Business

11 March 2006 [12:58]

Industry & Energy Ministry ceases validity of licenses

In accordance with the information entered the Azerbaijani Industry and Energy Ministry, some gas stations sale liquefied gas at the price exceeding the one, set (15-17gepik/per liter) by the Cabinet Of Ministers on 1 November 2004.
11 March 2006 [10:58]

Sheki and Khachmaz module power stations

Module power plants constructed in Sheki and Khachmaz will be activated in August and September, respectively.
11 March 2006 [10:23]

Forbes journal publishes list of billionaires

Forbes journal reported the annual ranking of the very richest people of the past year.
11 March 2006 [10:10]

Azerbaijani government, KFW to discuss energy project conditions

Electric transmission lines AzHES-Imishli construction project will finally be agreed between the German bank for reconstruction KFW and the government of Azerbaijan in April. KFW has allocated ?30 million for the development of the project.
11 March 2006 [10:05]

German-Azerbaijani Fund's activity might be expanded

Financing possibility for farmers via the German-Azerbaijani Fund (GAF) will be studied by the consultant of German bank for reconstruction KFW – German company Business Financial Consulting till March 18.
11 March 2006 [09:55]

Japan allocates a $1m grant for development of business estates in regions

The Asian Development Bank (ADB) and the Azerbaijani government will sign an agreement on the project for development of business estates in Baku on March 13.
11 March 2006 [09:40]

Georgia hesitates to repay debt for electricity

Georgia hesitates to repay a debt for electricity received from Azerbaijan in 1998 and volume of the neighboring country's debt is 32 million KWh.
11 March 2006 [09:25]

20 citizens applied to authorized banks for mortgage credits

Approximately 600 citizens have applied to authorized credit organizations participating in mortgage crediting within the week.
11 March 2006 [09:20]

SOCAR president met with personnel of Geology and Geophysics Office

SOCAR president Rovnag Abdullayev met with the management and personnel of the Geology and Geophysics Office.
11 March 2006 [09:15]

Poland's Economy minister will visit Baku on April 6

Economy minister of Poland Republic Petr Vojnyak will pay a visit to Azerbaijan on 6-7 April.
11 March 2006 [09:05]

Mortgage Fund held seminar for mass media

A seminar for mass media representatives was held in the National Bank of Azerbaijan (NBA) on introduction of the mortgage system.
10 March 2006 [17:59]

Azerenergy will generate record amount of electric energy in 2006

Azerenergy plans to produce a record amount of electric energy – 24,4bln KW/h in 2006, Marlen Asgarov, the Vice-President of Azerenergy, stated at press conference March 10.
10 March 2006 [11:59]

Barmek exaggerates volume of capital invested

The Barmek-Azerbaijan Electricity Network LLC did not fulfill its liabilities assumed during privatization of the Bakelektroavtomat Open Joint-Stock Company (OJSC).
10 March 2006 [10:26]

Reconstruction of Baku-Guba highway started

Reconstruction of 111-134th kilometers of the Baku-Guba highway has been officially started yesterday.
10 March 2006 [09:52]

"Hot line" of Mortgage Fund received 150 appeals so far

"Hot line" established in the Mortgage Fund of Azerbaijan (MFA) has received about 150 appeals so far.
10 March 2006 [09:49]

Distribution of social insurance certificates started

The State Social Protection Fund (SSPF) has started distributing social insurance certificates to social insurance payers in Azerbaijan.
10 March 2006 [09:44]

Tax revenues increased by 24.5%

The tax revenue forecast was executed 102.1% in January-February this year and AZN 228.7 million was transferred against AZN 224 million to the state budget.
10 March 2006 [09:34]

Huseyn Arabul: "Inspections impede us to continue our work"

A cause pleaded against the Barmek-Azerbaijan Electricity Network Limited Liability Company (LLC) damaged the image of the Company and imposed a phychological influence on its employees and subscribers.
10 March 2006 [09:30]

Electricity debt to Turkey to be paid by government

The Azerenergy Open Joint-Stock Company (OJSC) requested the government of the country to pay electricity debt to Turkey.
10 March 2006 [09:18]

118 million kWh of electricity received by Nakhchivan

This February more than 118.08 million kWh of electricity was received by the power network of the Autonomous Republic (AR) of Nakhchivan.
10 March 2006 [00:24]

TUSIAB holds 12th general assembly

International Society of Turkish industrialists and businessmen, TUSIAB, have conducted its 12th general assembly.
09 March 2006 [13:29]

Shahdeniz project 91.5% complete

The Shahdeniz project has progressed deliver the first gas to the market on September 30, the State Oil Company said.
08 March 2006 [16:17]

Construction of a new combined-cycle plant is underway

The largest energy unit - combined-cycle plant is being built in Sumgait, an industrial city near Baku, Azerbaijan, the Azerenergy open Stock Company told.
08 March 2006 [16:14]

Caspian oil to reach Ceyhan terminal in May

Filling of the Baku-Ceyhan-Tbilisi oil pipeline is going on, the State Oil Company of Azerbaijan said.
08 March 2006 [16:12]

Oil production to break record

Last year, the country has produced 22,2 mln tons of oil and 5,82 billion cubic meters of gas and 22,3 billion kwh electric power.
08 March 2006 [11:15]

PUM Program's South Caucasus project manager visits Baku

The South Caucasus project manager of the PUM Program of Netherlands (Program for Sending Managers Abroad) Pieter van Gelder is on a visit in Baku from March 7 to 11.
08 March 2006 [11:10]

TekhnikaLeasing starts negotiations with Black Sea Trade and Development Bank

The TekhnikaLeasing Limited Liability Company (LLC) has started negotiations with the Black Sea Trade and Development Bank (BSTDB) on attraction of credit from BSTDB for leasing development.
08 March 2006 [11:05]

Deposits' volume in banks increased by 1.7%

Volume of deposits of physical and juridical persons in banks operating in Azerbaijan increased by 1.7% in January, 2006 and totaled AZN 1.316bn by February 1.
08 March 2006 [10:55]

In February 418.6m cubic metres of natural gas imported from Russia

In February this year Azerbaijan imported 418.6 million cubic metres of natural gas from Russia.
08 March 2006 [10:50]

Tax declaration season started

Physical persons must submit their tax returns to tax authorities by March 31. Otherwise, they will be fined AZM 220 thousand.
08 March 2006 [10:45]

Azerenergy increased electricity production by 6.7%

About 2.238bn kWh of electricity was produced in the Azerenergy system in February this year and it exceeds the same figure of the last year's relevant period by 6.7%.
08 March 2006 [10:40]

Turkish Ambassador: "Tariffs of Azerbaijan and transport expenditures are more acceptable for Russia than for Turkey"

The governments of Turkey and Azerbaijan implement work on increasing trade turnover between the two countries.
08 March 2006 [10:25]

ABTC to start conducting long-term courses at the end of year

The Azerbaijan Bank Training Centre (ABTC) will start conducting long-term courses from the 4th quarter of 2006.
08 March 2006 [10:15]

Turkish Ambassador: "Turkey and Azerbaijan are able to protect the BTC"

"Turkey and Azerbaijan are capable of protecting Baku-Tbilisi-Ceyhan (BTC) oil pipeline themselves,” said Turkish Ambassador to Azerbaijan Turan Morali.
08 March 2006 [09:55]

Azerbaijan, Switzerland to explore investment opportunities

The Azerbaijan-Switzerland investment seminar is due in Zurich on March 16.
08 March 2006 [09:45]

AtaGida Company to start activity with establishing macaroni factory in Khachmaz

AtaGida, a newly-established AtaHolding company, will start its activity with establishing a macaroni factory in Khachmaz region this year.
07 March 2006 [21:11]

US State Department considers Azerbaijan should use incentives to develop non-oil sector

The US State Department today issued the "Azerbaijan 2006 Investment Climate Statement".
07 March 2006 [20:30]

Barmek's employees accuse management

Several representatives of Barmek Energy Distribution Company held a news conference to report on illegal acts by the heads of the company.
07 March 2006 [20:14]

Azerbaijan ranks first in CIS for growth of industrial production

In January 2006 the highest growth pace in industrial production in CIS was fixed in Azerbaijan, which turned out 40% more than last year, according to data by the CIS Interstate Statistics Committee.
07 March 2006 [12:58]

6-7 thousand to lose job by the end of this year

About 6-7 thousand of Azerbaijanis will lose their job, because 4 oil sector projects will be finished by the end of the year.
07 March 2006 [12:38]

SOCAR to attend meeting of Azeri-Moldovan expert group

A meeting of the Azerbaijani-Moldovan expert group on geological survey in the territory of Moldova during the exploration of oil and different types of mineral wealth will be held in Kishinev from 6 to 11 March.
07 March 2006 [12:19]

Trades at BICEX

The weighted average exchange prices made up 0.9124 AZN for 1 US dollar in the Baku Interbank Currency Exchange March 6.
07 March 2006 [11:07]

Economical relations between Japan and Azerbaijan to be increased

Economical relations between Japan and Azerbaijan will be the focus of attention in the business forum, to be held during president Ilham Aliyev's visit to Japan.
07 March 2006 [10:40]

WB health mission visited Baku

The health mission of the World Bank led by Enis Barish arrived in Baku today.
07 March 2006 [10:30]

Fuad Alakbarov: "Insurance companies do not show interest in the International Green Card System"

"Instead of joining the International Green Card System, insurance companies of Azerbaijan are interested to sell cards of other countries."
07 March 2006 [10:25]

Hot line established in National Bank and Mortgage Fund

Hot line was established at the public relations and information department of the National Bank of Azerbaijan (NBA) and Mortgage Fund of Azerbaijan (MFA).
07 March 2006 [10:06]

Nakhchivan Agro-leasing buys agricultural machinery

The Nakhchivan Agro-leasing Open Joint-Stock Company studies the demand of landed proprietors to agricultural machinery, buys required machinery and equipment and leases it.
07 March 2006 [10:00]

Assets of Tekhnikabank has increased by 2%

Volume of deposits with fixed period attracted by Tekhnikabank increased by 12% over last two months.
07 March 2006 [09:35]

Memorandum of Understanding signed between Azerbaijan Bank Training Centre and USAID

A Memorandum of Understanding was signed today between the Azerbaijan Bank Training Centre (ABTC) and ACDI/VOCA, the implementing organization of the US Agency for International Development (USAID).
07 March 2006 [09:30]

SCS approved regulations of Nakhchivan branch of National Deposit Centre

The State Committee for Securities (SCS) approved regulations of the Nakhchivan branch of the National Deposit Centre (NDC).
07 March 2006 [09:25]

Protocol of intention signed between AtaHolding and Hasit Company of Germany

A protocol of intention signed between the AtaHolding Open-Joint Stock Company (OJSC) and Hasit Company of Germany on construction of an enterprise to produce building materials in Azerbaijan.
07 March 2006 [09:10]

Car factory to be opened in Shamakhi

A factory to produce "Samand" lorries of Iran is splanned to be opened in Shamakhi in April.
07 March 2006 [09:05]

World Bank's agricultural mission visits Baku

The agricultural technical mission of the World Bank led by the Frauke Yunglut came to Baku on Monday.
07 March 2006 [09:00]

Nakhchivan Gas-Turbine Power Station to be fully commissioned in April

Operation circuit of the first and second power units of the Nakhchivan Gas-Turbine Power Station currently being reconstructed is ready.
06 March 2006 [19:01]

Shore Overseas Azerbaijan rejected suggestion of Mortgage Fund

The Shore Overseas Azerbaijan non-banking credit organization (NBCO) refused to be an authorized credit organization in mortgage crediting process.
06 March 2006 [10:34]

Several Azerigas employees fired

Large meeting was held at Azerigas Closed Joint Stock Company.
04 March 2006 [17:56]

CDMA applied in Nakhchivan AR

CDMA (Code Division Multiple Access) was installed in the Nakhchivan Autonomous Republic.
04 March 2006 [16:02]

Azerbaijan and China expand ICT cooperation

Sides discussed Chinese ICT companies' operation in Azerbaijan.
04 March 2006 [12:35]

Ex-Head of Nikoil Bank appointed Chair of AtaBank Administrative Board

Mobil Sharifov was appointed to the chief position of the Administrative Board of "AtaBank" OJSC.
04 March 2006 [11:45]

Construction of Devechi ring road to be started March 10

Last year AZN 30 million was utilized for repair and maintenance of motor roads under exploitation. And AZN 25.7 million for establishments constructed at the expense of domestic investments and Azerbaijan's share in foreign investment-funded projects.
04 March 2006 [11:11]

Third cellular operator to start operation soon

The Azerfon Company, the third cellular operator in Azerbaijan, will start operation from the second half of 2006.
04 March 2006 [10:57]

Bayva network to be transmitted to Azerenergy

The network of the Bayva Energy Management Centre will be completely transmitted to the Azerenergy Open Joint-Stock Company (OJSC) by March 5.
04 March 2006 [10:06]

19 enterprises producing and importing alcoholic drinks stopped

The Ministry of Agriculture suspended licenses of several enterprises importing and alcoholic drinks of poor quality.
04 March 2006 [09:59]

Tariff Council to hold next meeting in March

The Tariff Council (TC) will hold its next meeting late in March this year.
04 March 2006 [09:53]

Actual volume of oil production exceeded 4.2%

This February oil production was 703.3 thousand tons against 674.8 thousand tons of planned volume in the republic, that is, the monthly forecast was implemented 4.2% superfluously.
03 March 2006 [23:53]

Action brought against Hussein Arabul

According to General Prosecutor Office, an action was brought against Hussein Arabul, the Head of "Barmek".
03 March 2006 [19:15]

Presentation of Baku-Urumqi flight

China Southern airlines air company will make a Baku-Urumqi flight by B-757 on March 7, Zhang Haizhou, the Chinese Ambassador to Azerbaijan, stated at the presentation of the flight.
03 March 2006 [19:00]

Grain Council established at Agriculture Ministry

A Grain Council has been established at the decree by the Agriculture Minister.
03 March 2006 [17:19]

McDermott Caspian Contractors, Inc. made press statement

The management of McDermott Caspian Contractors, Inc. (MCCI), the Caspian operating subsidiary of J. RayMc Dermott, S.A. (J.Ray), takes this opportunity to comment the incident at the MCCI operated facility at Baku Deepwater Jacket Factory named after Heydar Aliyev (BDJF) in the morning February 24, 2006 and disclose the results of their preliminary investigation to the public.
03 March 2006 [11:37]

Banks to be merged

The commercial banks of Azerbaijan must increase their capitals.
03 March 2006 [11:26]

Ferry terminal reconstruction to be finished soon

"The Baku international commercial port intends to accomplish the first stage of the ferry terminal rehabilitation in the shortest time," stated Transport Minister Ziya Mammadov has said.
03 March 2006 [11:22]

Baku Telephone Communications plans to render IP-TV services

The enterprise is currently designing the system.
03 March 2006 [10:53]

Azerbaijan to refuse credits of international organizations

The government of Azerbaijan will refuse credits of international organizations delaying negotiations on road infrastructure funding.