Lenders reported a fall in total net profit of 1.4 percent year-on-year of 505.6 million manats ($297.4 million) in the period from January to September 2021.

The country's revenues from gas exports rose by 56 percent year-on-year to $2.95 billion.

A BP-led consortium produces oil at Azerbaijan’s giant off-shore Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of the country’s oil production.

Oil and gas condensate production declined 0.9 percent from January to September from a year earlier to 25.9 million tonnes, while natural gas output increased 15.1 percent to 31.7 bcm.

SOCAR plans to use the funds raised from the placement of bonds to finance obligations under various projects.