Business

14 January 2006 [13:55]

IMF welcomes Azerbaijan’s decision on increase of prices of oil products

The International Monetary Fund (IMF) welcomes the adjustment of the domestic prices of oil products in Azerbaijan inline with the world prices.
14 January 2006 [03:19]

Ministry of Finance to put up T-bills amounting to 5 million AZN to next auction

Next auction on placement of T-bills with the state registration number 10200213S of the Ministry of Finance will be held in the Baku Stock Exchange (BSE) on January 16.
14 January 2006 [03:10]

International Finance Corporation and Baku Stock Exchange held joint symposium on perspectives of corporate management

The International Finance Corporation (IFC) and Baku Stock Exchange (BSE) held a symposium on “Corporate Management: Existing situation, problems and perspectives” dedicated to the Competition for Nationwide Scientific Articles.
14 January 2006 [02:49]

Azerbaijani and Iranian power engineering specialists discussed technical and organizational details of joint projects

The Azerbaijani and Iranian power engineering specialists discussed technical and organizational details of joint projects in their regular meeting held the other day.
14 January 2006 [02:34]

Banking school will help introduce corporative management to Gyandjabank as well

The Azerbaijan Banking Training Centre (ABTC) made a contract with the single regional bank in the country Gyandjabank on assisting in establishing the corporative management system.
14 January 2006 [02:30]

Turnover of stock exchanges of country increased 20% last year

Currency reserves, securities, immovable property and products of production-technical destination amounting to 1,335 milliard manats were realized in 574 auctions held in the stock exchanges acting in the country during the past year and this is 20% more in comparison with 2004.
14 January 2006 [02:28]

Tender held for selecting operator of heating object construction of which completed in Surakhani region

PA Government Services Inc. Company holds a tender on administering of the Heating Object project construction of which was completed in Surakhani region and Garachukhur settlement of Baku and providing services on heating, warm and cold water supply of consumers.
14 January 2006 [02:24]

Mortgage Fund holds tender on procurement of equipments and machinery

The Mortgage Fund of Azerbaijan (MFA) announced a quotation and proposals questionnaire on internal demands.
14 January 2006 [02:13]

Azerbaijani businessmen to visit Oman

A delegation consisting of local businessmen will visit Oman Sultanate on January 19-22 under organization of the National Confederation of the Entrepreneurs (Employers') Organizations of Azerbaijan (AEC).
14 January 2006 [02:11]

Mortgage Fund announces vacancies

The Mortgage Fund under the National Bank of Azerbaijan (NBA) announces vacancies on admission of specialists of various fields.
13 January 2006 [19:09]

In 2005 payments on tax evasion facts grow by 1.8 times

The Initial Tax Criminal Investigation Department under the Tax Ministry set to consideration of 281 criminal cases on illegal entrepreneurship and tax evasion in 2005.
13 January 2006 [16:22]

The State Oil Fund budget will grow up in comparison with the last year

The budget of the State Oil Fund of the Republic of Azerbaijan for the year of 2006 is planned to be 807842,6 thousand AZN, as informs.
13 January 2006 [15:06]

Azeri Internet Forum regards change of tariffs for local & int’l calls as inexpedient

The Azerbaijani Internet Forum NGO regards change of tariff for local and international calls submitted by the Communications and Information Technologies Ministry to the Tariff Council as inexpedient taking into consideration insolvency of population.
13 January 2006 [14:53]

Azeri entrepreneurs to participate in show of Turkish goods

The Azerbaijani entrepreneurs will participate in the an exhibition of Turkish goods and Turkish week entitled ‘Osman Sultanate I’, to be held in Masqat, capital of Osman Sultanate, from 19 to 22 January.
13 January 2006 [14:42]

Azerbaijan not agree with WTO's proposal on lifting restrictions on foreign capital

Azerbaijani government did not agree with proposal of the World Trade Organization to lift restrictions on foreign capital in the insurance market of the country.
13 January 2006 [11:05]

New bank opens in Azerbaijan

A new bank to provide all types of financial services, with a charter capital of $5 million, has opened in Azerbaijan.
13 January 2006 [04:43]

UniBank begins utilizing first credit tranche of Black Sea Trade and Development Bank

The “UniBank” Commercial Bank received the $700 thousand first tranche of the credit granted by the Black Sea Trade and Development Bank (BSTDB) for the purpose of developing trade operations.
13 January 2006 [04:41]

Meeting of Azerbaijan-Pakistan intergovernmental economic commission to be held

Next meeting of the Azerbaijan-Pakistan intergovernmental economic commission will be held in Islamabad in these days.
13 January 2006 [04:35]

New mobile operator Azfon launches construction of transmitters

Azerbaijan’s new mobile communication operator, Azfon, is about to start the construction of a telephone exchange and transmitters, while eight months later the operator will start providing services to mobile phone users.
13 January 2006 [04:31]

Azerbaijan-Israeli forum will promote bilateral business relations

Azerbaijan-Israeli business-forum to be held in Baku and Guba on February 19-21.
13 January 2006 [04:02]

Alim Guliyev: “Currency exchange stations will be replaced with exchange bureaus in the country”

Currency exchange stations acting in the territory of the country will be replaced with exchange bureaus in near future.
13 January 2006 [03:56]

Azeri MPs Concerned over High Fuel Prices

Some Azeri MPs voiced concerns over the government’s unanticipated decision to double retail prices on some oil products to bring them closer to world levels.
12 January 2006 [21:55]

Azeri authorities express confidence on inflation level in 2006

The Azeri Government managed to keep inflation level in one-figure level.
12 January 2006 [10:47]

Azerbaijan will launch a space satellite

“Azerbaijan will launch a satellite in the space soon. The new satellite will be orbited together with Azerbaijan, Russia and Georgia.”
12 January 2006 [10:20]

Azerbaijan honoured with 123rd place on Index of Economic Freedom

Azerbaijan was honoured with the 123rd place among 161 states on the Index of Economic Freedom calculated by the Heritage Foundation and Wall Street Journal.
12 January 2006 [10:07]

Negotiations on price of electric energy Azerbaijan sells to Russia to be continued this month

Negotiations on the price of electric energy Azerbaijan sells to Russia will be continued in January. According to the information given from the press-service of “Azerenergy” OJSC based on the vice-president of OJSC Marlen Asgarov, during the year “Azerenergy” purchases approximately 3 billion kWh electric energy from Russia and sells 1 billion kWh to this country.
12 January 2006 [09:10]

Ali Abbasov: “Hearing with FimBank to complete in Azerbaijan’s favor”

“The hearing with FimBank will complete in the Azerbaijan’s favor.”
11 January 2006 [22:59]

Kazakhstan asserts its intention of joining to BTC

Kazakh Prime Minister Danial Ahmetov asserted his government’s intention on joining to the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline during the meeting with his Azerbaijani counterpart Artur Rasizade.
06 January 2006 [17:01]

Retail prices of some oil products increased in Azerbaijan

The Tariff Council of Azerbaijan in its Thursday meeting considered an appeal by the enterprises n possible increase of retail prices of oil prices, according to the Tariff Council.
06 January 2006 [12:16]

Caspian countries to submit proposals to CITES on caviar sale & sturgeon fishing

The necessity of ban on caviar sale and sturgeon fishing will be considered on 15 January during meeting of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).
06 January 2006 [12:07]

?IOC announced start-up of oil production from West Azeri platform

The Azerbaijan International Operating Company (AIOC), operated by BP, today announced the start-up of oil production from the West Azeri platform – Azeri Project Phase 2, as part of the Azeri-Chirag-Gunashli (ACG) field development, in the Azerbaijan sector of the Caspian Sea.
06 January 2006 [11:35]

Food import from Turkey to Azerbaijan provisionally suspended

Azerbaijan provisionally suspended food import from Turkey due to “Bird Flu”.
06 January 2006 [11:30]

President of BP-Azerbaijan D.Woodward awarded “Saint Michael and Saint George” order by Queen II Elizabeth

The president of the BP-Azerbaijan Company David Woodward was awarded the “Saint Michael and Saint George” order by the Queen II Elizabeth and his name was included in the New Year Honorary list of Great Britain announced on January 1.
06 January 2006 [11:19]

Azerbaijan intends to be main operator of container train exploitation project by means of Poti-Baku-Aktau-Almati route

A meeting of the representatives of the railway offices of Azerbaijan, Kazakhstan and Georgia will be held in Baku on January 12-13 for the purpose of determination of the main operator of the container train exploitation project by means of the Poti-Baku-Aktau-Almati route.
06 January 2006 [11:07]

Azerbaijan, Bahrain eager to upgrade bilateral relationships

Azerbaijan and Bahrain will develop relationships in all spheres of cooperation.
28 December 2005 [10:13]

“AzEuroTel” to present its rapid Internet access services

The “AzEuroTel” Joint Enterprise (JE) will present its services on rapid Internet access with the speed from 64 Kb to 516 Kb based on the ADSL technology in the unlimited access mode by 1 January.
28 December 2005 [10:06]

“AzAL” to return AN-140-100 airplane purchased from Ukraine back

After the AN-140-100 airplane taken off from Baku en route to Aktau crashed, the “AzAL” State Concern will return another AN-140-100 airplane purchased from Ukraine back. APA was informed about it by the sources in the “AzAL” State Concern.
28 December 2005 [10:03]

IBA-Moscow signs credit agreement with foreign banks

IBA-Moscow, Austrian «Raiffeisen Zentralbank Osterreich Aktiengellschaft» and Moscow branch «Raiffeisenbank Austria» signed credit agreement on December 23, 2005, International Bank of Azerbaijan reports. It is the first deal of IBA-Moscow on attraction of the western banks’ finances in implementation of the projects in Russia.
28 December 2005 [10:01]

Azerbaijan to purchase 1 milliard cubic metres of gas from Iran

“Azerigas” has already given instructions for solution of the technical issues in the field of purchasing gas from Iran.
28 December 2005 [09:57]

Distribution of social insurance certificates to employees to be started by beginning of next year

Distribution of social insurance certificates to employees will be started by the beginning of the next year.
28 December 2005 [09:38]

Period of repayment of mortgage credits to be given to young families can be prolonged

“I promised that the young people will be able to obtain preferential credits by February of the next year. Probably there will be no obstacle in its implementation”.
28 December 2005 [09:30]

AZAL Sigorta insured an airliner crashed near Baku

An airliner AN-140-100, which crashed near Baku on 23 Dec, was insured by insurance company AZAL Sigorta, AZAL state company told Trend.
24 December 2005 [09:30]

Ministry of Taxes revealed violations of law in “Azpetrol”

The mobile tax inspections conducted by the Ministry of Taxes in the “Azpetrol” Oil Company, “Azpetrol Ltd.”, “Azertrans Ltd.” Limited Liability companies (LLC) on fulfillment of the legislation on taxes and other mandatory payments are continued.
24 December 2005 [09:24]

European Bank for Reconstruction and Development became competent stockholder of “AzerDemiryolBank”

Purchasing of the stocks amounting to of 25 %+1 thousand manats of the “AzerDemiryolBank” Joint-Stock Bank (JSB) by the European Bank for Reconstruction and Development (EBRD) has completed.
24 December 2005 [09:21]

“Ernst & Young” Company conducted audit of activity of Marketing and Economic Operations Department of SOCAR on 2004

According to the order by the Marketing and Economic Operations Department (MEOD) of the State Oil Company of the Azerbaijan Republic (SOCAR), the “Ernst & Young” Company conducted audit of activity of MEOD on 2004.
20 December 2005 [21:48]

Azeri, Iranian presidents honor commencement of Iranian gas delivery to NAR

A solemn ceremony dedicated to the commencement of the Iranian gas delivery to the Nakhchivan Autonomous Republic (NAR) was held in the area of Nakhchivan city gas-exploitation unit on Tuesday.
20 December 2005 [11:01]

Income per person totaled 462.200 manats in Azerbaijan last month

The volume of monetary incomes of population at face-value formed 34.4 trillion manats during 11 months of this year.
20 December 2005 [11:00]

“Transparency International” announced new rating table on level of corruption in world’s countries

The “Transparency International” public organization announced a new rating table on the level of corruption in the world’s countries.
20 December 2005 [10:57]

Court satisfied Ibrahim Mamamdov’s claim against “Azpetrol” and Justice Ministry

Court of Economy on arguments due to international deals satisfied the claim raised by Ibrahim Mammadov, former owner of “Azertrans LTD” against Justice Ministry and Dutch “Allied Meridian Oil and Gas Group B.V” company.
20 December 2005 [10:32]

Japanese government implements three more projects in Azerbaijan

On Thursday the Japanese government and the Azerbaijani nongovernmental organizations will sign 3 grant agreements in the total amount of $277,525,000 in Baku.
20 December 2005 [10:13]

Inspections conducted in “Azpetrol” resulted in halt of several projects implemented by company

Inspections conducted in the “Azpetrol” Group of Companies positively affected the image of the company and several projects implemented were halted.
20 December 2005 [10:09]

Election of president to US-Azerbaijan Chamber of Commerce to be held

Election of a president to the US-Azerbaijan Chamber of Commerce (USACC) will be held in February of 2006.
20 December 2005 [10:03]

Ceremony of signing of contract on EBRD’s giving credit to “Bank Respublika” and “UniBank” held

A ceremony of signing of the contract on lending $ 2 million to “Bank Respublika” and $ 2 million to “UniBank” by the European Bank for Reconstruction and Development (EBRD) was held yesterday.
19 December 2005 [18:13]

"Azernergy" reminds that it can find alternative electricity distributors if Russia insists on higher electricity rates

The vice-president of the "Azerenergy" Open Joint-Stock Company Marlen Asgarov aknowledged yesterday that if Russia insists on rising electric energy in price then Azerbaijani side will undertake alternative variants.
19 December 2005 [17:01]

Azeri oil market: results of the week

From 12 through 16 December URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $53.05 per barrel or rose $1.92 barrel as compared to the last week (5 - 9 Dec.
19 December 2005 [11:46]

Azerbaijan will host 8-th annual sitting of Black Sea Bank of Trade and Development and the Black Sea business forum

President of Azerbaijan Ilham Aliyev signed a decree on holding the 8-th annual sitting of the Black Sea Bank of Trade and Development (BSBTD) and the Black Sea business forum in Baku.
17 December 2005 [16:14]

EBRD lends Bank of Respublika and UniBank $2 million each

The European Bank for Reconstruction and Development (EBRD) is lending $ 2 million to Bank Respublika and $ 2 million to UniBank for on-lending to micro and small enterprise clients. The credit's goal is to further promote the entrepreneurial activities in Azerbaijan.
17 December 2005 [15:35]

International Bank of Azerbaijan will change its automated banking system by January 1, 2006

The International Bank of Azerbaijan plans to switch to a new and more modern automated banking system starting January 1 of the next year.
17 December 2005 [15:17]

TACIS holds seminar on "Modernization of tax deduction system in Azerbaijan"

A seminar on completion of the "Modernization of tax deduction system in Azerbaijan" project funded by the TACIS Program of the European Union (EU) was held yesterday.
17 December 2005 [11:40]

Azerbaijan passes to the second stage of admission talks with WTO

Second stage of the talks on admission of Azerbaijan Republic to the World Trade Organization will be held in February-March months of 2006.
17 December 2005 [11:29]

Azerenergy faces a dilemma of paying back $150 million debt to Turkey

Turkey wants Azerbaijan to clear off its electric energy debt that forms aproximately $150 million.
17 December 2005 [11:20]

Departure of first transport with BTC oil from Ceyhan may be delayed until summer of 2006

Turkish Ambassador to Azerbaijan Turan Morali noted that there is a chance that oil transportation through Baku-Tbilisi-Ceyhan will be delayed until summer of 2006.
16 December 2005 [19:07]

Representatives of Ataholding receive awards for contribution to development of Azeri economy

On Friday Excelsior Hotel hosted a presentation of the "Intelekt-2005" award instituted in 2004 by IT Magazine and Association on Project Management (AzPMA). The award is conferred for succesful implementation of projects in different spheres of the Azerbaijani economy.
16 December 2005 [17:59]

Azerbaijan, Georgia and Turkey will meet in February to finilize discussion on joint railway project

Heads of the railway offices of Azerbaijan, Georgia and Turkey are going to meet in February of 2006 to discuss construction project of the Baku-Tbilisi-Akhalkalaki-Kars railroad.
16 December 2005 [11:20]

"Khazardenizneftdonanma" announces tender for spare parts and equipment for its ships

The "Khazardenizneftdonanma" Office announced a tender on purchasing various equipment and spare parts required for a repair of the of "Athlete-8" and "Shirvan" typed ships.
16 December 2005 [11:14]

IMF voices satisfaction with the level of Azerbaijan's economic development

"Macro-economic stability level and economic development rate in Azerbaijan is high," Julian Barengaut, the Deputy Director of the International Monetary Fund (IMF) Department on Near East and Central Asia, stated at a meeting with Ilham Aliyev, the Azerbaijani President, held on Thursday.
16 December 2005 [10:51]

Azerenergy continues its strugle with RAO EES to avoid significant increase of electricity prices

President of the "Azerenergy" Open Joint-Stock Company Etibar Pirverdiyev is sure that 40% increase of the price for electric energy Azerbaijan purchases from Russia is disadvantageous for the company.
16 December 2005 [10:15]

Tax ministry takes Azpetrol and Justice Ministry to court

Businessman Ibrahim Mammadov who created "Azeritrans" sub-enterprise of "Azpetrol" appealed to court stating that he was forced to sell 95% of his company's shares to Azpetrol.
15 December 2005 [19:24]

"Bank Respublika" joins Privat Money express money transfer system

Today Azerbaijani "Bank Respublika" announced that it has joined the express money transfer system PrivatMoney.
15 December 2005 [19:03]

David Woodward comments results of BP-Azerbaijan in 2005

The president of the "BP-Azerbaijan" company David Woodward held yesterday a press-conferene devoted to the results of 2005.
15 December 2005 [18:29]

Production of gas from Shahdeniz field to be started by end of 3rd term of 2006

Gas production from the Shahdeniz oil field will be started by the end of the 3rd term of 2006 and a part of gas produced from the well in the 4th term will be delivered to the state.
15 December 2005 [18:10]

First oil from Azeri-Chirag-Guneshli will enter terminal in the first quarter of 2006

One of the main works to be carried out on the Azeri-Chirag-Guneshli (ACG) project on the first place in 2006 will be first oil’s entering the terminal from the Western Azeri and completion of modernization of the main block of the "Azerbaijan" crane-barge.