Business

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.
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.