Business

22 February 2005 [09:20]

SOCAR might cease oil export via northern route

The State Oil Company of Azerbaijan (SOCAR) is probable to cease the export of its oil via the Baku-Novorossisyk northern export oil pipeline from April 2005 to the commissioning of the Baku-Tbilisi-Ceyhan main export oil pipeline.
22 February 2005 [09:16]

Economic conference to be held in Germany late spring

An economic conference on Azerbaijan will be held in Germany late this May in Berlin, the Azerbaijani-Germany Union of Economic Assistance told Trend.
22 February 2005 [09:10]

Taxes ministry announces structure of tax remittances

In January 2005 the tax remittances comprised 472,043,1m manats.
22 February 2005 [09:08]

First tanker with Azeri oil to leave Ceyhan shortly

The first tanker with Azerbaijani oil might be unloaded I the Turkish port Ceyhan on 30 September - 1 October 2005, Natig Aliyev, the President of the State Oil Company (SOCAR) told local television company ANS.
21 February 2005 [12:06]

Austrian Airlines to increase flights to Baku

The Austrian airlines plan to increase the number of flights `to Azerbaijan, the Azerbaijani-German Economic Assistance Union told Trend.
21 February 2005 [12:04]

Azerbaijan, Kazakhstan to sign agreement on co-op in fighting terror, crime, drug addiction

Azerbaijan and Kazakhstan will sign an agreement on cooperation in the sphere of terror, organized crime and drug trafficking, a diplomatic source told Trend.
21 February 2005 [12:01]

Nine new fields under exploration

According to the State Oil Company of Azerbaijan, to date 71 oil and gas fields have been discovered in the republic including 42 onshore and 28 in the Azerbaijani sector of the Caspian Sea.
21 February 2005 [11:59]

New project on Azerbaijan to be submitted to WB board of directors

The Board of the Directors of the World Bank intends to implement a project on Defense of rural areas, Baku Office of the WB told Trend.
19 February 2005 [11:02]

EBRD to allocate credit for Azeri Bank

The European Bank for Reconstruction and Development (EBRD) will allocate a $1m credit to Bank of Baku, according to the EBRD.
19 February 2005 [11:01]

German Bank proposes Azerbaijan issue of Euro-bonds

Heydar Babayev, the chairman of the State Securities Committee at the Azerbaijani President, held a meeting with Yorg Bongarts, he Managing Director of German bank Deutschebank.
18 February 2005 [09:15]

EBRD ready to finance construction of waste-refinery plans in Baku

During the visit to Azerbaijan from 21 to 22 February 2005 Noreen Doyle, the First Vice President of the Euopen Bank fior R%cisnctrion and development (EBRD) will discuss three perspective projects, Nail Fataliyev, the deputy head of the monetary and Economic Policy Department of the Cabinet of Ministry of Azerbaijan, told journalists.
18 February 2005 [09:12]

613 wagons detained in Georgia-Azerbaijan border

613 wagons are detained in Boyuk-Kasik station of Georgia-Azerbaijan border now.
18 February 2005 [09:11]

Airports of Ganja and Lenkeran to be given international status

Reconstruction of Ganja airport will be completed by the end of this year.
18 February 2005 [09:10]

Goods turnover with Italy reaches $1,722 bn in 2004

In 2004 the goods turnover between Azerbaijan and Italy comprised $1,722bn. In 2002 the figure comprised $1,200bn, in 2003 - $1,420bn, The State Customs Committee told Trend.
18 February 2005 [09:09]

British trade mission expected

A mission of the Chambers of Commerce of Aberdeen and Grampian will visit Azerbaijan on 20-25 February, the British Embassy in Azerbaijan told Trend.
17 February 2005 [09:16]

Azeris spend more than $200 mln. for alcohol and cigarettes in 2004

1012,8 billion manats ($202,6 mln.) were spent for alcohol and cigarettes in Azerbaijan in 2004. For alcohol - 556,6 billion manats and for cigarettes - 456,2 billion manats were spent.
17 February 2005 [09:14]

Rate of inflation in Azerbaijan surges

Azerbaijan has faced yet another significant rise in cooperative Rate Of Inflation (ROI): the January level of ROI has climbed 11% as compared to the corresponding figure of 2004.
17 February 2005 [09:13]

Pace of GDP growth in Azerbaijan declines

Azerbaijan's gross domestic products rose through January to 3.28 trillion AZM (roughly 669.1 million U.S. dollars according to USD/AZM exchange rate of 4,902.2), up 7% from the corresponding figure of 2004 (2.778 trillion AZM).
17 February 2005 [09:12]

Russian petroleum giant pulls out of Caspian project

The State Oil Company of Azerbaijan (SOCAR) and Russia's No 1. oil company LUKoil have arrived at an agreement to annul a production-sharing agreement (PSA) on rehabilitation, exploration and development of the Hovsan - Zygh onshore concession.
17 February 2005 [09:11]

Minister of agriculture met with USA ambassador and deputy director of USAID

Yesterday Rino Harnish- ambassador of USA in our country and Jeffrey Li-vice director of International Development Agency (USAID) met with Ismat Abbasov-Minister of Agriculture.
17 February 2005 [09:09]

State Oil Company commissions four wells

Oil & gas production enterprises (OGPE) of the State oil company (SOCAR) put four production wells into operation in January, up 3 holes from the monthly target figure.
16 February 2005 [09:16]

SOCAR plans to commission 71 new wells in 2005

The SOCAR plans to increase oil and gas production through drilling new wells.
15 February 2005 [09:16]

World Bank to allocate 11 million dollars credit to Azerbaijan

World Bank (WB) to allocate 11 million dollars credit to Azerbaijan.
15 February 2005 [09:12]

SOCAR in search of new hydrocarbon reserves

The State Oil Company of Azerbaijan (SOCAR) is involved exploration of new hydrocarbon reserves in onshore and offshore fields. The drilling units are currently implementing the exploration in the North Naphtalan and Shurabad.
15 February 2005 [09:10]

Signing of 5-6 documents is expected during official visit of the President of Azerbaijan to Saudi Arabia

Signing of 5-6 bilateral documents is expected during first official visit of the president of Azerbaijan Ilham Aliyev to Saudi Arabia, as diplomatic sources informed Trend.
15 February 2005 [09:09]

BP submitted proposals on ecological monitoring system

B? Azerbaijan has presented to the Ministry of ecology and Aural Resources proposals on the improvement of ecological monitoring system
15 February 2005 [09:09]

Salyan Oil to send explanatory letter to ecology ministry

Salyan Oil (SOL), involved in he development of Kursangi-Garabaghly field, sent a letter to the Ministry of Ecology and Natural Resources, to apologize for the damage to the environment, Huseyn Bagirov, the Minister for Ecology and natural Resources told Trend.
15 February 2005 [09:08]

Azerbaijan plans to produce aluminum

Aluminum production will increase in Azerbaijan shortly, Ali Ozkurt, the chairman of the Board of Directors of Azeraluminum, told journalists.
15 February 2005 [09:07]

Technical assistance to oil machinery nearing to end

A model project targeting technical assistance to oil machine-building, carried by the Japanese government is nearing to end on 31 March 2005.
15 February 2005 [09:06]

Lankaran infrastructure to receive 10,000 tourists yearly

Lankaran will be able to receive more than 10,000 tourists yearly after some years, Zeynal Nagdaliyev, the head of the Executive Authority of Lankaran told.
14 February 2005 [10:16]

Oil production begins at Central Azeri in the Caspian Sea

The Azerbaijan International Operating Company (AIOC), operated by BP, today announced the start-up of oil production from the Central Azeri development, part of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea.
12 February 2005 [13:08]

Deloitte&Touche to hold audit of NBA for 2 years

Procedures on audit of the financial-economic activities of the National Bank of Azerbaijan (NBA) will start on 14 February, Elman Rustamov, the chairman of the Managing Board of the NBA told Trend on Friday.
12 February 2005 [13:06]

R.V.Investment will work on Azeri gold fields

The activities program of the American Company R.V.Investment Group Services LTD in 6 gold fields of Azerbaijan is in the examination of he Cabinet of Ministers (CM), the Azerbaijani Ecology and Natural Resources Minister told Trend.
12 February 2005 [13:03]

Non-oil sector of Azeri economy grows 20%

In 2004 the non-oil sector of Azerbaijani economy grew 20%, Farhad Aliyev, the Minister for Economic Development, told a meeting of Azerbaijani President Ilham Aliyev with entrepreneurs.
11 February 2005 [16:38]

Types of taxes in Azerbaijan decreased from 14 to 9

Reforms in the tax sector target changing the tax policy along with fiscal objectives, which stimulate, enhance and regulate the sources.
11 February 2005 [11:35]

Court presents additional term to Salyan Oil for treatment of polluted areas

The Court of Appeals presented to Salyan Oil Limited (SOL), which involved in the development of the Kursangi-Garabaghly fields, an additional term for the treatment of polluted areas.
11 February 2005 [11:01]

EBRD intends to allocate $150 m to Azerbaijan

In 2005 the European Bank for Reconstruction and development (EBRD) confirmed its readiness to approve $100m for the construction of a highway from Baku to the Russian border and $50mfor the improvement of a locomotive park of the Azerbaijani railway, Musa Panahov, the Azerbaijani Deputy Transport Minister.
11 February 2005 [10:00]

Cargo inspection in Georgian border to be complete

The cargo inspection in the state border with Georgia is about to complete, Musa Panahov, the Azerbaijani Deputy Transport Minister, told Trend.
11 February 2005 [09:36]

Azerbaijan to continue holding investments conferences

In 2005 the Azerbaijani government plans to continue holding investment conferences, Emil Majidov, the head of the Fund for Enhancing Investments and Consultations (FEIC), told Trend.
10 February 2005 [09:31]

New water reservoir to be constructed in the capital

The construction of water reservoir of 200 thousand cubic meters in the frames of budget opportunities for increasing water reservoir in the capital will be over this year.
10 February 2005 [09:26]

IMF works out program on assistance to financial sector

A group of the World Bank, the International Monetary Fund (IMF) and the Swiss State Secretariat on Economic Cooperation (SECO) are involved in the development of a scaly program on assistance to financial sector of Azerbaijan, Trend reports.
10 February 2005 [09:24]

New banknotes to be designed by author of euro

New metallic coins will appear in circulation, Elman Rustamov, the chairman of the Managing Board of the National Bank of Azerbaijan (NBA), told journalists on Wednesday.
09 February 2005 [09:19]

USA to send 5.75 million dollars military aid to Azerbaijan

USA considers allocating 5.750.000 dollars finance aid to Azerbaijan in the frame of aid program to foreign countries in the next financing year.5 million dollars of this allocation will be spent on military financing processes.
09 February 2005 [09:16]

EBRD to update strategy on Azerbaijan

The European Bank for Reconstruction and Development (EBRD) started the collection of notes on the draft updated strategy on operations in Azerbaijan, an official statement by the EBRD says.
09 February 2005 [09:14]

New IMF supervisor on Azerbaijan expected

Vitaliy Kramarenko, the new head of the International Monetary Fund (IMF) mission, is expected to pay his first fact-finding visit to Azerbaijan on Tuesday.
09 February 2005 [09:13]

Amount of trade circulation between Azerbaijan and Turkey in 2004 was 408 million dollars

Amount of trade circulation between Azerbaijan and Turkey in 2004 was 408 million dollars.
09 February 2005 [09:08]

Azerbaijan undersigns TACIS regional program for 2004 FY

The Azerbaijani government undersigned a financial memorandum on TACIS regional program for 2004 fiscal year (FY).
09 February 2005 [09:07]

Finance ministry publicizes macro-economic indices in Azerbaijan in 2004

The Finance Ministry has publicized the macro-economic indices of Azerbaijan for 2004.
09 February 2005 [09:04]

Processing center to be ready to work with denominated AZM by 1 Oct

Azerikard Processing Center will be ready to work with the denominated manat by 1 October 2005
08 February 2005 [09:09]

Azerbaijan to Re-Denominate Its Currency

Azerbaijan will re-denominate its currency by 5,000 times beginning next January, President Ilham Aliev ordered Monday, potentially putting the manat on a one-to-one rate with the U.S. dollar.
08 February 2005 [09:08]

Azerbaijan doubles GDP

Azerbaijan has doubled its GDP since 1995 year, the survey on GDP growth in CIS countries conducted by the CIS Interstate Statistical Committee said.
08 February 2005 [09:06]

Azerbaijan earned more than expected under the "Contract of the Century"

Azerbaijan earned AZM 746250,0 million from selling 6,6 million tons of oil under the "Contract of the Century" in 2004.
08 February 2005 [09:05]

Azerigas plans to spend 70bn AZM on improvement of gas supply system in Azerbaijan in 2004

In 2005 Azerigas Joint-Stock Company (JSC) plans to spend 70bn manats (over $14.2m) on the improvement of the gas supply infrastructure in Azerbaijan, Nazim Samadzada, and the Vice President of Azerigas JSC, told journalists on Monday.
08 February 2005 [09:04]

Exploration well drilling on Yalama due to complete by mid-2005

Exploration well drilling on the Yalama prospect (D-222), carried out by Russian Oil Company, and reached the depth at 2300 meters.
05 February 2005 [09:27]

Public budget revenues over-fulfilled

The 2004 public budget revenues were over-fulfilled by 1.2% and the revenues amounted to 7607,200m manats.
04 February 2005 [09:36]

Azerbaijan has 1 billion 588 million dollars foreign debt

Debt of Azerbaijan to foreign state was 1 billion 588 million USA dollars for January this year.
04 February 2005 [09:33]

British companies will discuss capital investment opportunities to Caspian region

On February, 8, conference will be held dedicated to oil, gas and oil-chemistry fields of Azerbaijan, Iran and Kazakhstan in Great Britain.
04 February 2005 [09:10]

AIOC handed 74.8 million m3 of 86.7 million m3 of region gas from "Chirag" field to SOCAR in January

Azerbaijan International Operation Company (AIOC) handed 74.8 million m3 gas of 86.7 million m3 produced in "Chirag" field to State Oil Company (SOCAR) in January.
03 February 2005 [09:40]

Counting chamber failed to inspect Caspian sea shipping department

Counting chamber failed to realize inspections in Caspian Sea Shipping Department.
03 February 2005 [09:36]

Tourism-Information Center opened in Baku

Yesterday an official opening of Tourism-Information Center (TIC) was held in Baku.
03 February 2005 [09:19]

10 million barrels needed to fill BTC pipeline

Ten million barrels of oil will be needed to fill Baku-Tbilisi-Ceyhan pipeline, and this process will take five months.
03 February 2005 [09:17]

Meeting of railwaymen of Russia, Azerbaijan and Iran be held in Baku

On February 8-9, meeting of railway-men of Russia, Azerbaijan and Iran will be held in Baku.
02 February 2005 [09:20]

Oil sector to get 16,3 trillion manats of overseas investment

Volume of the overseas investment placed in the economy of Azerbaijan in 2004 rose 32,6 percent in comparison with that in 2003 and 90 percent of this volume falls to the share of the oil sector.
30 January 2005 [13:31]

Plant will be constructed in Azerbaijan for processing radioactive wastes

In Pirekishkul district, a plant will be constructed to process radioactive wastes.
28 January 2005 [00:38]

Oil price keeps on rising

Price of oil keeps on rising in world markets.