Business

22 February 2006 [08:42]

Bank of Baku began banking operations with "American Express" checks

The Bank of Baku Commercial Bank (CB) has started implementation of all banking operations (purchase, sale, collection of payments) by means of "American Express" checks from today.
21 February 2006 [21:11]

NBA to set up foreign banking control system FinA International

The National Bank of Azerbaijan (NBA) set to implementate the pilot project on introduction of the new system of foreign banking control FinA International (FinA).
21 February 2006 [21:05]

Russia and Azerbaijan to sign agreements in communication field

It will be implemented in accordance with the resolution of the Russian-Azerbaijani inter-governmental commission.
21 February 2006 [20:37]

Azeri-Russian business center to be built in Azerbaijan

An Azerbaijani-Russian business center will be built in Azerbaijan, said Yuri Kudimov, the head of the National Reserve Bank.
21 February 2006 [16:59]

Natig Aliyev: "Azerbaijan to continue importing Russian gas"

"Azerbaijan does not intend to stop importing Russian gas," Minister of Industry and Energy Natig Aliyev stated on Tuesday.
21 February 2006 [16:46]

Natig Aliyev: "First Azeri oil to leave Ceyhan on May 27"

Azerbaijan plans to transport over 3 million tons of oil in 2006 against 4,1 million tons in 2005 through the Baku-Novorossiysk oil pipeline, the head of the Azerbaijan Ministry of Industry and Energy (MIE), Natig Aliyev said in a statement to journalists today.
21 February 2006 [16:44]

?vez Alekperov: "Capital state investments to make up 611mln AZN"

The Azerbaijan capital investments this year will make up about 611 million AZN (around 660 million USD).
21 February 2006 [16:41]

Azerenerji Vice-President: "Russia and Azerbaijan are equally interested in the partnership"

"Energy exchange between Azerbaijan & Russia - requirement of two independent energy systems for each other," said Marlen Asgarov, Azerenerji Vice-President.
21 February 2006 [09:58]

Cargo traffic up to 14.6%

Last year cargo traffic in the Azerbaijani part of the Europe-Caucasus-Asia transport corridor increased by 14.6% in comparison with the previous year and was 46.7 million tons.
21 February 2006 [09:48]

PU introduces nanotechnology in "Gum adasi", "Surakhani" and "Absheron" OGPUs

The Azneft Production Union (PU) has started introduction of the nanotechnology in development wells due to the Conception of scientific-research works in oil industry for 2006-2010.
21 February 2006 [09:26]

"Shimal" SDPS operates in optimal mode

The "Shimal" State District Power Station (SDPS) has been operating in optimal mode since the day before yesterday.
21 February 2006 [09:20]

Module power station to be constructed in Nakhchivan

It's planned to construct a module power station in Nakhchivan AR soon.
21 February 2006 [09:13]

Azeri delegation to participate exhibition in Turkey

The Azerbaijani delegation will visit Turkey on February 22 to participate in the East Mediterranean International Travel and Tourism Exhibition.
20 February 2006 [18:49]

Baku Telephone Communications to expand CDMA network

"The number of the subscribers of CDMA (Code Division Multiple Access) of Baku Telephone Communication Production Association (BTCPA) exceeds 700," said Beytulla Husseynov, the head of BTCPA.
20 February 2006 [16:46]

Azerbaijani-Israeli agro-business forum started its work

The First Azerbaijani-Israeli agro-business forum began today in Baku. The Azerbaijan Ministry of Economic Development (MED), the Investment and Export Facilitation Foundation (IEFF) and the Embassy of Israel to Azerbaijan initiated the event.
20 February 2006 [15:52]

Oil production to reach its record level

Oil production in Azerbaijan is expected to hit a record-high 30 mln tons in 2006, State Oil Company of Azerbaijan (SOCAR) informed.
20 February 2006 [15:00]

Government tightens tax control

The government plans to hold monitoring of incomes and outcomes of big state enterprises from July 2006.
20 February 2006 [09:19]

Staff meeting of Communication and Information Technologies Ministry

Yesterday a staff meeting on the results of 2005 was held in the Ministry of Communication and Information Technologies.
18 February 2006 [15:04]

?li Abbasov: "Azerphone to offer mobile services in August"

A new mobile communication operator in Azerbaijan will set to providing services in August 2006, the Minister of Communications and Information Technologies of Azerbaijan Ali Abbasov said in a statement to journalists on Saturday.
18 February 2006 [15:00]

"Hajigabul broiler" suspended customer orders

"Hajigabul broiler" poultry farm has suspended customer's orders due to bird flu danger.
18 February 2006 [09:54]

Israeli-Azerbaijani business forum to be held in Baku and Guba

A business forum with participation of Israeli and Azerbaijani businessmen will be held in Baku and Guba on February 20 and 21.
18 February 2006 [09:43]

Construction of two-storeyed motor roads and bridges in Baku

The Ministry of Transport intends to involve foreign organizations in construction of two-storeyed roads and bridges aimed at solution of transport problems of Baku.
18 February 2006 [09:35]

Auditors Chamber of Azerbaijan visits Latvia

The Auditors Chamber of Azerbaijan (ACA) signed a cooperation protocol with the Certified Auditors Association of Latvia.
18 February 2006 [09:15]

Import of used cars to Azerbaijan to be banned

Import of cars with production period exceeding 4 years manufactured in CIS and foreign countries will be prohibited.
18 February 2006 [09:04]

Banks to provide mortgage credits

The Mortgage Fund under the auspices of the National Bank of Azerbaijan (NBA) determined 15 authorized banks to participate in the crediting process to be started soon.
18 February 2006 [08:32]

State Statistical Committee dissatisfied with EITI

Presentation of the survey results on "Extractive Industry Transparency Initiative" (EITI) took place at "Hyatt Regency" hotel today.
18 February 2006 [08:14]

Licenses and distinctive marks for passenger and cargo transport

It is expected that distribution of licenses and distinctive marks for buses, minibuses, taxis and lorries transporting passengers and cargo will be started during this year.
18 February 2006 [01:28]

Heydar Babayev: "Regions investment in 2006 will be $450mln"

"Significance of the tasks grows to strengthen social and economic development of the country," Heydar Babayev, the Azerbaijani Economic Development Minister, said on Friday.
17 February 2006 [14:30]

PA Consulting Group closed tender for pilot project

PA Government Service Inc., a part of the PA Consulting Group, closed tender in the framework of the pilot project, stipulated by the problems resolving strategy in the Azerbaijan heating sector.
17 February 2006 [12:31]

Baku named fDi City of the Future in Western CIS

Azerbaijan's capital Baku has been announced a City of the Future in Western CIS based upon its competitiveness in attracting foreign direct investments.
17 February 2006 [12:08]

Israel-Azerbaijan business forum due Monday

The Israel-Azerbaijan business forum will be held at the Hyatt Regency Hotel of Baku next Monday.
17 February 2006 [11:29]

Microsoft to open offices in Azerbaijan's regions

Although the first office of the Microsoft Company is expected to be established in Azerbaijan by the end of February, exact date of office's establishment has not been defined yet.
17 February 2006 [11:22]

General meeting of the Azerbaijan Microfinance Bank was held

Final decision on increasing authorized capital of Azerbaijan Microfinance Bank to be adopted in June.
17 February 2006 [10:45]

Tekhnikabank opened second branch in Sumgait

The Tekhnikabank Open Joint-Stock Company (OJSC) opened its second branch in Sumgait on Thursday.
17 February 2006 [10:20]

Bank Standard increased its assets by 55%

Bank Standard increased total volume of its assets by 55% last year and brought it up to AZN124.678 million ($135.727 million) by the beginning of the year.
17 February 2006 [10:03]

RFE/RL: "Pipelines bring danger along with wealth"

The transportation of Azerbaijani oil and gas reserves to world markets via Georgia and Turkey promises huge returns for all three countries.
17 February 2006 [09:55]

MFBA assets grew by 134% for 2005

The credit portfolio of the Azerbaijan Bank for Micro-financing (MFBA) on the results of 2005 made up $17,5 million, having grown three times.
17 February 2006 [08:11]

Special chemical program to be prepared in Sumgait

Special program concerning development of chemical industry in Sumgait will be prepared.
17 February 2006 [08:06]

Highest salary paid in Estonia - lowest in Tajikistan

Highest average monthly salary among the ex-USSR republics is paid in Estonia. So, according to the results of 2005, average monthly salary every Estonian was paid amounted to $593.
17 February 2006 [07:59]

Azersun Holding to introduce new deodorization system

New deodorization system is presented by the "Baku Oil and Food Industry" Open Joint-Stock Company (OJSC) of the Azersun Holding Group of Companies.
16 February 2006 [17:25]

Structural changes in Azerenerji

New structural sub-units were established, legal names of separate enterprises were changed in relation to reorganization of Azerenerji JSC.
16 February 2006 [14:19]

?zerbaijan not to regulate energy sector

"The Azerbaijan government notified the PA Consulting Company that it does not plan to set up a special regulating body in the country's energy field," the company's head of the project for technical assistance in the Azerbaijan energy sector, MacNeil Watkins said on Thursday.
16 February 2006 [08:18]

TUSIAD to award its members

The Turkish Industrialists' and Businessmen's Association (TUSIAD) jointly with the Ministry of Taxes will award its members that are disciplined and paid taxes most of all in 2004.
16 February 2006 [04:17]

Tax revenue forecast in January

Tax revenue forecast was implemented 113.1% in January this year and AZN 313.2 thousand entered the budget.
16 February 2006 [04:00]

$4 million of credit agreement signed between Tekhnikabank and Toronto-Dominion Bank

A credit agreement was signed between Tekhnikabank and Toronto-Dominion Bank of Canada yesterday.
16 February 2006 [03:48]

Chair of Supervisory Board of Tekhnikabank refuted information of employees' detention

The chair of the Supervisory Board of the Tekhnikabank Open Joint-Stock Company Etibar Aliyev refuted information on detention of employees of the Bank as a result of inspections implemented in the Bank by tax authorities.
16 February 2006 [00:34]

NBA strengthens control over banks' activities

The National Bank of Azerbaijan (NBA) calls on the depositors of the Azerbaijani Technikabank and Debutbank not to worry about the measures, taken by the tax bodies at the banks in relation to violation of tax legislations by firms Olymp-L and Buta.
15 February 2006 [18:24]

Tadahiro Abe: "Japan is interested in Azerbaijan soonest entry to WTO"

Japan welcomes the desire of Azerbaijan to become a member of the World Trade Organization (WTO), the Ambassador of Japan to Azerbaijan Tadahiro Abe said in a statement, commenting on the official Tokyo stance in regard to the membership of Azerbaijan in WTO.
15 February 2006 [13:59]

Construction of modular stations in Hachmaz and Sheki to be finished by the end of September

The "Azerenerji" Joint Stock Company (JSC) jointly with the general contractor of the modular stations constructing in Azerbaijan will accomplish erecting of two stations in Sheki and Hachmaz areas of Azerbaijan during August-September.
15 February 2006 [10:30]

BTCPU intends to obtain license for providing telecasting service by means of telephone lines

The Baku Telephone Communication Production Union (BTCPU) intends to secure a license from the National Teleradio Council for providing telecasting service by means of telephone lines.
15 February 2006 [10:25]

IV meeting of Extractive Industry Transparency Initiative International Advisory Group to be held in Baku

III meeting of the Extractive Industry Transparency Initiative (EITI) International Advisory Group will be held in Nigeria on February 16.
15 February 2006 [10:20]

Natig Aliyev: "Oil production has increased approximately by 2 times since 1991"

Level of oil production in Azerbaijan has increased approximately by 2 times since 1991.
15 February 2006 [09:30]

Sumgait Superphosphate Plant to be privatized till end of year

According to the state investment programme, the Superphosphate Plant situated in Sumgait will be privatized till the end of the year.
15 February 2006 [09:25]

Azercell to open a new Customer Service Office

Azercell Telecom intends to open a customer service office in Ali Bayramli in May.
14 February 2006 [22:30]

Assets of UniBank increase by 61% by Jan 2006

As a result of the activities of UniBank in January 2006 its assets grew by 61% as compared January 2005, and comprised 69.14m AZN (345.7bn AzM).
14 February 2006 [22:25]

BP probable to become operator on vacant gas production from Azeri-Chirag-Gunashli fields

"PSA on Azeri-Chirag-Guneshli fields is applied only on the development of oil reserves of the field, while the vacant gas remained a topic of another agreement," said Natik Aliyev, the Azerbaijani Minister for Industry and Development.
14 February 2006 [22:10]

Samir Sharifov: "Many extracting companies decline to publicize reports on transparency privately"

In the framework of the fourth sitting of the International Consulting Group of the Extracting Industry Transparency Initiative (EITI) to take place on 5 April in Baku the workshop or conference on transparency are scheduled to be organized, the EITI commission head, the chief of the State Oil Fund of Azerbaijan (SOFAR) Samir Sharifov said.
14 February 2006 [22:05]

Gas transportation from eastern Caspian coast to strengthen energy safety of Azerbaijan

"Europe looks for additional sources of gas delivery and the Azerbaijan's role in the process considerably grows. Azerbaijan will produce around 20bn cu m of gas by 2015," Natig Aliyev, the Industry and Energy Minister, said.
14 February 2006 [21:55]

Sitting of working groups of BSECO member states commenced in Baku

Sitting of the working group on the energy cooperation of the Black Sea Economic Cooperation Organization (BSECO) member states started in Baku on Tuesday.
14 February 2006 [16:15]

Azeri government spends about $800,000 on struggle with Bird flu

"The Azerbaijani government spent around $800,000 on the work in the framework of the struggle with Bird flu," Ismayil Hassanov, the Head of the State Veterinary Service under the Agriculture Ministry, said on Tuesday.
14 February 2006 [15:10]

First tanker with Azeri oil to leave Ceyhan port in May, Energy Minister states

The first tanker with the Azerbaijani oil produced from the Azeri-Chirag-Guneshli fields will be delivered from the Turkish port Ceyhan in May 2006, Natik Aliyev, the Azerbaijani Minister of Industry and Energy, stated.
14 February 2006 [12:37]

IMF official to visit Azerbaijan

The chief economist of the International Monetary Fund (IMF) statistics department Mig Silver will visit Azerbaijan on 28 February.
14 February 2006 [10:20]

Ministry of Communication and Information Technologies vs. "Karabakh Telecom"

Ministry of Communication and Information Technologies plans to raise a question in International GSM Association on illegal activity of "Karabakh Telecom" registered in Armenia on the occupied Azerbaijani territories.
14 February 2006 [09:25]

Next selection of banks for servicing treasury not to be held earlier than 2007

Next competition for selection of commercial banks for servicing the treasury will not be held earlier than the beginning of 2007.
14 February 2006 [09:15]

Fazil Mammadov: "Special control measures implemented to prevent possible damage of state budget by manat's revaluation"

Taxes transferred to the budget in foreign currency will be used by the government for implementation of payments in currency.
14 February 2006 [09:10]

Tax revenue forecasted to increase by 46% next year

The Ministry of Taxes forecasts that tax revenue will increase by 46% in 2007.
14 February 2006 [08:45]

Several agreements to be signed at Russia-Azerbaijan economic forum

Several agreements in various economic realms are planned to be signed between Azerbaijan and Russia within the framework of the Russia-Azerbaijan economic forum to be held in Baku on February 22-25.
14 February 2006 [08:39]

Tender on plumbing installation in administrative building of SCC Medical Service Office

The State Customs Committee (SCC) announced a tender on plumbing installation in the administrative building of the SCC Medical Service Office.
14 February 2006 [08:30]

AZAL reduced number of flights to Istanbul, London, Tehran and some more cities

The AZAL National Aviation Company has cancelled Baku-Delhi and Baku-Haleb flights since February 17 due to increase of price of TS-1 aviation fuel.
14 February 2006 [08:07]

Meeting of Working Groups on Baki-Tbilisi-Akhalkalaki-Gars project postponed to the end of February

Next meeting of the Working Groups on the Baku-Tbilisi-Akhalkalaki-Gars railway-construction project will be held in Turkey late in February.
14 February 2006 [07:50]

Azerbaijan to receive first WB credit transfer under PRSC project this week

The government of Azerbaijan refused receiving two credit transfers in amount of $40 million from the World Bank (WB) under the Poverty Reduction Support Credit (PRSC) project.
14 February 2006 [07:48]

Strategy on reduction of profit tax to 20% for 5 years prepared

The government of Azerbaijan intends to introduce the mechanism for reduction of taxes by stages in the nearest future.
14 February 2006 [07:42]

Volume of consumer goods sold to population of country in January increased by 12.3%

Consumer goods amounting to AZN 426.5 million were sold to population of the country in January of the current year and it exceeds the same figure of the relevant month of 2005 by 12.3%.
13 February 2006 [15:05]

Azeri delegation to attend int'l event

Azeri postal officials will attend a regular meeting of the Council of Postal Operators of the Regional Cooperation Organization to take place in the Latvian capital Riga on April 19-21.
13 February 2006 [15:00]

Refinancing rate of Azerbaijan Mortgage Fund to make up 6% of annual

By the decision of the National Bank of Azerbaijan (NBA) the quotation rate of the Azerbaijan Mortgage Fund (AMF) on which it will allocate credit resources to authorized banks have been approved. It constitutes 6%.