Business

26 January 2006 [04:14]

157 wells of OGPU named after H.Z.Taghiyev included in producing well stock

157 wells of the Oil and Gas Production Unit (OGPU) named after H.Z.Taghiyev having the exploitation stock of 348 wells are included in the producing well stock and 189 wells in the inactive well stock; 2 wells are included in the stock of wells under test.
26 January 2006 [03:48]

Incomes and expenses of State Social Protection Fund increased by 19.9% and 19.4% last year

The incomes of the State Social Protection Fund (SSPF) amounted to AZM 501.22 million manats in 2005 and this exceeds the analogous figure of the same period of the previous year by 19.9%.
26 January 2006 [03:36]

Atrabank and Azerbaijan Microfinance Bank admitted to Visa International as associated members

Two more bank organizations operating in Azerbaijan – Atrabank and Azerbaijan Microfinance Bank were admitted to the Visa International payment system as the associated members.
26 January 2006 [03:19]

National Bank of Azerbaijan intends to issue notes amounting to AZM 1 trillion

The State Committee for Securities (SCS) registered emission prospectus of short-term notes of the National Bank of Azerbaijan (NBA) for 2006.
26 January 2006 [03:09]

Azpetrol's Representative Office in Chisinau: "Happenings in Azerbaijan did not affect operation of the company in Moldova"

Happenings in Azerbaijan are not related to the existing agreements between Azpetrol and Moldova and work is continuously implemented in the Jurjulesht petroleum terminal bought by the company.
26 January 2006 [03:08]

New methodic directions for registration of VAT payers in tax authorities prepared

The Ministry of Taxes prepared new methodic directions for registration of entrepreneurs as VAT payers in tax authorities.
26 January 2006 [03:05]

T-bills in volume of AZN 2 million placed in Baku Stock Exchange

A regular auction on placement of T-bills with the state registration number 10200313S of the Ministry of Finance was held in the Baku Stock Exchange (BSE).
26 January 2006 [02:55]

SOCAR Marketing and Economic Operations Office to completely switch to International Financial Reporting Standards in 2008

The SOCAR Marketing and Economic Operations Office (MEOO) will begin preparing its financial reports on the basis of the International Financial Reporting Standards from 2008.
26 January 2006 [02:46]

Azerbaijan can prolong delivery electricity to Georgia for about 10 days

Although the accident happened in the Mozdok-Tbilisi gas pipeline was removed yesterday, Azerbaijan continues supplying gas to Georgia.
26 January 2006 [02:33]

Exxon Mobil Corporation to pay SOCAR $50 million of compensation on "Nakhchivan" and "Zefer-Meshel" prospective structures

The U.S. Exxon Mobil Corporation will pay SOCAR $50 million of compensation in tote because of refusing drilling the second exploratory well in the "Nakhchivan" and "Zefer-Meshel" prospective structures.
25 January 2006 [14:26]

LUKOIL discovered major field in Caspian Sea

LUKOIL opened a major multilayer oil and gas condensate field in the Severny licensed area, in the northern part of the Caspian sea.
25 January 2006 [01:44]

SOCAR holds tender on selling of regular consignment of "Urals" marked crude oil

The SOCAR Marketing and Economic Operations Office announced a tender on selling of a regular consignment of 140 thousand tons of "Urals" marked crude oil belonging to Azerbaijan.
25 January 2006 [01:43]

International Bank can install over 20 thousand POS-terminals

The International Bank of Azerbaijan can install over 20 thousand POS-terminals in the territory of the country and provide their maintenance.
25 January 2006 [01:39]

SOCAR holds tender on selling of regular consignment of "Azeri Light" marked profit oil

The SOCAR Marketing and Economic Operations Office (MEOO) announced a tender on selling of a regular consignment of "Azeri Light" marked profit oil belonging to Azerbaijan.
25 January 2006 [01:34]

Volume of production and services increased by 17% in Sumgait last year

Produce and services amounting to AZM1.35 trillion were produced and provided in the main fields of economy on Sumgait city during the last year.
25 January 2006 [01:31]

Post-offices to provide banking-financial services from next year

All post-offices operating in the territory of the Republic will begin providing banking-financial services from the next year under the project "Development of financial services" implemented by the World Bank (WB) in Azerbaijan.
25 January 2006 [01:23]

Natig Aliyev: "Azerkimya should address its commercial problems independently"

A problem arisen in connection with not selling of produces manufactured in the Ethylene-Polyethylene plant of the Azerkimya State Company (SC) has not been analyzed by the Ministry of Industry and Energy yet.
25 January 2006 [01:19]

Natig Aliyev: "Azerbaijan to continue assisting Georgia until neighboring country completely supplied with energy"

Delivery of electric energy and gas to Georgia does not create any problem in supply of industry and population of Azerbaijan.
25 January 2006 [01:12]

Azercell signed roaming contracts with 2 cellular operators of Gabon and Liberia

Azercell Telecom Joint Enterprise signed roaming contracts with the "Celtel" cellular operator of Gabon and "Celcom" operator of Liberia.
25 January 2006 [01:09]

Barmek concluded approximately 112 thousand contracts with subscribers so far

"Barmek Azerbaijan Electric Network" LLC has concluded contracts with 111 thousand 776 subscribers so far.
24 January 2006 [22:23]

Azeronline refuses from legal hearing with CITM & EDM

"Internet provider Azeronline Ltd intends to recall the lawsuit in regard to the Communications and Information technologies Ministry and the Department for Antimonopoly Policy of the Economic Development Ministry," told Elchin Aghakishiyev, the Director of the Company.
24 January 2006 [22:18]

The Bank of New York became winner of SOFAZ tender on attracting depositary services

State Oil Fund of Azerbaijan (SOFAZ) completed tender procedures which started on September 16, 2005 for the selection of a global custodian bank.
24 January 2006 [18:51]

Gasprom reduces gas supply to Azerbaijan

This gas for own needs of the country only, but not for delivery to third side.
24 January 2006 [18:35]

Taxes Ministry cancelled registration of 1,436 VAT-payers

"From 2001 to 2005 the total sum, concealed from payment of VAT, comprised around 17trln manats," Natig Amirov, the deputy Taxes Minister, said to a news conference dedicated to changes included into the Tax Code in relation to registration of VAT.
24 January 2006 [16:18]

Fitch affirms Azerbaijan ratings at BB

Fitch Ratings affirmed Tuesday Azerbaijan's foreign and local currency issuer default ratings at "BB" with a stable outlook, along with the same rating for the country ceiling.
24 January 2006 [15:58]

Shahdeniz Project about completion this year

The Shahdeniz 2006 capital expenditure budget is $865 million.
24 January 2006 [15:08]

Zurab Gumberidze: "Georgia is likely to receive gas from Azerbaijan of 3-4 million cubic meters a day"

The issues of the gas supplies from Azerbaijan to Georgia in the volume of 3-4 million cubic meters daily have been discussed during the visit of the Georgian government delegation to Baku.
24 January 2006 [05:50]

Agreement on export of Kazakhstan's oil by means of Baku-Ceyhan pipeline to be signed in these days

An agreement on export of one part of Kazakhstan's oil to the world market by means of the Baku-Tbilisi-Ceyhan (BTC) pipeline is expected to be signed by the governments of Azerbaijan and Kazakhstan in these days.
24 January 2006 [05:35]

State Committee for Securities registered emission prospectus of T-bills totaling AZN 190 million

The State Committee for Securities (SCS) registered emission prospectus of T-bills for 2006.
24 January 2006 [05:33]

"Azinvestbank" CB renamed to "Eurobank" OJSC

The Azinvestbank Commercial bank (CB) changed its organizational-juridical form and name and will be called "Eurobank" OJSC from this moment on.
24 January 2006 [05:29]

Foreign trade turnover of Azerbaijan reached USD 7.9 billion in January-November

In January-November of 2005 Azerbaijan implemented trade operations with foreign countries in amount of USD 7.9 billion or exceeding the same period's figure of 2004 by 28.8%.
24 January 2006 [05:25]

In 2006 proceeds and expenses of Ministry of Communications and Information Technologies to increase by 5.8% and 6.5% respectively

The proceeds and expenses of the Ministry of Communications and Information Technologies are forecasted to increase by 5.8% and 6.5% respectively in 2006. Pursuant to the estimate indicators approved by the Cabinet of Ministers the other day, the incomes and charges of the Ministry will total AZN 147 million and AZN 149 million respectively in the current year.
24 January 2006 [05:14]

Delivery of electric energy to Georgia may cause shortage of energy in Azerbaijan

The Azerenergy Joint-Stock Company (JSC) will deliver 30 megawatts of electric energy to Georgia daily until the accident happened in the electric main crossing to Georgia through the territory of Northern Ossetia is removed.
24 January 2006 [04:35]

Cargo and passenger traffic increased by 9.2% and 4.8% respectively in transport sector last year

Last year 128 million tons of cargo and 1 billion passengers were transported by transport companies and physical persons operating in the field of motor transport.
24 January 2006 [04:32]

"Azerdemiryolbank" JSB attracted over $9 million of foreign investment last year

Volume of assets of the Azerdemiryolbank Joint-Stock Bank (JSB) formed AZM 248.8 billion as of the beginning of the current year and this exceeds the previous year figure by 71.7%.
24 January 2006 [04:27]

International Airport holds tender on procurement of papery goods

The International Airport named after H.Aliyev announced an open tender consisting of 1 lot on procurement of papery goods.
24 January 2006 [04:17]

Organic Synthesis plant increased production by 46.4% last year, but Ethylene-Polyethylene plant may stop functioning

The Organic Synthesis plant of the Azerkimya State Company (SC) manufactured produce amounting to AZM 963.3 billion last year and this exceeds the same figure of 2004 by 46.4%.
24 January 2006 [04:00]

The 3rd meeting of Council of heads of state structures balancing markets of securities of CIS countries to be held in Moscow

The 3rd meeting of the Council of the heads of state structures balancing markets of securities of CIS countries will be held in Moscow in June this year.
24 January 2006 [03:20]

Board meeting on last year results held in Nakhchivan State Customs Committee

In a board meeting held by the State Customs Committee (SCC) of the Autonomous Republic of Nakhchivan (ARN) the Head of the Committee Asaf Mammadov made a speech on activities carried out in 2005 and tasks ahead.
24 January 2006 [03:12]

Arif Veliyev: "Inflation is expected to be 8-9% this year"

Rate of inflation is expected to be under 10% in Azerbaijan this year.
23 January 2006 [21:27]

North Sea oil bonanza "played down"

Newly released papers show that, in 1975, the Treasury was alarmed by the prospect that if the Scots realised how much oil lay under "their" territorial waters, there would be unstoppable pressure for independence.
23 January 2006 [16:52]

Azerbaijani and Georgian Energy Ministers meet in Baku

On Monday the Azerbaijani Energy and Industry Minister, Natig Aliyev received his Georgian counterpart N.Gilaurio, the President of the Georgian International Oil Corp., N.Vashakidze, and the President of the Georgian International Gas Corp., D.Ingorokvu.
23 January 2006 [16:13]

Kavkaztransgaz constructs branch line of N.Caucasus-S.Caucasus gas pipeline

Kavkaztransgaz Ltd. continues repair work to liquidate the consequences of the explosion on the 133-km Northern Caucasus-Southern Caucasus gas-main pipeline.
23 January 2006 [16:07]

Azerbaijan to deliver 30MW energy to Georgia

The Azerbaijani energy system has transferred to parallel work regime with Georgia. As a result, Georgia will receive 30 MW of electricity.
23 January 2006 [14:24]

Azeri oil market: results of week

From 16 through 20 January URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $59.15 per barrel or rose $3.85 barrel as compared to the last week (9 - 13 January).
23 January 2006 [12:52]

CDMA-subscribers of BTC exceed 500

The number of the CDMA-subscribers (Code Division Multiple Access) of the Baku Telephone Communications Production Association (BTC PA) exceeds 500.
23 January 2006 [12:22]

Azerbaijan to deliver gas to Georgia via Kazakh district

The Russian company Gasprom made a decision on increase of natural gas delivery to Azerbaijan for further supply to Georgia in connection with the incident in the Mozdok-Tbilisi gas pipeline.
22 January 2006 [17:32]

Georgia intersted in Kazakhstan's participation in BTC project

Nino Burjanadze visits Kazakhstan.
22 January 2006 [17:28]

Draft Agreement to be signed

The Kazakh government, along with oil, also is interested in transportation of gas produced in its territory through Azerbaijan to Georgia, Turkey and further to Europe.
22 January 2006 [05:13]

Volume of Gross Domestic Product increased by 26.1% in the country last year

Chief of State Statistics Committee Arif Valiyev announced macro-economic indications of economic and social development of the country for 2005 in the press conference today.
21 January 2006 [16:19]

Electronic money orders system applied in Azerbaijan

New system to help "Azerpocht"
21 January 2006 [15:42]

Azerbaijan increased production of oil products in 2005

In 2005 Baku-based oil refinery plants, including the Oil Refinery Plant and Azerneftyag SOCAR produced 7.3m of different oil products against 6.25m tons in 2004.
21 January 2006 [13:07]

CIS Oil and Gas 2006 Summit due in Paris from 31 May to 2 June

The Energy Exchange Ltd company reports that the annual International CIS Summit on Oil and Gas: Russia, Ukraine, Caspian and Central Asia will take place this year in Paris from 31 May to 2 June 2006.
21 January 2006 [12:51]

Airbus surprises by beating Boeing for orders in 2005

European plane maker Airbus says it has again won the number one position for passenger aircraft orders thanks to a surge in end of year sales.
21 January 2006 [12:47]

Oil price hits three-month high over Nigeria and Iran supply worries

Worries over potential disruptions to oil supplies have caused the price of crude to climb to its highest in over three months.
21 January 2006 [12:41]

Russia rejects Ukrainian meat and dairy produce

In a further sign of strained relations, Kiev is demanding that Russia lift a ban imposed yesterday on Ukrainian dairy products.
21 January 2006 [05:23]

Mechanism of privatization of state property to be improved

"Hot line" to operate during 24 hours will be put to operation in the State Committee on State Property Management (SCSPM) soon.
21 January 2006 [04:00]

Chief of Metro says no discussions held in Tariff Council on raising fare in metro

The Tariff Council has not discussed the issue on raising fare in the Metro.
20 January 2006 [19:35]

Nestle takes world ice cream lead

Food giant Nestle has become the world's biggest ice cream maker after taking full ownership of US firm Dreyer's Grand Ice Cream.
20 January 2006 [04:16]

Organization Committee of Russian-Azerbaijani Economic Forum held its first meeting today

The Organization Committee of the Russian-Azerbaijani Economic Forum which is intended to be held in Baku on February 22-25 has got its first meeting today.
20 January 2006 [04:10]

Government to take serious measures against those intending to raise price of bread

Although the government does not fix the price of bread, it will take serious measures against companies intending to raise the price of bread in connection with increase of price of fuel.
20 January 2006 [04:03]

Regular meeting of Council of Heads of CIS Customs Services was held in Saint-Petersburg

The 42nd meeting of the Council of the Heads of the Customs Services of the CIS-participating countries started on January 19 in Saint-Petersburg city of Russia.
20 January 2006 [03:57]

Prosecutor Office of Republic holds tender on procurement of goods and equipments in 2006

The General Prosecutor Office of Azerbaijan announced an open tender on procurement of goods and equipments in 2006.
20 January 2006 [03:50]

It will be possible to watch TV by means of telephone lines from March

Subscribers will be able to watch TV by means of stationary telephone communication from February-March months of the current year.
20 January 2006 [03:27]

Insurance Training Centre to start operation in Baku in April

The Azerbaijan Insurance Companies Union (AICU) completed all documentation works for establishment of the Insurance Training Centre (ITC) in Baku and short-term courses for employees of insurance companies to be started in the Centre this year, in April.
20 January 2006 [03:10]

All automated telephone stations in Baku to be completely electrified till end of year

All automated telephone stations (ATS) in Baku will be completely electrified during this year.
20 January 2006 [02:56]

Service tests implemented in Ceyhan terminal

Service tests are currently implemented in Ceyhan terminal of the Baku-Tbilisi-Ceyhan (BTC) main oil export pipeline. After the tests the terminal will be completely ready to receive oil.
20 January 2006 [02:52]

Transport mission of World Bank to investigate problems of Baku

The urban transport mission of the World Bank (WB) will visit Baku on February 2.
20 January 2006 [02:29]

Azerenergy to expand cooperation with Baku Steel Company

"The Azerenergy Open Joint-Stock Company (OJSC) does not decline to cooperate with the Baku Steel Company and is ready to sell waste metal to the Company".
20 January 2006 [02:14]

Rahim Huseynov: "No monopoly exists in the building sector of Azerbaijan"

"No monopoly exists in the building sector of Azerbaijan and none of the building companies have shares exceeding 35% in the market".
20 January 2006 [01:48]

Placement of yesterday's emission of notes of National Bank completed today

Additional placement of short-term notes of National Bank of Azerbaijan (NBA) with the state registration number 50100312S was held in Baku Stock Exchange (BSE).
19 January 2006 [15:38]

BTC-pumped oil to reach Ceyhan terminal in March

The oil pumped to the Baku-Tbilisi-Ceyhan pipeline at the Sangachal terminal will reach the Turkish port Ceyhan in March, Azerbaijan International Operating Company said.
19 January 2006 [05:07]

Public organizations complain of violation of rights of oil-workers by foreign oil companies

The Guardians Humanitarian Organization and Information and Resource Center on Oil Industry of Azerbaijan held a conference on "Policy and activity of foreign oil companies in Azerbaijan" today.
19 January 2006 [04:53]

Ministry of Economic Development to monitor cellular phone market

The Antimonopoly Policy Department of the Ministry of Economic Development will monitor the cellular phone market of the country.
19 January 2006 [04:41]

Agricultural mission of World Bank visited Baku today

World Bank's agricultural mission headed by Frauke Yunglut visited Baku today.