Business

22 June 2006 [08:39]

BICE Chairman reelected to International Association of Exchanges of CIS countries' Managing Staff

On decision of general meeting of International Association of Exchanges of CIS countries (IAE CIS), Farhad Amirbayov, Baku Interbank Currency Exchange (BIBA) Chairman, was reelected to the Managing Staff of the Association.
22 June 2006 [08:34]

Islamic Trade Chamber plans to set up bank

Establishment of International Development Bank has taken a start at initiative of Islamic Countries' Trade Chamber.
22 June 2006 [01:44]

Official says British company to develop telecom services in Azerbaijan

Little-known U.K. company Polton Vencars plans to develop telecommunications services in Azerbaijan, a spokesman for Azerbaijan's property committee said Wednesday.
21 June 2006 [21:07]

Turkey plans to build 3 nuclear plants

Turkey's prime minister announced plans Tuesday to build three nuclear power plants by 2015 to meet the country's growing energy needs.
21 June 2006 [20:08]

Zaman: "Ceyhan to be an energy supermarket"

The government initiated the Samsun-Ceyhan pipeline project, transferring Caspian and Russian oil from Samsun to Ceyhan, to protect Turkey's straits from the dangerous oil tanker traffic that threatens Istanbul.
21 June 2006 [19:33]

Oil tanker shipments - The shortest-term default for Trans-Caspian oil

The agreement to connect Kazakhstan with the Baku-Tbilisi-Ceyhan oil transport system, signed by the Kazakh and Azeri presidents on June 19, brings the Caspian basin's eastern shore into the East-West energy corridor.
21 June 2006 [17:09]

Turkey, Azerbaijan discuss Armenian participation in railway project

Turkish Foreign Minister Abdullah Gul had consultations on Monday with Azerbaijani President Ilham Aliyev in Baku to discuss Armenian participation in the Kars-Akhalkalaki-Tbilisi-Baku railway project.
21 June 2006 [14:50]

Citigroup awards the International Bank of Azerbaijan as the best clearing bank of the country

It is the second year successively Citigroup awards the International Bank of Azerbaijan with the "Quality Recognition Award" in nomination "U.S. Dollar Clearing", for the premier level in realization of payments in US dollars through automatic mode, depending on results of the year 2005.
21 June 2006 [09:54]

Azerbaijani pipelines to be ready for Shahdeniz gas

Azerbaijani gas transport system will be ready for Shahdeniz gas from the third quarter of 2006.
21 June 2006 [09:25]

Payment of gas fees reaches 40% in Azerbaijan

Gas fees have been paid by 40% in May. Azerigas Closed Company President Alikhan Malikov said in an interview with journalists.
21 June 2006 [09:20]

Azerbaijan-Turkey business forum will be held June 22 in Baku

June 22 in Baku Business Center Azerbaijan–Turkey Business Forum will be held by the organization of Azerbaijan Entrepreneurs Organization (AEC) National Confederation.
21 June 2006 [09:01]

Vahid Mustafayev: "ANS Group of Companies operates illegally"

"Today ANS Group of Companies operates illegaly. Because, Milly Majlis television and Radio Council refuses to give a license to ANS. We can not get license since 2003. It is already 3 years that we have been waiting to get our license."
21 June 2006 [08:44]

GDP increases 38% within January-May

Gross Domestic Product worth AZN5853.9mln has been produced in Azerbaijani Economy within January-May of the current year and this figure is 38% more than that of respective period of last year. Part of GDP per capita has risen 36.5% to AZN702.2 or $771.8.
21 June 2006 [08:28]

AIOC increases oil extraction and produce more than twice

Within January-May, 8 222 thousand ton of oil was extracted from Azeri-Chirag-Guneshlioil-fields by Azerbaijan International Operating Company (AIOC). This indicator is 2.1 times more than that of the first 5 months of the last year.
21 June 2006 [08:18]

Applicants for Master's Degree in Great Britain to be selected shortly

Selection process on SOCAR/BC Scholarship Program for staff qualification abroad sponsored by the State Oil Company of Azerbaijan Republic (SOCAR) and British Council is about to come to end.
20 June 2006 [15:11]

Georgia pushes for Trans-Caspian pipe at energy conference

Speaking at an international conference on Eurasian Energy Security in Tbilisi on June 20, President Saakashvili called for an active development of the new energy transit routes.
20 June 2006 [09:25]

President Ilham Aliyev signed awarded Azerigaz CJSC associates Shohret order and Tereggi medal

President Ilham Aliyev has signed an order on awarding Azerigaz Closed Joint Stock Company (CJSC) associates Shohret order and Tereggi medal for their services in the development of gas economy.
20 June 2006 [09:02]

BP Azerbaijan company shown Baku Deep Foundation Plant to media

Yesterday BP Azerbaijan Oil Company has organized meeting of media representatives to Baku Deep Foundation Plant named After Heydar Aliyev.
20 June 2006 [08:56]

Bank Standard selected by Auerbach Grayson&Compnay Inc. as exclusive partner

Bank Standard CJSC has been selected exclusive partner of prestigious Auerbach Grayson&Compnay Inc. broker companies in Azerbaijan.
20 June 2006 [08:22]

Re-construction of Sheki Hydro Electric Station to be complete

At present two of 8 hydro electric stations operating in Azerbaijan, Sheki and Muganli Hydro Electric Station (HES) produce electricity in Azerbaijan.
19 June 2006 [21:57]

Lottery Company winners of Bank Standard met journalists

Winners of Lotetry Company organized by Bank Standard CJSC from April to May 31, met with journalists.
19 June 2006 [21:15]

ANS Group of Companies: "ANS questions some nuances regarding Taxes Ministry's inspections"

The Ministry of Taxes has started inspections in all the structures of the ANS since June 14.
19 June 2006 [14:26]

Belarus sold 19 tanks to Azerbaijan in 2005

Belarus sold 19 T-72 tanks to Azerbaijan last year. This is stated in the report on sale of ordinary weapons in the world weapon market that Belarus presented to the UN.
19 June 2006 [13:07]

Huseyn Arabul: "Barmek activity to be stopped"

Barmek President Huseyn Arabul confirmed that he was called to Interior Ministry Main Office.
19 June 2006 [11:57]

Peugeot's new model to be brought in next three months

Within three months, FNC Motors Company of Azerbaijan intends to bring new model of Peugeot 206 to Azerbaijan.
19 June 2006 [09:15]

Industrial production and services increased by 43.8%

Industrial products and services at the cost of 4.9 billion manats or 43.8% more in comparison with the corresponding period of last year were produced and provided in Azerbaijan's industry in January-May this year.
17 June 2006 [08:51]

Emergencies Ministry's newspaper issued

The first issue of Emergencies Ministry's weekly newspaper has been published.
17 June 2006 [08:31]

Reorganization before privatization of public enterprises

State Committee of Azerbaijan for Public Property Management (SCPPM) will make Restructure and Reorganization Program for the purposes of reorganization and restructuring of public properties before the privatization process, as well as for providing support for privatized enterprises.
17 June 2006 [08:25]

Azerbaijan to attend IT summit in Malaysia

Ali Abbasov, Communications and Information Technologies Minister of Azerbaijan, will act as a chief speaker in the first inauguration summit of Global Alliance for Information and Communication Technologies and Development in Kuala Lumpur, Malaysia, June 18-21.
17 June 2006 [08:20]

Transport Ministry canceled bridge construction's project

Construction project of a new bridge and a tunnel nearby Excelsior Hotel at Heydar Aliyev Avenue, Baku, is under development.
17 June 2006 [08:08]

Insurance Code proposed in Milli Majlis

The Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [22:03]

Two senior officials of Barmek imprisoned

"Barmek-Azerbaijan Electric network" Limited Liability Company's two more senior officials were detained, Main Prosecutor's Office informs.
16 June 2006 [21:59]

Azerbaijan to produce gold next year

The Azerbaijan International Mining Operations Company will end the prospecting of the gold deposits in Gadabay region by the end of August.
16 June 2006 [15:34]

Kazakh, Azeri Leaders signed agreement on Kazakh oil's delivery via BTC

On Friday Kazakhstan President Nursultan Nazarbayev has received Azerbaijan Leader Ilham Aliyev.
16 June 2006 [14:43]

IFC extends trade finance line to AGBank

The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to purchase up to a 17.5 percent stake in AGBank and to extend a $1 million trade finance line.
16 June 2006 [13:43]

Azerbaijani company to sue Armenia

The Azerbaijan International Mining Operations Company will sue several foreign companies for exploiting gold deposits in Azerbaijan's occupied territories. It will also sue Armenia for authorizing the exploitation.
16 June 2006 [11:52]

Insurance Code proposed in Milli Majlis

Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [11:46]

Bank Standard joins the Auerbach Grayson broker network

Auerbach Grayson & Company, a New York-based brokerage firm that specializes in international securities trading for U.S. institutional investors, recently announced that Bank Standard has agreed to become its exclusive local broker partner in Azerbaijan.
15 June 2006 [22:05]

Turkey to officially inaugurate BTC pipeline on July 13

Turkey is preparing an elaborate ceremony to inaugurate the strategic Baku-Tbilisi-Ceyhan (BTC) oil pipeline on July 13, the event's organisers said Thursday.
15 June 2006 [15:37]

AzerEnergy VP to visit China

The delegation of Azerenergy joint-stock company led by its vice-president Marlen Asgarov will be visiting People's Republic of China on June 16-24 to become familiar with the state-of-the-art technologies applied in electric power stations of Beijing, Urumqi and other cities of China.
15 June 2006 [15:33]

Azercell expands network, government to sell stake by end 2006

Azercell, the dominant cellco in Azerbaijan, has revealed that it has installed 61 base stations in rural areas in the first five months of 2006. Population coverage of Azercell's network stands at over 95%.
15 June 2006 [15:31]

Azerbaijan-Turkey business forum to take place in Baku

The Azerbaijan-Turkey business forum will be held June 22 in Baku, Azerbaijan National Confederation of Entrepreneurs' Organizations announced.
15 June 2006 [13:32]

Harnessing regional potential: Baku business forum faces the future with optimism

Economically the Black Sea region is the fastest growing region in the world after East Asia and has a lot of prospects lying ahead: this was the main message of the June 12 business conference in Baku.
15 June 2006 [01:55]

Bulgarian cable operator CableTEL to invest in Azerbaijan

CableTEL, the Bulgarian cable TV, Internet and voice company, sad it will deploy a cable TV network in Azerbaijan.
15 June 2006 [01:54]

Azerbaijan considers Iran as its primary partner in electricity sector

Azerbaijan's State Electricity Company 'AzerEnergy' quoting informed sources in a bulletin said here Iran is Azerbaijan's partner in the electricity sector.
15 June 2006 [01:12]

BSE: "The rate of corporate sector in Azeri stock market will come to 15% by this year"

The volume of transactions in stock market of Azerbaijan reached AZN517,5 million last year increasing more than 5 times.
15 June 2006 [01:09]

SOCAR Marketing and Economic Transactions Department is prepared for the application of international standards

Marketing and Economic Transactions Department (METD) of State Oil Company of the Azerbaijan Republic (SOCAR) began the arrangements for the adaptation of ISO 9001:200 international standards in the Department.
15 June 2006 [01:06]

Bank Standard winning campaign ends

The final stage of the April 1 to May 31 winning campaign, a lottery, run by CJSC Bank Standard will be finished on Thursday.
15 June 2006 [01:05]

Another high debit oil reservoir put in operation in Guneshli reservoir platform

A high debit 73rd well in Guneshli reservoir platform 19 within the sector of Azerbaijan in the Caspian Sea was given to 28 May Oil and Gas Operation Unit (OGPU) of State Oil Company of Azerbaijan (SOCAR).
15 June 2006 [01:04]

60% decrease in natural gas production occurred in Binagadi

Binagadi Oil Operation Company produced 2 635 thousand cubic meters natural gas in Binagadi land block in Azerbaijan during January-May this year.
15 June 2006 [01:02]

Project Agreement on Kazakhstan's joining to BTC is considered by President Aliyev

"Project Agreement on Kazakhstan's joining to Baku-Ceyhan Pipeline is ready and it is under the consideration of the President of Azerbaijan," Natig Aliyev, Industry and Energetics Minister of Azerbaijan, has told reporters about.
15 June 2006 [00:58]

Bank Respublika granted regional mortgage

Joint-Stock Commercial Bank (JSCB) Respublika granted 7 mortgages after the process of mortgaging financed by state budget started in Azerbaijan.
14 June 2006 [20:38]

Azerbaijan to purchase new short-range aircrafts

AZAL holds talks aimed at purchasing six French ATER 42-500 and ATER 72-500 type passenger aircrafts.
14 June 2006 [19:12]

Hussein Arabul: "We have given 258,435-page-answer to questions on Barmek's activity"

The lawyers for the Barmek-Azerbaijan Electricity Distribution LLC are having talks with the government on further activity of the company.
14 June 2006 [19:04]

U.S. plans significant contribution to new Black Sea Fund

The United States plans to make a substantial contribution to the Black Sea Trust, a new multimillion-dollar fund promoting democracy and cooperation among nine countries in southeast Europe, President Bush's deputy national security adviser says.
14 June 2006 [19:02]

Elman Rustamov meets NBG President

Elman Rustamov, President of the National Bank of Azerbaijan met Roman Gotsiridze, President of the National Bank of Georgia, in Baku.
14 June 2006 [16:16]

President of SOCAR meets ITOCHU delegation

President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnaq Abdullayev met June 13 with delegation of the energy and mineral resources division of ITOCHU Corporation of Japan led by Yoichi Kobayashi.
14 June 2006 [15:22]

SOCAR President meets Halliburton officials

President of the State Oil Company of Azerbaijan (SOCAR) Rovnaq Abdullayev met June 13 with David Lesar, Chairman, President, and Chief Executive Officer of Halliburton Energy Services.
14 June 2006 [10:05]

Government still discuss proposals on privileged mortgaging

Proposals on privileged mortgaging for privileged categories of the population are still discussed by the Government of Azerbaijan.
14 June 2006 [10:00]

Auction takes place on placement of T-Bills at BSE

Baku Stock Exchange (BSE) hosted the placement of T-Bills of the Ministry of Finance with the state registration number 10201413S.
14 June 2006 [09:13]

Only 60% of timber resources of Azerbaijan covered with forests

Only 600 000 hectares area of 1 million hectares timber resources of Azerbaijan covered with forests.
14 June 2006 [09:06]

Volume of BICEX currency transactions totaled $630 thousand

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0,8960/$1.
14 June 2006 [09:01]

State Committee of Azerbaijan for Land and Cartography: "Area along Baku-Ceyhan Pipeline is not compensated"

State Committee of Azerbaijan for Land and Cartography (SCLC) rejects the sayings that citizens are not compensated for their strip lands along Baku-Ceyhan Main Export Pipeline (BTC). Garib Mammadov, the Head of the Committee, has told reporters about.
14 June 2006 [08:05]

Garib Mammadov: "Executive authorities and municipalities sell lands illegally"

About 1800 illegal land areas sales were detected last year. 350 of them were fined and 97 were given to law enforcement bodies to deal with.
13 June 2006 [21:13]

President Aliyev meets Halliburton's chief David Lesar

On June 13, President of Azerbaijan Ilham Aliyev received at the Presidential Palace Chairman, President And Chief Executive Officer of the company Halliburton David Lesar.
13 June 2006 [17:07]

President awards BTC Co. Chief Managing-Director

President Ilham Aliyev issued an executive order on conferring "Shohrat" order on chief managing-director of BTC Company Michael Townsend.
13 June 2006 [16:16]

BTC inauguration to gather 7 Presidents, 20 Premiers, 38 Foreign Ministers and 76 Energy Ministers

The program of the official ceremony of inauguration of the Baku-Tbilisi-Ceyhan Main Export Pipeline has been made public.
13 June 2006 [15:49]

Caucasus Banking & Finance Conference launched in Baku

Caucasus Banking & Finance Conference has today been launched in Baku.
13 June 2006 [15:04]

Joint IFC/BP Linkages Project Boosts Local Enterprises in Azerbaijan

The Micro Finance Bank of Azerbaijan (MFBA) today issued its first supplier finance loan to the local Azeri company Azmetco. This is the first step in an important new initiative, which will improve access to finance for Azerbaijan's local oil and gas industry supplier and service enterprises.
13 June 2006 [14:15]

SOFAZ executive director meets NGO coalition members

Shahmar Movzumov, Executive Director of the State Oil Fund of the Republic of Azerbaijan, met June 12 with the members of Non-Governmental Organizations Coalition for Increasing Transparency in the Extractive Industries in Azerbaijan.
13 June 2006 [09:49]

Meeting on additional gas supply to Georgia cancelled

Discussions on additional gas supply to Georgia from Baku-Tbilisi-Arzurum Pipeline to be held in Tbilisi at experts' level June 12-14 were cancelled.
13 June 2006 [09:44]

Azerenergy starts new substation construction in Salyan

OJSC Azerenergy starts the construction of a new 220KV substation in Salyan. Being considered for energy provision improvement in Salyan and Bilasuvar, the station is the main object of the electro energy cooperation between Azerbaijan and Iran.
13 June 2006 [09:36]

Shirvan Oil increased gas production by 34% in January-May

Shirvan Oil Operation Company produced 7,314 million cubic meters natural gas, 34,2% more than the figure for the same period of a previous year, in Kurovdag during January-May this year.
13 June 2006 [09:35]

Azeri companies to participate in International Investment Forum

International Investment Forum on "Current Investment Opportunities in Developing Regions" is organized in Zurich, Switzerland, on 12-13 June.
13 June 2006 [09:32]

Romanian Commerce and Industry Chamber vice-chairman to visit Azerbaijan

Dragosh Semiyano, vice-chairman of Romania's Commerce and Industry Chamber will visit Azerbaijan.