Business

11 July 2006 [00:56]

BSE turnover forecasted to double this year

This year turnover of Baku Stock Exchange (BSE) is expected to double as against 2005.
11 July 2006 [00:53]

New Yamaha motorbikes to be brought to Azerbaijan

Azerbaijani Improtex Marine&Sport Facilities will bring new models of Yamaha motorbikes to Azerbaijan in a week.
11 July 2006 [00:52]

Bank Respublika's offices opened in Ganja and Khachmaz

Offices of Bank Respublika JSC were opened in Ganja and Khachmaz.
10 July 2006 [21:11]

Azerbaijan looks to Texas researcher for answers

Dr. Charlie Rush is using knowledge gained in the sugar beet fields of the Panhandle to help the Republic of Azerbaijan, formerly a part of the Soviet Union, build economic stability.
10 July 2006 [20:16]

BTC pipeline is welcome relief to trim Turkish Straits traffic

The inauguration on Thursday of the Baku-Tbilisi-Ceyhan (BTC) pipeline – a new route to supply oil to the West – will help reduce tanker traffic through the Turkish Straits, but is far from resolving the often hazardous congestion of the two narrow waterways.
10 July 2006 [20:12]

LUKoil to build refinery in Turkey

Russian firm LUKoil, one of the world's largest energy companies, is planning to build an oil refinery in northern Turkey, the Turkish media reported Sunday.
10 July 2006 [16:40]

President Aliyev: "Azerbaijan may bring oil output to 60-65 mln tons in 2 years"

President Ilham Aliyev of Azerbaijan is positive that in the near future their country will be able to make investments in the economies of other countries.
10 July 2006 [16:09]

Communications Minister to visit US

Azerbaijani Communications and Information Technologies Minister Ali Abbasov to pay a working visit to the US on July 8-17 at invitation of USTDA.
10 July 2006 [16:08]

Azerbaijan-Kazakh business club to be established

The Caspian Integration Business Club and Caspian Energy International Publishing House have started establishment of the Azerbaijan-Kazakh Business Club under support of state structures and public organizations of Azerbaijan and Kazakhstan.
09 July 2006 [21:32]

WB experts to come Azerbaijan

Two World Bank's (WB) expert teams will come to Azerbaijan July 11 to monitor the process of implementation of the Bank-funded projects in the country.
09 July 2006 [21:27]

Azeri Ambassador to the UAE meets Dubai's official

The Director General of Dubai Department of Tourism and Commerce Marketing (DTCM), Mr. Khalid A bin Sulayem, received the ambassador of Republic of Azerbaijan to the UAE, Mr. Eldar Salimov, at the DTCM Head Office recently and reviewed bilateral ties and tourism industry developments.
08 July 2006 [23:28]

World Bank will allocate credits to Azerbaijan through various sources within next two years

World Bank is expected to finance projects and programs in Azerbaijan through various preferential and a bit severer sources within the forthcoming two fiscal years.
08 July 2006 [12:03]

Ceyhan ready to host inauguration of BTC

The preparatory work for the inauguration of the Baku-Tbilisi Ceyhan oil pipeline has been completed. A tent for 280 persons has been erected.
08 July 2006 [11:59]

2nd meeting of Azerbaijan-Ukraine working group

Some 20 Azerbaijani businessmen were present at the event.
08 July 2006 [10:03]

Standard Insurance doubles its authorized capital

Standard Insurance Broad of directors declared an increase of 100% in authorized capital.
08 July 2006 [10:01]

Azerenergy's claim against Barmek partially met

Barmek Azerbaijan Power Supply LLC president Huseyn Arabul issued a statement on the happenings around the company.
08 July 2006 [09:54]

Azercell concludes new roaming agreements

Azercell Telecom Joint Venture concluded roaming agreement with Panamanian Cable and Wireless Company to expand the number of its international roaming partners.
08 July 2006 [09:52]

US$2.2mn-deal closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) on Friday, USD/AZN average weighted rate was AZN 0.8931/$1
08 July 2006 [09:51]

FDI magazine publishes two articles on Azerbaijan

In June-July section, fDi magazine (ForeignDirectInvestment) of Financial Times published two articles on Azerbaijan - Ancient bones and Azeri dreams and At the crossroads of commerce and cultures.
08 July 2006 [09:49]

Ministry of Culture and Tourism will regulate hotels by presidential decree

Azerbaijani President Ilham Aliyev signed a decree to make amendments to "Presidential decree September 2, 2002 on improvement of licensing some activities."
08 July 2006 [09:47]

Hajigabul region Ranjbar village residents will sue BP

20 families are going to sue Bp Company taking as base violation of their rights in the territory of Azerbaijan's Hajigabul region Ranjbar village Baku-Supsa Pipeline passes.
08 July 2006 [09:38]

Azeri businessmen to visit Chelyabinsk in September

A delegation of Azeri entrepreneurs will visit Chelyabinsk in September this year.
08 July 2006 [09:37]

IBA will use MIDAS and FlexCube software together

International Bank of Azerbaijan (IBA) will continue using MIDAS software by this year's end.
07 July 2006 [22:16]

Azerbaijan, Malaysia enhance ICT cooperation

On the sidelines of the summit of the Global Alliance for Information and Communication Technologies and Development held in Kuala Lumpur, Azerbaijani Minister of Communication and Information Technologies met with Jamaluddin Jarjis, Minister of Science, Technology and Innovation of Malaysia.
07 July 2006 [20:46]

Caspian gas may flow to Europe

Europe may be fed its gas supply from and through the Caspian region as Russian gas remains shaky and investment in the Caspian region grows.
07 July 2006 [15:32]

AIOC doubles gas output

The Azerbaijan International Operating Company's gas output more than doubled in the first half of 2006 compared to the same period of last year.
07 July 2006 [15:28]

US deputy energy secretary to attend BTC opening

US Deputy Secretary of Energy Clay Sell will attend the official opening of the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline in Turkey on July 13, according to Turkish reports.
07 July 2006 [15:25]

New MFBA boss promises exemplary performance

The head of the Micro Finance Bank of Azerbaijan (MFBA), a leading micro-finance provider and commercial bank of the country, will step down to take another position.
07 July 2006 [15:21]

Azerbaijan remains fastest-growing economy in CIS

Azerbaijan topped all other former Soviet republics for economic growth in the first five months of 2006.
07 July 2006 [02:01]

World Bank's new manager in Azerbaijan takes his post

New manager of World Bank Office in Azerbaijan, Gregory Jedzejczak took his post on Thursday.
07 July 2006 [02:00]

Azerbaijan and the World Bank to sign credit agreement

Azerbaijani government and the World Bank are expected to sign US$29.2mn-credit agreement on the Project of Development and Crediting of Agriculture II in September this year.
07 July 2006 [01:51]

Azeri crude to slip out of Russia's stranglehold

The mammoth Baku-Ceyhan pipeline from Azerbaijan to the Mediterranean is a step toward freeing Caspian oil from Russia's stranglehold but the grip will not be broken until Kazakhstan finds new export routes, analysts say.
07 July 2006 [01:45]

SOCAR has 6157 wells in operation

As of July 1, except Operating Companies and Joint Ventures, the SOCAR per se has 6157 wells in operation.
07 July 2006 [01:44]

Azerdemiryolbank completes distribution of $2mn-credit

Azerdemiryolbank JS Commercial Bank has completed distribution of multipurpose credit allocated by the Black Sea Trade and Development Bank (BSTDB).
07 July 2006 [01:22]

Improtex Motors to bring new BMW models

Azerbaijani Improtex Motors Company intends to bring new BMW X3, BMW Z4, and 3-series model-BMW Coupe models to Azerbaijan shortly.
07 July 2006 [01:20]

Communications and Information Technologies Ministry holds board meeting on finance and investment issues

A board meeting took place at the Ministry of Communications and Information Technologies.
07 July 2006 [01:20]

Bureau Veritas Azeri LLC will conduct consulting at SOCAR for adaptation to ISO 9001:2000

SOCAR Marketing and Economic Operations Office had announced a competition for conduct of consulting for adaptation to ISO 9001:2000 international standards.
07 July 2006 [01:16]

One more tanker to be brought to Azerbaijan

On Thursday Azerbaijani State Caspian Sea Shipping Company (ACSSC) and Russian Krasnoye Sormovo Shipyard signed a document on handing-over of newly-built Koroghlu Tanker to Azerbaijan.
07 July 2006 [01:05]

Secretary Rice is expected to participate in BTC opening ceremony

The last preparation works related to the official opening of Baku-Tbilisi-Ceyhan Main Export pipeline to be held in Ceyhan port of Turkey, are ongoing.
06 July 2006 [21:06]

OHL wins 55.7 mln eur motorway contract in Azerbaijan

Obrascon Huarte Lain SA said its Czech unit OHL ZS has been awarded a 55.7 mln eur contract from the Republic of Azerbaijan government to rebuild a 24-kilometre stretch of motorway from Baku, the country's capital, to the Russian border.
06 July 2006 [20:40]

Azeri official: "Turkey won't take Shah Deniz gas this year"

Turkey will miss an agreed deadline for starting to import natural gas from Azerbaijan, an Azerbaijan government official said Thursday.
06 July 2006 [11:42]

SOCAR ups oil, gas output in six months

The Azeri State Oil Company (SOCAR) produced 4.45m tons of oil in the first six months of 2006 against the target of about 4.36m tons, or 2% over the projection.
06 July 2006 [11:40]

Azeri car plant halts assembly of Russian brand

The automobile plant in Azerbaijan's second largest city, Ganja, has suspended its cooperation with UAZ company on manufacturing SUVs.
06 July 2006 [10:54]

Export of Iran's gas to Georgia started

Georgia oil officials announced about export of Iran's natural gas to this country.
06 July 2006 [02:24]

Oil hits record above $75 on US demand

Oil jumped to a record high above $75 a barrel on Wednesday on strong U.S. demand and ongoing tensions over Iran's nuclear program.
06 July 2006 [02:19]

Azerbaijan not to re-sell Russian gas to Georgia

Azerbaijan is not going to re-export to Georgia natural gas bought from Russia's Gazprom.
06 July 2006 [02:13]

US$5.73mn-deal closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0.8940/$1.
06 July 2006 [01:57]

National Bank held auction on short-term bonds

An auction on placement of short-term bonds of National Bank with the state registration number 50102712S was held at Baku Stock Exchange on Wednesday.
06 July 2006 [01:53]

Azerbaijani Mortgage Fund allotted 14 mortgages in June

Azerbaijani authorized credit institutions received 113 official appeals from the citizens about mortgage crediting within 4 months.
06 July 2006 [01:41]

Azerbaijan increases power generation by 4%

1.6bn kilowatt/h of electricity was generated in energy system of Azerbaijan in June this year.
06 July 2006 [01:40]

Tax revenues increased up to 59%

Ministry of Taxes of Azerbaijan implemented the tax forecast by 104.2% in January-June and AZN 1026.7 mn was brought to the state budget against the forecast of AZN 985.6 mn.
06 July 2006 [01:38]

SOCAR sold 444 177 tons of diesel to Total

SOCAR sold 444 177 tons of diesel to Total Company of France in January-June in January-June.
06 July 2006 [01:37]

Singapore's Petroafarm purchased 87 044 tons of gasoline from Azerbaijan

State Oil Company of Azerbaijan (SOCAR) sold 87 044 tons of gasoline to Petrofarm Company of Singapore in January-June.
06 July 2006 [01:35]

BNP Paribas intends to allocate credit for road infrastructure

BNP Paribas Bank of France intends to join investment projects concerning improvement of infrastructure in Azerbaijan.
06 July 2006 [01:32]

New sport bikes to be brought to Azerbaijan

Azerbaijani Improtex Marine&Sport Facilities Company plans to bring new models of Sport Bike R1, Sport Bike R6 and VMax Chopper sports motorbikes to Azerbaijan in July.
06 July 2006 [01:30]

New Volvo C70 Cabriolet to be brought to Azerbaijan

Avtol Motors intends to bring new Cabriolet C70 model of Volvo to Azerbaijan.
05 July 2006 [20:50]

Finance Minister visits Ankara

The delegation of Azerbaijan led by Minister of Finance Samir Sharifov arrived July 4 on an official visit to Turkey.
05 July 2006 [16:43]

Georgian-Azerbaijan inter-governmental economic commission to hold meeting in autumn

Georgian-Azerbaijan inter-governmental economic commission will hold meeting in autumn of this year. Prime Minister of Azerbaijan Artur Rasizadeh told in the meeting with Prime Minister of Georgia, Zurab Nogaideli.
05 July 2006 [12:14]

Alcatel plans Azeri expansion

French telecommunications major Alcatel plans to open a company in Azerbaijan, its Executive Vice-President Gerhard Richter has told journalists.
05 July 2006 [09:23]

Salaries of State Border Service military servicemen and civil associates increased

Azerbaijani President signed order on increase of salaries of State Border Service military servicemen and civil associates.
05 July 2006 [09:13]

Economic Development Ministry announces tender on reconstruction works

Azerbaijan Economic Development Ministry announces tender on repair-reconstruction of the administrative building of its regional departments.
05 July 2006 [08:37]

1.8mn tons of Azerbaijani oil exported from Sangachal terminal in June

1.8mn tons of Azerbaijan oil was exported to the world market from Sangachal terminal in June this year.
05 July 2006 [08:30]

All phone exchanges to be made electronic

Azerbaijani Ministry of Communications and Information Technologies plans to make electronic all telephone exchanges in a year.
05 July 2006 [08:22]

NBA to announce AZN 25-mn notes auction

Auction on placement of notes of National Bank will be held at BSE July 5.
05 July 2006 [08:19]

Azerbaijan purchased 2.25bn cubic meters of gas from Russia

Azerbaijan purchased 325.6mn cubic meters of gas from Russian Gasexport Company in June this year.
04 July 2006 [21:21]

Barmek gives-up working in Azerbaijan

Although Barmek announced stop of its activity in Azerbaijan yesterday after unilateral cancellation of the agreement, it will continue services by giving up all works.
04 July 2006 [16:20]

Mobile plant to recycle missile fuel launched in Azerbaijan

A mobile plant for recycling missile fuel, commonly known as melange, was commissioned on Tuesday in the settlement of Alyaty, 80 kilometers south of capital Baku.
04 July 2006 [15:29]

SOCAR imported 325.6 mln cubic meters of gas from Russia last month

State Oil Company of Azerbaijan Republic (SOCAR) received about 325.6 million cubic meters of gas from Russian company "Qazeksport" in June of this year.
04 July 2006 [10:02]

Azerbaijan State Caspian Sea Shipping Company raises cargo transportation by 5.3%

Azerbaijan State Caspian Sea Shipping Company carried 7.06 mln tons of shipment through marine transport in January-June.
04 July 2006 [09:36]

Trades in BICEX totaled $1 mn

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN average weighted rate was AZN 0.8943/$1.
04 July 2006 [09:33]

Azerbaijan State Caspian Sea Shipping Company awarded European Quality

Azerbaijan State Caspian Sea Shipping Company was awarded European Quality-international prize of the Europe Business Assembly.
04 July 2006 [09:29]

Rate of Azerbaijani manat to USD rise 0.4% in June

Rate of Azerbaijani manat to USD rose 0.4% and exchange rate rose AZN 0.8986 to AZN 0.8950 per USD at Baku Interbank Currency Exchange (BICEX) in June.
04 July 2006 [09:25]

OECD promotes Azerbaijan's medium and long term credit rating

The Organization for Economic Cooperation and Development (OECD) estimated Azerbaijan's risk level on long and medium term credits by 5 points.
04 July 2006 [08:59]

General tax declaration system to be applied in Azerbaijan by 2008

Azerbaijani Ministry of Taxes intends to complete preparation for conversion to the system of general tax declaration of the population by 2008.
03 July 2006 [22:21]

About 50 prisoners hold hunger strike in Gobustan

Prisoners of Gobustan detention place started hunger strike from June 26.