Lead-managers of the syndication were Citi Bank and JP Morgan. The funds were provided for five years under SOCAR's guarantee at LIBOR/EURIBOR + 3.45 percent.

The country reduced oil and oil products exports by 12.5 percent year-on-year to 17.107 million tonnes and increased exports of natural gas by 56.4 percent to 12.061 billion cubic metres.

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.

Gross Domestic Product (GDP) grew 2.7 percent in January-July this year from a year earlier backed by the growth in the non-oil sector. In January-June, the economy grew 2.1 percent.