The circulation period of the securities will be three years, the yield is 5 percent per annum, the first tranche is divided into 25,000 bonds with a par value of $1,000 per security.

Earlier this year, the international rating agency Fitch Ratings forecasted Azerbaijan's real GDP to recover to 2.5 percent in 2021 and 2.8 percent in 2022.

The World Bank revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, and forecast further acceleration next year.

The new contract stipulates more flexible commercial conditions - actual spot prices for “blue fuel”, while in the previous long-term contract the gas price was tied to the “oil basket."

LUKOIL said it had acquired 15.5 percent interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea from PETRONAS for $2.25 billion.