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

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.