Business

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.
21 April 2006 [13:31]

State Oil Fund incomes increase

USD 1.4 milliard money was saved up to the state oil-fund. About USD 12 million was brought, using fond capitals during the first term.
21 April 2006 [10:44]

Abdulgadir Aksu: "Azerbaijan and Turkey will always be together"

Interior Minister of Turkey Abdulgadir Aksu, who is on his visit to Azerbaijan, has met with TUSIAD members.
21 April 2006 [10:19]

"Azerenergy" OJSC continues stock-taking of subscribers at BAYVA territory

After the authorities of the BAYVA electricity distribution company were transmitted to the Azerenergy Open Joint-Stock Company (OJSC), stock-taking of subscribers along with the local executive powers is continued.
21 April 2006 [10:17]

David Woodward: Export of Kazakh oil through BTC can commence in 2007

The export of Kazakh oil through BTC pipeline can commence already next year.
21 April 2006 [10:13]

Gazelli Company intends to export its cosmetics to Europe

Gazelli Company, the only cosmetics producer of Azerbaijan plans to export its products to European countries, including Spain and France soon.
21 April 2006 [10:12]

Azerbaijani GDP predicted to be the highest one among CIS countries in 2006-2007

According to IMF forecasts, Azerbaijan will be in the lead among the CIS countries concerning rate of economic growth in 2006-2007, the republican Gross Domestic Product will increase correspondingly by 26.2% and 22.9%.
21 April 2006 [09:44]

Works on South Caucasus Pipeline project fulfilled 96%

96% of the works on the South Caucasus Pipeline (SCP) project have been implemented.
21 April 2006 [09:39]

5th Azerbaijan International Travel and Tourism Exhibition started

5th Azerbaijan International Travel and Tourism Exhibition (AITF-2006) started in Baku yesterday.
21 April 2006 [09:00]

Volume of cargo traffic through TRACECA transport corridor grew by 12.1%

In January-February of the current year volume of cargo traffic in the Azerbaijani part of the Europe-Caucasus-Asia (TRACECA) transport corridor increased by 12.1% in comparison with the relevant period of the preceding year and was 7.4 mn tons.
21 April 2006 [08:57]

93.1% of taxpayers presented tax returns

The Ministry of Taxes completed reception of profit and income tax returns.
21 April 2006 [08:18]

Volume of cargo traffic in transport sector of Azerbaijan in 1st quarter increased by 10.7%

In January-March of the current year enterprises and physical persons operating in the transport sector of Azerbaijan transported 30.7 mn tons (10.7% more in comparison with the relevant period of 2005) of cargo.
20 April 2006 [22:35]

SOCAR assets grew on 4% this year

The State Oil Fund (SOFAR) incomes reached this year 221. 4m AZM and expenditures - 168.7m AZM. 209. 9m AZM came from the oil agreements, 207. 3m AZM - from profit oil sale, 2. 6m AZM from the oil transit payments via Baku - Supsa pipeline.
20 April 2006 [16:35]

Abid Sharifov: "Too early to talk about signing BTC treaty with Kazakhstan"

Not all issues have yet been discussed on the inter-governmental agreement about joint oil transportation via Baku-Tbilisi-Ceyhan (BTC) pipeline.
20 April 2006 [14:35]

Tax Ministry finished receiving declarations

The Ministry of Tax finished receiving declarations on profit and income tax, news release of the Ministry of Tax says.
20 April 2006 [13:01]

Caspian Oil & Gas Exhibition to grow by 20% in 2006

Caspian Oil & Gas and 13th "Oil and Gas, Caspian Oil Processing and Chemistry" Exhibitions get enlarged by 20% in 2006.
20 April 2006 [12:00]

U.S. National Public Radio: "Pipeline faces delays, complaints in Turkey"

Turkey hosts the longest stretch of a new transnational pipeline that will carry oil from the Caspian Sea to the Mediterranean.
20 April 2006 [11:51]

Shahdaniz Stage-1 construction close to completion

The construction operations on Azerbaijan's major offshore Shahdaniz gas-condensate field within Stage-1 are almost complete.
20 April 2006 [09:40]

Communication services increased by 28.8% in Q1

In January-March of the current year communication enterprises provided AZN 109.3 mn of communication services to legal and physical persons (or exceeding the analogous indicator of the last year's relevant period by 28.8%)
20 April 2006 [09:37]

Last year Azerbaijan obtained $77.7m of income from tourism

Last year 1 million 177 thousand 277 foreign citizens visited Azerbaijan and 865 thousand 255 of them traveled to the country as tourists.
20 April 2006 [09:26]

International tourism and travel exhibition starts in Baku

The 5th Anniversary Azerbaijan International Travel and Tourism Exhibition (AITF-2006) is starts in Baku on Thursday.
20 April 2006 [08:58]

Volume of loans grew by 32.8%

By March 1 of the current year, volume of loans supplied in Azerbaijan by financial-credit organizations grew by 32.8% in comparison with the same period of the preceding year and made up AZN 1,352.2m.
20 April 2006 [08:56]

Ministry of Ecology and Natural Resources holds tender

Competition Committee at the Ministry has already started admitting articles and television topics.
20 April 2006 [08:54]

Turkish Interior Minister to hold meeting in TUSIAD

The Interior Minister of Turkey Abdulkadir Aksu will have a meeting in TUSIAD during his official visit to Azerbaijan.
20 April 2006 [08:53]

Hilton hotel to be built in Azerbaijan soon

The famous Hilton International hotel of Great Britain will build its new hotel in Azerbaijan in the nearest future.
20 April 2006 [08:49]

US-Azerbaijan business-forum to be held in Washington April 27

The United States - Azerbaijan Chamber of Commerce (USACC) will hold 6th Business and Investment Conference "U.S. - Azerbaijan Strategic Relations: Political and Commercial Priorities" in Washington April 27.
20 April 2006 [08:44]

Agreement for cooperation in tourism field to be signed by Azerbaijan and Russia

This year new events are expected to take place in the field of tourism between Azerbaijan and Russia.
20 April 2006 [08:30]

WB's health mission visits Azerbaijan

The health mission of the World Bank (WB) came on a visit to Azerbaijan.
20 April 2006 [08:28]

Kamaladdin Heydarov: "Initial investigation shows construction of new buildings without expert opinion"

Functions of Construction and Architecture Committee related to building are in the responsibility of Ministry for Emergencies.
20 April 2006 [08:20]

Meeting of CIS Railway Transport Council to be held in November

Next meeting of the Railway Transport Council of the CIS and Baltic countries will be held in Novemeber of 2006.
20 April 2006 [08:10]

Bill "On banks" to be discussed in parliament next week

The bill "On Banks" is expected to the discussed by the standing committee for economic policy of Milli Majlis next week.
19 April 2006 [22:51]

Final cost of BTC to be known as soon as construction's complete

As of preliminary estimations, the cost of the construction of the Baku-Tbilisi-Ceyhan (BTC) grew 30% as compared to its initial budget set as $2.95bn at the moment of sanctioning.
19 April 2006 [15:44]

Kazakh PM to take part in ECO summit

Kazakh delegation headed by the PM, Daniel Akhmedov will take part in the Economic Cooperation Organization (ECO) summit May 4-5 in Baku, the Kazakh Embassy's in Baku advisor, Erjan Mukash infotms.
19 April 2006 [14:41]

IIC launches new project on car insurance

The International Insurance Company (IIC) is launching new project on car insurance with respect to expand the client-base.
19 April 2006 [12:50]

U.S. National Public Radio: "Georgia hopes for boost from Caspian pipeline"

Starting this summer, a new $4 billion pipeline is expected to begin pumping crude oil from the former Soviet Republic of Azerbaijan to a Turkish port on the Mediterranean Sea.
19 April 2006 [10:41]

Press-conference on visit of IMF mission held

Today press-conference on the results of the visit of the Head of the Central Asia and East Department of the International Monetary Fund (IMF) Vitali Kramarenko to Azerbaijan was held.
19 April 2006 [10:02]

Hussein Arabul forwarded written application to Azerbaijani Government

"Barmek Azerbaijan Electricity Network" LTD president Huseyn Arabul has forwarded written appeal to Azerbaijani Government with regard to problems he has faced during the check-ups.
19 April 2006 [09:55]

TUSIAD: "Azerbaijani-Turkish economic relations are not at desired level"

Meeting between Turkish Council for Foreign Economic Relations (TCFER) and Turkish businessmen was held in the Turkish Industrialists' and Businessmen's Association (TUSIAD) yesterday.
19 April 2006 [09:06]

Suit by Barmek against Ministry of Taxes reviewed

The Court of Economy today reviewed the suit brought by the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) against the Ministry of Taxes.
19 April 2006 [08:54]

Import of Armenia-made poisoned products to Azerbaijan prevented

Food products made in Armenia, which were brought to Azerbaijan from Vladimir province of Russia was prevented in Samur border checkpoint.
19 April 2006 [08:37]

Bank Standard intends to increase authorized capital by 50%

In II quarter of the current year, the Bank Standard Close Joint-Stock Company (CJSC) intends to increase its authorized capital by 50% to AZN 15 million.
19 April 2006 [08:20]

Chair of Ukrainian Accounts Chamber to visit Azerbaijan May 3

Delegation led by the Chair of the Chamber of Account of Ukraine Valentin Simonenko will visit Azerbaijan May 3-7.
19 April 2006 [08:11]

World Bank allocated $34 thousand grant for Azeri NGOs

Agreement of allocation of $34 thousand grant was signed between the World Bank Baku Office and Azerbaijan Community Development Researches, Training and Resource Centre (ACDRTRC).
18 April 2006 [13:52]

USACC announces its 6th Business and Investment Conference

His Excellency, Ilham Aliyev, President of the Republic of Azerbaijan, plans to open this major event which will feature exceptional access to a wide range of senior government officials and business leaders from both the U.S. and Azerbaijan.
18 April 2006 [13:44]

Azerbaijan declines IBRD finances for agricultural project

The World Bank mission headed by the agriculture expert, Frauke Youngblood will continue evaluating the second phase of the adapted program of development and crediting of agriculture in Azerbaijan.
18 April 2006 [12:36]

Agreement on Kazakh oil transit through BTC to be ready by May 10

The draft intergovernmental agreement on the transportation of Kazakh oil by the Baku-Tbilisi-Ceyhan (BTC) pipeline will be finalised by the second decade of May.
18 April 2006 [12:31]

Azerbaijan's Q1 GDP rockets 39.5% year on year to over $3.5 bln

Azerbaijan's state statistics agency said Monday the country's GDP had risen 39.5% in the first three months of 2006 against the same period last year, to about $3.545 billion.
18 April 2006 [12:26]

Vitol wins fifth 2006 Azeri Light tender

Vitol has won a tender called by Azeri state oil company SOCAR for the fifth consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
18 April 2006 [11:36]

U.S. National Public Radio: "With new pipeline, Azerbaijan on verge of oil boom"

The tiny former Soviet Republic of Azerbaijan is on the verge of an oil boom.
18 April 2006 [10:59]

SCC Chair Aydin Aliyev received IMF mission

April 17 the Chairman of the State Customs Committee (SCC) Aydin Aliyev received the mission of the International Monetary Fund (IMF).
18 April 2006 [10:29]

Bank Standard attracted $350 thousand within new prize winning action

"Bank Standard" CJSC is holding a new prize winning action for its clients.