Azerbaijan's State Oil Fund's (SOFAZ) said it had reduced investments in bonds and currencies by 4.7 percent year-on-year to 64 percent in its investment portfolio in the first quarter of this year.

The latest, but bloodiest Central Asian conflict in years is over water resources. And this clash, long in the making, has major regional implications.

For a country with an entrenched single party system, the subject of selling or leasing land to foreigners has proven a volatile issue.