The London-listed Anglo Asian Mining produces gold at Gedabek, Gosha and other mines in Azerbaijan in a joint venture with the state.

The document provides for the expansion of bilateral cooperation in the field of oil and gas, petrochemistry, renewable energy sources.

Subject to approval from the government of Azerbaijan, the deal, with an effective date of 1 July 2021, is expected to complete in the fourth quarter of 2021.

Baku expects more gold output to be produced at deposits in the territories previously occupied by Armenian forces and spends millions of dollars for infrastructure projects in Nagorno-Karabakh and surrounding regions.

Lenders reported a rise in total net profit by 4 percent year-on-year to 455.2 million manats ($267.8 million) in the period from January to August  2021.