Business

27 July 2005 [09:49]

Construction of new sugar plant starts in Salyan

The small enterprise ‘Anar-93’ started the construction of a sugar plant near the Baku-Astara motor highway in Salyan.
27 July 2005 [09:09]

President Ilham Aliyev visited Khachmaz region

The president Ilham Aliyev visited Khachmaz region yesterday.
27 July 2005 [09:03]

Azerbaijan to be included in list of countries recommended for tourist trips

Azerbaijan will be shortly included in the list of countries recommended for tourist trips by the government of China. The accord between Azerbaijan and China on including Azerbaijan in the list of countries, recommended for traveling was achieved in the previous year during the visit of the Minister of Youth, Sport and Tourism Abulfaz Karayev to China.
27 July 2005 [08:38]

Etibar Pirverdiyev: “Debt of Barmek company for unfulfilled commitments is 160 billion manats”

The Barmek-Azerbaijan Company does not fulfill its obligations on some clauses of the agreement, signed with the government of Azerbaijan for delivery in asset management of the energy distribution networks of Baku and Sumgayit, the Open Joint Stock Company (OJSC) Azerenerji head, Etibar Pirverdiyev told journalists on 26 July.
26 July 2005 [10:55]

Azeri delegation to participate in show in Turkey

A 45-member delegation will represent Azerbaijan in an international exhibition ‘Konia shoes, leather industry and fashion’, which will be held in Konya, Turkey, from 4 to 7 August, the Confederation of Azerbaijani Entrepreneurs (CAE).
26 July 2005 [10:54]

IFC allots $3m to Azeri Microfinance Bank

The Azerbaijani Micro Finance Bank of (MFBA) and the International Finance Corporation (IFC) signed an agreement on allotment of credit by the IFC.
26 July 2005 [10:50]

German government to grant 1.2 million euros to Azerbaijan

German government is ready to allocate 1 million 185 thousand euros to Azerbaijan.
26 July 2005 [09:02]

Azerpocht to carry out postal money order on Western Union, Travelex systems

The Azerpocht state enterprise (SE) will apply postal money transfer on Western Union and Travelex systems. The work on realization of these systems is underway.
26 July 2005 [08:50]

Issue on EBRD’s entrance to capital of Bank of Baku postponed

The European Bank for Reconstruction and Development (EBRD) officially announced that the consideration of possible participation in the capital of Bank of Baku originally scheduled for 26 July to 6 September 2005.
26 July 2005 [08:49]

World Bank manager in Azerbaijan resigns

Ahmad Jahani, the manager of the World Bank (WB) on Azerbaijan, resigned from his prior to completion of his term.
26 July 2005 [08:48]

Gobustan Operating Company suspends drilling of appraisal well

The Gobustan Operating Company (GOC) suspended the drilling of the appraisal well at the Kanizdag field and Coastal block, including into the contract area of the South-Eastern Gobustan for lack of some devices.
26 July 2005 [08:46]

Ilham Aliyev visited northern region

The president Ilham Aliyev visited Guba region yesterday.
25 July 2005 [09:05]

COPAL leaves agreement on use of Heydar Aliyev rig

Chevron Overseas Petroleum Azerbaijan Ltd. (COPAL), an operating company involved in the Absheron offshore bloc, notified its partners in the Heydar Aliyev rig utilization agreement about his leaving the agreement.
25 July 2005 [08:42]

Unified database on combat of terror to be established under GUAM

The establishment of database for fighting terror, organized crime, drug trafficking and illegal migration will be on focus of the forthcoming meeting of the virtual centers of GUAM to be held in Baku on 25 July.
25 July 2005 [08:36]

Russia to stop gas transfer to Azerbaijan for 3 days

The “Gasexport” company of Russia will stop gas transfer to Azerbaijan on July 26-29.
25 July 2005 [08:11]

Money mass in Azerbaijan grew 6.3%

In June money mass in Azerbaijan grew 6.044%, while in 2005 a rise comprised 12.7%. The National Bank of Azerbaijan said that as of 1 July the amount of money mass in Azerbaijan (M2) comprised 3851.3bn manats against 3,631,8bn mantas fixed as of 1 June and 3,418bn mantas as of 1 January 2005.
25 July 2005 [08:01]

Gobustan Operating Company lost court hearing on Ecology Ministry suit

Gobustan Operating Company (GOC) lost the case in the court on the suit for damaging the environment filed by the inspectorate on the environment and natural resources state control under the Ministry of Ecology and Natural Resources of Azerbaijan (MENRA), the Minister of Ecology and Natural Resources Husseyn Bagirov told Trend.
24 July 2005 [09:23]

Pakistani companies eager to enter Azeri market

“Pakistani companies are eager to expand trade-economic relationships with Azerbaijan,” members of the Pakistani business delegation said in a meeting with the Azerbaijani entrepreneurs in Baku on Friday.
24 July 2005 [08:56]

Opening of Excelcior hotel postponed

The opening of Excelcior hotel in Baku, originally scheduled for July 22, has been postponed to 1 August 2005.
24 July 2005 [08:54]

IMF delegation held meetings in National Bank, Economic Development and Finance Ministries

The delegation led by the deputy of the executive director of the International Monetary Fund (IMF) Agustin Kaustens held meetings in the National Bank, Economic Development and Finance Ministries.
24 July 2005 [08:28]

Ilham Aliyev received International Monetary Fund Deputy Managing Director

President Ilham Aliyev today received the delegation led by Deputy Managing Director of International Monetary Fund (IMF) Agustin Carstens.
24 July 2005 [08:12]

IMF experts consider the economic situation is much better in Azerbaijan than in the other Southern Caucasus countries

The delegation consisting of 9 persons led by the 1st deputy of the chairman of Milli Majlis Arif Rahimzade took part in the seminar “About macroeconomic policy for the parliamentarians of the Southern Caucasus” organized in the institute of the International Monetary Fund (IMF) situated in the capital of Austria, Vienna.
24 July 2005 [08:10]

20,000 tons of tobacco to be produced in 2015

The tobacco production in the country will be increased to 20,000 tons a year in 2015, the Agriculture Ministry told Trend.
24 July 2005 [08:07]

Catel, Azeri-U.S. company to open over 10 express-centers in Azerbaijan by late 2005

Azerbaijan-U.S. joint venture Catel (Caspian American Telecommunications, LLC) plans to open over 10 express-centers in the capital and regions under an agreement signed with Omnitel, a distribution company, on the organization of cleint service network in commucnaition.
24 July 2005 [07:53]

Azerbaijan to participate in exhibition in China

The 9th Chinese International Investment and Trade Exhibition will be held in Siamine, China, from 8 to 10 September, the Fund of Encouragement of Investments and Consultations told Trend.
22 July 2005 [09:12]

Azerbaijan has potential for application of corporate governance standards

Application of corporate standards is a long-term project. An expert of the Saving Bank Foundation for International Cooperation (SBFIC), Rayner Haberkorn, said that the application of such standards will take neither 2 nor 2 years in Azerbaijan.
22 July 2005 [09:07]

Azerbaijan might sell gasoline to African countries

If Georgia refuses to purchase Azerbaijani gasoline, the State Oil Company of Azerbaijan (SOCAR) can find other potential markets from 2006.
22 July 2005 [08:32]

Germany assists Azerbaijan in its admission to World Trade Organization

German expert on World Trade Organization Rudiger Ohst has been making recommendations to Azerbaijan government on all issues concerning admission of our country to the WTO since 18 July.
22 July 2005 [08:30]

International agriculture delegation completes visit to Azerbaijan

A delegation of ICARDA (International Center for Agricultural Research in the Dry Areas) headed by Rajendra Paroda, a coordinator on the Central Asia and South Caucasus, will complete the mission to Azerbaijan on Thursday.
22 July 2005 [08:18]

German Bank to allot 1,185,000 euro for project development

The German government will approve a 1,185,000 euro grant to Azerbaijan.
21 July 2005 [09:48]

Preparations for Azeri-Greek business forum underway

The Ministry of Youth, Sports and Tourism of Azerbaijan sent several proposals to the Greek Tourism Ministry concerning the development of cooperation in the sphere of tourism.
21 July 2005 [09:32]

1-st Finland-Azerbaijan economic forum due

The 1st Finland-Azerbaijan economic forum will be held on September 30, the press-service of the Azerbaijani Entrepreneurs Confederation, the organizer of the forum, told Trend.
21 July 2005 [09:02]

GUAM meeting due in Baku

The meeting of the Virtual center on fighting the organized crime and illegal drug trafficking in the GUAM countries will take place on 23 July in Baku.
21 July 2005 [08:10]

Yield on SOFAR assets management by international managers to make 3%

The average yield from the State Oil Fund of the Azerbaijan Republic (SOFAR) assets management on the results of the first half-year of 2005 is some 3%.
20 July 2005 [10:36]

Zurab Nogaideli: “New standards of motor fuel in Georgia will not affect their import from Azerbaijan”

Introduction of new European Union standards of motor fuels will not affect the import of the Azerbaijani combustive-lubricating materials, the Georgian Prime Minister Zurab Nogaideli told Trend on 19 July.
20 July 2005 [09:54]

Ministry of agriculture applied to Cabinet of Ministers on taking measures on alcoholic beverages illegal trade preventing

The Ministry of Agriculture applied to the Cabinet of Ministers of Azerbaijan for taking measures on preventing the illegal production of alcoholic beverages, the Minister of Agriculture Ismet Abasov told journalists on 19 July.
20 July 2005 [09:18]

Georgia intends to increase the volume of oil products it imports from Azerbaijan

Georgian Prime Minister Zorab Nogaideli who is on a visit to Baku refuted the information that Georgia is not satisfied with the quality of oil products of Azerbaijan.
20 July 2005 [09:16]

AIOC suspended operations of western pipeline and Supsa terminal according to schedule

The Azerbaijan International Operating Company (AIOC) plans to carry out the scheduled suspension of the Georgian Supsa terminal operation, following the suspension of the Baku-Supsa pipeline.
20 July 2005 [09:11]

Azerbaijan started to export milk and milk products to Georgia

Azerbaijan exports milk and milk products to Georgia starting since this month. According to the words of the chairman of the Entrepreneurship Development Department of the Economic Development Ministry Alihuseyn Shaliyev, building materials and plastic goods are also exported from Azerbaijan to Georgia.
20 July 2005 [09:06]

Taxes Ministry publicizes structure of tax incomes over Jan-Jun

The tax income over January-June 2005 comprised 3,223,815,5m manats, or 104.5% of the forecast equal to 3,083,880m manats, Taxes Ministry told Trend.
20 July 2005 [09:02]

Baku-Tbilisi-Batumi air-route to be opened

The “Azerbaijan Airlines” State Company realizes flights everyday of a week in the Baku-Tbilisi-Baku air-route at present.
20 July 2005 [08:55]

Azerbaijan-Georgia business-forum held in Baku

The Azerbaijan-Georgia business-forum was held in Baku Business center yesterday.
19 July 2005 [09:23]

Next sitting of Azerbaijan-Georgia intergovernmental commission held in Ganja

Next sitting of Azerbaijan-Georgia intergovernmental economic commission was held in Ganja yesterday.
19 July 2005 [09:08]

75,000 jobs open in Azerbaijan in 2005

A total of 75,000 jobs opened in Azerbaijan in 2005, including 38,000 permanent jobs, Arif Valiyev, the head of the State Statistics Committee (SSC), said on July 18.
19 July 2005 [08:46]

“Azpetrol” transported 1 million729 thousand 542 tons of oil and oil products to Batumi port during 6 months this year

“Azpetrol” LTD transported 1 million 729 thousand 542 tons of oil and oil products to Batumi port during 6 months of the current year.
19 July 2005 [08:20]

bp interested in privatization of Azerbaijani gas plant

The BP is interested in the privatization of the Azerbaijan Gas Emali joint stock company (JSC, Azerbaijani gas refinery plant).
19 July 2005 [08:18]

Project implemented for improving drinking water supply of populated areas of Absheron

Project for improving drinking water supply of the populated areas of Baku and Sumgayit, as well as Apsheron is implemented on transmitting the subsoil waters in Alazan-Ayrichay (Oguz-Gabala) valley located 315 km apart from Baku, 500 meters higher than the sea level to Sangachal pumping station unit.
19 July 2005 [08:14]

Ganja automobile plant outputs 350 cars

The Ganja automobile plant has manufactured some 350 cars since the reconstruction. Khanlar Fatiyev, the Director of the plant told Trend that this year the output comprised over 300 automobiles.
19 July 2005 [08:10]

“Heydar Aliyev” rig might remain without contracts in Caspian

Participants of the oil production in the Caspian forecast vague prospects on exploitation of ‘Heydar Aliyev’ drilling rig (former LIDER), which belongs to Dutch company Maersk, Trend reports in reference to sources at foreign companies.
18 July 2005 [08:17]

Governmental refutes reports on cancellation of contracts with Barmek and Bayva

The Cabinet of Ministers did not confirm media reports spread on Saturday on the submission of document to Azerbaijani President Ilham Aliyev on the cancellation of contracts with energy network operators Barmek Azerbaijan and Bayva.
18 July 2005 [08:15]

International Bank oh Azerbaijan to install 170 new bank machines

International Bank will install 170 new bank machines in Baku and in other cities and regions soon.
16 July 2005 [09:56]

“Azerdemiryolbank” joined rapid money transferring system

The “Azerdemiryolbank” Stock Bank joined the “Impex Bank” OSC “Bistraya Pochta” (Express mail) rapid money transferring system.
16 July 2005 [09:43]

Building works on “Shahdeniz” project realized 62,4 %

Building works on the “Shahdeniz” project were realized 62,4 %.
16 July 2005 [09:36]

Construction of Shahdeniz section of Sangachal to cost $470 million

The project on Shahdeniz section of Extended Program of Sangachal terminal will be completed in November next year. Project manager Ronald Baker informed about it.
16 July 2005 [09:31]

Japan intends to allocate 300 million yens of grant to Azerbaijan

The government of Japan intends to allocate 300 million yens (approximately 2,8 million USA dollars) of grant recently for the purpose of poverty reduction in Azerbaijan.
16 July 2005 [09:28]

Azeri Communications Ministry presents next documents on case of FIMbank

The Azerbaijani Communications and Information Technologies Ministry presented to the Rotterdam court additional documents on case of Maltese FIM Bank, which brought a suit against the Azerbaijani government on the non-payment of the credit given by the bank to the enterprises of the Communication Ministry under guarantee of the Ministry and ‘Pochtbank’ commercial bank.
16 July 2005 [09:22]

Georgia might receive additional gas volumes under stage 1 of Shah-Daniz project

Georgia is probable to receive additional gas volumes under Stage 1 of Shah-Daniz Project. Mike Skitmor, the head of the project, told a news conference on Friday, the Georgian government appealed to Azerbaijan with request to deliver additional volumes of gas in the amount of 3 billion cu m of gas a year under Stage 1.
16 July 2005 [08:59]

“Excelcior” hotel to open

The Excelcior hotel will open in a solemn ceremony to be staged in Baku on July 22, Trend reports quoting the owner of the hotel, the deputy chairman of the Management Board of Ataholding group of companies, Khakan Ozalpay.
15 July 2005 [09:17]

Azerbaijan achieves highest growth pace of industrial production since 1942

Industrial production in Azerbaijan comprised 18.8 trln manats in the first half of 2005, or 20.1% more than 2004, the State Statistics Committee told Trend. It comes as the first highest indicator since 1942.
15 July 2005 [08:47]

??t?l conducts installation works at new station

The joint Azerbaijani-American Catel (Caspian American Telecommunications, LLC) conducts installation works at a new station, located in the settlement Hovsan of Baku, Trend reports.
14 July 2005 [09:32]

Azerbaijan air company eager to open new airlines with South Asia countries

AZAL state air company pans to open new air flights with the South Asia countries, the company told Trend.
14 July 2005 [09:30]

Business people of Azerbaijan to visit Northern Cyprus

The program of the Azerbaijan’s business people visit to the Turkish Republic of Cyprus on 28-31 July is very intensive, the press service of the visit organizer, Union of business people of Azerbaijan and Turkey (ATIB).
14 July 2005 [09:26]

bp company: “BTC to play significant role in world oil demand growth”

During the next years the world oil prices will not go below $30-40 per barrel, head of the BP group macroeconomics department, Marc Hanstridge told journalists today in Baku.
14 July 2005 [09:04]

EU plans implement 12 projects more in Azerbaijan

The European Union (EU) plans to implement 12 projects more in Azerbaijan, the EU’s Baku Office.
14 July 2005 [08:41]

All working persons to be given social insurance certificates since August

The State Social Protection Fund (SCPF) will start distributing social insurance certificates to all citizens working in Azerbaijan since the middle of August.
14 July 2005 [08:32]

Size of industrial product production and services increased 20.1% in Azerbaijan

Industrial product and services costing 18.8 trillion manats or more than 20.1 % in comparison with the first half of the previous year was produced and rendered in the first half of this year in the industry of the country.
13 July 2005 [09:44]

Inflation for 2005 to be 4,8% in Azerbaijan

The inflation rate was 4,8% in the first half-year of the current year.
13 July 2005 [09:37]

GDP growth for 6 months of current year to make up 16,5% in Azerbaijan

The Ministry of Economic Development (MED) held sitting of the MED collegium on 12 July, dedicated to the results of the economy development for the first 6 months.
13 July 2005 [09:15]

Arbiters’ sentence on court examination between SOCAR, Frontera Resources to be made by late 2005

The issue of sentence on court examination between the State Oil Company of Azerbaijan (SOCAR) and American Frontera Resources, formerly involved into the development of the onshore field ‘Kursangi-Garabagli’, is postponed to late 2005.
13 July 2005 [09:12]

Negotiations between Azerbaijan and Georgia governments took place in Tbilisi

The delegation led by first deputy Prime Minister of Azerbaijan Abbas Abbasov was in an official visit in Tbilisi. The delegation met Georgian Prime minister Zurab Nogaideli.
13 July 2005 [08:57]

Azeri President adopt design of four banknotes

Azerbaijani President adopted the design of 4 banknotes of the would-be denominated manat. Elman Rustamov, the chairman of the Managing Board of the National Bank of Azerbaijan, said that at the moment the design of 4 coins was also ready.
12 July 2005 [08:38]

500,000 barrels of oil to be delivered daily from Kazakhstan to Baku in 2010

By 2010 Eni, Inpex, TotalFinaElf and Conoco-Phillips companies will deliver from Kashagan field in Kazakhstan 500,000 barrels of oil a day (25 million tons a year) to Baku by tankers, Trend reports.
12 July 2005 [08:14]

U.S.-Azeri JV Catel commissions new station in Nabran

The Azerbaijani-U.S. joint venture Catel (Caspian American ?elecommunications, LLC) has commissioned a new telephone station in Nabran, east Azerbaijan.
12 July 2005 [08:08]

“Turan Alem” Bank from Kazakhstan plans to open Baku branch

The National Bank of Azerbaijan received an appeal from the “Turan alem” Bank (BTA) of Kazakhstan.
12 July 2005 [08:02]

Baku branch of Pakistani National Bank is opened

The opening ceremony of a Baku branch of the Pakistani National Bank (NPB) was held on Monday.