Business

01 May 2006 [12:48]

US Professor to discuss rational use of oil revenues in Azerbaijan

Ph.D. Mike Rose, US scientist, will arrive in Baku to participate in the discussion on rational use on oil revenues in Azerbaijan.
01 May 2006 [09:23]

TPG 500 successfully deployed offshore

BP, as the operator of the Shah Deniz gas and condensate development project, has now successfully deployed and installed the TPG 500 platform at its permanent location in the Shah Deniz gas-condensate field in the Caspian Sea, approximately 100 km to the south of Baku.
01 May 2006 [09:14]

SOCAR calls sixth 2006 Azeri Light tender

The State Oil Company of the Azerbaijani Republic (SOCAR) announced a tender for the sixth consignment of Azeri Light crude oil produced at Azerbaijan's Azeri- Chirag-Gunashli (ACG) fields this year.
01 May 2006 [08:58]

International action connected to BTC Oil Pipeline starts today

Press-conference on international action "Baku-Tbilisi-Ceyhan (BTC) Oil Pipeline named after Heydar Aliyev is guarantee of peace, security, stability and development in the region" was held by the National Confederation of Azerbaijani Women and Yeni Azerbaijani Party.
01 May 2006 [08:50]

Kazakhstan oil to be transported by Caspian Sea Navigation tankers

Crude oil to be transported to our country mainly by Azerbaijani ships which will be transported through BTC pipeline.
29 April 2006 [20:01]

Abbas Abbasov: "Azerbaijan and Kazakhstan have potential for multilateral economic development"

The 4th meeting of the Azerbaijani-Kazakh commission on economic cooperation started its work in Baku on 29 April.
29 April 2006 [19:47]

Construction of deepwater Gunashli facilities nears halfway

Construction of facilities for the Phase 3 expansion of the Azeri-Chirag-Gunashli (ACG) field, which involves developing the deepwater Gunashli reservoir off Azerbaijan, is nearly halfway to completion.
29 April 2006 [19:37]

UAE's TOPAZ explores investment opportunities in Azerbaijan

Topaz Energy and Marine Ltd Chairman Samir Fancy led a high-level delegation consisting of Board Directors and Senior Management to Azerbaijan in the Caspian region to hold discussions with State Oil Company Azerbaijan Republic (SOCAR) President, Rovnag Abdullayev in Baku recently.
29 April 2006 [09:23]

Huseyn Arabul: "Inspections left "Barmek" in a loss with millions of dollars"

"Inspections held in "Barmek" has also influenced the image of the company negatively," and left "Barmek" in a loss with millions of dollars, the Company President Huseyn Arabul has told.
29 April 2006 [08:47]

Health Ministrystopped 66 drug stores'activity

Health Ministry Innovation and Supply Center have revealed drugs being kept in illegal condition, not having license.
29 April 2006 [08:20]

AIT Travel Company to provide tourism services for ordinary citizens

The Azerbaijan International Travel (AIT Travel) Company intends to open a new office for development of nonprofit tourism.
28 April 2006 [16:10]

Module power station to be build at ex-BakTez2

One of the 5 module stations, scheduled to be build in Azerbaijan in 2006 will be constructed at the territory of the currently functioning Baku oldest electric station (ex BakTez- 2).
28 April 2006 [14:56]

SOCAR gained 2,3% advantage after purchasing its share of ACG

Purchasing $750m of syndicated credit from Azerbaijan Limited (ACG), was significant success for SOCAR, the company did not have its own financial rating.
28 April 2006 [14:16]

SOCAR might announce gas exploration tender

The Azerbaijan State Oil Company (SOCAR) is not currently discussing the issues of the free-laying gas exploration at Azeri-Chiraq-Guneshli field (ACG) with the Azerbaijani International Operative company (AIOC), the SOCAR first Vice-president on geology and geo-physics, Hoshbaht Yusifzadeh stated.
28 April 2006 [09:07]

Foton Motors Company to start importation of Isuzu trucks by the end of year

The Foton Motors Company, official dealer of the Beijing Foton Motors Co Ltd. (China) in Azerbaijan, intends to start importation of 3-ton Isuzu trucks of Chinese production to our country by the end of the current year.
28 April 2006 [09:02]

Government experts discuss agreement on transportation of Kazakh oil via BTC

Experts from the governments of Azerbaijan and Kazakhstan discussed the draft intergovernmental agreement on the transportation of Kazakh oil via the Baku-Tbilisi-Ceyhan (BTC) pipeline on the eve of the fourth meeting of the intergovernmental commission for economic co-operation due to take place April 29 in Baku.
28 April 2006 [08:52]

IBAR Chairman to address 6th Business and Investment Meeting of USACC

International Bank of Azerbaijan Chairman Jahangir Hajiyev, head of the oil-rich Republic of Azerbaijan's largest commercial bank, will address non-oil sector investment opportunities and developments at the 6th Business and Investment Meeting of the US-Azerbaijan Chamber of Commerce (USACC) on Thursday, April 27, at the Four Seasons Hotel in Washington, DC.
28 April 2006 [08:33]

Branches of two Russian plants will be opened in Azerbaijan

The Elektropribor plant and Amtel-Chernozemye tire complex of Russia plan to establish their branches in Azerbaijan. Negotiations are underway at present.
27 April 2006 [23:47]

New Head of Azercell appointed

New director was appointed to the Joint Venture Azercell Telecom.
27 April 2006 [23:15]

President Aliyev spoke at the 6th Business and Investment Meeting of USACC

The Azerbaijani President, Ilham Aliyev presented report at the 6th Business and Investment Meeting of the US-Azerbaijan Chamber of Commerce (USACC) on Thursday, April 27, at the Four Seasons Hotel in Washington, DC.
27 April 2006 [16:23]

BTC sanctioning ceremony due in Ceyhan July 13

A ceremony of sanctioning of the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline is scheduled for July 13, 2006.
27 April 2006 [13:27]

Azerbaijan has branched international railway system

The 21st meeting of the general directors of the Organization of Railway Cooperation (ORC) started in Baku 27 February.
27 April 2006 [13:04]

Turkey plans decrease dependence its energy on oil

Hilmi Guler, the Turkish Minister for Energy and Natural Resources, sated to symposium on Energy and Development of Turkey that it is necessary to think of nuclear power in case the prices of oil reach $75-77.
27 April 2006 [12:55]

Forbes Magazine on President Aliyev's visit to the U.S.

Forbes online magazine published an article "Do As I Say, Please" by Matthew Swibel on the Ilham Aliyev's visit to the United States.
27 April 2006 [12:49]

Voluntary declaring increases 4% in Azerbaijan

As of 2005, in compliance with the exact data, 93.1% has submitted declarations on income taxes of physical entities and profit taxes of legal entities on voluntary basis, which exceeds 2004 figure by 3.8%, Elchin Mammadov, the Head of the Taxpayer Service Department of the Azerbaijani Taxes Ministry informs.
27 April 2006 [12:47]

Georgia seeks to buy more cheap Shah-Deniz gas

Georgian Energy Minister Nika Gilauri said on April 26 that Georgia wants the right to purchase more gas shipped through the Baku-Tbilisi-Erzrum pipeline at a reduced price than is envisaged by the current contract.
27 April 2006 [12:26]

Azeri-Nigerian business forum postponed

The first Azeri-Nigerian business forum, initially scheduled in Baku for Thursday, has been postponed indefinitely due to a number of technical issues.
27 April 2006 [09:00]

Cooperation with Russia's regions to be continued

An agreement on economic-trade and cultural cooperation will be signed between Voronezh province of Russia and Azerbaijan soon.
27 April 2006 [08:59]

IBA enables paying bills through ATMs and Internet

The Aztelecom Production Union enabled clients of the International Bank of Azerbaijan (IBA) to pay for international and long-distance phone calls through automatic teller machines (ATM) of IBA and Internet Banking service.
27 April 2006 [08:57]

Ministry of Taxes is preparing State Program on transition to general tax return system

The Ministry of taxes is studying the international experience for preparation of the draft of the State Program on transition to the general tax return system.
27 April 2006 [08:55]

Decrease of gas volume supplied to population related to transition to summer season

Decrease in the volume of gas supplied to consumers in the territory of the republic is related to transition to the summer season.
27 April 2006 [08:53]

Banks and Finance Conference to be held June 13-14

On June 13-14 Banks and Finance Conference will be held in the Grand Hotel Europe in Baku.
27 April 2006 [08:49]

BakGas revealed over 20 citizens who intervened in work of gas supply meters

The Baku city Head Production Gas Office (BakGaz) revealed over 200 citizens who intervened in the work of gas supply meters installed in houses.
27 April 2006 [08:49]

Assets of International Bank of Azerbaijan reached AZN 1.236 bln

In January-March of the current year the assets of the International bank of Azerbaijan (IBA) reached AZN 1,235.972 mln.
27 April 2006 [08:48]

Trade Representation of Russia to be opened in Azerbaijan

The Trade Representation of Russia is expected to start activity in Baku by the end of May.
27 April 2006 [08:46]

New norms to be valued in AzerEnergy

Labour protection and adherence to technical security norms to be valued in structural units of AzerEnergy.
27 April 2006 [08:43]

Adzharia is interested in cooperation with Azeri tourism companies

The Tourism and Resort Department of the Adzharia Autonomous Republic of Georgia is interested in establishment of cooperation with Azeri tourism companies.
27 April 2006 [08:19]

BakGaz offers to prolong gas provision till May 1

In connection with cold weather conditions, the Baku city Head Gas Production Office (BakGaz) offers to prolong the winter season in the field of provision of the population with gas until May 1.
26 April 2006 [14:19]

Standardization agency reveals misconducts at Azerbaijan's gas stations

State Agency for Standardization, Patents and metrology revealed some events of misconduct at Azerbaijan's gas stations.
26 April 2006 [14:13]

Unibank's transactions with securities generated AZN 5m in Q1

UniBank carried out transactions with securities worth AZN 4.8m manats in the first quarter of 2006.
26 April 2006 [09:06]

Mahmud Mammadguliyev to participate in OBSEC member countries' FMs meeting

14th meeting of the Organization of Black Sea Economic Cooperation (OBSEC) member countries’ foreign ministers will take place in Bucharest on Wednesday.
26 April 2006 [09:04]

AZN 13m required for construction of bridges

According to the initial calculations, AZN 13m is required for 9 bridges and 13 pedestrian subways to be constructed in Baku.
26 April 2006 [08:55]

WB to negotiate with Azerbaijani government on three new projects

In the first decade of May the World Bank (WB) will start final discussions with the government of Azerbaijan on the "Health reforms", "Development of the judiciary system", and "Agricultural development and crediting – II" projects.
26 April 2006 [08:50]

New 50 and 100 manat banknotes are in use

New 50 and 100 manat banknotes have been mobilized in the country from Tuesday.
26 April 2006 [08:45]

Namig Nasrullayev left for annual meeting of ECOSAI

The chair of the Chamber of Account of Azerbaijan (CAA) Namig Nasrullayev left for Ankara to attend the XI annual meeting of the Economic Cooperation Organization of Supreme Audit Institutions (ECOSAI).
26 April 2006 [08:40]

Azerbaijan Insurance Training Centre to start short-term courses

The Azerbaijan Insurance training Centre (AITC) will start holding first short-term courses for employees of banks, insurance companies and non-banking organizations from the second half of May.
26 April 2006 [08:20]

Azerbaijan Investment Company can participate in defense industry's development

The draft of the Regulations of the Azerbaijan Investment Company Open Joint-Stock Company (OJSC) will be presented to the Executive Office of the President soon.
26 April 2006 [08:15]

Activity of Absheron and Azergarant Insurance Companies restricted

The Ministry of Finance stopped activity of the Absheron and Azergarant Insurance Companies on two insurance kinds.
26 April 2006 [08:00]

XIII International Caspian Oil & Gas exhibition to be held in Baku on June 6-9

The XIII International Caspian Oil, Gas, Oil Refining and Oil Chemistry exhibition-conference will be held in Baku on June 6-9.
25 April 2006 [17:15]

Azenerji keeps talking to European Bank

JSC Azenerji intends to keep talking to European bank for Reconstruction and Development on issuing the credit for recovery of hydroelectrical power plant in Mingachevir.
25 April 2006 [09:46]

Northern Cyprus Turkish Republic tries to open direct flight to Azerbaijan

The Northern Cyprus Turkish Republic (NCTR) intends to open a representation of a tourism agency in Azerbaijan within the following months.
25 April 2006 [09:40]

Azeri delegation to attend the 9th Eurasian Economic Forum in Istanbul

The 9th Eurasia Economic Forum will be opened in Istanbul, Turkey, May 7.
25 April 2006 [09:29]

Loan agreement to be signed between International Bank of Azerbaijan and UBS AG Bank

In May loan agreement for 15 mn Swiss francs to be signed between the International Bank of Azerbaijan (IBA) and UBS AG – one of the largest banks of the world.
25 April 2006 [09:20]

Chief of Electricity Purchase Office of Barmek arrested

The Chief of the Electricity Purchase Office of the Barmek-Azerbaijan Electricity Network Limited Liability Company (LLC) Alasgar Ramazanov was arrested.
25 April 2006 [08:58]

Proposals on holding of population census in Azerbaijan to be submitted to President

The State Statistics Committee (SSC) applied to the Cabinet of Ministers with a proposal to hold population census in Azerbaijan in 2009.
25 April 2006 [08:44]

Arif Veliyev: "Inflation will not exceed 9.6% this year"

This year inflation level is expected no to exceed the previous one – 9.6%.
25 April 2006 [08:16]

Delegation of Transport Ministry left for Tehran

Delegation led by the Minister of Transport Ziya Mammadov left for Iran to attend the ministerial meeting of the states being members of the Economic Cooperation Organization (ECO) to be held in Tehran April 24-26.
25 April 2006 [08:12]

First two power units of Nakhchivan Gas-Turbine Power Plant connected to tension

The first and second power units of the Nakhchivan Gas-Turbine Power Plant have already been connected to the tension.
24 April 2006 [13:10]

Staff changes may take place in Finance Ministry

Staff changes may take place in the Ministry of Finance if a necessity arises in increase of its efficiency, reportedly said newly appointed Azeri Minister of Finance Samir Sharifov.
24 April 2006 [08:41]

Sumgayit Industrial Production OJSC put up for investment competition

The State Committee for State Property Management (SCSPM) announced investment competition on the sale of 85% of stocks of the Sumgayit Industrial Production Open Joint Stock Company.
22 April 2006 [15:43]

New banknotes to be issued next week

The new banknotes worth 50 and 100 manats ($54.3 and $108.6 respectively) will be released in Azerbaijan next week, marking the completion of the national currency denomination.
22 April 2006 [11:20]

Shortage of coins in passenger transport is because of weak relations of transport enterprises with banks

This explanation was given by the Chair of the Board of the National Bank of Azerbaijan (NBA) Elman Rustamov.
22 April 2006 [09:40]

Tariff Council approved new tariffs of international phone calls, utilization of irrigation water, standardization, metrology and other services

Tariff Council of Azerbaijan reviewed at its regular meeting tariffs of monthly subscription payment for phone calls, international phone calls, allocation and utilization of resources in the general-use telecommunication network, AzStateNet State Internet and special communication services, utilization of irrigation water, standardization and metrology services, new services provided by the State Register Service of Immovable Property, and services of the Bureau for Technical Stock-Taking of Property.
22 April 2006 [09:26]

International Labor Organization mission to visit Azerbaijan

The Director of the Sub-regional Office for Eastern Europe and Central Asia of the International Labor Organization (ILO), Mr.Werner Konrad Blenk will visit Azerbaijan from April 23 to 25.
22 April 2006 [09:09]

Turkish Airlines to increase number of flights

The Turkish Airlines will increase the number of flights in connection with the summer season.
22 April 2006 [09:03]

Ministry of Taxes: "No buyer's checks are given in most of sales objects"

The Operative Supervision Office of the Ministry of Taxes conducted raids in 3429 objects to examine the state of using cash registers.
22 April 2006 [08:56]

National bank prepared new proposals on mortgage crediting

The national Bank of Azerbaijan (NBA) presented proposals to the Cabinet of Ministers for improvement of the mortgage crediting process in the republic.
22 April 2006 [08:47]

New document to regulate currency exchange stations will be adopted

No difference is shown towards the state and private banking sectors.
22 April 2006 [08:36]

Azerbaijan to be represented in Hannover MESSE-2006 exhibition

Representatives of two Azeri companies left for Germany to attend the Hannover MESSE0-2006 exhibition to be held April 22-28 under organization of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO).
22 April 2006 [08:24]

Minister of Economic Development met with members of Turkish-Azerbaijani Business Council

Meeting was held in the Ministry of Economic Development with the members of the Turkish-Azerbaijani Business Council (TABC).
22 April 2006 [08:20]

Number of legal entities engaged in business activities grew by 1.7%

By April 1 of the current year, the number of legal entities engaged in business activities in Azerbaijan grew by 1.7% in comparison with the beginning of the year and reached 71,476.
22 April 2006 [08:17]

"On credit bureaus" bill to be presented to parliament by the end of year

The bill "On credit bureaus" is planned to be discussed in Milli Majlis this year.
21 April 2006 [16:38]

Tax Ministry starts stimulation lottery

The Azerbaijani tax ministry started a stimulation lottery – "Take a cashier receipts- win a car," Head of the Operational Department at the Ministry, Gabil Mammedov said at his press-conference April 21.
21 April 2006 [15:36]

Tariffs for international phone calls fell down

At the next session of Tariff Council, its members decided to change the following tariffs effective May 1: international phone calls, phone subscribers' fee for population, state IP-services, special communication, use and separation of common telecommunication numbers.
21 April 2006 [14:35]

SOCAR keeps on installation of the electronic control systems

The State Oil Company (SOCAR) resumed installing the control – gauging devices in order to control the production process at the Azneft production facility.