Business

07 May 2005 [17:50]

Exxonmobil proposed SOCAR $27 mln for refusal from exploration drilling in Azerbaijan

American ExxonMobil during negotiations with State Oil Company of Azerbaijan compensation in amount of $27 mln for refusal from drilling of exploration well at prospective structure "Nakhichevan".
06 May 2005 [16:06]

Next meeting of the USA-Azerbaijan interstates Working Group held in Baku

Next 10th meeting of the USA-Azerbaijan Working Group on Economical cooperation was held in Baku.
06 May 2005 [14:37]

Farkhad Aliyev predicts growth of economy by 18-20% in 2005

The Minister of economic development Farkhad Aliyev predicts growth of economy by 18-20%.
06 May 2005 [14:23]

President decree about anti-inflation measures may be singed during two-three days

The decree of Azerbaijan president Ilham Aliyev about settlement of anti-inflation processes may be signed in the nearest two-three days.
05 May 2005 [19:25]

Chinese companies interested with ex-contract area of Lukoil

Several Chinese companies study the possibility of obtaining of operator functions in the project of rehabilitation and development of onshore field "Hovsany-Zykh", the agency Trend reports, reliable sources inform about this.
05 May 2005 [19:20]

Ganja car plant signed agreement with Ulyanov car plant

Ganja car plant signed General agreement with Ulyanov car plant.
04 May 2005 [16:22]

Talks on Azerbaijan's entrance to WTO be held in June

Talks on Azerbaijan's entrance to he World Trade Organization (WTO) have been scheduled for June, the Azerbaijani Foreign Ministry announced.
04 May 2005 [15:41]

Georgia wants reconsidering contract about gas transit from Azerbaijan

(Reuters) - Tbilisi will attempt changing contract with consortium headed with BP about transit of natural gas from Azerbaijan field "Shah Deniz" to Turkey, with aim to increase gas share, fixed by agreement for Georgia, the Minister of energy Nika Gilauri said.
04 May 2005 [15:24]

IMF mission head will arrive to Azerbaijan in first half of May

The head of mission of the International monetary fund (IMF) Vitaliy Kramarenko is to arrive to Azerbaijan 8-9 May.
03 May 2005 [14:48]

Ryder Scott estimated reserves of field "Southern-Western Gobustan"

The company Ryder Scott, independent oil gas consultant, estimated reserves of Azerbaijan onshore filed "Southern-Western Gobustan".
03 May 2005 [13:54]

30 big buses brought to Azerbaijan from abroad

30 big buses have been brought to Azerbaijan from abroad.
03 May 2005 [13:29]

International Bank intends to increase the number of plastic cards to 90-92 thousand

Azerbaijan International Bank (AIB) intends to strengthen the leadership of the country in plastic cards market.
03 May 2005 [13:27]

Antimonopoly code is under development in Azerbaijan

The antimonopoly code is under development in Azerbaijan.
03 May 2005 [13:20]

Incut to oil pipeline Baku-Supsa didn't influence pumping of Azerbaijan oil

The financial police of Georgia informed BP Azerbaijan about incut to pipeline Baku-Supsa, which transports oil from Azerbaijan field "Azeri- Chirag-Guneshli".
30 April 2005 [16:30]

Ministry of ecology brought an action in amount of 719,7 mln manats against Gobustan Operational Company

Presently, court examination between the ministry of ecology and natural resources of Azerbaijan and Gobustan Operational Company is proceeding.
30 April 2005 [16:28]

Highest quantity of oil in Azerbaijan will be produced in 2005

The highest quantity of oil to be produced in 2005 in Azerbaijan - 20 mln 293 tons.
30 April 2005 [15:07]

DEG invests $30 mln to Azerbaijan for 2-3 years

Investment Company DEG, the member of the group of German bank of development KfW, announced its plans on middle term investments to financial sector of Azerbaijan.
29 April 2005 [16:24]

SOCAR is ready allocating additional volumes of diesel fuel to Georgia

After request of Georgia State Oil Company of Azerbaijan SOCAR is ready allocating to this state additional volume of diesel fuel.
29 April 2005 [15:49]

ECOSAI session launched 28 April

The session of management board of organization ECOSAI (Organization of Supreme Bodies of Financial control of states of Economic Cooperation Organizations ECO) has launched 28 April, in Baku.
29 April 2005 [15:36]

New vice-president appointed in SOCAR

The president of State Oil Company of Azerbaijan Natik Aliyev appointed by his decree the new vice-president of the company.
29 April 2005 [15:05]

DEG allocated credit line to Azerbaijan bank "Respublika"

German investment company DEG, entering group of companies of German bank of development KfW, allocated credit line to Azerbaijan bank "Respublika".
28 April 2005 [19:46]

Azerbaijan is in the 120th place among richest 180 countries

International Monetary Fund compiled the rating list of world states according to the level of national income per person.
28 April 2005 [18:44]

Agreement on joining of Azerbaijan Post Network to Western Union to be signed second half of the year

Bilateral agreement on joining of Azerbaijan post network to above indicated system of money orders is to be signed between the state enterprise "Azerpochta" and system of International money orders Western Union in the second half of 2005.
28 April 2005 [18:32]

Heydar Babayev: Absence of interest to securities in Azerbaijan is directly connected with their low rate of profitability

Absence of interest to securities is directly connected with their low rate of profitability.
27 April 2005 [18:29]

Three main factors influence on growth of inflation in Azerbaijan

Three main factors influence on growth of inflation in Azerbaijan.
27 April 2005 [17:45]

McDermott employee, working aboard ship "Israfil Huseynov", died

The employee of American McDermott, which is operator of BP Azerbaijan and conducts construction of underwater pipelines, died during accomplishment of works at specialized ship "Israfil Huseynov".
27 April 2005 [17:24]

New action plan of EU on Azerbaijan to be considered for 2007-2009

The European Union intends starting development of new middle term plan.
27 April 2005 [17:17]

Gold production started in Azerbaijan

Several British companies are to start operation of gold mines, discovered in Kedabek region of Azerbaijan.
27 April 2005 [17:00]

Wages, social benefits to be increased

The wages of employees of the budgetary organizations and social benefits will increase in Azerbaijan, Azerbaijani President Ilham Aliyev stated in an opening ceremony of the Olympic Complex in Shamakhi District, central Azerbaijan, on Tuesday.
26 April 2005 [14:06]

Azerbaijan, Kazakhstan developing about 5 new bilateral documents

Five draft new inter-governmental and inter-departmental documents on cooperation have been prepared between Azerbaijan and Kazakhstan, diplomatic sources told Trend.
26 April 2005 [14:01]

Around 2m tourists expected to tour Azerbaijan in 2005

Around 2 million tourists are expected to your Azerbaijan in 2005, the Ministry of Youth, Sports and Tourism told Trend.
26 April 2005 [13:54]

ExxonMobil accomplished all contract obligations on drilling of the first expolotration well at "Zafar-Mashal"

American ExxonMobil completed ecological researches by results of drilling of the first exploration well at prospective structure "Zafar- Mashal", the agency Trend reports, ExxonMobil informed about this. Company is operatorof the project with 30% of shares.
26 April 2005 [13:09]

Ganja car plant produced 103 cars for the first quarter this year

The Ganja car plant produced 103 cars for the first quarter of this year.
23 April 2005 [08:55]

The volume of external turnover of Azerbaijan was $1,6 bln for three months of 2005

For three months of 2005 the volume of external turnover of Azerbaijan was $1,6 bln.
22 April 2005 [19:23]

"Silk Way Airlines" Azerbaijan company got permission for carrying international humanitarian freights

"Silk Way Airlines" Azerbaijan company got permission for transporting international humanitarian freights.
22 April 2005 [19:11]

"Salyan Oil" meets the worker's needs

"Salyan Oil" company began to meet the worker's needs.
22 April 2005 [17:57]

Establishment of infrastructure for oil export from Kazakhstan by BTC estimated in $1,5 bln

Establishment of transport system for transportation of Kazakhstan oil up input flange of pipeline Baku-Tbilisi-Ceyhan (BTC) between two states is estimated by experts twice cheaper than it has been stated previously during round of negotiations between two states.
22 April 2005 [17:38]

President Aliyev notes positive growth pace of economy

In 2005 the Azerbaijani public budget grew approximately 30%, Azerbaijani President Ilham Aliyev told a meeting dedicated to the economic results of the first quarter of 2005.
21 April 2005 [16:43]

Azerbaijan and Kazakhstan want preparing text of intergovernmental agreement on pumping of oil by BTC, which is suitable for foreign companies

Azerbaijan and representatives of BTC Co. at today stage of negotiations with Kazakhstan party agree in the text of future intergovernmental agreement between two states about pumping of Kazakhstan oil by pipeline Baku-Tbilisi- Ceyhan (BTC).
21 April 2005 [16:41]

Georgia intends increasing purchase of Azerbaijan gas from Shah-Deniz

Georgia expressed its wish to increase future contract purchase of natural gas from Azerbaijan field Shah-Deniz.
21 April 2005 [16:27]

Production of "Azeri" field exceeded 2 mln barrels of oil Azeri light

Effectiveness of operation of platform, installed in the central part of field Azeri is 84.2%, and its production presently exceeded 2,076 mln barrels of oil, the agency Trend reports, press release of Azerbaijan International Operating company (AIOC) informs about this.
20 April 2005 [17:03]

Companies are not interested in exhibition "Transcaspian 2005"

Companies do not show active interest in exhibition "TRANSCASPIAN 2005".
20 April 2005 [16:52]

David Woodward held a press conference dedicated to the results of works done in the first quarter

Yesterday the president of Azerbaijan International Operation Company (AIOC) David Woodward and the heads of projects operator of which is "bp Azerbaijan" company held a press conference dedicated to the result of work done in the first quarter of this year.
20 April 2005 [16:51]

Palmali company invested 4 mln euro in construction of dairy factory in Lankoran

The head of the company Palmali, operating in Turkey, Mubariz Mansimov invested for construction of dairy factory in Lankoran an amount of 4 mln EURO. The agency Trend reports, the head of Executive power of Lankoran Zeynal Nagdaliyev informed about this.
20 April 2005 [16:29]

"British Bank" doesn't have intention to restore its activity in Azerbaijan

"British Bank" doesn't have intention to restore its activity in Azerbaijan.
20 April 2005 [16:22]

SOCAR to export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May

State Oil Company of Azerbaijan Republic (SOCAR) will export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May.
20 April 2005 [16:16]

Two agreements on transit of Kazakhstan oil to be signed by end of year

Two agreements on transit of Kazakhstan oil are to be signed between Baku and Astana by end of year, which is to pass via territory of Azerbaijan. The agency Trend reports, the president of State Oil Company of Azerbaijan Republic (SOCAR) Natik Aliyev informed.
19 April 2005 [14:17]

Budget incomes of State Oil Fund was 364.6 billion manats, its budget expenses 221.0 billion manats in the I term of this year

Budget incomes of State Oil Fund of Azerbaijan Republic (SOFAR) was 364.6 billion manats, its budget expenses 221.0 billion manats in January-March of 2005.
19 April 2005 [14:14]

K.K?byldin: BTC to be the priority oil export route for the Kashagan shareholders

Participants of the project for development of Kashagan oil field in Kazakhstan consider several options for the export of oil from the contract area.
19 April 2005 [14:12]

Natik Aliyev: Establishment of transport system Aktau-Baku will require $3 bln

Azerbaijan and Kazakhstan parties started next negotiations about joining of Kazakhstan to the project Baku-Tbilisi-Ceyhan (BTC) and preparation of the text of inter-governmental agreement between both states, 18 April, at Hyatt Regency in Baku.
19 April 2005 [13:38]

22,7% of external turnover of Azerbaijan was in CIS during January- February

Azerbaijan has realized during January-February 2005 ex?ort-im?ort o?erations with 103 countries of the world against 119 countries in 2004 and 124 countries in 2003.
19 April 2005 [13:35]

Program of young specialists is realized within TACIS program

The em?loyees of different institutions of the Ministry of economic develo?ment ?artici?ated at the ?rogram of young s?ecialists from the mid 2004 till beginning of 2005.
16 April 2005 [12:17]

Issue of joining of Kazakhstan to BTC to be discussed in April

The delegation of CSS of OC "Kazmunaygaz" is to arrive to Baku, Sunday.
15 April 2005 [16:44]

Investors in BTC to receive privilege tariff for pumping of condensate on Baku-Ceyhan

Five companies, participants of the project on development of the field "Shah-Deniz", will get privilege tariff on pumping of condensate by pipeline Baku-Tbilisi-Ceyhan (BTC), the agency Trend reports, projects sources informed.
15 April 2005 [16:27]

Ilham Aliyev received the president of AIOC David Woodward

Yesterday President Ilham Aliyev received president of Azerbaijan International Operation Company (AIOC) David Woodward.
15 April 2005 [16:10]

French experts studying opportunities of establishing winter tourism in Azerbaijan

French experts are studying opportunities for establishment of winter tourism in Azerbaijan, the Tourism Department of the Ministry of Youth, Sports and Tourism told Tend.
13 April 2005 [14:47]

Predicted oil price to increase in state budget

Milli Mejlis is to reconsider state budget for 2005, and to increase predicted oil price during its compilation (by $25 dollars per barrel).
13 April 2005 [14:36]

CDMA technology to be introduced during 2005 in Apsheron

CDMA technology is to be introduced during 2005 in Apsheron peninsula.
12 April 2005 [13:47]

Elman Rustamov is appointed as a Board Chairman of National bank of Azerbaijan, Aslan Aslanov as a vice-minister of agriculture

President Ilham Aliyev signed an order today within the appointment of Elman Rustamov to the post of the chief of the Administrative Staff of National Bank.
12 April 2005 [13:22]

Number of oil wells increases

Drilling of 14 wells has been completed with starting of 20 another once, according to Azneft Corporation.
09 April 2005 [17:24]

Azerbaijan and Persian gulf countries plan to sign agreement on free trade

Azerbaijan plans to sign an agreement on frees trade with United Arab Emirates and other countries of the Persian Gulf, Dubai-based newspaper Khaleej Times reports interviewing Elmar Mammadyarov, the Azerbaijani Foreign Minister.
09 April 2005 [17:11]

Last year 122 hotels, 14 motels, and 102 hotel typed objects activated in the country

122 hotel, 14 motel, 102 hotel typed objects activated in the country in 2004. In hotels and hotel typed objects 213, 3 thousand persons or 45, 9% more tourists were placed in comparison with 2003.
09 April 2005 [17:09]

Russian oil company is studying opportunities for oil pumping via BTC

Experts of the Russian company Sibirneft are involved in studying the economy of the project on pumping oil from Russia via the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline.
09 April 2005 [16:35]

EBRD sets up talks with leasing, insurance companies in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) set up development of joint projects with the operators of the financial markets in Azerbaijan, Raymond Konway, the head of the Baku office of the EBRD told Trend.
09 April 2005 [16:30]

70 million dollars allocated to "Excelsior Hotel" in Baku that will start activating in May

70 million dollars allocated to "Excelsior Hotel" that will start activating in May.
09 April 2005 [16:29]

Azerbaijan Airlines purchases new "Boeing", "Airbus" and "AN-140" planes

Azerbaijan Airlines - "AzAL" State Company is going to buy new planes.
09 April 2005 [16:18]

Foreign companies take interests in Azeraluminium JSC

Different companies displaced interests in Azeraluminum JSC, Farhad Aliyev, Minister for Economic Development, told journalists on Friday.
09 April 2005 [15:12]

EBRD allocated first syndicated loan to UniBank

The European Bank for Reconstruction and Development is leading the first international syndicate to lend $5 million to a private bank in Azerbaijan, as part of efforts to encourage the Caspian seaside nation to foster competition in the banking sector and to further diversify the non-oil sector of its economy.
08 April 2005 [16:06]

Azerbaijan plans reaching number of arriving tourists up 3 mln

The ministry of youth, sport and tourism plans reaching number of tourist arriving to the sate up to 3 mln, in the nearest 5-6 years, the agency Trend reports 7 April, the minister of youth, sport and tourism Abulfaz Garayev informed at the opening ceremony of international exhibition "Tourism and travels".
08 April 2005 [14:58]

AIOC increases oil export from Azerbaijan

During the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag- Gunashli (ACG) contract area, exported 1,851 million tons of oil, or 334,000 tons more than 2004.
08 April 2005 [14:50]

AIOC increases oil production from ACG

In the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag-Gunashli (ACG) contract area, produced 2,033 million tons (15,049 million barrels) of Azeri Light oil, the AIOC told Trend.
07 April 2005 [15:14]

Asian Development Bank is optimistic about Azeri economical growth

The Asian Development Bank (ADB) presented a Review on Development of Asia in Baku office of the bank on Wednesday. Attending the ceremony were Mettiew Westfol, ADB County Director and Joseph Zveglich, ADB senior economist on country program, Trend reports.
07 April 2005 [15:04]

IV Azerbaijan International Tourism and Travel Exhibition will start its work

IV Azerbaijan International Tourism and Travel Exhibition will start its work by the organization of "Iteca Caspian" which is an exclusive partner of "Ite Group" of Great Britain in Caucasus.
06 April 2005 [15:18]

ChevronTexaco will become participant of ACG

US oil company ChevronTexaco Corp. will purchase Unocal Corp. at $18bn, ChevronTexaco announced. The deal is paid at the expense of shares (75%) and in cash (25%).
06 April 2005 [14:48]

Transport Ministers of Azerbaijan, Georgia, Turkey to meet in Istanbul

The Transport Ministers of Azerbaijan, Georgia and Turkey will hold a meeting in Istanbul, Turkey, late April - early May.