The volume of attracted investments is estimated to be $1.2 billion and the efficiency of the plant is expected to be over 60 percent, which will save 1.1 billion cubic metres of natural gas annually.

Investment in the construction of a solar plant with a capacity of 230 megawatts is estimated at $225-$240 million.

Last year, SOCAR said it planned to transport 1.209 million tonnes of oil via Russia in 2022.

Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.

A storm in the Russian part of the Black Sea damaged the loading equipment of CPC, one of the world's largest oil pipelines that transports oil from Kazakhstan to world markets.

Investment in the construction of a solar plant with a capacity of 230 megawatts is estimated at $225-$240 million.