The 200,000-barrel-per-day STAR refinery controlled by SOCAR was launched in 2018. The facility on Turkey’s Aegean coast processed 10.5 million tonnes of oil in 2020.

The state budget for 2022 projects revenues at 26.816 billion manats ($15.774 billion) and expenses - at 29.879 billion manats.

Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 661,000 bpd in January.

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’s net government asset position has remained above 40% of GDP since 2015, Kazakhstan’s net asset position is trending toward balance.