Business

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.
11 July 2005 [08:33]

New sugar plant will be opened in Azerbaijan

Every Azerbaijan exports the sugar beet crops to Turkey and Iran for further refinery due to lack of the national refining plants.
11 July 2005 [08:29]

Azerbaijan and Georgia will establish working groups to expand relations in energy sphere

The working groups will be established to expand the relations in the energy sphere, Marlen Asgarov, the chief engineer of the joint stock company, told Trend.
11 July 2005 [08:27]

Action plan on EU-Azerbaijan co-op to be developed by late 2005

An action plan on EU-Azerbaijan cooperation will be ready by the end of the year. Baku Office of the EU told Trend.
09 July 2005 [08:18]

There are 1.7 million mobile phone users in Azerbaijan

"The number of the mobile phone holders in Azerbaijan comprises 1.7 million, or 23 phones per 100 people," Ali Abbasov, the Communication and Information Technologies Minister, told Trend.
09 July 2005 [08:10]

The volume of foreign trade turnover of the country was $2.82 billion in January-May this year

Juridical and physical persons in the country established mutual trade relations with 122 countries during January-May this year.
08 July 2005 [09:02]

EBRD adviser to get familiar with it-companies in Azerbaijan

Frank Khannigan, the adviser of the European Bank of Reconstruction and Development (EBRD), the director of Irish Pathfinder International Partners Ltd., will arrive in Baku on Friday.
08 July 2005 [08:59]

Hearings on Baku Steel Company lawsuit delayed

Hearings on the dispute between the former Glavbakstroy head, the renowned builder of Azerbaijan, Emil Akhundov and the Baku Steel Company were supposed to take place on 7 July in the Sabayil dustrict court, however, the hearings have been delayed for an uncertain period by the decision of the judge on 7 July, the lawyer of the Baku Steel Company, Nazim Aliyev told Trend.
08 July 2005 [08:57]

AIOC increases oil production from ACG in Jan-Jun

In January to June 2005 the Azerbaijan International Operating Company (AIOC), which is involved in the development of Azeri-Chirag-Gunashli offshore fields (ACG), has produced 5,048 million tons of oil of Azeri Light brand, or 1,84 million more than 2004.
08 July 2005 [08:51]

"Gaseksport" resumed gas delivery to Azerbaijan

The 'Gaseksport' Ltd. (the branch enterprise of the 'Gasprom' Ltd.) resumed gas delivery to Azerbaijan after accident in the pipeline 'Shirvanovka-GaziMammad' passing through the territory of Dagestan on Thursday.
07 July 2005 [08:13]

Gazexport suspends gas delivery to Azerbaijan

On Wednesday at 02.00 a.m. Gazexport Llc., a daughter company of Gazprom Joint-Stock Company (JSC), suspended gas delivery to Azerbaijan due to breakdown on the section of the Mozdok-Gazimahommad gas pipeline running via the territory of Dagestan, Russia.
07 July 2005 [08:01]

Local company targets international standardization of petroleum machinery

The state-run petroleum machinery company Azneftkimyamas has launched a project on the receipt of international standards for some products manufactured at four divisions of the company.
06 July 2005 [09:40]

Azerbaijan expects oil production to overpass 80 million tons

The production of a total of 81.55 million tons of crude oil has been expected in Azerbaijan within three years, 2005 through 2007, according to the Government’s socioeconomic development concept and forecasts of major macroeconomic activities for 2004-2007.
06 July 2005 [09:35]

Azerbaijan and Italy to sign a trade & commerce cooperation deal

Azerbaijan’s Chamber of Commerce and Industry will sign a memorandum of cooperation with the Union of Italian Chambers of Commerce & Industry and Agriculture (UICCIA).
06 July 2005 [09:31]

Bagdat Seybattalov: “Iran’s new leadership position on Caspian status not clear”

Kazakhstan has no information on the Iran’s position’s changes on the Caspian Sea status after the presidential elections in the country, the advisor of the Kazakhstan Ambassador to Azerbaijan, Bagdat Seybattalov told Trend.
06 July 2005 [09:04]

Collaboration protocol signed between Azerbaijan and Kazakhstan on expanding economic collaboration

A delegation consisting of the officials and businessmen of Kazakhstan being on a visit in Azerbaijan on June 30-July 2 held several meetings.
06 July 2005 [09:01]

Gobustan Operating Company completes assessment drilling

The Gobustan Operating Company (GOC) has faced a series of complications during the drilling of an assessment well at the onshore Kanizdagh field. So far the drilling has reached a depth of 3,006 meters against the target of 3,800 meters.
05 July 2005 [09:58]

National Bank took a decision on double increase of requirements to the minimal statutory capital of new banks as of 1 January

The National Bank of Azerbaijan (NBA) took a decision on double increase of requirements to the minimal statutory capital of new banks.
05 July 2005 [09:56]

“Shahdeniz” project raised 900 million dollars in price

The rise in prices of construction materials, equipments and transportation expenses cased the rise in price of “Shahdeniz” project.
05 July 2005 [09:50]

Azerbaijan has $ 988,46 million of currency reserves

The currency reserves of Azerbaijan increased 12,73 % during the six month of this year and formed 988.46 million USA dollars.
05 July 2005 [09:47]

On results of 2005, government expects GDP indicator $1275 per capita

The Azerbaijani government expects in 2005 the sustainable growth of the GDP indicator. By the results of the current year the indicator per capita may be $1 275, Trend was told at the Cabinet of Ministers.
05 July 2005 [09:21]

New body established within ministry of economic development

A new service - the Domestic Control Sector – has been established at the Azerbaijani Ministry of Economic Development at the relevant decree by Farhad Aliyev, the Minister for Economic Development.
05 July 2005 [08:42]

Abbas Abbasov: “Azerbaijan completes preparation agreement on BTC with Kazakhstan”

?zerbaijan completes preparation of agreement on joint oil transportation through the Baku-Tbilisi-Ceyhan (BTC) pipeline with Kazakhstan, the first vice-premier of the Azerbaijani government, Abbas Abbasov stated on the results of talks with the leaders of Ukraine in Kiyev, Trend reports.
02 July 2005 [10:01]

EBRD approved lending for Lukoil operations in Azerbaijan

The committee of directors of the European Bank for Reconstruction and Development (EBRD) has approved 110 million U.S. dollars in loans to co-finance part of LUKoil’s participating interest in the Shah Daniz gas project.
02 July 2005 [09:59]

Third sitting of Working Group on Azerbaijan’s being member of WTO held

The third sitting of the Working Group on Azerbaijan’s being member of the Worldwide Trade Organization was held the day before yesterday.
02 July 2005 [09:04]

First mortgage house credit to be allotted by late 2005

On Friday the National Bank of Azerbaijan held a seminar on mortgage.
01 July 2005 [10:06]

Mission of International Monetary Fund is on visit to Baku

The mission led by specialists of fund on operating monetary and financial systems of International Monetary Fund (IMF) Joddi Skarlaton is on a visit to Baku.
01 July 2005 [09:54]

GDP growth this year in Azerbaijan to make not lower 18%

The Ministry of Economic Development (MED) plans in 2005 the GDP at the level not lower 18%, deputy Minister MED, Mikail Djabbarov stated on 29 June, Trend reports.
01 July 2005 [09:25]

In 2005 turnover of insurance in Azerbaijan might reach $100m

In 2005 premium of Azerbaijani insurance companies might reach $100m against $67m fixed in $67m in 2004, Khayal Mammadkhanly, the head of the financial sector of the Association of Turkish Industrials and Businessmen (ATIB), President of the Union of Azerbaijani Insurers, said in a presentation of the insurance market of the country held at the ATIB.
01 July 2005 [08:54]

Turkish business complain about obstacles in Azerbaijan

The Union of Turkish businessmen and manufacturers (TUSIAB) complained about the existence of a series of impediments that hamper the progress of their business in Azerbaijan.
30 June 2005 [09:20]

EBRD allots $100m for road project in Azerbaijan

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved $100m under the project on financing the upgrade and reconstruction of road section from Sumgayit to Zarat settlement of the highway from Baku to Azerbaijani border with Russia, the EBRD will allocate credit for 15 years with 3-year grace period under LIBOR+1% rate.
30 June 2005 [09:18]

President of Islamic Development Bank met Azerbaijani delegation

The 30th annual sitting of Islamic Development Bank took place in Putrajaya city of Malaysia. Azerbaijani delegation was led by head of Ministry of Economic Development Body Samir Valiyev.
30 June 2005 [08:36]

Oil reserves on Azerbaijan to run 40 more years

Azerbaijan has a total of 3.7 billion tons of commercially viable crude oil reserves, with up 1.7 billion tons classified as recoverable stock, says a press statement by the Earth Sciences Sector of the National Academy of Sciences of the Azerbaijan Republic (NASAR).
29 June 2005 [09:21]

20% growth in Gross Domestic Product predicted to be this year, 38% in 2006

20% growth in Gross Domestic Product is predicted to be this year, 38% in 2006.The growth is expected to be 6 times higher in 2024 than it is today.
29 June 2005 [09:16]

Next conference of foreign affairs ministers of countries being members of Islamic Conference Organization to be held in Baku next year

A conference of the foreign affairs ministers of the countries being the members of the Islamic Conference Organization started its work in the capital of Yemen, Sanaa.
29 June 2005 [08:58]

Representatives of medical companies of Pakistan to arrive in Azerbaijan

A delegation consisting of 22 persons from the companies working in medical field, medicine production and sale sector of the Islamic Republic of Pakistan will arrive on a business visit in Azerbaijan on June 11.
29 June 2005 [08:01]

bp takes interests in development of additional oil, gas fields in Azerbaijan

The Azerbaijani Ministry for Industry and Energy does not rule out bp, a British oil giant, to take interests in the development of a new field Iki Gardash Dashi.
29 June 2005 [07:54]

Azerbaijan, Turkey to sign mapping and copyright agreements

The signing of several intergovernmental agreements is on the agenda for the upcoming two-day visit to Azerbaijan by Turkish Prime Minister Recep Tayyip Erdogan.
28 June 2005 [09:40]

“Lukoil” company didn’t find hydrocarbon reserves of commercial aims in “Yalama” deposit

No hydrocarbon reserves were found out in “Yalama” deposit located in Azerbaijan sector of the Caspian Sea during the first drilling process by “Lukoil” company.
28 June 2005 [09:21]

New credit agreement with EBRD developed

The European Bank for Reconstruction and Development (EBRD) is about to complete a process of adoption of a project on financing the upgrade and reconstruction of 60 km section of the road from Sumgayit to Zarat settlement in the border from Azerbaijan to Russia, a government source told Trend.
28 June 2005 [08:58]

Azeri-Georgian business-forum due

“A Georgian delegation headed by Prime Minister Zurab Nogaideli will pay a working visit to Azerbaijan 16 July,” Zurab Gumberidze, the Georgian Ambassador to Azerbaijan, told Trend in an excusive interview.
28 June 2005 [08:51]

“KfW” Development Bank allocated means for project of development of retail service in banking systems of Georgia and Azerbaijan

“KfW” Development Bank of Germany allocated means for developing the project of development of retail service in banking systems of Georgia and Azerbaijan by the end of next year.
25 June 2005 [08:49]

SOCAR’s Georgia dilemma: new standards for petroleum staple

The Georgian state company Saknavtobtransi (former Gruzneftetrans) has send the State oil company of Azerbaijan (SOCAR) a notification of the Georgian government’s decision to introduce European standards for automotive fuel sales beginning from January 1, 2006.
25 June 2005 [08:41]

Gobustan operating company to build gas compression stations

Gobustan Operating Company (GOC) will construct a gas compression station (GCS) in the Southwest Gobustan onshore bloc at the expense of credit funds at the expense of a loan provided by Arawak Energy Corporation for Commonwealth Gobustan Limited (CGL).
24 June 2005 [08:51]

Egyptian-Azeri economic commission to meet

Cairo will host a meeting of the Egyptian-Azerbaijani commission on economic cooperation on 25-29 July, Trend reports quoting Yusif Ahmet al-Sharkavi, the Egyptian.
24 June 2005 [08:43]

Total studies site for possible oil terminal construction on Azerbaijani coast of Caspian

The French Total company studies the possible construction site for the oil terminal on the Azerbaijani coast of the Caspian Sea, deputy Transport Minister of Azerbaijan, Musa Panakhov told Trend.
23 June 2005 [09:35]

LUKOIL preserved first exploration well and removed from leasing Heydar Aliyev drilling rig

The Russian LUKOIL preserved the first exploration well on the perspective structure “Yalama” (block D-222) in the Azerbaijani sector of the Caspian Sea, the State Oil company, which is the project participant with 20% share told Trend.
23 June 2005 [09:13]

Estimated oil reserves in Azerbaijan comprise 1 bn tons

According to a report by British-American company BP, in 2004 the estimated oil reserves in Azerbaijan comprised 1 billion tons, or 7 billion barrels, or 0.6% of the world estimated oil reserves.
23 June 2005 [09:11]

Ministry of Communication and Information Technologies of Azerbaijan can not pay $50 million debt

The former Communication Ministry left about $50 million debt for the new Ministry of Communication and Information Technologies(MCIT).
23 June 2005 [08:42]

Azerbaijan moves on WTO accession talks

Azerbaijan is about to enter a very important stage of multilateral talks with the World Trade Organization (WTO), to discuss the future state of the agricultural sector and hold separate consultations over proposals by the Azerbaijani side on relevant tariffs.
23 June 2005 [08:28]

Azerbaijan-France Business forum launched

Yesterday in “Hyatt Regency” hotel business forum launched organized by Economic Development Ministry, Foreign Development Agencies of Companies of France (UBIFRANCE) and economic department of this country‘s embassy to Baku.
22 June 2005 [08:58]

Pakistani National Bank opens its representative office in Baku

The Pakistani National Bank opens its representative office in Baku.
22 June 2005 [08:53]

East Azeri drilling modules arrive in Baku

The main drilling modules for the East Azeri (EA) production, drilling and quarters (PDQ) platform have already arrived in Baku from the Netherlands where they were built by Mercon Steel Structures, AIOC’s drilling modules construction contractor, the Azerbaijan International Operating Company (AIOC) announced.
22 June 2005 [08:51]

Azerbaijan-France Business Forum brought together representatives of more than 25 French companies

Azerbaijan-France Business Forum wil be opened in “Hyatt Regency” hotel tomorrow.
22 June 2005 [08:44]

Export product volume from Ukraine to Azerbaijan during last 6 months increased 60%

Export of goods and services from Ukraine to the CIS countries formed $ 3 milliard 78 million 290,17 thousand, import $ 5 milliard 193 million 330,07 thousand in past months of 2005.
22 June 2005 [08:42]

Czech Export Bank allots $180m credit to Azerbaijan

The Czech Export Bank has approved $180m credit for Azerbaijan under the reconstruction of the automobile routes.
22 June 2005 [08:29]

80% of industry production in the country falls to the share of Baku

Industry product and services at the cost of 15,5 trillion manats has been produced in the country by 1 June of the current year.
21 June 2005 [09:49]

Pakistani National Bank to open its Baku office

The Pakistani national bank will open its Baku office soon.
21 June 2005 [09:35]

ExxonMobil will sign agreement with SOCAR on compensation payment for refusal of exploration well drilling in Azerbaijan

SOCAR expects shortly signing of the agreement with ExxonMobil on payment of the compensation from the American company for refusal to drill the second exploration well on the Nakhchivan prospective structure, the SOCAR head, Natik Aliyev told journalists on 20 June 2005.