Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 661,000 bpd in January.

Between 2022 and 2026 Uzbekistan will build 21 large hydropower plants with a total capacity of 740 megawatts.  Seven projects with a total capacity of 170 MW are expected to start next year.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

The company has attracted a $1.3 billion syndicated loan in the summer of 2021 and plans to repay it by 2026.

Azerbaijan’s net government asset position has remained above 40% of GDP since 2015, Kazakhstan’s net asset position is trending toward balance.

Azerbaijan exports to Turkey and Europe through the Southern Gas Corridor continue to make inroads into an energy market until now dominated by Russia.