Oil production in February was below the country’s quota under OPEC+ commitments at 668,000 bpd. Azerbaijan is now set to produce 675,000 bpd in March and 682,000 bpd in April.

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

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.

The rise in the oil sector was 0.6 percent, while the non-oil sector grew by 10.1 percent in the first two months of this year.

Kazakhstan is seriously concerned about signals that international oil traders are refusing to buy CPC Blend oil as it passes through Russia, which gets transit fees.

Banking assets rose by 20 percent last year, the banking sector's liquidity rose by 31.8 percent year-on-year and amounted to 13.883 billion manats.