Business

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.
21 June 2005 [09:31]

LUKOIL put forward SOCAR proposals on drilling second exploration well on Yalama in autumn

The Russian LUKOIL will submit the SOCAR proposals on drilling of the second exploration well on the “Yalama” structure (block D-222) in September-October 2005.
21 June 2005 [08:42]

Bill on resisting dirty money laundry awaits sanctioning

The draft law on resisting the dirty money laundry is ready and awaiting for discussion, Rufat Aslanly, the head of the interdepartmental working group on resisting dirty money laundry and financing terror.
19 June 2005 [08:59]

“KCA DEUTAG” signed 3-year treaty with “bp”

The “KCA DEUTAG” company signed a 3-year treaty with “bp” on letting down a pipeline under pressure into a well in the “Shahdaniz” gas deposit.
19 June 2005 [08:33]

Georgian leg of BTC to work out to $1 billion

Investments, to be carried in the framework of construction of the Georgian leg of the Baku-Ceyhan oil and South Caspian gas pipelines, will total $1 billion.
18 June 2005 [09:14]

SOCAR’s tax debt stands at 189 million U.S. dollars

The State oil company of Azerbaijan (SOCAR) has to pay off the remaining 900 billion manats (189 million U.S. dollars) in its tax debts, including fine increments.
18 June 2005 [09:12]

Abulfas Garayev: “Tourism development plan in Azerbaijan” prepared with the financial support of the USA State Department will be ready till September”

Azerbaijan is one of the leading countries for its speed of growth of tourism stream.
18 June 2005 [08:51]

German bank plans to grant Azerbaijan with 10m euro credit

The German bank KFW plans to allocate 10m euro for the reconstruction of the sewerage and water supply network of Ganja and Shaki.
17 June 2005 [09:56]

State Oil Fund to allocate 202 billion manats for improving social- welfare of refugees

“State Oil Fund (SOF) will allocate 202 billion manats for improving social welfare of refugees and internally displaced persons”.
17 June 2005 [09:54]

Meeting of Azerbaijani and Georgian presidents took place in Kiyev

The ways for strengthening relations between Azerbaijan and Georgia, successfully advancing in the direction of the strategic partnership, were discussed on 16 June at the meeting of the Azerbaijani and Georgian Presidents, Ilham Aliyev and Michail Saakashvili in Kiyev.
17 June 2005 [09:52]

Parliament to consider revision of budget of Azerbaijan

Milli Majlis (parliament) is about to consider on June 17 the revised version of the state budget – at stake is a rise in revenues by 800 billion manats (roughly 168 million U.S. dollars).
17 June 2005 [09:10]

Azerbaijan declines IMF loan tranche

The Government of Azerbaijan has rejected a $19-million IMF tranche in the framework of the Poverty Reduction and Growth Facility (PRGF), citing an expediency to support poorer countries.
17 June 2005 [09:03]

Finland-Azerbaijan forum to be held in Baku

Finland-Azerbaijan forum will be held in Baku in September of this year.
17 June 2005 [08:57]

France-Azerbaijan business forum will take place in Baku

France-Azerbaijan business forum is organized in Baku for the first time by Ubifrance (Agency of Development of French Companies Abroad) and Department of Economy of French Embassy in Azerbaijan in-cooperation with Ministry of Economic Development of Azerbaijan Republic on June 22-24.
15 June 2005 [08:51]

Ilham Aliyev: “Economic growth in Azerbaijan to reach highest figure in CIS in 2005”

The economic growth in Azerbaijan will reach 18% in 2005 – the highest figure in CIS, Azerbaijani President Ilham Aliyev stated in his address to the St-Petersburg International Economic Forum which opened on Tuesday.
15 June 2005 [08:31]

IMF supports governmental plans on minimization of tax-free import goods

The International Monetary Fund (IMF) does not share the threats of some local experts on de-liberalization of the market in connection with the cut in tax-free import goods, Basil Zavoico, the head o the Baku office of the IMF, told Trend.
15 June 2005 [08:29]

Meeting to be held in connection with accepting Azerbaijan into membership of WTO on June 30

An important meeting will be held in connection with accepting Azerbaijan into the membership of the Worldwide Trade Organization (WTO) on June 30.
14 June 2005 [09:55]

Azeri state mail and post company will operate with «Western Union» and «Travelex» money transfer systems

During the III quarter of the current year money transfer systems «Western Union» and «Travelex» are planned to be introduced in the post network of the state company “Azerpochta”, the legal matters being already settled.
14 June 2005 [09:50]

In January-May oil and gas producing units (OGPU) produced over 3 247,169 tons oil

In January-May of the current year OGPUs being on the balance of the Azneft Production Union, produced totally 3 247 169 tons of oil, against the same period of the last year the production was 99,3%, but under the plan the excess production was 46,369 tons, Trend was told at SOCAR.
14 June 2005 [09:28]

Avaz Alakbarov: “President gave order to return part of foreign state debts of Azerbaijan from the state budget of the next year”

“President gave an order to return part of foreign state debts of Azerbaijan from the state budget of the next year”.
14 June 2005 [09:26]

India wants to get share in Azeri-Chirag-Gyuneshli (ACG) and Shakh-Deniz projects

Indian companies ONGC Videsh (OVL) and GAIL plan to sign memorandum on understanding for joint development of the oil and gas fields of Azerbaijan with the State Oil Company of Azerbaijan (SOCAR).
14 June 2005 [09:09]

World Bank allocated $ 8 million credit for Azerbaijan

The Directors Council (DC) of the World Bank (WB) accepted an order to allocate $ 8 million of credit for Azerbaijan.
11 June 2005 [08:55]

Ministry of Communication and Information Technologies’ share in the value of $1.5 mln. in the Bermuda islands imprisoned

Minister of Communication and Information Technologies of Azerbaijan Ali Abbasov proposes to establish strong department attached to Justice Ministry in order to solve the economical relations of Azerbaijan with other states and protecting the right of out country.
11 June 2005 [08:54]

AIOC commissions 5th well on Azeri field

The Azerbaijan International Operating Company (AIOC), operated by bp, put into exploitation the fifth well on the platform installed in the Central Azeri field. It will enable to increase production and export of Azeri Light oil to world markets.
11 June 2005 [08:49]

Salyan Oil treats oil polluted territory up to world standards

Salyan Oil Limited (SOL) treated the oil-polluted area in accordance with the world standards, SOL told Trend.
10 June 2005 [09:14]

Anti-monopoly policy department resolves problems with Azercell

“The Anti-monopoly Department of the Ministry of Economic Development continues the discussions with the mobile operator Azercell on customer services issues,” the Director of the Department, Ragim Husseynov, told journalists on Thursday, Trend reports.
10 June 2005 [08:57]

30 insurance companies function in Azerbaijan at present

30 insurance companies function in Azerbaijan currently.
10 June 2005 [08:30]

XII International Oil and Gas Conference finished

The XII International Oil and Gas Conference finished at the “Hyatt-Regency” hotel yesterday.
10 June 2005 [08:06]

Greece in need of Azeri gas

Greek corporation DEPA (with 65% stake of Greek government) forecasts rise in their country’s demand for natural gas.
10 June 2005 [08:02]

Significant resources of oil and gas are located at shallow parts of Caspian Sea at depth of 10-12 km

Experts of Nedra consider, in shallow parts of the Caspian sea in the depth of 10-12 ??. Significant resources of hydrocarbons are available.
09 June 2005 [09:51]

AIOC invests roughly $2bn under early oil project

“The Azerbaijan International Operating Company (AIOC) put around $2bn in investments in the ‘Early Oil’ project, which envisages the development of Chirag field,” David Woodward, the President of AIOC, told a conference dedicated to Caspian Oil land Gas – 2005.
09 June 2005 [09:25]

XII International Oil-Gas Conference started in Baku

The XII International Oil-Gas Conference to last two days started its work at the “Hyatt Regency” hotel yesterday.
09 June 2005 [08:50]

President issued decree on establishing of “Azerheatingsupply” Open Joint Stock Company

Yesterday President Ilham Aliyev has signed order on establishing of “Azerheatingsupply” Open Joint Stock Company.
09 June 2005 [08:42]

Caspian shipping considers possibility of purchasing of additional five tankers

Azerbaijan State Caspian shipping company (KASPAR) planned keeping leadership at tanker transportations in Caspian Sea.
08 June 2005 [09:56]

Lukoil stated absence of results in second exploration well on Yalama

The first exploration well drilled on the Azerbaijani section of the Caspian, on Yalama field (block D-222), has yielded no results, Trend reports quoting Nikolay Cherniy, the Vice President of LUKOIL company of Russia.
08 June 2005 [09:34]

Oil pollution detected in northern Azerbaijan sector of Caspian Sea

As a result of monitoring the Ministry of ecology and natural resources of Azerbaijan, detected oil pollution in Northern Azerbaijan sector of Caspian Sea.
08 June 2005 [08:45]

Caspian Shipping Company does not hinder Palmali’s Caspian operations

The Caspian Shipping Company of Azerbaijan works with Palmali on normal conditions, Aydin Bashirov, the chairman of the CSC, said.
08 June 2005 [08:43]

12th International Exhibition and Conference Caspian Oil and Gas, Incorporating Oil and Petrochemicals opened

12th International Exhibition and Conference Caspian Oil and Gas, Incorporating Oil and Petrochemicals were opened at the Heydar Aliyev Sport and Concert Complex yesterday.
07 June 2005 [09:16]

Caspian Oil & Gas 2005 exhibition to involve 331 companies from 29 world countries

The traditional ‘Oil and Gas Exhibition and Conference, Incorporating Refining and Petrochemicals’ exhibition will be held at in the Sports and Exhibition Coplex named after Heydar Aliyev on 7-10 June.
07 June 2005 [09:02]

NATO intends to finance projects related to Caspian Sea and drinking water in Azerbaijan

Armenia increased export of wood materials to other countries 6 times for the account of the forests situated in the occupied regions of Azerbaijan.
07 June 2005 [08:46]

$12.5m invested in telecommunications sector in 2005

Over the first 5 months of 2005 25,433.8 bn manats has been invested in the telecommunications sector of Azerbaijan.
07 June 2005 [08:25]

Barmek Azerbaycan plans to borrow $40-50m credit from EBRD

Barmek Azerbaycan, operator of the energy supply networks of Baku and Sumgayit, intends to borrow $40-50m credit from the European Bank for Reconstruction and Development (EBRD), Husseyn Arabul, the president of Barmek Azerbaycan, told Trend on Monday.
07 June 2005 [08:15]

AIOC starts Azeri oil pumping to terminal of Azpetrol

The Azerbaijan International Operating Company (AIOC) has started the transportation of Azeri Light oil via the connection pipeline from Sangachal terminal to a terminal of the Azerbaijani company Azpetrol nearby.
06 June 2005 [08:47]

Transport ministers of Azerbaijan, Georgia and Turkey to meet in Turkey late in June

Ministers of Transport of Azerbaijan,Turkey and Georgia will meet in Istanbul late in June in the framework of the Kars-Akhalkalaki-Tbilisi-Baku railway construction project.
04 June 2005 [10:03]

Credit treaty signed between The World Bank and government of Azerbaijan

Credit treaty on the implementation of the project “Assistance to economic development of internally displaced people” signed between World Bank (WB) and government of Azerbaijan in the Cabinet yesterday.
04 June 2005 [10:01]

AIOC produced 450 mln.cubic meters of gas in “Chirag” since the early year

Azerbaijna International Operating Company (AIOC) produced 449.5 mln. cubic meters of gas in “Chirag” during the first 5 months of this year, that is 3% more in comparison with the corresponding period of last year.
04 June 2005 [09:48]

SOCAR’s oil production prediction to be approximately 8 million 750 thousand tons by the end of year

Prediction of State Oil Company on oil production will be approximately 8 million 750 thousand tons by the end of year.
04 June 2005 [09:30]

Exxonmobil exports 320,000 tons of Azeri Light oil to Batumi from June till September

The American ExxonMobil plans to export some 320,000 tons of the Azeri Light oil through the Azerbaijanian – Georgian railway line till Batumi port, produced by the Azerbaijan International Operation Company (AMOC) from the Azeri-Chirag Gyuneshli (ACG) field from June till September.
03 June 2005 [10:10]

BTC co completes testing Azerbaijani section of BTC

Testing of the Azerbaijani section of the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline is complete. BTC Co, operated by BP, told Trend, only 16km-long trenches are still to be closed along the pipeline with the length of 1,768 km.
03 June 2005 [09:57]

President Ilham Aliyev met with World Bank director on South Caucasus

President Ilham Aliyev today received the delegation led World Bank (WB) director on the South Caucasus Ms. Donna Dowsett Coirolo.
03 June 2005 [09:07]

SOCAR will get over 100,000 tons oil from new well on “Gyuneshli” field

In the nearest time SOCAR will commission the well N72, which is being drilled from the marine stationary platform N19 on the shallow part of the “Guyneshli” field, where the company operates on its own means.
03 June 2005 [08:59]

Ministry of taxes brought criminal action against SSOT «Garadag-Cement»

The Ministry of taxes brought a criminal action against Stock Society of Open Type SSOT «Garadag-Cement».
02 June 2005 [15:00]

Middle East Petrol to increase capacity of Dubandi terminal to 20m tons

Middle East Petrol of Dubai intends to invest some $68m in the reconstruction of the Azerbaijani terminal in Dubandi, Abdulbari Gozal, the President of Middle East Petrol, told Trend on Wednesday.
02 June 2005 [14:32]

First Airbus "A319" to arrive to Azerbaijan 15 July

The first airbus A319 purchased by State concern Azerbaijan air line (AZAL) is to arrive to Azerbaijan 15 July. The agency Trend reports, SC informed about this.