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

The company has attracted a $1.3 billion syndicated loan in the summer of 2021 and plans to repay it by 2026.

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

Azerbaijan's total debt amounted to 17.352 billion manats ($10.2 billion) or 21.6 percent of GDP as of July 1.

Earlier this month, Fitch Ratings affirmed Azerbaijan's long-term foreign currency Issuer Default Rating (IDR) at 'BB+' with a Stable outlook.

Oil and condensate production in 2022 is projected at 34.83 million tonnes, slightly up from the output expected this year and 0.24 million tonnes more than in 2020.