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.

A joint statement at the end of the meeting said the two sides remained committed to the agreements reached after the end of last year’s 44-day “second Karabakh war”.

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.

Lenders reported a rise in total net profit of 19.3 percent year-on-year of 570.1 million manats ($335.4 million) in the period from January to October 2021.

The move will significantly increase output of a project conceived to reduce Europe's dependence on Russian gas.