Business

16 July 2006 [02:39]

Turkish contractors of BTC pipeline await $200 mln payments

Turkish contracting companies which carried out works and completed successfully at recently launched Baku-Tbilisi-Ceyhan (BTC) oil pipeline, press their employer BOTAS, the state oil&natural gas pipelines and natural gas imports company, for approximately $200 million payments.
16 July 2006 [02:35]

Georgia to import Azeri natural gas from 2007

Georgia may get a new source of natural gas as an alternative to supplies from Russia, according to a political agreement on Azerbaijani gas deliveries to the country starting next year.
15 July 2006 [14:16]

Trades at BICEX

The weighted average exchange prices made up 0.8905 AZN for 1 US dollar in the Baku Interbank Currency Exchange on July 14.
15 July 2006 [09:29]

Azerbaijani State Customs Committee found 2 415 irregularities

Azerbaijani State Customs Committee found 2 415 irregularities in January-June. 77 of which is of crime and 71 people were detained as suspicious.
15 July 2006 [08:50]

Bush praises BTC opening

The Baku-Tbilisi-Ceyhan (BTC) main export pipeline is a major step in the development of Caspian energy resources, US President George W. Bush wrote in a letter sent to the BTC opening ceremony in Ceyhan, Turkey, on Thursday.
15 July 2006 [08:15]

Income forecast of SSPF implemented by 100.4%

In January-June the incomes of the State Social Protection Fund constituted AZN 266.235mn which represents an increase of AZN 32.296mn or 13.3 percent as against last year's respective period.
14 July 2006 [10:15]

Saakashvili: "We created new space of cooperation"

Georgian president Mikheil Saakashvili spoke at the Baku-Tbilisi-Ceihan oil pipeline opening ceremony held in Turkey, emphasizing the influence of the project on international relations and the global changes in the Caucasus and post-soviet space.
14 July 2006 [09:57]

National Bank of Georgia issued a coin dedicated to BTC

On July 13 the Georgian National Bank held a presentation ceremony for a coin minted in commemoration of the official opening of the Baku-Tbilisi-Ceyhan oil pipeline.
14 July 2006 [01:39]

Bank Respublika's summary for Q2

As of July 1, the total assets of the Bank Standard equaled AZN 80 696 000 which represents an increase by 38.5% in January-June.
14 July 2006 [01:38]

Deal of USD 1 395 000 closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8911/$1.
14 July 2006 [01:34]

Baku subway announces tender

Baku subway has announced a tender on purchase of 3 escalators for 28 May Station.
14 July 2006 [01:32]

World oil prices strike a record $75.86 per barrel

World oil prices struck fresh historic records today.
14 July 2006 [01:27]

AZN makes 75% from total amonut of banknotes

AZN (new manats) constitutes 75% in the current circulation.
14 July 2006 [01:24]

Seminar on Transition to International Financial Reporting Standards held

Azerbaijani Auditors Chamber and Baku Office of Pricewaterhouse Coopers organized a seminar on International Financial Reporting Standards (IFRS).
14 July 2006 [01:05]

Budget to be examined in six municipalities

Accounts Chamber is examining execution of funds allocated from the state budget in 6 municipalities including Khatai District.
13 July 2006 [17:55]

BTC oil pipeline inaugurated in Turkey - UPDATED

The presidents of Turkey, Azerbaijan and Georgia formally opened a pipeline Thursday designed to bypass Russia and bring Caspian oil to Europe, a route that President Bush said would bolster global energy security.
13 July 2006 [11:28]

The Washington Times: "Caspian pipeline to bring oil, relief for West"

"The new Silk Road," "a vital East-West energy corridor," "Europe's second Rotterdam."
13 July 2006 [11:01]

Oil at $75 a barrel makes BTC a fast success

Warnings from critics 10 years ago against project's cost, difficulty have now dried up.
13 July 2006 [10:12]

IMF mission to visit Baku

The International Monetary Fund representatives are due to hold talks with Azeri officials in Baku.
13 July 2006 [10:10]

Inflation contained at single-digits in 2006

Inflation made up 6% in Azerbaijan in the first half of 2006, the State Statistics Committee chairman Arif Valiyev says.
13 July 2006 [10:06]

Azercell's evaluation to complete by year-end

The evaluation of Azerbaijan's leading cellular communications provider, Azercell Telecom JV, for its further privatization is scheduled to complete by the year-end, according to the chairman of the State Committee on Property Management, Karam Hasanov.
13 July 2006 [00:40]

European Bank will set up a regional center for Caucasian countries

European Bank for Reconstruction and Development will set up a regional center for Caucasus countries, EURD officer in Baku Raymond Convey told journalists.
13 July 2006 [00:39]

Auction on placement of National Bank's short-term bonds held at BSE

An auction on placement of short-term bonds of National Bank with the state registration number 50102812S was held at Baku Stock Exchange.
13 July 2006 [00:37]

Working Group on Kars-Akhalkalaki-Tbilisi-Baku railway will meet in Tbilisi

Georgia side presented no confirmed document on Kars-Akhalkalaki-Tbilisi-Baku railway.
13 July 2006 [00:32]

Heydar Babayev: "Azerbaijan's interests will be defended at the Barmek's trial"

"All interests of Azerbaijan will be defended at the trial on Barmek-Azerbaijan Power Network LLC," Azerbaijani Economic Development Minister Heydar Babayev told journalists.
13 July 2006 [00:20]

Ziya Mammadov: "An ad hoc commission has been set up for abolishment of Transport Department and transfer of its authorities to the Ministry of Transport"

"An ad hoc commission has been set up for abolishment of Transportation Department under auspices of Baku Mayor' Office and transfer of its authorities to the Ministry of Transportation," Transport Minister, Ziya Mammadov told journalists.
12 July 2006 [16:21]

Smuggled freights from Azerbaijan seized in Georgia

Kvemo Kartli Investigative Department of Financial Police seized two lorries and two motorcars laden with unregistered products.
12 July 2006 [15:45]

Mariah Carey will perform at the BTC opening ceremony

Preparations related to official opening ceremony of Baku-Tbilisi-Ceyhan main oil pipeline, are in progress.
12 July 2006 [12:01]

AIOC tops oil output in 2006

Over 14.4m tons of oil was produced in Azerbaijan in the first half of 2006.
12 July 2006 [11:58]

Iran, Turkmenistan seek joining Caspian survey

Iran and Turkmenistan plan to join the environmental study on the Caspian Sea to be carried out late in 2006, the chairman of the Azeri Accountancy Chamber, Namig Nasrullayev, told journalists Tuesday.
12 July 2006 [03:49]

Business seminar on Azerbaijan to be held in South Korea

Business seminar on Azerbaijan's investment potential will be held in Seoul, capital of South Korea on July 18.
12 July 2006 [03:47]

Bank Standard CB's summary for Q2

As of end of the Q2, the total assets of the Bank Standard equalled AZN 158 058 000 or $176 482 000 which represents an increase by 60% or AZN 59 007 000 ($65 885 000) in comparison with late 2005.
12 July 2006 [03:45]

New owner of Khachmaz TV announced

Tender announced by the National Television and Radio Council on 43rd channel through which Khachmaz TV is broadcasting was over.
12 July 2006 [03:44]

Court of Appeal to review Barmek's case

Trial on complaint of Barmek Holding and Barmek Azerbaijan Power Network took place at Azerbaijan Economic Court on Conflicts Emerging from International Contracts.
12 July 2006 [03:35]

Deal of AZN 2.1m closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8924/$1.
12 July 2006 [03:34]

Atabank offers SMS Banking Service

Atabank OJSC offers new SMS Banking Service to customers.
12 July 2006 [03:32]

Auction on placement of T-Bills of Finance Ministry to be held at BSE

An auction on placement of T-Bills of Ministry of Finance with the state registration number 10201813S will be held at Baku Stock Exchange on July 14.
12 July 2006 [03:21]

BP spent $3.5mn on BTC inauguration

BP has spent $3.5mn on the ceremony to be held in Ceyhan Port, Turkey, on the occasion of opening of Baku-Tbilisi-Ceyhan oil pipeline.
12 July 2006 [03:20]

Kazakh, Azeri Accounts Chambers sign agreement on bilateral cooperation

On Tuesday Azeri Accounts Chamber's chairman Namig Nasrullayev met with delegation led by head of Accounting Committee for Control over Execution of Republican Budget of Kazakhstan, Omarkhan Nurtayevich Oksikbayev.
11 July 2006 [18:35]

Draft agreement on Baku-Tbilisi-Akhalkalaki-Kars railway to be discussed

The draft agreement on Baku-Tbilisi-Akhalkalaki-Kars railway will be discussed July 13-14 in Tbilisi.
11 July 2006 [15:20]

Azerbaijan to supply Georgia with additional gas

Finally the Georgian government has cut a deal to receive extra natural gas from Azerbaijan.
11 July 2006 [15:14]

SOCAR, Target Petroleum, Firstdrill establish JV

Azeri state oil company, Canada's Target Petroleum and Scotland's Firstdrill Ltd. have signed an agreement to set up the joint drilling venture Azeri Drilling Company, Firstdrill said in a press release.
11 July 2006 [11:47]

Top Azeri delegation to attend BTC opening in Turkey

A top Azeri delegation headed by President Ilham Aliyev will arrive in Turkey on Tuesday to attend the July 13 ceremony of inaugurating the Turkish section of Baku-Tbilisi-Ceyhan, the main export pipeline taking Caspian oil to international markets, officials say.
11 July 2006 [01:30]

Elcell expands service

Elcell's Internet Services can already be used in all districts of Baku as well as Absheron.
11 July 2006 [01:28]

Kazakh delegation to visit Azerbaijan

Delegation led by head of Accounting Committee for Control over Execution of Republican Budget of Kazakhstan, Omarkhan Oksikbayev will pay an official visit to Azerbaijan July 10 to 12 at invitation of Azerbaijani Calculation Chamber.
11 July 2006 [01:26]

US$8.1mn-deal closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8928/$1.
11 July 2006 [01:24]

Assets of UniBank CB rise by 50%

As of July 1, the assets of the bank rose by 75.35% in comparison with June 2005 and equalled AZN 96.8 mn, which represents an increase by 49.46% from 1 January 2006.
11 July 2006 [01:20]

Azerbaijani businessmen to attend business-forums to be held in Turkey, Iran, Rumania, Ukraine and the US

Azerbaijani Entrepreneurs' National Confederation plans to hold business-forums in Turkey, Iran, Ukraine and the US with participation of Azerbaijani businessmen.
11 July 2006 [01:02]

Excelsior Hotel to join AZAL Miles Program

Excelsior Hotel Baku and Azerbaijan Airlines concluded an agreement.
11 July 2006 [00:56]

BSE turnover forecasted to double this year

This year turnover of Baku Stock Exchange (BSE) is expected to double as against 2005.
11 July 2006 [00:53]

New Yamaha motorbikes to be brought to Azerbaijan

Azerbaijani Improtex Marine&Sport Facilities will bring new models of Yamaha motorbikes to Azerbaijan in a week.
11 July 2006 [00:52]

Bank Respublika's offices opened in Ganja and Khachmaz

Offices of Bank Respublika JSC were opened in Ganja and Khachmaz.
10 July 2006 [21:11]

Azerbaijan looks to Texas researcher for answers

Dr. Charlie Rush is using knowledge gained in the sugar beet fields of the Panhandle to help the Republic of Azerbaijan, formerly a part of the Soviet Union, build economic stability.
10 July 2006 [20:16]

BTC pipeline is welcome relief to trim Turkish Straits traffic

The inauguration on Thursday of the Baku-Tbilisi-Ceyhan (BTC) pipeline – a new route to supply oil to the West – will help reduce tanker traffic through the Turkish Straits, but is far from resolving the often hazardous congestion of the two narrow waterways.
10 July 2006 [20:12]

LUKoil to build refinery in Turkey

Russian firm LUKoil, one of the world's largest energy companies, is planning to build an oil refinery in northern Turkey, the Turkish media reported Sunday.
10 July 2006 [16:40]

President Aliyev: "Azerbaijan may bring oil output to 60-65 mln tons in 2 years"

President Ilham Aliyev of Azerbaijan is positive that in the near future their country will be able to make investments in the economies of other countries.
10 July 2006 [16:09]

Communications Minister to visit US

Azerbaijani Communications and Information Technologies Minister Ali Abbasov to pay a working visit to the US on July 8-17 at invitation of USTDA.
10 July 2006 [16:08]

Azerbaijan-Kazakh business club to be established

The Caspian Integration Business Club and Caspian Energy International Publishing House have started establishment of the Azerbaijan-Kazakh Business Club under support of state structures and public organizations of Azerbaijan and Kazakhstan.
09 July 2006 [21:32]

WB experts to come Azerbaijan

Two World Bank's (WB) expert teams will come to Azerbaijan July 11 to monitor the process of implementation of the Bank-funded projects in the country.
09 July 2006 [21:27]

Azeri Ambassador to the UAE meets Dubai's official

The Director General of Dubai Department of Tourism and Commerce Marketing (DTCM), Mr. Khalid A bin Sulayem, received the ambassador of Republic of Azerbaijan to the UAE, Mr. Eldar Salimov, at the DTCM Head Office recently and reviewed bilateral ties and tourism industry developments.
08 July 2006 [23:28]

World Bank will allocate credits to Azerbaijan through various sources within next two years

World Bank is expected to finance projects and programs in Azerbaijan through various preferential and a bit severer sources within the forthcoming two fiscal years.
08 July 2006 [12:03]

Ceyhan ready to host inauguration of BTC

The preparatory work for the inauguration of the Baku-Tbilisi Ceyhan oil pipeline has been completed. A tent for 280 persons has been erected.
08 July 2006 [11:59]

2nd meeting of Azerbaijan-Ukraine working group

Some 20 Azerbaijani businessmen were present at the event.
08 July 2006 [10:03]

Standard Insurance doubles its authorized capital

Standard Insurance Broad of directors declared an increase of 100% in authorized capital.
08 July 2006 [10:01]

Azerenergy's claim against Barmek partially met

Barmek Azerbaijan Power Supply LLC president Huseyn Arabul issued a statement on the happenings around the company.
08 July 2006 [09:54]

Azercell concludes new roaming agreements

Azercell Telecom Joint Venture concluded roaming agreement with Panamanian Cable and Wireless Company to expand the number of its international roaming partners.
08 July 2006 [09:52]

US$2.2mn-deal closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) on Friday, USD/AZN average weighted rate was AZN 0.8931/$1
08 July 2006 [09:51]

FDI magazine publishes two articles on Azerbaijan

In June-July section, fDi magazine (ForeignDirectInvestment) of Financial Times published two articles on Azerbaijan - Ancient bones and Azeri dreams and At the crossroads of commerce and cultures.
08 July 2006 [09:49]

Ministry of Culture and Tourism will regulate hotels by presidential decree

Azerbaijani President Ilham Aliyev signed a decree to make amendments to "Presidential decree September 2, 2002 on improvement of licensing some activities."
08 July 2006 [09:47]

Hajigabul region Ranjbar village residents will sue BP

20 families are going to sue Bp Company taking as base violation of their rights in the territory of Azerbaijan's Hajigabul region Ranjbar village Baku-Supsa Pipeline passes.
08 July 2006 [09:38]

Azeri businessmen to visit Chelyabinsk in September

A delegation of Azeri entrepreneurs will visit Chelyabinsk in September this year.
08 July 2006 [09:37]

IBA will use MIDAS and FlexCube software together

International Bank of Azerbaijan (IBA) will continue using MIDAS software by this year's end.