Business

13 December 2005 [11:43]

Hard times for exchange booths are about to start in Azerbaijan

The National Bank of Azerbaijan will harden requirements for operation of currency exchange booths. The chairman of the Administrative Board of the National Bank Elman Rustamov stated that the main reason for doing so is an attempt to avoid currency shortage as it was in September.
13 December 2005 [11:26]

Japanese company plans to clean up oil spill areas surrounding Baku

Japanese company built a facility that will help Azerbaijan to get rid of polluted by oil spill areas around Baku. Presentation of "Oil Extractor" facility will be held on December 14.
13 December 2005 [10:32]

Georgia started paying back its electrical debt to Azerbaijan

President of the "Azerenergy" Open Joint-Stock Company (OJSC) Etibar Pirverdiyev announced yesterday that the government of Georgia began paying back its electric energy debt to Azerbaijan.
12 December 2005 [20:18]

Azeri oil market: results of the week

In the period from 5 to 9 December URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $51.13 per barrel or rose $2.90 barrel as compared to the last week (28 Nov - 2 Dec), Trend reports.
12 December 2005 [19:56]

Bos Shelf surrenders and promises to raise workers' salary on additional 12 percents

The senior management of Bos Shelf, a company owned by Italy’s Saipem and the State Oil Company of Azerbaijan (SOCAR) resolved to increase salaries by 20% from December 2005 and 12% - from January 2006.
12 December 2005 [19:27]

Chairman of "Bakielectroshtamp" and his brother are accused of racketing and arrested

The chair of the "Bakielectroshtamp" Open Joint-Stock Company (OJSC) Nuraddin Zulfugarli and his brothers Loghman and Rovshan Zulfugarlis were detained today.
12 December 2005 [19:05]

During 2005 Baku hosted 14 international exhibitions

"In 2006 Iteca Caspian will hold 14 international exhibitions in Baku," stated on Bahruz Hidayatzade, the Deputy Director on Sales.
12 December 2005 [11:00]

Nokia opens its first salon in Baku and next year plans to do the same in Ganja

Nokia corporation in-cooperation with "ITC Group" run a ceremony of opening of its salon in Baku last week where it was announced that Nokia will start production of phones with Azeri menu.
12 December 2005 [10:26]

Next year will bring changes to insurance market of Azerbaijan

The executive director of Azerbaijan Insurance Society Union Fuad Alakbarov stated that Insurance Consultation Council organized at the Finance Ministry prepared some proposals that will bring serious changes to the insurance market.
10 December 2005 [19:37]

For the last 9 months foreign debt of Azerbaijan formed $ 193,500 per person

The total amount of the credits attracted by Azerbaijan from abroad formed $ 1606,1 thousand on the used credits and credits considered to be the state debt during 9 months of the current year. According to the Ministry of Finance, the percentage of the gross domestic product (GDP) was 14,9 % and foreign debt per person formed $ 193,5 thousand during that period.
10 December 2005 [18:21]

War of Azeri Internet providers ended at 00:30 yesterday

The war of Azeri internet providers temporarily ended after two of the major providers "Adanet" and "Intrans" decided to temporarily break the blockade of "Azeronline" responding to a call of Azerbaijan Internet Forum.
10 December 2005 [18:15]

Azerbaijan completes EC sponsored program on restoration of country's social and technical infrastructure

The government of Azerbaijan finalized the third stage of the "Extraordinary Aid Program of the Republic of Azerbaijan" funded by the European Commission (EC).
10 December 2005 [11:16]

Ilham Aliyev appointed new president of SOCAR

On Friday Azerbaijani President Ilham Aliyev signed a decree on appointment of former head of Heydar Aliyev oil refinery plant Rovnag Abdullayev the President of the State Oil Company of Azerbaijan (SOCAR).
10 December 2005 [10:52]

"Barmek" wants to expand beyond boundaries of Azerbaijan

"Barmek" does not plan to take over electric network of Azerbaijan's districts saying that it is not interested in them and rather wants to invest in Kyrgyzstan or Russia.
10 December 2005 [10:47]

"Barmek" reminds that many state enterprises as well as citizens in Baku owe it money

State enterprises are 354 milliard manats in debt to the "Barmek Azerbaijan" Limited Liability Company.
09 December 2005 [18:49]

Societe Generale appoints new regional representative in Azerbaijan

Societe Generale Corporate & Investment Banking (Societe Generale) announced that Mrs. Teyba Gouliyeva has been appointed as Regional Representative in Azerbaijan, Societe Generale announced.
09 December 2005 [16:54]

Asian Development Bank offers low interest rate on LIBOR-based loans to Azerbaijan

The Azerbaijan Resident Mission of the Asian Development Bank clarified yesterday that its interest charge on non-concessional lending to Azerbaijan is currently set at 0.08% above LIBOR (LIBOR + 0.08%).
09 December 2005 [16:42]

SOCAR ordered construction of a new platform

"Oil Rocks" Oil and Gas Production Office (OGPO)ordered a new platform which is currently constructed at the Baku Deep Foundations Plant.
09 December 2005 [11:43]

"Transparency Azerbaijan" holds presentation of its book "Business Ethics Code for 10 Azerbaijani Companies"

Seminar of acquaintance with Business Ethics Code in Azerbaijan and the presentation of a book "Business Ethics Code for 10 Azerbaijani Companies" published by the "Transparency Azerbaijan" organization was held yesterday with the financial support of the International Trade Department of the US Trade Ministry and Good Management Programme.
09 December 2005 [11:10]

"Bos Shelf" workers intimidate administration to strike again on December 12

The workers of the "Bos Shelf" company will go on strike by December 12 again. The reason of it is not fulfillment of the commitments undertaken by the administration of the company.
09 December 2005 [10:50]

Workers of "McDermott" raise new demands

Local workers of "McDermott" company producing surface covers located at Baku Deep Foundations Plant named after Heydar Aliyev placed new demands before the company's administration.
09 December 2005 [10:32]

Land prices in the central part of Baku shifted up by 2,4 %

The AZER-REI immovable property index decreased by 4,6 points and stayed at 197,1 mark in the estate market of Baku last month.
09 December 2005 [10:25]

Sumgait rubber plant announces tender for purchasing of sulphate acid

The Sumgait Synthesis-caoutchouc plant of the "Azerkimya" State Enterprise announced a tender on purchasing of sulphate acid for 2006.
08 December 2005 [19:23]

Single Cadastre and Registration System of Immovable Property was established in Nakhchivan

The Single Cadastre and Registration System of Immovable Property (SCRS) was formed in the Autonomous Republic of Nakhchivan.
08 December 2005 [18:49]

To fly to Nakhchivan may become more expensive

"AZAL" state Company announced that it has appealed to the Cabinet of Ministers with a request to raise price of air tickets to Nakhchivan.
08 December 2005 [18:40]

"Bayva" leaves "Azerenergy" vast legacy of debts and 6,000 of its staff

While getting out of the business "BAYVA" Joint-Stock Company transfers its debtorst and its staff into posession of new owners of the electrical net - Ali Bayramli and Ganja electric distributor networks under the "Azerenergy" OJSC.
08 December 2005 [10:35]

Russia raises tariffs for electricity and "Azerenergy" has no other way but to call Azerbaijani government to solve the problem

"In 2006 the Russian Federal Tariff Service (FTS) will increase value of energy export for all foreign partners, including Azerenergy JSC," a representative of RAO EES told Trend.
08 December 2005 [10:19]

Azerbaijan manages to pull out another transnational transportation project

"The first container train will be launched via the Poti- Baku -Actau- Almati route from the port of Poti on December 24, 2005," stated officials from the Georgian Railway Ltd.
07 December 2005 [11:04]

Unsecured bonds of "Parabank" go on sale at BSE

Placement of interest-bearing unsecured bonds with the state registration number AZ200100380P belonging to the "Parabank" Open Joint-Stock Company was held in the Baku Stock Exchange (BSE) yesterday.
06 December 2005 [11:04]

Azerbaijani SCC delegation will participate at GUAM's Tbilisi meeting

The delegation of the State Customs Committee headed by its vice-chairman Rafael Mirzayev will participate in the fourth meeting of the Leading Committee for implementation of project on GUAM Trade and Transport Aid.
06 December 2005 [10:59]

International Bank of Azerbaijan will install new ATMs for denominated Manat

Though denomination will be realized by January 1 next year, pensioners will be able to obtain their pensions both in new and old manat from bank-machines of the Azerbaijan International Bank.
06 December 2005 [10:13]

"Azerenergy" takes control over Ganja and Ali-Bayramli electric networks

The president Ilham Aliyev signed a decree on ensuring abolishment of the contracts on the right of administering of the "Ganjaelectrikshebeke" and "Ali Bayramlielectricshebeke" Joint-Stock Companies concluded between the Azerbaijani Ministry of Economic Development and Baki Yuksek Gerginlikli Elektrik Avadanliglari (Bayva-Enerji).
05 December 2005 [19:49]

Preparation of second stage of IFAD programme to start soon

According to the Aid to Development of Private Sector in Agriculture Agency preparation of the second stage of the Programme on Development of Mountainous and Alpine Territories of IFAD will be started soon.
05 December 2005 [19:44]

Azeri customs officials travel to the South Korea to participate in a seminar

Azeri customs officials are participating at a seminar on "Simplification of trade and electron management" held with the support of the Asian Development Bank in Daeyon and Seoul cities of Korea on December 5-8.
05 December 2005 [19:18]

1,467 job vacancies were created in Khanlar district since 2003

Starting the last quarter of 2003 till November, 2005 there were 1,467 job places created in Khanlar district of Azerbaijan.
05 December 2005 [19:00]

Volume of cash increased 32,4% in comparison with the last year

The volume of monetary mass in turnover (M2 Aggregate) formed 3963,9 milliard manats by November 1, 2005.
05 December 2005 [18:18]

Volume of deposits increased by 37,1% in comparison with previous year

The volume of deposits attracted by banks equaled to 6480,5 milliard manats by November 1, 2005.
05 December 2005 [18:16]

Credit investments in economy increased for 32,5% in comparison with beginning of year

Total credit investments in the economy of Azerbaijan formed 6558 milliard manats by November 1 of the current year.
05 December 2005 [12:03]

World quotation rates for oil products in November announced

SOCAR released information on the world market quotation rates for oil products.
05 December 2005 [11:57]

Volume of oil transported through Novorossiysk exceeded half a million tons

Azerbaijan transported through Novorossiysk more than half a million tons of oil since the beginning of the year.
03 December 2005 [19:18]

Kazakhstan plans to sign an agreement with Azerbaijan on oil transportation

Kazakhstan and Azerbaijan develop an agreement on assistance and support in transportation of Kazakh oil through the territory of Azerbaijan, which is planned to be sign soon, Trend reports referring to Kazinform.
03 December 2005 [18:32]

"Azerenergy" will send 100-110 specialists to study abroad

Engineers working in the module energy blocks in Azerbaijan will pass a special training in Finland and Spain.
03 December 2005 [18:01]

Stanley Escudero will meet with Ilham Aliyev to discuss proposals of AmCham on development of trade climate in Azerbaijan

The American Chamber of Commerce in Azerbaijan(AmCham) prepared proposals on the situation and perspectives of the trade climate in private sector in Azerbaijan.
03 December 2005 [11:40]

"Azerigas" decides to start to care about customers

15 divisional chiefs and inspectors who could not manage their work were dismissed from their positions at a meeting held in the "Azerigas" Closed Joint-Stock Company (CJSC) under the chairmanship of Alikhan Malikov.
03 December 2005 [11:34]

Azeri and Izraeli businessmen will meet in February to discuss investment opportunities

A meeting with the Israeli ambassador Arthur Lenk was held in the Azerbaijan Republic Entrepreneurs (Employers) Unions National Confederation (AEC).
03 December 2005 [11:29]

US Embassy announces opening of Small Grants Program

The Embassy of the United States of America in Azerbaijan is pleased to announce the opening of the Fall 2005 Round of the Democracy Commission Small Grants Program. The application period begins on December 1, 2005 and ends on December 27, 2005 at 11:30 AM.
03 December 2005 [10:44]

"Mughanbank" opposes accusations of Tax Ministry official

"Mughanbank" refutes accusations of the deputy-chief of the Tax Crimes Preliminary Investigation Department of the Ministry of Taxes Hakim Shikhaliyev and calls them groundless.
02 December 2005 [19:57]

Jamil Sultanov was appointed head of supervisory board of International Insurance Company

Jamil Sultanov was appointed the head of the Supervisory Board of the International Insurance Company
02 December 2005 [11:54]

SCS registered emission prospectus of ordinary registered notes of "Azerdemiryolbank"

The State Committee on Securities (SCS) registered emission prospectus of ordinary registered notes of "Azerdemiryolbank" Open Joint-Stock Company (OJSC).
02 December 2005 [11:38]

"Azersun" builds third pier at Dubendi terminal

The "Caucasus Trans Service" company of the "Azersun Holding" Group of Companies builds a new pier in Dubendi terminal.
02 December 2005 [11:30]

Starting next year foreigners working in Azerbaijan will have to pay social insurance premium

The president Ilham Aliyev is expected to sign a decree on making amendments and changes to the bill "On social insurance".
02 December 2005 [11:11]

US and Azeri officials meet to discuss bilateral economic relationships

US-Azerbaijan Working Group on Economic Cooperation held a meeting in Washington where prepared a plan of action for future development.
01 December 2005 [20:36]

Russia wants to increase prices for electricity

Russia intends to raise the price of electric energy sold to Azerbaijan by the next year.
01 December 2005 [20:18]

Azpetrol denies information on dismissal of its first Vice-president Mozer

Azpetrol denied information spread by media on resignation of Tomas Mozer, the First Vice President of the Company.
01 December 2005 [14:34]

Azerbaijan's sturgeon and caviar quota will shift slightly down next year

The International Commission on Bioresources of the Caspian Sea fixed national quotas for fishing sturgeon and caviar export by Caspian countries.
30 November 2005 [03:59]

Azeri-Iranian intergovernmental economic commission will meet again in the beginning of 2006

Seventh meeting of the Azerbaijan-Iran intergovernmental economic commission will be held in Baku in January-February of 2006.
29 November 2005 [23:07]

EBRD auspices seminar in Baku on actions against money laundering

A seminar on actions against money laundering and terrorism financing was conducted on 24 and 25 November in Baku. The event was organized under the auspices of the EBRD, was financed by the Swiss State Secretariat for Economic Affairs (SECO) and was run and moderated by the UK-based Firm Lessons Learned.
29 November 2005 [22:02]

Turkish construction exhibition opens in Baku

An exhibition of Turkish construction and construction materials "Turk Inshaat-2005" opened at the Heydar Aliyev Sports and Concert Complex on Tuesday, Trend reports. Attending the opening ceremony were Abid Sharifov, the Azerbaijani Deputy Prime Minister, Turan Moraly, the Turkish Ambassador to Azerbaijan, Bulent Erten, a member of Expotim, an organizer of the show.
29 November 2005 [15:40]

Caspian Shipping Company builds two new tankers for its fleet

Caspian Shipping Company ordered two tankers of the project 19619 being built at the "Krasnoe-Sormovo" shipyard in Nijni-Novgorod,Russia will arrive in Azerbaijan by October-November next year.
29 November 2005 [14:16]

Azerbaijan's districts will have access to 195 toll-free tax information line by 2006

The Ministry of Taxes intends to enlarge coverage area of the free taxes information phone service by the next year.
29 November 2005 [13:34]

Azeri company "AzTech" participated at technological conference in framework of international SDN TECHNOLOGY TOUR `05

SAP Company held its biggest technological conference in the framework of the international SDN TECHNOLOGY TOUR `05 in Moscow where Azerbaijan was represented by AzTech Company.
29 November 2005 [13:27]

Negotiations between SOCAR and "Gazexport" promise to be not easy ones

The "Gasexport" company has already appealed to the State Oil Company of the Azerbaijan Republic to start discussions on a volume and cost of gas to be exported from Russia to Azerbaijan next year.
29 November 2005 [12:38]

T-bills auction will be held today at Baku Stock Exchange

According to the contract signed between the Baku Stock Exchange (BSE) and the Ministry of Finances, an auction on placement of T-bills will be held at the BSE today.
28 November 2005 [18:15]

Azeri oil market: results of the week

From 21 to 25 of November URAL(EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $49.24 per barrel or dropped $0.74 barrel, or 1.01%, as compared to the last week (14-18 Nov).
28 November 2005 [11:37]

Automated Taxes Information System will cover all republic including Nakhchivan AR

Ministry of Taxes informed APA news agency that it almost completed process of application of Automated Taxes Information System (ATIS).
26 November 2005 [19:48]

Azerbaijan will start negotiating prices for Russian gas early next month

Negotiations on gas purchase between Russian and Azebraijan may start early next month.
26 November 2005 [19:40]

Azerbaijan continues eliminating double taxation obstacles

An agreement "On elimination of double taxation for income and property between the Government of the Republic of Azerbaijan and Government of the Czech Republic and prevention of tax evasion" was signed in Prague, Czech Republic.
26 November 2005 [11:12]

"Bank Standard" has the highest volume of money transit via "Bistraya Pochta" money transfer service

"Bank Standard" shared more than half of the money transfers conducted by Azerbaijan’s banks via "Bistraya Pochta" [Express Post] system in ten months of this year.
26 November 2005 [11:06]

SOCAR rehabilitates wells at the Oil Rocks

The State Oil Company of Azerbaijan Republic(SOCAR)rehabilitated three out of ten wells on the Oil Rocks.
26 November 2005 [10:51]

Azerbaijan gets ready to repay all its debts and stop taking farther credits from international financial organizations

The government of Azerbaijan intends to repay the credits given by the international financial organizations on state guarantee, as well as interests by 2008-2010, in other words earlier than expected.
25 November 2005 [19:25]

For nine months of 2005 Azerbaijan received $30901,4 and rendered $121,9 million of financial and technical aid

The total amount of the humanitarian aid, technical assistance and gifts received by Azerbaijan in nine months of 2005 exceeded $30901,4 millions.
25 November 2005 [19:21]

IFC organizes seminar on corporative management for Azeri journalists

The International Financial Corporation will hold a seminar on corporative management for the mass media representatives who are contributing economical articles on November 29.
25 November 2005 [18:47]

South transport corridor to be reconstructed in Azerbaijan within frame of CARCS

The Asian Development Bank (ADB) plans to increase aid allocated to the development of the regional cooperation in Central Asia within three years.
25 November 2005 [12:10]

Presidential decree on ensuring execution of Manat's denomination became valid today

A decree on ensuring execution of the law on denomination of manat and other legal standard documents, issued by President Ilham Aliyev has become effective today.
24 November 2005 [19:48]

Yet goes another change in the work of Ministry of Economic Development

City and regional departments of the Ministry of Economic Development (MED) were brought under jurisdiction of the Committee on State Property Management (CSPM). The transfer was assigned by the presidential decree.