diff --git a/dockerfiles/Dockerfile.openvino b/dockerfiles/Dockerfile.openvino
index 75898770ac..39e75a68a3 100644
--- a/dockerfiles/Dockerfile.openvino
+++ b/dockerfiles/Dockerfile.openvino
@@ -3,11 +3,11 @@
 # SPDX-License-Identifier: MIT
 #--------------------------------------------------------------------------
 
-ARG OPENVINO_VERSION=2024.0.0
+ARG OPENVINO_VERSION=2024.2.0
 
 
 # Build stage
-FROM openvino/ubuntu20_runtime:${OPENVINO_VERSION} AS builder
+FROM openvino/ubuntu22_runtime:${OPENVINO_VERSION} AS builder
 
 ENV WORKDIR_PATH=/home/openvino
 WORKDIR $WORKDIR_PATH
@@ -34,20 +34,18 @@ RUN cat /etc/apt/sources.list | sed 's/^# deb-src/deb-src/g' > ./temp; mv temp /
 RUN apt update; apt install dpkg-dev
 RUN mkdir /sources
 WORKDIR /sources
-RUN apt-get source cron iso-codes lsb-release powermgmt-base python-apt-common python3-apt python3-dbus python3-gi unattended-upgrades libapt-pkg6.0 libhogweed5 libnettle7
+RUN apt-get source cron iso-codes lsb-release powermgmt-base python-apt-common python3-apt python3-dbus python3-gi libapt-pkg6.0 libhogweed6 libnettle8
 WORKDIR /
 RUN tar cvf GPL_sources.tar.gz /sources
 
 # Deploy stage
-FROM openvino/ubuntu20_runtime:${OPENVINO_VERSION}
+FROM openvino/ubuntu22_runtime:${OPENVINO_VERSION}
 
 ENV DEBIAN_FRONTEND noninteractive
 USER root
 COPY --from=builder /home/openvino/onnxruntime/build/Linux/Release/dist/*.whl ./
 COPY --from=builder /GPL_sources.tar.gz ./
 RUN python3 -m pip install ./*.whl && rm ./*.whl
-RUN apt update; apt install -y unattended-upgrades && \
-    unattended-upgrade
 ARG BUILD_UID=1001
 ARG BUILD_USER=onnxruntimedev
 RUN adduser --uid $BUILD_UID $BUILD_USER
diff --git a/onnxruntime/core/providers/openvino/backend_manager.cc b/onnxruntime/core/providers/openvino/backend_manager.cc
index 8f3658df0d..18a6257910 100644
--- a/onnxruntime/core/providers/openvino/backend_manager.cc
+++ b/onnxruntime/core/providers/openvino/backend_manager.cc
@@ -128,6 +128,13 @@ BackendManager::BackendManager(const GlobalContext& global_context,
 #endif
     }
   }
+  if (global_context_.export_ep_ctx_blob && !ep_ctx_handle_.IsValidOVEPCtxGraph()) {
+    auto status = onnxruntime::openvino_ep::BackendManager::ExportCompiledBlobAsEPCtxNode(subgraph,
+                                                                                          logger);
+    if ((!status.IsOK())) {
+      ORT_THROW(status);
+    }
+  }
 }
 
 // Call EPContext model exporter here if the provider option for exporting
@@ -158,7 +165,7 @@ Status BackendManager::ExportCompiledBlobAsEPCtxNode(const onnxruntime::GraphVie
       if (dot == std::string::npos) return graph_name;
       return graph_name.substr(0, dot);
     }();
-    graph_name = graph_name + "-ov_" + GetGlobalContext().device_type + "_blob.onnx";
+    graph_name = graph_name + "_ctx.onnx";
   }
   // If embed_mode, then pass on the serialized blob
   // If not embed_mode, dump the blob here and only pass on the path to the blob
diff --git a/onnxruntime/core/providers/openvino/openvino_execution_provider.cc b/onnxruntime/core/providers/openvino/openvino_execution_provider.cc
index 5627cb2c12..29c4591679 100644
--- a/onnxruntime/core/providers/openvino/openvino_execution_provider.cc
+++ b/onnxruntime/core/providers/openvino/openvino_execution_provider.cc
@@ -147,11 +147,6 @@ common::Status OpenVINOExecutionProvider::Compile(
                                                       *GetLogger(),
                                                       ep_ctx_handle_);
 
-    if (global_context_->export_ep_ctx_blob && !ep_ctx_handle_.IsValidOVEPCtxGraph()) {
-      ORT_RETURN_IF_ERROR(backend_manager->ExportCompiledBlobAsEPCtxNode(graph_body_viewer,
-                                                                         *GetLogger()));
-    }
-
     compute_info.create_state_func =
         [backend_manager](ComputeContext* context, FunctionState* state) {
           OpenVINOEPFunctionState* p = new OpenVINOEPFunctionState();
diff --git a/onnxruntime/core/providers/openvino/openvino_provider_factory.cc b/onnxruntime/core/providers/openvino/openvino_provider_factory.cc
index 716a7cd936..3738f2a534 100644
--- a/onnxruntime/core/providers/openvino/openvino_provider_factory.cc
+++ b/onnxruntime/core/providers/openvino/openvino_provider_factory.cc
@@ -192,6 +192,10 @@ struct OpenVINO_Provider : Provider {
     }
 
     if (provider_options_map.find("num_of_threads") != provider_options_map.end()) {
+      if (!std::all_of(provider_options_map.at("num_of_threads").begin(),
+                       provider_options_map.at("num_of_threads").end(), ::isdigit)) {
+        ORT_THROW("[ERROR] [OpenVINO-EP] Number of threads should be a number. \n");
+      }
       num_of_threads = std::stoi(provider_options_map.at("num_of_threads"));
       if (num_of_threads <= 0) {
         num_of_threads = 1;
@@ -298,7 +302,21 @@ struct OpenVINO_Provider : Provider {
       // The path to dump epctx model is valid only when epctx is enabled.
       // Overrides the cache_dir option to dump model cache files from OV.
       if (export_ep_ctx_blob) {
-        cache_dir = provider_options_map.at("so_epctx_path").c_str();
+        auto ep_context_file_path_ = provider_options_map.at("so_epctx_path");
+        auto file_path = std::filesystem::path(ep_context_file_path_);
+        // ep_context_file_path_ file extension must be .onnx
+        if (!ep_context_file_path_.empty() &&
+            file_path.extension().generic_string() == ".onnx") {
+          // ep_context_file_path_ must be provided as a directory, create it if doesn't exist
+          auto parent_path = file_path.parent_path();
+          if (!std::filesystem::is_directory(parent_path) &&
+              !std::filesystem::create_directory(parent_path)) {
+            ORT_THROW("[ERROR] [OpenVINO] Failed to create directory : " + file_path.parent_path().generic_string() + " \n");
+          }
+          cache_dir = ep_context_file_path_.c_str();
+        } else {
+          ORT_THROW("[ERROR] [OpenVINO] Invalid ep_ctx_file_path" + ep_context_file_path_ + " \n");
+        }
       }
     }