Business

20 January 2006 [01:48]

Placement of yesterday's emission of notes of National Bank completed today

Additional placement of short-term notes of National Bank of Azerbaijan (NBA) with the state registration number 50100312S was held in Baku Stock Exchange (BSE).
19 January 2006 [15:38]

BTC-pumped oil to reach Ceyhan terminal in March

The oil pumped to the Baku-Tbilisi-Ceyhan pipeline at the Sangachal terminal will reach the Turkish port Ceyhan in March, Azerbaijan International Operating Company said.
19 January 2006 [05:07]

Public organizations complain of violation of rights of oil-workers by foreign oil companies

The Guardians Humanitarian Organization and Information and Resource Center on Oil Industry of Azerbaijan held a conference on "Policy and activity of foreign oil companies in Azerbaijan" today.
19 January 2006 [04:53]

Ministry of Economic Development to monitor cellular phone market

The Antimonopoly Policy Department of the Ministry of Economic Development will monitor the cellular phone market of the country.
19 January 2006 [04:41]

Agricultural mission of World Bank visited Baku today

World Bank's agricultural mission headed by Frauke Yunglut visited Baku today.
19 January 2006 [04:39]

Ministry of Transport offers to decrease benefits in international and transit cargo traffic by 5-40%

The Ministry of Transport intends to decrease benefits currently applied in international and transit cargo traffic by 5-40%.
19 January 2006 [04:20]

Azercell signed GPRS/MMS roaming contract with 3 more foreign cellular operators

The Azercell Telecom Joint Enterprise (JE) signed GPRS/MMS roaming contract with 3 more foreign cellular communication operators – "People" of Hong Kong, "Tele 2" of Estonia and "Mobitel" of Slovenia.
19 January 2006 [04:17]

National Bank of Azerbaijan placed notes totaling 5.01 million manats today

An auction on placement of short-term notes with the state registration number 50100312S of the National Bank of Azerbaijan was held in the Baku Stock Exchange (BSE) today.
19 January 2006 [04:01]

Small privatization generated 10.9 million AZN of revenue in state budget in 2005

Over 1600 small state enterprises and establishments were privatized in 2005 in the result of the measures implemented by the State Committee for State Property Management.
19 January 2006 [03:52]

World Bank approved $200 million credit for rehabilitation of Alat-Astara and Baku-Shamakhi roads

A decision on disbursement of $200 million credit for the Azerbaijan Highway II Project was taken in a meeting of the Board of Directors of the World Bank (WB) held yesterday.
19 January 2006 [03:51]

Official monetary reserves forecasted to increase by 50% in 2006

The National bank of Azerbaijan (NBA) predicts official currency reserve to increase by 50% to $1.5 milliard during the current year.
19 January 2006 [03:47]

Credit to be disbursed for modernization of locomotive fleet of ASR expected to be approved in next meeting of EBRD

It is expected that a credit of $50 million the European Bank for Reconstruction and Development (EBRD) to grant to our country for upgrade of the locomotive fleet of the Azerbaijan State Railway (ASR) will be approved in a next meeting of the Board of Directors of the Bank to be held on January 27.
19 January 2006 [03:36]

Overall turnover of Baku Interbank Currency Exchange increased by 9% last year

Volume of overall turnover of the Baku Interbank Currency Exchange (BICEX) decreased by 9% in 2005 and comprised 835 million 116 thousand AZN ($885.6 million) by January 1, 2006.
19 January 2006 [03:32]

2-week pause emerged in activity of Baku Steel Company to damage steel mill in amount of $1 million

The Baku Steel Company possesses enough reserve of armature for meeting the domestic demand during the 2-week pause emerged in activity of the steel mill.
19 January 2006 [03:26]

Assets of Azerdemiryolbank increased by 73% during past year

Volume of assets of the Azerdemiryolbank Joint-Stock Bank (JSB) totaled 49 million 767.6 thousand AZN by January 1 of the current year and this is 73% more than the same indicator of the previous year.
19 January 2006 [03:07]

Regular auditors' report on Extractive Industry Transparency Initiative prepared

The AGN Mak Company completed preparation of an auditors' report on the first six months of 2005 within the framework of the Extractive Industry Transparency Initiative (EITI).
19 January 2006 [03:00]

Ernst & Young Company to audit activity in 2005 of SOCAR Marketing and Economic Operations Office

The results of activity in 2005 of the SOCAR Marketing and Economic Operations Office (MEOO) will be examined by the Ernst & Young Accounting and Consulting Company.
19 January 2006 [02:33]

Increase by 0,8% in price registered in land market

Increase by 0,8% in price was registered in the land market of Baku in December, 2005.
19 January 2006 [02:31]

Tender on major repairs of roads and reconstruction works held in Sabirabad city

The representation in Sabirabad city of the Sabirabad region Executive Power announced an open tender on major repairs of the roads and implementation of reconstruction works in the city in 2006.
18 January 2006 [17:47]

Despite worsening of weather conditions Azerenerji covers demand for energy

Despite worsening of weather conditions there is no any restriction in energy supply of Baku and Absheron Peninsula as in previous years.
18 January 2006 [15:58]

Paolo Perviz, BSC President: "Baku Steel Company still operates, and no pressure from Azeri Government"

The Company’s president Paolo Perviz made comments on his leaving Azerbaijan , and stoppage of his company’s activity.
18 January 2006 [04:45]

Heydar Babayev thinks that fares in transport most likely not to be raised this year

The Ministry of Transport has already submitted its proposals on increasing fares in transport to the Tariff Council.
18 January 2006 [04:33]

Azeronline brought action against Ministry of Economic Development

The Azeronline Joint Enterprise (JE) unsatisfied with a decision concerning the Internet providers issued in December by the Antimonopoly Policy Department of the Ministry of Economic Development brought an action against this structure in the Court of Economy.
18 January 2006 [03:49]

BakGas increased daily gas delivery to population 4 times in connection with snap of cold

Daily volume of gas delivery to population of the capital was increased to 11 million 458 thousand cubic meters in connection with snap of cold in the republic.
18 January 2006 [03:42]

Volume of capital invested in building sector increased 12,7% last year

5,4 milliard AZN were directed to the main capital from all financial sources during the past year and this is 12,7% more in comparison with the same indicator of the previous year.
18 January 2006 [02:48]

24,9% of subscribers of population group and 91,6% of non-population group of "Barmek" paid for electric energy in December

"Barmek Azerbaijan Electric Network" LLC supplied consumers with 1 milliard 132,78 million kWh of electric energy in December, 2005.
18 January 2006 [02:43]

Seminar on "Inflation and capability for international rivalry: methodology and experience of central banks" held in National Bank

A scientific-methodological seminar on "Inflation and capability for international rivalry: methodology and experience of central banks" was held for mass media representatives in the National Bank of Azerbaijan (NBA) today.
18 January 2006 [02:37]

National Bank predicts basis inflation to form 6-7% in 2006

It is predicted that the basis inflation level will form 6-7% in the country during this year.
18 January 2006 [02:27]

Azerkredit Bank prepared its five-year development strategy

The Azerkredit Commercial Bank (CB) completed preparation of the development strategy for 2006-2010 of the bank with participation of the specialists of the Azerbaijan Bank Training Center.
18 January 2006 [02:07]

Negotiations held for establishing trade unions in Scotch companies operating in Azerbaijan

Negotiations with foreign companies operating in the field of oil and gas output in our country continue.
17 January 2006 [21:40]

WB & government sign a loan agreement on new project

On Tuesday the World Bank and the Azerbaijani government signed a loan agreement on allocation of two grants within the implementation of new project "Agricultural Environment of Azerbaijan".
17 January 2006 [21:33]

Heydar Babayev: "Government to support activity of BSC"

Azerbaijani government is aware of suspension of production of Baku Steel Company, told journalists Heydar Babayev, economic development minister of Azerbaijan.
17 January 2006 [19:45]

Baku-Tbilisi-Ceyhan oil pipeline to be fulfilled by March 2006 - Turkish Energy Minister

Turkish Minister for Energy and Natural Resources Hilmi Guler's exclusive interview to Trend news agency.
17 January 2006 [19:32]

Heydar Babayev: "?zerbaijan takes first place in attracting direct foreign investments"

The Fifth meeting of the board of trustees of the Azerbaijan Fund for Facilitation of Export and Investments (AFFEI) has been held today.
17 January 2006 [17:56]

Taxes Ministry strengthens operative tax control

The Taxes Ministry revealed violations at 17,805 objects belonging to 17,782 taxpayers within the measures taken on operative tax control in 2005.
17 January 2006 [17:28]

Forecast fulfilled on 9 types of taxes during 2005

667,7 million AZN have been transferred to the state budget in 2005 against the forecast of 741,2 million AZN in the state sector, and in the non-state sector - 760,8 million AZN (the planned amount is 679,2 million AZN). Performance in the state sector is 90,08%, and 112% - in the non-state sector.
17 January 2006 [14:09]

Taxes Ministry reports on double-taxation Agreements

Azerbaijan applies bilateral agreement on evasion from double taxation on profit and property with 17 countries, the Azerbaijani Taxes Ministry announced.
17 January 2006 [13:30]

IMF "did not demand" oil products price hike

The recent doubling of the prices on some oil products was not a requirement of the International Monetary Fund, but "just a recommendation to the Azeri government", the IMF representative in Azerbaijan Basil Zavoico has said.
17 January 2006 [11:40]

Anti-corruption project to be presented

A project on fighting corruption will be presented in the Confederation of Azerbaijani Entrepreneurs (CAE) next Monday.
17 January 2006 [11:36]

German company buys Azeri oil to be exported from Georgian port

Germany’s Select Energy Company has purchased this year’s first portion of oil to be exported by SOCAR from the Batumi port of Georgia in February.
17 January 2006 [06:00]

Azerphone Company to cover 85% territory of country in following 2 years

The Azerphone Joint Enterprise (JE) which signed a contract with the Ministry of Communication and Information technologies for the purpose of providing cellular communication services as a new GSM operator in Azerbaijan intends to establish its network in Baku (in whole Absheron), Ganja, Mingechevir, Ali Bayramli and Guba cities till September, 2006.
17 January 2006 [05:54]

Testing of Automated Taxes Information System to complete till end of January

The Ministry of Taxes will complete testing of the Automated Taxes Information System (ATIS) till the end of January.
17 January 2006 [05:46]

U.S. Stone Mount consulting company bought participation share of AtaHolding in AtaAudit Company

The U.S. Stone Mount Company bought participation share of AtaHolding in the AtaAudit Company included in the structure of the holding.
17 January 2006 [05:42]

Lawyer of Ibrahim Mammadov refuted news concerning “Azpetrol” published in press

Ramiz Hasanov, the lawyer of Ibrahim Mammadov, the founder of the “Azpetrol Oil Company” Limited Liability Company (LLC) held a press-conference today.
17 January 2006 [05:36]

Baku Steel Company stopped its activity from January 16

The Baku Steel Company has stopped its activity from January 16 because of lack of raw materials.
17 January 2006 [05:29]

AtaInsurance Company to increase its ownership capital twice till end of year

The AtaInsurance Company intends to increase its ownership capital 2 times to the amount $2 million till the end of the current year.
17 January 2006 [05:26]

“International Bank of Azerbaijan-Moscow” to obtain $5 million of credit from Austrian banks

The “Raiffeisen Zentralbank ?sterreich Aktiengesellschaft” and “Raiffeisenbank Austria” Banks adopted a decision to grant $5 million of credit to the “International Bank of Azerbaijan-Moscow”.
17 January 2006 [05:19]

Bank Standard started implementation of privileged tourism program

The Bank Standard Commercial Bank has started implementation of the “Bon Voyage” privileged tourism program prepared along with several travel agencies of the country from today.
17 January 2006 [05:12]

First Business Leadership School in Southern Caucasus to be established with financial support of USAID

The Azerbaijan Bank Training Center (ABTC) establishes the first Business Leadership School in Southern Caucasus along with the US Agency for International Development (USAID).
17 January 2006 [04:57]

T-bills in volume of 5 million AZN placed in BSE

An auction on placement of T-bills with the state registration number 10200213S of the Ministry of Finance was held in the Baku Stock Exchange (BSE) today.
16 January 2006 [17:49]

Azeri broiler factories reduce production due to decrease of sale

Bird flu epidemic covered some countries begin adversely affect the local production of poultry in Azerbaijan. Both the purchasing capacity of the population and the production of chicken meat at broiler factories dropped due to spreading of bird flu in some countries.
16 January 2006 [17:39]

?zerbaijan is the second country where Turkish entrepreneurs seek to invest

?zerbaijan is the second country after Holland where Turkish businessmen seek to invest their capital, willing to save them from the domestic crisis, such data is presented in the annual report of the Ankara Chamber of Industry.
16 January 2006 [16:01]

Turnover of BBVB makes up 60% of all 4 exchanges in Azerbaijan in 2005

In 2005 the turnover of the Baku Interbank Currency Exchange (BBVB) comprised 835,116m AZN ($885.6).
16 January 2006 [14:50]

New substation Bina to be commissioned in Feb

110KV substation Bina up to modern world standards will be put into exploitation in late February.
16 January 2006 [14:18]

Azerbaijani businessmen to participate in int’l exhibition on fishing

A delegation of Azerbaijani businessmen will leave for Iran on 24-27 January to participate in the 4th international exhibition dedicated to marine products and exploration of sea animals.
16 January 2006 [13:56]

Azeri oil market: results of week

From 9 through 13 January URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $55.30 per barrel or rose $2.43 barrel as compared to the last week (2 - 6 January).
16 January 2006 [13:51]

Shares of 81 Azeri JSCs put for money auction

The State Committee on State Property Management announced in the organization of a next money auction, where 81 joint stock companies (JSCs) will put their shares.
16 January 2006 [10:05]

SOCAR to stop temporarily petrol export

The State Oil Company of Azerbaijan Republic (SOCAR) will temporarily stop selling petrol to abroad.
15 January 2006 [15:30]

Major shipments made via transit

14 January 2006 [21:13]

Communications Ministry commissions around 165,000 numbers in 2005

The Azerbaijani Communications and Information Technologies Ministry commissioned 164,185 telephone number, or 42,611 numbers more as compared 2004.
14 January 2006 [20:38]

SOCAR President Rovnag Abdullayev visited Lenkoran

President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev visited Lenkoran.
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.