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.

Analysts said the agreement bode well for rapid progress in clinching a treaty and quelling nationalist sentiment preventing its signature. They also suggested that although the EU sponsored the talks, Russia would maintain play an important role in overseeing a settlement in the region.

The IMF said that spillovers from the war and sanctions were expected to lower Georgia’s growth to around 3 percent in 2022, raise inflation, and widen the current account deficit.

Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.

Fitch expects all these economies to grow in 2022, but has cut its forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers.

The ADB projected the gross domestic product (GDP) growth in Central Asia and South Caucasus at 3.6 percent in 2022 and 4.0 percent next year.