azerbaijan – the Azeri-Chirag-Guneshli oilfields, which account for most of the country’s oil output.

Azerbaijan exports to Turkey and Europe through the Southern Gas Corridor continue to make inroads into an energy market until now dominated by Russia.