Business

26 December 2006 [10:24]

Azerbaijan, ADB to sign memo

Azerbaijan Communications and Information Technologies Ministry will sign a memorandum with the Asian Development Bank.
26 December 2006 [10:23]

4.6m bank accounts in Azerbaijan

4.6m bank accounts have been opened in bank system of Azerbaijan.
26 December 2006 [10:22]

Bank savings grew by 54%

As of November 1, the total amount of bank savings rose 54.1%, year-over-year, to AZN 704.9m in Azerbaijan.
26 December 2006 [10:21]

Deutsche Bank, Microcredit Entrepreneurs and Developing World Markets interested in Azerbaijan

Deutsche Bank, Microcredit Entrepreneurs and Developing World Markets show great interest in the microfinance sector of Azerbaijan.
26 December 2006 [10:18]

IBA chosen Bank of Year

International Bank of Azerbaijan was awarded the Bank of 2006 by the Banker magazine.
26 December 2006 [10:17]

NTRC Chief to meet with chiefs of cable televisions

On Tuesday, the chief of National Television and Radio Council Nushirevan Meherremli will meet with the chiefs of cable televisions in Azerbaijan.
26 December 2006 [10:03]

Ganja Automobile Plant to assemble tractors and trucks

Ganja Automobile Plant (GAP) intends to assemble the first Belarus tractors and MAZ trucks in January, 2007 as per the November 22 agreement concluded with Minsk Automobile and Tractor Plants which will enable it to assemble and sell tractors and trucks.
26 December 2006 [01:06]

Iran in talks with LUKoil over North Azadegan Oilfield

National Iranian Oil Company (NIOC) is currently in talks with Russia's LUKoil on the development of North Azadegan Oilfield, southern Iran, NIOC managing director said.
26 December 2006 [00:51]

Trades at BICEX, Dec. 25

The weighted average exchange prices made up 0.8716 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 25.
26 December 2006 [00:46]

Turkish official: No Turkey-Georgia gas deal yet

Turkey has not yet reached a deal with Georgia to supply the ex-Soviet republic with much-needed gas next year but expects talks to be concluded in one week, a senior Turkish Energy Ministry official told Reuters on Monday.
25 December 2006 [19:53]

Azerbaijan about to replace Russia with Iran in energy cooperation

Azerbaijani and Russian energy officials have today met in Baku to discuss the electricity imports to Azerbaijan, Azerenergy Marlen Asgarov said.
25 December 2006 [19:46]

Iran ready to transfer gas to Azerbaijan

The trade turnover between Azerbaijan and Iran has increased 30% and it is over $700m.
25 December 2006 [19:13]

Rasizade: "Azerbaijan can help Georgia with gas supply"

Azerbaijan can help Georgia with the gas supply in the winter in an amount of one million cubic metres a day, Azerbaijani Prime Minister Artur Rasizade said after talks with his Georgian counterpart Zurab Nogaideli on Monday.
25 December 2006 [14:24]

National Bank: "Old banknotes out of use from next year"

People can exchange the old banknotes with the denominated manat at the National Bank and commercial banks by this year's end, but only the national bank will convert old currency notes as of January 1, 2007, National bank officer Hajibaba Masimov stated.
25 December 2006 [14:13]

Azeri energy system on the alert during holidays

Bakielectricshebeke will successfully supply electricity to Baku and surrounding settlements on forthcoming holidays, the Company told.
25 December 2006 [13:19]

Azerbaijan to give final answer to Gazprom

Russian Gazprom is looking forward to receiving Azerbaijan's answer on the price and amount of Russian gas offered, Gazprom Officer in Baku Akif Hasanov told.
24 December 2006 [22:13]

Georgia and Turkey agree on sharing gas from massive Caspian field

Turkey has agreed to give up some of its share of a giant Caspian gas field to Georgia, allowing the small Caucasus nation to reduce its need for expensive Russian gas, the Georgian energy minister said Sunday.
23 December 2006 [14:51]

Azercell signs new roaming agreements

Azerbaijan's largest mobile operator 'Azercell Telecom' signed new roaming agreement with Brazil ' Amazonia Celular", " Croatian ' Vipnet Croatia" and Spanish " Vodafone".
23 December 2006 [14:48]

President Aliyev: "Azerbaijan may stop importing gas from Russia"

Azerbaijan's president said Saturday the country may stop importing natural gas from Russia.
23 December 2006 [12:40]

State Program for Tourism to be approved by spring

The Ministry of Culture and tourism has introduced 2007-2016 State Program for development of tourism in Azerbaijan to relevant government bodies.
23 December 2006 [12:39]

Georgia starts importing Azeri power

Georgia will start importing Azerbaijani electricity supplies from December 23.
23 December 2006 [12:37]

Cargo transportation grew 13% in Azerbaijan

Azerbaijani transport companies carried 130.2m tonnes of goods within January-November this year which represents an increase of 13% the same period last year.
23 December 2006 [12:33]

Azerdemiryolbank opens branch in Yevlakh

Azerdemiryolbank OJSC has opened a regional branch in Yevlakh.
23 December 2006 [12:31]

Azerbaijan Hotels Association established

Azerbaijan Hotels Association has been established at the initiative of Culture and Tourism Ministry.
23 December 2006 [12:23]

Mortgage lending bill recommended to Milli Majlis

Milli Majlis Economic Policy Commission Chairman Ziyad Samadzade briefed the lawmakers about the decision of approval of he National bank Management Board members.
23 December 2006 [12:02]

Baku Metro employees' salary to be increased by 50%

The salary of Baku Metro employees will be raised by 50% to AZN 225-230 from next year.
23 December 2006 [11:58]

FIM Bank appeals against French court's decision lifting arrest on stocks of Eutelsat

Malta's Fim Bank appealed against the Franch Court's decision on lifting 500,000 stocks of Azeri Government in he European Telecommunications Satellite Organization (Eutelsat).
23 December 2006 [11:57]

UniLeasing to open branch in Guba

UniLeasing will open a branch in Guba.
23 December 2006 [11:56]

Communications services increase by 24.6%

Communications services provided for the legal entities and individuals in Azerbaijan rose 24.6%, year-over-year, to AZN 489.4m during the period of January-November.
23 December 2006 [11:51]

Swiss Companies wins diesel fuel and crude oil export tender

Swiss Companies ADDAX BV and Sun Oil S.A have won the tender, for export of diesel fuel and crude oil to the world market, announced by the SOCAR Marketing and Economic Operation Department.
23 December 2006 [11:47]

Azercell Telecom celebrates ten years

Azerbaijan's largest mobile operator Azercell Telecom organized a meeting on occasion of its ten-year activities.
23 December 2006 [01:38]

Terrorist attack on gas pipeline from Azerbaijan to Georgia - Georgian TV

A section of a gas pipeline through which Azerbaijan delivers natural gas to Georgia has been damaged in a terrorist attack, a Georgian TV channel reported Friday.
23 December 2006 [01:34]

Trades at BICEX, Dec. 22

The weighted average exchange prices made up 0,8716 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 22.
23 December 2006 [01:33]

Caspian pipeline needs political sea-change

While much of the groundwork has been done to make the long-discussed Transcaspian Gas Pipeline, TCP, feasible, the greatest obstacle of all remains unresolved – resistance from some of the Caspian states.
23 December 2006 [01:31]

1108 companies attend ITECA exhibitions

ITECA Caspian LTD, the exclusive partner of the ITE Group - the leading organizer of international trade exhibitions and conferences in South Caucasus summed up the results of the 14 exhibitions held in Baku 2006.
23 December 2006 [01:27]

EBRD pledges $5m to Bank of Baku

The European Bank of Reconstruction and Development (EBRD) said it is supporting the expansion and diversification of Azerbaijan bank, Bank of Baku, with a $5 million co-financing facility.
23 December 2006 [01:20]

Azerbaijan and Russia fail to reach gas deal

Azerbaijan and Russian officials so far failed to reach common agreement on the amount and prices of the Russian gas imports at the meeting held in Moscow.
23 December 2006 [01:16]

Georgian PM Zurab Nogaideli to visit Baku

Georgian Primer Zurab Nogaideli will pay a working visit to Baku on Dec. 25.
23 December 2006 [01:16]

Azerbaijan to cover 70% of Georgia's demand for gas

"Azerbaijan's Shah Deniz gas will cover 70% of Georgia's gas needs in 2007," Georgian Premier Zurab Nogaideli told a media briefing after the government session.
22 December 2006 [17:55]

BP halts output at newly opened Caspian gas field for technical checks

BP PLC said Friday that it had temporarily halted output at a massive Caspian Sea gas field off the coast of Azerbaijan because of technical problems.
22 December 2006 [17:48]

Two bridges and two pedestrian crossings become operational

President Ilham Aliyev participated in the opening ceremonies of two bridges and two pedestrian crossings in Baku.
22 December 2006 [17:45]

Russian gas supplies to Azerbaijan discussed in Moscow

The next round of negotiations on the amount and prices of Russian gas imports to Azerbaijan for 2007 is being discussed in Moscow.
22 December 2006 [17:37]

Baku Metro Chief: "When in Metro, buy card or go away"

Baku Metro Chief Tagi Ahmadov gave a press conference on transition to chip-card system in Baku Metro.
22 December 2006 [13:37]

Talks over Shah Deniz gas supply pick up momentum

Turkish and Georgian officials held talks yesterday over the sharing of natural gas from Azerbaijan's Shah Deniz field in the Caspian Sea, but no deal was expected to emerge from the meeting due to a number of technical issues.
22 December 2006 [13:28]

Azerbaijan to spend $480m to purchase aircrafts

Azerbaijan Airlines State Company intends to spend between $450 and $480 to purchase new aircrafts next year.
22 December 2006 [13:01]

S. Korea agrees to open-skies pact with Azerbaijan

South Korea has reached an agreement with Azerbaijan to liberalize air travel and cargo transport between the two countries, officials said Friday.
22 December 2006 [11:10]

Kapital Bank to place corporate bonds in international market

Azerbaijan's Kapital Bank intends to place two corporate bond issues in early 2007. The amounts of the issues are expected to be AZN 10m and USD 10m at par values.
22 December 2006 [11:08]

AGLeasing to triple leasing portfolio in 2007

AGLeasing intends to treble its leasing portfolio to AZN 10m in 2007.
22 December 2006 [11:07]

Turkey worried about delay of Kars-Akhalkalaki railway

Turkey is concerned over the delay of the construction of Kars-Akhalkalaki-Tbilisi-Baku railway line.
22 December 2006 [11:06]

Assets of some 13,000 state enterprises registered by State Property Registry

This year date on more than 105,000 real estates owned by some 13,000 state enterprises and their branches were received by the State Property Registry, of which 103,000 were registered.
22 December 2006 [10:58]

Explosion in steel mill

Explosion occurred in one of the departments of steel mill situated in Z. Bunyadov Avenue, Narimanov territory.
22 December 2006 [10:57]

Microsoft holds Innovation Day conference

The board of trustees of the Azerbaijan Export Investment Promotion Foundation (AzPromo) has held a workshop.
21 December 2006 [23:14]

BP-Azerbaijan holds seminar for journalists

A seminar "Regional Development Initiative (RDI) and three-year plan: 2006-2008" was held December 20 for media outlets at the BP's Enterprise Center.
21 December 2006 [23:05]

Trades at BICEX, Dec. 21

The weighted average exchange prices made up 0.8717 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 21.
21 December 2006 [22:48]

Moscow seeks to retain positions in Turkmen gas sector

The unexpected death of Turkmen President Saparmurat Niyazov left the Russian government wondering how the event will affect Turkmen gas deliveries.
21 December 2006 [22:34]

Alikhan Melikov: "Gas reserves is 200m cubic meter more in compare with last year"

"The gas reserves is 200m more in compare with last year," the chief of Azerigaz CSC Alikhan Melikov said.
21 December 2006 [16:52]

Saakashvili comments on gas supplies

Georgia's President Saakashvili said on December 21 he is optimistic about Georgia's gas supplies from Azerbaijani Shah-Deniz field after talks with the Turkish leadership, but hinted that "many technical issues" may still remain unclear.
21 December 2006 [15:32]

Itera turns off gas taps to Georgian districts, citing debt

Russian natural gas exporter Itera began switching off gas supplies to some parts of Georgia Thursday, citing unpaid debts.
21 December 2006 [15:11]

Georgia to transport power from Russia, Azerbaijan to Turkey

Georgia will ensure electric power transportation from Russia and Azerbaijan to Turkey via its territory, Georgian President Mikhail Saakashvili said in Istanbul at a meeting with the Turkish business community on Thursday.
21 December 2006 [14:22]

SOCAR president: "No problem with gas supply this year"

Azerbaijani people will face no problem in gas supply during the winter, SOCAR president Rovneg Abdullayev told reporters.
21 December 2006 [11:22]

New platform to be commissioned in Oil Rocks

The SOCAR plans to construct six platforms of 78 wells in the Oil Rocks by 2010.
21 December 2006 [11:21]

CIS Economic Council to meet in Moscow

CIS Economic Council will meet in Moscow on December 27.
21 December 2006 [11:16]

TRACECA states to lift permission system

TRACECA (Transport Corridor Europe Caucasus Asia) member states can discuss the issue on lifting permission system between the corridor states.
21 December 2006 [11:15]

Kapital Bank's main indicators to grow by 20% next year

Kapital Bank experts have drafted the 2007 budget and introduced it to the Observation Board.
21 December 2006 [11:14]

Consulting Company on special innovation zones to be determined by year's end

Azerbaijan will find an international consulting company for the proposals on the project of special innovation zones in Azerbaijan.
21 December 2006 [11:13]

National Budget Group displeased with discussion on 2007 Budget

National Budget Group delivered a presentation on the judgement of 2007 Budget.
21 December 2006 [11:10]

Moody's Investors Service assigns ratings to Kapital Bank

Azerbaijan's Kapital Bank has large-scale and ambitious plans and the new ratings will provide good opportunities to realize these ideas, Kapital Bank Management Board Chairman Rauf Rzayev said.
21 December 2006 [11:09]

Gas imports for Azerbaijan to be discussed in Moscow

Azeri, Russian officials will meet in Moscow on Dec. 22 to continue negotiations on gas supplies for Azerbaijan in 2007.
21 December 2006 [10:53]

AZAL to launch direct flights to Minsk and Munich

In 2007 Azerbaijan Airlines (AZAL) will launch direct flights to a number of cities to which Azerbaijanis travel often.