The state budget's updated draft for 2022 projects revenues at 26.816 billion manats ($15.774 billion) and expenses - at 29.879 billion manats.

The substation is expected to be commissioned in 2023.

Gross domestic product (GDP) grew by 3.4 percent year-on-year in January-September backed by a 3.5 percent growth in the real sector, 2.9 percent growth in services.

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

The Energy Ministry said that oil production would still be below 718,000 bpd produced in October 2018, when members of OPEC+ agreed to reduce oil production gradually.

Moldova, one of Europe’s poorest countries in per capita terms, is pressing for a renewal of that deal while pursuing any one of a number of alternative avenues to secure supplies.