The Central Asian country's economy returned to growth in the first half of 2021 after months of contraction supported by the strong performance in manufacturing, pharmaceuticals, construction and the production of construction materials.

Development of the Azeri-Chirag-Guneshli (ACG) oilfields and giant Shah Deniz gas field are the main energy projects in Azerbaijan.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.5 percent in November, down from a record high of 12.8 percent in October.

The projects with a total cost of $701 million are being implemented by Natural Gas-Stream, a joint venture of the Uzbekneftegaz and a German company Gas Project Development Central Asia.

Azerbaijan forecasts to produce 22.8 bcm in 2022 at the Shah Deniz offshore field, Oil and condensate production at the ACG bloc is projected at 170.1 million barrels.