Business

02 February 2006 [17:29]

European Tobacco Baku Invests $60m

The largest tobacco producer in the South Caucasus region, European Tobacco Baku, has invested $60 million in Azerbaijan so far, its head, MP Rufat Guliyev has said.
02 February 2006 [16:21]

Volume of exchange currency market reduces by 32.7% in Jan

The Baku Interbank Currency Exchange (BICE) determined five leading operators of the hard currency exchange market on the results of trading in currency section of BICE in January 2006.
02 February 2006 [16:14]

Revaluation of exchange-rate of manat over 2005 comprises 6.72%

In 2005 the exchange-rate of the national currency in regard to U.S. dollar consolidated by 6.72%.
02 February 2006 [16:10]

Intercontinental Hotels Group becomes operator of Holiday Inn hotel at Baku airport

AZAL State Air Company signed a memorandum with the British company Intercontinental Hotels Group on transfer to management of the first of Holiday Inn hotels in Azerbaijan.
02 February 2006 [16:06]

UniLeasing completed first project on transfer of leasing object to ownership

UniLeasing completed the first project on transfer the leasing object (motor transport) to the ownership of the leasor.
02 February 2006 [10:52]

TUSIAD to hold ceremony of presentation of "Tax Prize" on February 17

A ceremony of presentation of the "Tax Prize" instituted by the Turkish Industrialists and Businessmen Association (TUSIAD) will be held on February 17.
02 February 2006 [10:35]

Compulsory reserve norm on deposits with period more than 1 year increased to 10% from February 1

The compulsory reserve norm on deposits with a period more than 1 year has been increased from 0% to 10% from February 1 according to the decision issued by the Board of the National Bank of Azerbaijan (NBA).
02 February 2006 [10:15]

Next meeting of state commission on Azerbaijan’s admission to WTO to be held on February 3

Next meeting of the state commission on Azerbaijan’s admission to the World Trade Organization (WTO) will be held on February 3.
02 February 2006 [10:06]

Baku Steel Company resumed production by 100%

The Baku Steel Company has already resumed production by 100% yesterday.
02 February 2006 [10:03]

National Bank placed short-term public bonds in amount of AZN8 million in auction held in BSE

An auction on placement of short-term public bonds of the National Bank of Azerbaijan (NBA) with the state registration number 50100512S was held in the Baku Stock Exchange (BSE) yesterday.
02 February 2006 [10:00]

State budget of past year implemented with deficit amounting to 0.7% of GDP

As the Ministry of Finance reports, the state budget receipts were implemented in AZM10.028 trillion or 100.5% level and it exceeds the 2004 figure by 43.5%.
02 February 2006 [09:58]

Energy system of Georgia unable to receive electricity from Azerbaijan for already two days

Marlen Asgarov gives explanations.
02 February 2006 [09:49]

OGPU named after Amirov extracted 465 thousand cubic metres of additional gas in January

The Oil-and-Gas production Unit (OGPU) named after A.J.Amirov extracted 465 thousand cubic metres of additional gas against 2 million 570 thousand cubic metres of gas extraction stipulated in the plan last month.
02 February 2006 [09:45]

37% of retirees receive their pensions by means of plastic cards

Over 504 thousand retirees (37% of all pensioners) are paid their pensions and pension benefits by means of plastic cards in Azerbaijan at present.
02 February 2006 [09:40]

Differences exist between companies and official indicators in report on extractive industry

There are several incomprehensible details in the third report "On gross receipts derived by the Government of Azerbaijan Republic from the extractive industry" audited by the AGN Mak Company.
02 February 2006 [09:28]

Azerbaijan transport workers to attend seminar on application of digital topography in motor transport to be held in Moscow

The delegation of the Ministry of Transport will attend a seminar on application of digital topography in motor transport to be held in Moscow on March 2-3.
02 February 2006 [09:15]

Ministry of Finance to announce results of its inspections in these days

The Ministry of Finance is currently conducting inspections in the Ministry of Health and Ministry of Economic Development.
02 February 2006 [09:09]

Second credit for railway development in Azerbaijan to be granted by EBRD soon

Deputy Minister of Transport Musa Panakhov talks about the project.
01 February 2006 [22:45]

New tankers named "Koroglu" and "Dede Gorgud"

2 more ships to be added to Azeri merchant fleet.
01 February 2006 [21:46]

?zerbaijan is among five countries, issuers of Visa cards in CIS

"Plastic cards development" workship took place in Baku
01 February 2006 [17:03]

Work at Astara module station under completion

First stage of construction is over.
01 February 2006 [11:23]

Chairman of the Tariff Council: "500 AZM (10 kopeck) fee is completely normal price in passenger carrying transport means"

"No need to raise fees in passenger carrying transport means," said Heidar Babaev, Chairman of the Tariff Council.
01 February 2006 [03:36]

Azercell and GanjSim awarded with "Ughur-2005" prize

The Joint Venture (JE) Azercell-Telecom was awarded with the "Ughur-2005" prize on two nominations.
01 February 2006 [03:01]

$15 million of loan agreement to be signed between International Bank of Azerbaijan and Sumitomo Mitsui Banking Corporation in Baku

A ceremony of signing an agreement between the Sumitomo Mitsui Banking Corporation and International Bank of Azerbaijan (IBA) on lending credit in amount of $15 million to IBA will be held in Baku today.
01 February 2006 [02:24]

Georgia-Iran-Azerbaijan negotiations on gas delivery held in Tehran

Representatives of the Azerigas Close Joint-Stock Company (CJSC) together with their Georgian counterparts are participating in the trilateral negotiations in Tehran concerning delivery of Iranian gas to Georgia through the territory of Azerbaijan.
01 February 2006 [02:17]

Kharkov State Aviation Production Enterprise: "The air crash in Baku didn't prevent us to sign new contracts"

Kharkov State Aviation Production Enterprise (KSAPE) which produced the plane AN-140-100 will give no comment until the commission investigating the causes of the plane crash happened in Baku on 23 December gives its opinion.
01 February 2006 [02:10]

Deficit amounting to 0.2% of GDP occurred in implementation of state budget

Receipts and expenditures of the state budget totaled AZN 1844.9 million and AZN 1867.7 million respectively in January-November of the past year and AZN 22.8 million of deficit (0.2% of GDP) occurred in implementation of the budget.
01 February 2006 [02:06]

Country's population income increased by 27% in 2005

Country's population income increased by 27% during 2005 in comparison with 2004 and reached AZN 7792.3 million and volume of per capita income increased by 25.7% to AZN 942.
01 February 2006 [01:48]

Azerbaijan Entrepreneurs Confederation to hold one-day seminar concerning additions and changes made to Tax Code

The National Confederation of the Entrepreneurs Organization of Azerbaijan Republic (AEC) will hold a one-day seminar concerning additions and changes made to the Tax Code on February 7.
01 February 2006 [01:45]

Georgia partially returns back electricity received from Azerbaijan

Georgia returns electricity received from Azerbaijan back in volume of 100 thousand kWh on certain days.
01 February 2006 [01:34]

Aydin Bashirov: "Azerbaijan intends to receive consent of Russia for navigating in its internal waters till April"

The Caspian Shipping Company (CSC) continues negotiations with the Russian party in a governmental level for the purpose of receiving Russia's consent for navigating in its internal waters.
01 February 2006 [01:28]

It is planned to sign bilateral agreement on cooperation with Chambers of Accounts of Ukraine and Kazakhstan this year

The Chamber of Accounts (CA) of Azerbaijan plans to sign bilateral agreements on cooperation with the Chambers of Accounts of Ukraine and Kazakhstan this year.
01 February 2006 [01:11]

Insurance premiums of Ateshgah Insurance Company decreased by 7% and payments increased by 36%

Total volume of insurance premiums collected by the Ateshgah Azerbaijan-Russia Insurance Company during 2005 totaled AZN 11.912 million and it is 7% less than the previous year figure.
01 February 2006 [01:07]

Cellulose workshop to be constructed in Surface Active Substances Plant

The Azerkimya State Company (SC) plans to start secondary production of waste paper soon.
01 February 2006 [01:00]

Cracking unit of Baku Oil Refinery named after H.Aliyev to be put in operation in these days

Repair works carried out in the 100th sector of the cracking unit of the Baku Oil Refinery named after H.Aliyev are about to complete.
01 February 2006 [00:57]

Azerbaijan begins exporting medicines to Uzbekistan

Medicines produced in Azerbaijan will be exported to Uzbekistan soon.
01 February 2006 [00:40]

Annual conference on development of leasing in Azerbaijan to be held early in February

It is planned to hold a regular annual conference on development of leasing in Azerbaijan within the first ten-days of February. The Leasing Development in Azerbaijan Project of the International Finance Corporation (IFC) and Association of Leasing Companies of Azerbaijan are the organizers of the event.
01 February 2006 [00:38]

Azerbaijani businessmen to visit Kazakhstan and Afghanistan

A delegation consisting of Azerbaijani businessmen is expected to visit Kazakhstan and Afghanistan in February this year.
31 January 2006 [06:43]

President and Vice-President of Azersun Holding elected winners of "Ughur-2005" prize

Abdolbari Goozal, President of the Azersun Holding Group of Companies and Ahmet Yeman, Vice-President of the Holding were elected the winners of the "Ughur-2005" prize constituted by the "Consulting & Business" journal of Azerbaijan.
31 January 2006 [06:16]

Auction on placement of notes of National Bank in volume of AZN 8 million to be held in BSE

A regular auction on placement of short-term notes of the National Bank of Azerbaijan will be held in the Baku Stock Exchange (BSE) on February 1.
31 January 2006 [06:04]

Ministry of Taxes plans to attract all tax debts from taxpayers to state budget this year

The Ministry of Taxes plans to attract all tax debts from taxpayers to the state budget this year and is currently reanalyzing the structure of tax debts.
31 January 2006 [05:46]

Azerbaijani delegation to attend international tourism exhibition to be held in Oman

Azerbaijan will also attend an international tourism exhibition to be held in Masgad city of Oman Sultanate from January 31 to February 2.
31 January 2006 [05:43]

CI Bank's license on dealer activity expired

A license given to the Capital Investment Bank for getting to dealer activity was considered invalid.
31 January 2006 [05:41]

Royal Bank of Baku registered emission prospectus of ordinary registered stocks in volume of AZN 1 million

The State Committee for Securities (SCS) registered emission prospectus of ordinary registered stocks of the Royal Bank of Baku Open Joint-Stock Company (OJSC).
31 January 2006 [05:34]

Tariffs of postal services not to be raised this year

Tariffs of postal services are not intended to be raised during this year.
31 January 2006 [05:31]

HUAWEI Company of China to apply CDMA technologies in Nakhchivan

Wireless communication system based on the CDMA technologies is established in the Autonomous Republic of Nakhchivan (ARN).
31 January 2006 [05:27]

Financial reports to be sent to SSPF via mail

Enterprises and organizations operating in the territory of the republic will be able to send their financial reports to the State Social Protection Fund (SSPF) via mail till the end of the current year.
31 January 2006 [05:16]

Last year export and import of Azerbaijan increased by 20% and 19.5% respectively

Positive balance in amount of $146483.6 thousand occurred in foreign trade turnover of Azerbaijan last year. Volume of export and import operations increased by 20.23% and 19.46% respectively, in comparison with 2004.
31 January 2006 [04:49]

World Bank to discuss "Strategy for cooperation with the country" in February

The leading economist of the World Bank (WB) on Southern Caucasus Christian Petersen started negotiations with the government of Azerbaijan on the project "Strategy for cooperation with the country".
31 January 2006 [04:45]

"Respublika" Bank increased its aggregate capital by 2.2 times in 2005

Assets of the "Respublika" Joint-Stock Commercial Bank (JSCB) increased by 97.5% during the past year and totaled AZM 291.4 billion (AZN 58.3 million) by January 1, 2006.
31 January 2006 [04:13]

Trade Chamber of France to start activity soon

The Trade Chamber of France is expected to start its activity in Azerbaijan soon. Registration documents of this Chamber consisting of French organizations operating in our country or participating in projects implemented in the republic are currently examined in the Ministry of Justice.
31 January 2006 [03:50]

Chair of Accounts Chamber Namig Nasrullayev to visit Kuwait

A delegation led by chair of the Accounts Chamber Namig Nasrullayev will visit Kuwait within the first half of March.
31 January 2006 [03:47]

Caspian Shipping Company to open new voyage to Nabran

The Caspian Shipping Company (CSC) intends to restore the voyage in the route of Baku-Lenkeran this year.
31 January 2006 [03:41]

Insurance premiums of Bashak Inam Insurance Company increased by 1.6% and payments decreased by 5.3%

Total volume of insurance premiums collected by the Bashak Inam Azerbaijan-Turkey Insurance Company during 2005 totaled AZM 10.651 billion and it exceeds the previous year figure by 1.6%.
31 January 2006 [03:39]

Barmek to completely resume electric power supply of capital today

Electricity supply of Baku city and north regions of the country has been mainly resumed since yesterday. The Barmek Azerbaijan Limited Liability Company (LLC) supplies the territories controlled by them in 95% level at the present moment.
31 January 2006 [03:35]

$150 million required for construction of "Azizbayov - H.Aliyev Int'l Airport" metro line

Approximately $150 million is required for construction of a new line from the "Azizbayov" station of the Baku Metro to the Heydar Aliyev International Airport.
31 January 2006 [03:31]

Enterprises of Azerkimya begin manufacturing new produce

The Azerkimya State Company (SC) prepared a project of a new program on starting manufacturing of new produce in the enterprises included in its structure.
31 January 2006 [03:26]

Meeting of Railway Transport Council of CIS and Baltic countries to be held in Vilnius in March

The administration of the Azerbaijan State Railway Office (ASRO) will attend the 43rd meeting of the Railway Transport Council of the CIS and Baltic countries to be held in Vilnius in March this year.
30 January 2006 [16:22]

Training Course to be conducted at Baku Business Center

"GRBS" company together with "TRIZ CHANCE" consulting company will organize a training course on "Advertising Campaigns and Public Relations Actions" at the Baku Business Center on February 9-11.
30 January 2006 [15:40]

Azerbaijan Communication Minister to meet with the Head of Microsoft Bill Gates in Lisbon

Minister of Communications and Information Technologies (CIT) Ali Abbasov left for Lisbon due to the invitation of the Portugal government and the Microsoft Corporation management.
30 January 2006 [13:21]

Georgia sets up receiving Iranian gas via Azerbaijan

Georgia started on 29 January admission of Iranian gas via the territory of Azerbaijan in the volume of approximately 93,000 cu m of gas an hour (over 2.2 million cu m a day).
28 January 2006 [11:12]

Experts of Central Asia Microfinance Alliance to hold trainings in Azerbaijan

Experts of the Central Asia Microfinance Alliance will hold trainings for the members of the supervisory boards of the member-organizations included in the Azerbaijan Microfinance Association (AMFA) on February 15-16.
28 January 2006 [10:41]

Energy mission of World Bank came to Baku

The energy mission of the World Bank (WB) led by the WB leading specialist Bjorn Hamson came to Baku yesterday.
28 January 2006 [10:31]

Bank of Baku increased its balance sheet profit 3.6 times in 2005

Balance sheet profit of "Bank of Baku" OJSC on 2005 formed AZM14.8 billion and it exceeds the previous year figure by 3.6 times.
28 January 2006 [10:25]

Initial agreement achieved with several international structures on funding reconstruction of Baku-Georgia highway

The Ministry of Transport achieved an initial agreement with several international financial organizations on funding reconstruction of the Baku-Georgia highway at length of 503 kilometers.
28 January 2006 [10:20]

Baku Petroleum Refinery holds tender for procurement of chemical reagents

The Heydar Aliyev Baku Petroleum Refinery is open for procurement of chemical reagents at the expense of its own means.
28 January 2006 [10:15]

UniBank increased volume of operations more than 4 times in 2005

UniBank Commercial Bank implemented operations with securities in volume of AZM289.8 billion during the past year and it exceeds the previous year figure by more than 4 times.
28 January 2006 [09:35]

Meeting of Directors General of Organization for Cooperation of Railways to be held in Baku in April

XXI meeting of Directors General of the Organization for Cooperation of Railways (OCR) will be held in Baku on April 24-28.
28 January 2006 [09:30]

Lorries moving in south direction to be conveyed to Astrakhan by ferry due to bad weather conditions

The Caspian Shipping Company (CSC) begins exploitation of the "Gara Garayev" ferry in the route of Baku-Astrakhan on January 28.
28 January 2006 [09:13]

IFC Azerbaijan Corporate Governance Project selected its first pilot company

The International Finance Cooperation Azerbaijan Corporate Governance Project (ACGP) has selected its first pilot company - Azerigazbank Open Joint Stock Company.
27 January 2006 [17:04]

Scheme of compensation for savings to be submitted to the President soon

Azerbaijani government is going to pay back for savings of citizens put in banks in Soviet period less than a US dollar per each Soviet ruble. Working group on the preparation for return of the savings held its last meeting on January 25.
27 January 2006 [14:40]

Azerenergy delivers over 4 million KW/h energy to Georgia

Azerenergy Joint Stock Company has transported over 4 million KW/h of electricity to Georgia since 22 January 2005.
27 January 2006 [04:21]

Tender held for procurement of carbonate rock used by Organic Synthesis plant in production

An open tender is held for procurement of 50 thousand tons of carbonate rock used by the Organic Synthesis plant of the Azerkimya State Company in production.
27 January 2006 [04:11]

Volume of credits granted by finance-credit organizations increased by 46.6%

Total volume of credits granted by finance-credit organizations operating in Azerbaijan formed AZN 1358.5 million as of December 1, 2005 and this exceeds the previous year figure by 46.6%.
27 January 2006 [03:58]

Buildings of over 100 post-offices to be constructed in Azerbaijan this year

Buildings of over 100 post-offices will be constructed and about 50 post-offices in Azerbaijan will be re-constructed this year.