Business

16 November 2006 [11:35]

Trades at BICEX, Nov. 15

The weighted average exchange prices made up 0,8726 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 15.
16 November 2006 [11:34]

Azerbaijan to join tourism exhibition in Athens

For the first time Azerbaijan will take part in the international tourism exhibition to be organized in Athens Nov.30-Dec.4.
16 November 2006 [11:33]

TUSIAB members to be awarded

The biggest taxpayers of the Turkish Industrialists and Businessmen Union (TUSIAB) will be awarded in Gulustan palace, on November 23.
15 November 2006 [16:18]

Cement price rise in Azerbaijan results of Russia and Iran's domestic demand

The price rise in some building materials, in particular cement and wood is closely connected to the increase of the demand for these materials in Russia and Iran, State Customs Committee chairman Aydin Aliyev said.
15 November 2006 [15:02]

New Customs Code presented

New Customs Code of Azerbaijan, supported within the Improvement of the Customs Code of Azerbaijan Project by the EU and UNDP, has today been presented.
15 November 2006 [13:36]

New banknotes constitute 95% in circulation in Azerbaijan

New banknotes make 95 percent in the circulation in Azerbaijan now.
15 November 2006 [12:18]

Deals at BICEX, Nov.14

The weighted average exchange price made up 0.8726 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
15 November 2006 [11:59]

EBRD: "Pension fund, insurance engagement could boost private equity market in Transition countries"

Greater engagement by private pension funds and insurance companies as well as a relaxation of regulatory constraints could boost further the already growing market for private equity funds in former command economies from central Europe to central Asia, the EBRD concludes in its latest Transition Report.
15 November 2006 [11:36]

Ganja Automobile Plant employees visit ChangAn Automobile Co

Two representatives of Ganja Automobile Plant visited ChangAn Automobile Co from Oct. 27 to Nov.9.
15 November 2006 [11:34]

Azerbaijan not satisfied with RusAl demands

The privilege Russian aluminum giant RusAl wants doesn't satisfy the Government of Azerbaijan, Economic Development Minister Heydar Babayev said.
15 November 2006 [10:48]

Azerbaijani and Iranian businessmen meet at Baku

Meeting, organized by Iranian embassy in Baku and Azerbaijan National Confederation of Entrepreneurs (ACE), brought together Iranian and Azerbaijani businessmen in Baku.
15 November 2006 [10:31]

TUSIAB says no cooperation with Armenia

"Turkish Industrialists' and Businessmen' Association TUSIAD, based in Istanbul, which cooperates with Armenian businessmen, has no relations to the Union of Turkish Industrialists and Businessmen-TUSIAB," TUSIAB issued a statement to make clear the article "TUSIAD establishes new union to expand business relations with Armenia."
14 November 2006 [23:38]

East Azeri oil delivered to Sangachal Terminal

The first East Azeri oil has been delivered Sangachal Terminal and production of the profit oil from East Azeri Platform has started up.
14 November 2006 [16:51]

Heydar Babayev: "ICSID to consider audit acts but not Arabul's threats"

"ICSID's registering the request doesn't mean the solution to the problem. ICSID will take note of the acts and documents drawn up by international auditors but not the threats made by Barmek President Huseyn Arabul," Economic development Minister Heydar Babayev said.
14 November 2006 [16:10]

Georgia aims to cut Russian gas dependency

Georgia plans to cut its dependency on Russian gas -- possibly by as much as a half -- by the end of next year by striking deals with Azerbaijan, Iran and Turkey, Georgia's prime minister said on Monday.
14 November 2006 [13:44]

Azerbaijan leads in GDP growth rates

Azerbaijan leads the world in GDP growth rates, European Bank for Reconstruction and Development (EBRD) said.
13 November 2006 [18:57]

Marketing survey results released

SOCAR's has announced the marketing survey for 1200 barrels of Azeri Light crude export at Ceyhan seaport.
13 November 2006 [16:14]

Russia rejects expansion of Chevron oil link

Russia's Energy Ministry has rejected a plan to expand the capacity of a Chevron-led oil pipeline from Kazakhstan to the Black Sea.
13 November 2006 [14:27]

Course on economic basics to be organized in Baku

The course on basics and expertise of economics and banking in the Islamic countries will be organized November 27-30 in Baku with the assistance of the Azerbaijan State Economic University, Islamic Development Bank and Islamic Researches and Education Institute.
13 November 2006 [14:25]

Belarus Ambassador visits Goychay region

Belarus's ambassador to Azerbaijan Nikolay Patskevich visited some production enterprises of Goychay region.
13 November 2006 [14:23]

IFC holds seminar on introduction to corporate governance

Within the framework of the Azerbaijan Corporate Governance Project, the seminar on introduction to the corporate governance was held for the representatives of the government agencies of Azerbaijan.
13 November 2006 [14:10]

Oil products export on rise

State Oil Company of Azerbaijan (SOCAR) exported 239,909 tons of oil via Novorossiysk terminal in October, and 942 thousand tons over 10 months.
12 November 2006 [20:48]

Topaz in $60m fleet expansion

Topaz Energy and Marine]s Azerbaijan subsidiary, BUE Caspian has announced that it has launched two new vessels to its offshore vessel fleet.
12 November 2006 [20:43]

A role model in Azerbaijan's privatization

Turkey, which has privatized large companies such as T?rk Telekom, the Turkish Petroleum Refineries Corporation (TUPRAS) and Erdemir one after another, has become a role model for others.
12 November 2006 [20:14]

Economic Development Ministry, University of Louisiana ink memo

On November 10, Economic Development Ministry and US University of Louisiana signed an agreement on the development of the food industry.
12 November 2006 [20:10]

Rafi Oil company joins EITI implementation process in Azerbaijan

The Dubai based Rafi Oil company signed the Instrument of Accession to Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan, press service of Azerbaijan's State oil Fund said.
12 November 2006 [19:52]

GDP to grow 2,7 times over next 4 years

Azerbaijan's Ministry of Economic Development said gross domestic product (GDP) would grow 2.7 times over the next four years, compared with 2005.
12 November 2006 [19:51]

Over $23 billion invested in Azeri economy since 1991

Ministry of Economic Development said over $23 billion was invested in Azerbaijan's economy since the country regained its independence in 1991.
12 November 2006 [10:49]

Azerbaijan joins Trans-Asia Railway Network

According to the agreement signed in UN regional transport meeting in Busan, Korea, Trans-Asia Railway Network will connect 28 countries and the length of the railway is 81 000 km.
11 November 2006 [11:02]

500 000 Azerbaijani immigrant laborers in Ukraine

There are half million labor migrants from Azerbaijan in Ukraine.
11 November 2006 [11:00]

Armenia let 350mn cube/meter, Georgia 330mn cube/meter waste water into the Kur irrespectively

Armenia let 350cube/meter, Georgia 33-cube/meter waste water into the Kur, as a result heavy metals, phenol and oil products gets polluted in Azerbaijani part of the Kur.
11 November 2006 [10:57]

Milli Majlis discusses 2007 Budget of Social Protection Fund

Milli Majlis discussed 2007 Draft Budget of the State Social Protection Fund.
10 November 2006 [22:49]

Glencore, Select win latest Azeri light tender

Glencore and Select Energy have won a tender called by the State Oil Company of Azerbaijani (SOCAR) for the 16th and 17th consignments of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
10 November 2006 [22:27]

International Bank of Azerbaijan signs $130 million loan agreement

The International Bank of Azerbaijan (IBA) has inked the $130 million agreement with syndicate of 26 foreign banks from 12 countries at a rate of Libor + 0.9% for 1 year. The loan will be spent on the infrastructure projects.
10 November 2006 [21:27]

Trades at BICEX

The weighted average exchange prices made up 0,8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 10.
10 November 2006 [20:09]

Romania to offer Azeri oil and gas deliveries to Europe alternatively

Romanian Foreign Minister Mihai-Razvan Ungureanu says Romania will offer Azerbaijani oil and gas supplies to Europe.
10 November 2006 [20:07]

75 of 125 parliamentarians take part in sitting

The parliamentarians were indifferent to the discussion of 2007 Draft State Budget.
10 November 2006 [20:00]

Center of economic and juridical enlightenment of journalists in Ganja

The press conference concerning the establishment of the organization "Center of economic and juridical enlightenment of journalists" was held in Ganja.
10 November 2006 [19:57]

Musa Panahov: "Vietnam-Armenia railway impossible without Azerbaijan"

The decision, made at Korean conference of the United Nations Economic and Social Commission for Asia and the Pacific, on laying a railway line from Armenia to Vietnam is impossible to come true, said Azerbaijani Transportation Minister Musa Panahov.
10 November 2006 [19:55]

Paris Court meets Azerbaijan's claim against FIM Bank

Paris Court today reviewed Azerbaijani ministry's request on the lifting of the arrest of its share in Eutelsut Company of France.
10 November 2006 [17:05]

Baku hosts Azerbaijan-Pakistani business forum

Business forum, organized by Pakistan's Embassy in Baku and Azerbaijan National Confederation of Entrepreneurs (ACE), was attended by 15 Azerbaijani and some 30 Pakistani pharmacy businessmen.
10 November 2006 [14:19]

TUSIAD establishes new union to expand business relations with Armenia

The TUSIAD-led Union of Black Sea and Caspian Confederation of Enterprises (UBCCE) will hold its first general assembly on Nov. 27 to which executives from the Armenian Industrialists and Businessmen's Association have been invited.
10 November 2006 [13:33]

Turcas to establish joint venture with Azeri oil giant SOCAR

Turcas Petroleum A.S started negotiations for the establishment of a joint venture with State Oil Company of Azerbaijan (SOCAR), the owner of 25 percent shares of BTC pipeline.
10 November 2006 [13:29]

Chairman of State Customs Committee meets Special Representative of U.S. Department of State

Chairman of Azerbaijan's State Customs Committee Aydin Aliyev met with Special Representative for Commercial and Business Affairs at the U.S. Department of State Frank Mermoud, the Committee's press service said.
10 November 2006 [13:25]

SOCAR's president meets Special Representative of U.S. Department of State

President of SOCAR Rovnaq Abdullayev met with Special Representative for Commercial and Business Affairs at the U.S. Department of State Frank Mermoud and Ambassador of the USA to Azerbaijan Mrs. Anne Derse, press service of SOCAR said.
10 November 2006 [13:09]

Government going to take control of Bayva

Hand-over test of Bayva-Energy has been completed.
10 November 2006 [13:09]

Workshop concerning Export Alliance takes place

Workshop on Export Alliance, supported by Economic Development Ministry, was held in the framework of EU TACIS Project Support to AZPROMO.
10 November 2006 [13:05]

Tekhnikabank gives 65 mortgages

As of November 1, Tekhnikabank JSC has allowed 65 mortgages. The total amount of the mortgages is AZN 1 430 000.
10 November 2006 [13:04]

Bank Standard's total capital rose 31% y-o-y

The assets of Bank Standard grew by AZN 112% (USD 127 118 000), compared with late last year, in October.
10 November 2006 [13:03]

Technikabank becomes principal member to MasterCard

Technikabank JS CB has become a principal member of MasterCard.
10 November 2006 [13:02]

Azercell concludes roaming agreement with Hi3G Access AB and Hi3G Denmark Aps

Azercell Telecom JV concluded roaming agreements with Hi3G Access AB and Hi3G Denmark Aps.
10 November 2006 [13:00]

Finance Ministry announces tender for documentary stamps

Finance Ministry has announced a tender for high-quality documentary stamps or products.
10 November 2006 [12:59]

Natig Aliyev participates oil conference in China

A delegation led by Industry and Energy Minister Natig Aliyev has visited China to attend oil conference to be held between November 9 and 16 in Beijing.
10 November 2006 [12:57]

High-tech thermal power plant to be commissioned in Khachmaz

Construction of Khachmaz thermal power plant has continued to progress.
10 November 2006 [09:04]

Private sector projects offered in Azerbaijan

Investors from Islamic countries have been offered 34 private sector projects worth $453 million in Azerbaijan.
10 November 2006 [00:05]

Trades at BICEX

The weighted average exchange prices made up 0.8728 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 9.
10 November 2006 [00:01]

Babayev meets Polish Speaker

Azerbaijan's Minister of Economic Development Heydar Babayev today met with visiting Chairman of the Polish Senate Bogdan Borusewicz and his accompanying delegation.
09 November 2006 [23:44]

UPU grants more privileges to Azerbaijan for Armenian occupation

Compensation rate for Azerbaijan will be 16.5% in international postal exchange from January 1, 2007.
09 November 2006 [23:31]

Azeri budget transparency low

Issues relating to civil participation in discussions on the 2007 state budget and a new assessment of an international group were discussed at a roundtable in Baku on Wednesday.
09 November 2006 [23:30]

Azeri official dismisses reports on 'double-digit' inflation

A senior Azeri official has dismissed statements by some economists concerning double-digit inflation in the country. "Evidently, these people have no idea what they are talking about," the State Statistics Committee chairman Arif Valiyev said.
09 November 2006 [16:30]

Azerbaijani Company to repair strategic pipeline in Georgia

SOCAR associate company Khazardenizneftgaztikinti and Geoengineering is implementing repair works on main gas pipeline in Georgia, spokesmen of Azerbaijani embassy in Georgia, Elkhan Polukhov stated.
09 November 2006 [14:36]

Fondel files request for arbitration against Azerbaijani Government

Earlier this week the Dutch company FONDEL METAL PARTICIPATION BV filed its request for arbitration against the Government of Azerbaijan with the Washington-based International Centre for Settlement of Investment Disputes.
09 November 2006 [13:43]

BP stops exporting Azerbaijani oil through Baku-Supsa pipeline

British petroleum giant BP has stopped pumping oil from Azerbaijan to Georgia through the Baku-Supsa pipeline due to 'anomalies' exposed in the pipeline.
09 November 2006 [13:10]

Azerbaijan Investment Company to finance first project

Azerbaijan Investment Company OJSC will finance the first project by this year end, Company Executive Director Anar Akhundov told.
09 November 2006 [13:08]

SOCAR President meets with CDAP members

SOCAR President Rovnag Abdullayev has today met with the members of the Caspian Development Advisory Panel (CDAP).
09 November 2006 [12:43]

Region population to receive social welfare by plastic cards

Those living in the centers of regions and cisties will be able to receive social security benefits by plastic cards.
09 November 2006 [12:08]

SOCAR drills 14 459 meters in October

SOCAR implemented drilling works of 14 459 meters in October with an exception of Joint Ventures and Operating Companies.
09 November 2006 [11:36]

Micro Finance Bank of Azerbaijan to open new branches

Micro Finance Bank of Azerbaijan intends to open a branch in Khachmaz, Bank officer Sebastian Fariniarts told.
09 November 2006 [11:11]

SOCAR exports 239 909 tons of crude from Novorossiysk Terminal

SOCAR Marketing and Economic Operations Department exported 239 909 metric tons of crude oil from Novorossiysk Terminal in October.
09 November 2006 [10:06]

Georgia to transfer 1.5 megawatts of electricity to Azerbaijan a day

"Georgia is going to transfer electrical energy to Turkey and Azerbaijan. Expansion of the hydroelectric power stations enables Georgia to transfer electricity to these countries," Georgia State Electrical System told.
09 November 2006 [09:59]

Ganja-Istanbul flight to be opened from December

Ganja-Istanbul-Ganja flight will be opened from December 2, 2007, Plantet.Co Director Elkhan Hasanov stated.
08 November 2006 [22:55]

Azerbaijan leads CIS for industrial growth

Azerbaijan and Belarus led the CIS countries in January-September 2006 for industrial growth with 39.2 and 12.2 percent respectively on the same period last year.
08 November 2006 [22:26]

Poland shows interest in oil and gas cooperation with Azerbaijan

Polish Senate Marshal Bogdan Borusewicz said his country shows interest in cooperating with Azerbaijan in the oil and gas sector.