Business

23 October 2006 [15:40]

AIOC starts pumping oil early from East Azeri field

The BP led AIOC consortium has began pumping oil four months earlier than planned from the East Azeri field, part of the huge Azeri-Chirag-Guneshli (ACG) group of fields in the Caspian Sea, the company said on Monday.
23 October 2006 [15:38]

ATA Holding joins FIH as sponsor

ATA Holding recently joined the International Hockey Federation (FIH) as one of their major sponsors.
23 October 2006 [15:36]

IBA Moscow Office opens St. Petersburg Branch

The Moscow office of the International Bank of Azerbaijan has opened its second branch in Saint Petersburg.
21 October 2006 [17:58]

EBRD Board Directors to visit Azerbaijan

Representatives of the shareholders of the EBRD begin a four-day visit to Azerbaijan on Monday, October 23. The Board of Directors represents the Bank's 62 public shareholders and has to approve all Bank projects before they are put into action.
21 October 2006 [17:42]

Azerbaijan Entrepreneurs Confederation suggests reducing VAT to 14% and profits tax to 18%

Taxes Ministry approved some suggestions by Azerbaijan Entrepreneurs Confederation (AEC) on amendments in Tax Code.
21 October 2006 [11:52]

Azerbaijan ready to help with mail delivery to Georgia from Russia

Azerbaijan is ready to held with mail delivery from Russia to Georgia if Universal Postal Union appeals.
21 October 2006 [11:50]

SOCAR President: "No liquid gas shortage in Azerbaijan"

There is no deficiency of liquid gas in Azerbaijan in domestic market, SOCAR President Rovnag Abdullayev said.
21 October 2006 [11:48]

Rovnag Abdullayev: "One Shah Deniz well to be commissioned in October"

"Delay of the production of Shah Deniz gas is related to marine activities. The wells and pipeline to Sangachal terminal are ready."
21 October 2006 [11:42]

"First Dynasty Mines" Company of Canada invested US $22, 1 in gold extraction in Azerbaijan territories

"First Dynasty Mines" (FDM) Company of Canada invested US $22, 1 in gold extraction in Nagorno Karabakh, occupied Azerbaijan territories.
21 October 2006 [11:23]

Azerbaijani businessmen to attend business forum in Italy

Number of issues were discussed at the first meeting of Azerbaijan-Italian intergovernmental commissions for economic cooperation, Deputy Economic Development Minister told reporters.
21 October 2006 [11:15]

Azeri Government to sue Barmek because of assets deficiency

Hand-over test of Barmek Electricity Distribution Company LLC is in plight and our expectations go real, Deputy Economic Development Minister Mikayil Jabbarov said.
21 October 2006 [10:49]

UniBank assets grew 89%

The assets of the UniBank have risen by 106.9% in comparison with September 2005 and reached AZN 122.053 m, which represents an 88.5% increase as against January 1, 2006.
21 October 2006 [10:47]

Loan and Grant Agreements signed on Ganja/Sheki Water and Wastewater Project

KfW Development Bank, in Frankfurt, and the Swiss State Secretariat for Economic Affairs (SECO), in Berne, signed respectively the loan and grant agreements covering the financing of the 'Open Program Municipal Infrastructure II' aiming at the rehabilitation of the water supply and waste water treatment systems in the towns of Ganja and Sheki.
21 October 2006 [10:31]

Average monthly salary of employees rises 20%

Average monthly salary of employees working for Azerbaijani economy constituted AZN 138.5 in January-August this year. That represents 20% increase as against the same period last year.
21 October 2006 [00:56]

Delegation of Taxes Ministry visits Turkey

Azerbaijani delegation led by Taxes Minister Fazil Mammadov visited October 17-18 Turkey to discuss the development of cooperation with the Turkey's Finance Minister, Ministry's public relations department said.
21 October 2006 [00:54]

Trades at BICEX, Oct. 20

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 20.
20 October 2006 [16:40]

Musa Panahov: "Baku-Tbilisi-Akhalkalaki-Kars Railway Project to be implemented by late 2008"

Implementation of the Baku-Tbilisi-Akhalkalaki-Kars Railway Project will be completed by late 2008, transport minister Musa Panahov said.
20 October 2006 [16:31]

National Bank announces competition for new buildings construction

The National Bank announced an open competition for designing and building new administrative buildings.
20 October 2006 [16:23]

Parliament considers loan agreement with OPEC Fund for International Development

The meeting of the Milli Majlis standing commission on natural resources, energy and ecology issues held October 19 focused "Loan Agreement between the Republic of Azerbaijan and the OPEC Fund for International Development on Samur-Absheron Irrigation System Project."
20 October 2006 [15:01]

Oil prices jump after OPEC unexpected production cut

The decision to cut output 1.2m barrels a day (4%), slightly more than expected, was made at a late-night emergency meeting in Doha, the capital of the Persian Gulf state of Qatar.
20 October 2006 [11:04]

INTER RAO UES of Russia can replace Barmek in Azerbaijan

Russian energy monopoly Unified Energy System is ready to replace Barmek Company in Azerbaijan and to run electricity in Baku and Sumgait.
20 October 2006 [10:59]

Average salary to reach 156.1 AZN

The average salary was 138.5 AZN from January to September of 2006 in Azerbaijan.
20 October 2006 [10:56]

Azeri-Italian economic intergovernmental commission to meet Oct. 20

The first sitting of the economic intergovernmental commission of Azerbaijan and Italy will be held on October 20 in Baku.
20 October 2006 [09:49]

President Aliyev ratifies transportation of Kazakh oil via BTC

Ilham Aliyev, President of Azerbaijan, signed the law "On Ratification of the Agreement between Azerbaijan and the Republic of Kazakhstan on Co-operation and Creation of Conditions for the Oil Transportation from Kazakhstan through the Caspian Sea and the Territory of Azerbaijan to International Markets via the Baku-Tbilisi-Ceyhan (BTC) System.
20 October 2006 [09:44]

Azerbaijan and Turkey discuss energy transfer to Nakhchivan

Azerbaijan and Turkey are negotiating on energy transfer to Nakhchivan for 2007 Azerenergy OJSC President Etibar Pirverdiyev said.
20 October 2006 [09:32]

Bank Respublika balance sheet profit reach AZN 1 852 800

As of October 1, the assets of Respublika Joint-Stock Commercial Bank rose 55.3 percent during January-September to AZN 90 497.8mn.
20 October 2006 [09:22]

Deals at BICEX, Oct. 19

The weighted average exchange price made up 0.8721 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
20 October 2006 [09:10]

GDP grew by 34% during January-September

Gross domestic product – the output of goods and services produced by labor and property in Azerbaijan- grew by 34% year on year, in the first nine months of 2006, to AZN 12.7302bn, State Statistical Committee told.
20 October 2006 [09:05]

National Bank's notes placed at BSE, Oct.19

Auction on placement of short-term notes of National Bank with the state registration number 50100114S was held at Baku Stock Exchange on October 19. The volume of the issue is AZN 40m, face value per note AZN 200, turnover period 27 days.
20 October 2006 [09:03]

IBA to operate in Georgia from January 1

International Bank of Azerbaijan (IBA) will provide banking service in Georgia from January 1, 2007, Georgia's economic development minister Irakli Chogovadze told press.
20 October 2006 [09:01]

Glencore Energy UK Ltd to export REBCO crude oil

Glencore Energy UK Ltd. has won the tender announced by SOCAR Marketing and Economic Operations Department.
20 October 2006 [08:55]

EU wishes railway to Europe through Armenia and Turkey instead of Baku-Tbilisi-Akhalkalaki-Kars

TRACECA members - Azerbaijan, Georgia and Turkey - supports Baku-Tbilisi-Akhalkalaki-Kars railway project but the European Union doesn't take this issue positive, Akif Mustafayev, TRASECA National Secretary for Azerbaijan, told.
20 October 2006 [08:51]

Per capita income grows by 19.8%

During the period of January-September the incomes of Azerbaijani population reached AZN 7.4bn at face value which represents a 21.2% or AZN 1.3 m on the same period last year.
20 October 2006 [08:43]

Ramiz Hasanov: "State Agency for Standardization, Metrology and Patents's ban on some wineries will long be effective"

State Agency for Standardization, Metrology and Patents' ban on some wineries will be effective for long period, Agency Director Ramiz Hasanov stated.
19 October 2006 [21:08]

Georgia questions delayed Azerbaijan gas

Azerbaijan will not be able to supply Georgia this year with the additional gas supplies that the Georgian government is seeking in order to forestall the possibility of an energy crisis. Some experts in Baku believe that Russia's ongoing diplomatic row with Georgia is influencing Azerbaijani policy decisions.
19 October 2006 [15:57]

Fire happened in Azerneftyag production unit tanks

Strong fire happened in Khatai district today.
19 October 2006 [15:25]

BP-Azerbaijan: "Date of production in Shah Deniz up to Azerbaijan"

The first Shah Deniz gas is expected to be produced by the end of this year.
19 October 2006 [14:45]

Oil steady below $58 ahead of OPEC meeting

Oil steadied below $58 on Thursday ahead of an OPEC meeting where ministers were expected to cut production for the first time in more than two years.
18 October 2006 [21:58]

Azeri bank buys Georgian Oil Company office for 4m USD

The office of Georgian Oil Company is being handed over to International Bank of Azerbaijan through the direct sale procedure.
18 October 2006 [15:14]

President Aliyev visits Minsk Automobile Plant

President of Azerbaijan Ilham Aliyev visited the Minsk Automobile Plant on October 17.
18 October 2006 [15:11]

USAID to provide technical assistance to National Bank

The National Bank of Azerbaijan intends to cooperate on the technical aid with the United States Agency for International Development (USAID). Negotiations with the newly-appointed USAID representative will be held to the effect.
18 October 2006 [12:29]

Indian Oil plans $6 billion refinery in Ceyhan of Turkey

Indian Oil (IOC) is looking at Europe for growth. The country's largest refiner has applied to the Energy Market Regulatory Authority of Turkey for setting up a 15-million-tonne, $6-billion grassroots refinery at the Mediterranean port city, Ceyhan.
18 October 2006 [12:18]

Citigroup pays $3 bln for stake in Turkey's Akbank

Citigroup has agreed to pay $3.1 billion for a 20 percent stake in Turkey's Akbank, a move seen aimed at strengthening the U.S. financial giant's position in the competitive and fast-growing Turkish market.
18 October 2006 [11:42]

Azerbaijan to lead way with anticorruption standards

The third Extractive Industries Transparency Initiative (EITI) conference on fighting corruption in the energy and mining sectors urged poor but resource-rich countries to protect their wealth with fiscal transparency.
18 October 2006 [11:09]

Azerbaijan exported goods of $189m to Georgia this year

Russia was the main trade partner of Georgia during the period of January-August.
18 October 2006 [11:03]

Domestic debt ceiling set at AZN 300 000

For next year, Azerbaijan's domestic debt ceiling was set at AZN 300 000 and foreign debt ceiling AZN 1.2m, Parliament economic policy commission informed.
18 October 2006 [10:59]

Bank of Baku net profit reaches AZN 2.07m

As of 1 October, 2006 assets of Bank of Baku open joint-stock company made up AZN 64.16m increasing by 17.51% or AZN 9.56m as against the early year.
18 October 2006 [10:57]

Georgia intends to get Iranian electricity through Azerbaijan

Georgian Fuel and Energy Minister Nika Gilauri will visit Iran to hold talks on gas imports on October 22-23.
18 October 2006 [10:53]

Azerbaijan affirmed as EITI Board member

The 3rd international Extractive Industries Transparency Initiative Conference opened October 16, 2006 in Oslo, Norway.
18 October 2006 [10:48]

Over 1.104bn cu m of gas injected into reservoirs

Over 1.104bn cu m of gas has to date been injected into underground reservoirs. Azerigas spokesman Kamandar Eyvazli told that the volume of gas in reservoirs will exceed the volume of last year.
18 October 2006 [09:54]

Indirect subsidy for fuel purchase in energy sector to be AZN 330 000

The indirect subsidy from the State Budget for the unpaid fuel purchased for energy sector is planned to be AZN 330 000.
18 October 2006 [09:49]

ADDAX BV to export Azeri Light crude oil from Batumi Port

Swiss Company ADDAX BV has won the tender announced by SOCAR Marketing and Economic Operations Office.
17 October 2006 [17:00]

Techno Park attends Baku Telecom conference

The concept adopted by Dubai-based Techno Park to promote development through a culture of innovation in science and technology has attracted considerable attention at a conference on special economic zones in Baku, Azerbaijan.
17 October 2006 [15:28]

11 workers injured in Caspian Service garage at Deep Jacket Factory

Caspian Service garage collapsed at Deep Jacket Factory.
17 October 2006 [15:24]

President Aliyev approves 2007 Draft State Budget

President Ilham Aliyev approved and sent the 2007 Draft State Budget to Parliament.
17 October 2006 [15:20]

President Aliyev ratified new composition of Joint Intergovernmental Commission for Azerbaijan-Belarus Economical Corporation

President Ilham Aliyev issued a decree on ratifying new Azerbaijani composition of Joint Intergovernmental Commission for Azerbaijan-Belarus Economical Corporation.
17 October 2006 [15:18]

Nabucco Project to break Russian monopoly in gas supply

The first natural gas supply that would be transported by Nabucco gas pipeline would come from Azerbaijan, Bulgaria's newspaper Banker weekly quoted Bulgargaz executive director Kiril Gegov as saying.
17 October 2006 [10:16]

Mammadyarov meets US representative at WTO

Foreign Minister Elmar Mammadyarov on October 16 met with Ambassador Peter Allgeier, US Representative at World Trade Organization (WTO).
17 October 2006 [09:10]

Azercell starts SMS Days Campaign

Azercell Telecom has started SMS Days Campaign.
17 October 2006 [09:09]

AtaBank's assets grow 55.2% to AZN 49.5m

The total assets of Atabank grew 55.2% in the period of January-September to AZN 49.5m.
17 October 2006 [09:08]

WTO wants Azerbaijan to reduce subsidy to agriculture

"The World Trade Organization wants Azerbaijani Government to reduce subsidy to agriculture from 14% to 10% and lower," Deputy Foreign Minister, head of the negotiations group for WTO accession, Mahmud Mammadguliyev said.
17 October 2006 [09:07]

AtaBank issued over 14 000 plastic cards

AtaBank has to date issued over 14 000 plastic cards.
17 October 2006 [09:03]

Azeri companies to participate in CIAL exhibition

A delegation composed of representatives of some 30 foodstuff companies will participate in CIAL foodstuff exhibition in Paris.
17 October 2006 [09:01]

World Bank pensions and social allowances mission to visit Azerbaijan

World Bank mission for pensions and social allowances will visit Azerbaijan on October 19-27.
16 October 2006 [20:33]

Trades at BICEX

The weighted average exchange prices made up 0.8730 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 16.
16 October 2006 [20:26]

Armenian Customs Chief downplays corruption

Armen Avetisian, the controversial chief of the Armenian customs, claimed on Monday that his agency is not as corrupt as is widely thought and might even be more law-abiding than customs authorities in the United States.
16 October 2006 [18:51]

Azerbaijan suspends grain imports from Russia and Kazakhstan

Azerbaijan has suspended grain imports from Russia and Kazakhstan.
16 October 2006 [16:30]

Azerbaijan's external debt reaches $1.8bn

The external debt of Azerbaijan has stood at USD 1 8bn and that is to say, per capita foreign debt equaled to $215, Ziyad Samadzade, chairman of economic policy standing commission of Parliament, said reporters.
16 October 2006 [16:08]

Turkish business urges calm over France's Armenia bill

Turkish consumers were advised on Sunday to cool their anger over the French parliament's decision to criminalize denial that Armenian killings during World War I constituted "genocide."
16 October 2006 [15:34]

Subway fare not to rise next year

The fare for subway will not rise next year.
16 October 2006 [15:12]

Chamber of Auditors chief to attend international conference

Chairman of the Chamber of Auditors of Azerbaijan Vahid Novruzov will attend the Slovak Chamber of Auditors' international conference on "European Union's 8th Directive and statutory audit" in Slovakia's capital of Bratislava, October 19-20.
16 October 2006 [13:17]

Mahmud Mammadguliyev: "WTO's requirements are difficult"

The World Trade Organization's requirements to Azerbaijan are very difficult, Deputy Foreign Minister, head of the negotiations group for WTO accession, Mahmud Mammadguliyev said.
16 October 2006 [12:36]

U.S. ready to support Azerbaijan's accession to WTO

A workshop took place today, examining problems of Azerbaijan's industry priorities development within Technical Cooperation Program for Azerbaijan by United Nations Industrial Development Organization (UNIDO) and World Trade Organization (WTO).
16 October 2006 [11:37]

Wartsila wins power plant order from AzerEnerji

Wartsila said it has won an order to supply Azerbaijan's AzerEnerji with a 300 MW multi-fuel power plant.
16 October 2006 [09:51]

Korea, Azerbaijan to boost energy ties

The industry and energy ministers of Korea and the Republic of Azerbaijan will hold a joint economic conference on Monday in Seoul to discuss ways to boost economic cooperation.