Business

12 May 2007 [11:42]

Belarus' Industry Ministry intends to double trade with Azerbaijan in 2007

The Industry Ministry of Belarus is planning to double trade with Azerbaijan during 2007.
12 May 2007 [11:29]

Russia, Kazakhstan, Turkmenistan agree on Caspian pipe

Russia, Kazakhstan and Turkmenistan agreed to build a gas pipeline along the Caspian coast and will sign the deal by September 1, a joint declaration of the three presidents said Friday.
12 May 2007 [11:25]

BSECO summit to take place June 25

Black Sea Economic Cooperation Organization (BSECO) Foreign Ministers are expected to meet in June.
11 May 2007 [15:34]

Russian president calls for closer ties with energy-rich Turkmenistan

Russian President Vladimir Putin, on a tour of Central Asia aimed at strengthening Moscow's control over the region's energy export routes, called Friday for closer ties with Turkmenistan.
11 May 2007 [15:31]

Huseyn Arabul's trial again postponed

Trial on case of president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul and six more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, was again postponed.
11 May 2007 [15:00]

State Social Protection Fund wants IBA and Kapital Bank to install additonal ATMs

Transition to electronic delivery of pension benefits has started since 2005 and most of the pensioners are able to get their benefits through ATMs at present, the State Social Protection Fund Chairman Salim Muslumov told a workshop examining automation of pension benefits: current situation and prospects.
11 May 2007 [13:35]

Azerbaijan 2008 budget to beat $8 billion

"Azerbaijan's 2008 budget is likely to beat US $8 billion while it was between $600 million and 700 million a decade ago," Ziyad Samadzade, chair of the parliament standing commission for economic policy, told.
11 May 2007 [13:02]

Baku hosts workshop on protection of shareholders' rights

The Azerbaijan Corporate Governance Project, implemented by the International Finance Corporation (IFC) and funded by SECO, along with Azerbaijan's State Committee for Securities today held a workshop in Baku, discussing issues on protecting shareholders' rights, experiences and practices.
11 May 2007 [12:35]

Russian, Kazakh, Turkmen leaders hold energy summit

The presidents of Russia, Kazakhstan, and Turkmenistan are holding a summit today in Turkmenistan's capital, Ashgabat, to discuss energy cooperation between the three countries.
11 May 2007 [12:33]

Azerbaijan has sufficient logistics to protect pipelines

"Azerbaijan has done its best with regard to the protection of pipelines," said Deputy Prime Minister Abid Sharifov.
11 May 2007 [09:43]

Azerbaijan to liberalize telecommunications sector

Amid Azerbaijan's accession to the World Trade organization, the issue with AzTeleCom Unit is the subject of discussion, said the Deputy Foreign Minister Mahmud Mammadguliyev.
11 May 2007 [09:42]

First metrological lab to be established in Baku in summer

The first metrological test laboratory will be established in Baku in three months, said Ramiz Hasanov, Chairman of Azerbaijan State Agency for Standardization, Metrology and Patents.
11 May 2007 [09:39]

Transportation tariffs due to increase in Azerbaijan

Azerbaijan's Tariff Council debates on Transport Ministry's proposals on increasing transportation tariffs, Deputy Transport Minister Musa Panahov told journalists.
11 May 2007 [09:37]

Belarus-Azerbaijan Bank to be established in Minsk

Elman Rustamov, chair of the board of the National Bank of Azerbaijan, will pay a business visit to Belarus in June.
11 May 2007 [09:37]

Baku to host CIS ICIPP meeting

16th meeting of CIS Interstate Council on the Industrial Property Protection will be held in Baku on May 28.
11 May 2007 [09:29]

Huseyn Arabul to miss a trial

President of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul, accused of abuse of power, embezzlement and negligence of court judgements will not attend the trial fixed to May 11.
11 May 2007 [09:17]

Power plants beat the target in Azerbaijan

"Azerbaijan" Thermal Power Plant generated 88,262.643 million kilowatts-h of electricity, up 62.643 million kilowatts from the planned.
11 May 2007 [09:16]

Azercell concludes roaming deal with Egyptian Mobinil operator

Azercell Telecom JV put into operation international one-sided roaming service with Egyptian Mobinil operator.
11 May 2007 [09:15]

Azerbaijan takes radical anti-inflationary measures, Central Bank says

The average annual inflation rate is a bit above 16% while four-month inflation is around 10%, said Elman Rustamov, the National Bank's board chair.
11 May 2007 [09:13]

Caspian Shipping Company to buy new vessels

Azerbaijan State Caspian Shipping Company plans to buy several vessels by the year-end, president of Caspian Shipping Company Aydin Bashirov told journalists.
11 May 2007 [09:12]

Buildings in Baku bay will be removed

Action plan is being prepared for removing plants and other buildings in Baku bay, president of Azerbaijan State Caspian Shipping Company Aydin Bashirov told journalists.
11 May 2007 [09:10]

Azerbaijan to start Popular Computer Project in autumn

Azerbaijan's Communications and Information Technologies Ministry has set up a working group for the Popular (People's) Computer Project aimed at improving socially disadvantaged people's computer knowledge and access to the Net.
11 May 2007 [08:59]

Baku Deepwater Jacket Factory applies ISO systems

Russkiy Registr Certification Association has registered ISO 9001-2001 quality management system, ISO 14001:2004 environmental management system and OHSAS 18001:1999 Occupational Health & Safety Management Systems with the IQNET for Heydar Aliyev Baku Deepwater Jacket Factory.
11 May 2007 [08:57]

AtaSighorta gets 49% rise in Jan-Apr premiums collection

AtaSighorta Insurance Company collected AZN 1,504,300 in premiums during January-April, 49.3% higher than a year earlier.
11 May 2007 [08:56]

Azerbaijan may adopt new Customs Code by year-end

Azerbaijan may adopt a new Customs Code by this year's end.
11 May 2007 [08:55]

Baku Electricity Networks achieve 20% rise in collection rate

Collection rate for electricity continues to improve after notable decline after energy prices hike in early 2007.
11 May 2007 [08:48]

Industrial Development Program submitted to government

The Draft State Program for Development of Industry has been sent to the Government of Azerbaijan.
11 May 2007 [08:47]

Metering process for gas complete in Azerbaijan, top official says

"AzeriGas has completed provision of the customers with gas meters. The metering process has led to efficient use of natural gas. We see positive results," said Alikhan Malikov, President of AzeriGas.
10 May 2007 [19:31]

Azerbaijan opens first tax terminal

Azerbaijan's Taxes Ministry has opened the first tax terminal and a new building which will house a number of tax departments.
10 May 2007 [19:30]

No official agreement to be signed durin energy summit in Poland

Energy summit is to be held in Krakow, Poland on Friday. Polish President Lech Kachinsky invited Presidents of Azerbaijan, Ukraine, Georgia, Kazakhstan and Lithuania to participate in the summit.
10 May 2007 [19:24]

Azerbaijan may cut international and domestic phone calls prices by late May

By late May the Tariff Council, State Price Regulator of Azerbaijan, will consider the Communications and Information Technologies Ministry's proposals to increase monthly subscription fees and to reduce international and domestic call prices in return.
10 May 2007 [19:19]

Azerbaijan's WTO accession possible by 2010, says Deputy FM

Azerbaijan's Working Group and the World Trade Organization reps will have its fifth meeting at the headquarters of the WTO, Geneva in June.
10 May 2007 [19:16]

European Parliament to hold conference on Caspian's hydrocarbons

Conference on hydrocarbons of the Caspian Sea will be held in the European Parliament.
10 May 2007 [19:10]

Babayev to visit Mangystau oblast

Azerbaijani delegation headed by Economic Development Minister of the country Heydar Babayev is expected to visit Mangystau oblast with one-day visit on May 11.
10 May 2007 [19:08]

Austria's Raiffeisen set to expand into Azerbaijan

Austria's Raiffeisen International, one of the world's largest banking groups, is considering entering the banking markets of former Soviet republics, CEO Herbert Stepic said Thursday.
10 May 2007 [19:06]

Five presidents to discuss extension of Odessa-Brody pipeline in Poland

The presidents of Lithuania, Ukraine, Georgia, Azerbaijan and Poland will meet in Poland to discuss the extension of the Odessa-Brody oil pipeline.
10 May 2007 [15:51]

Baku's new general plan is to be worked out

"The head of state ordered to work out a new general plan of Baku. This work is to be carried out by professionals. But this issue can not be solved soon. It will take some years," said Deputy Prime Minister Abid Sharifov.
10 May 2007 [15:33]

No Kazakhstan's oil for BTC?

Russian President Vladimir Putin, on a Central Asian tour aimed at boosting Russia's influence in the region's rich energy sector, on Thursday agreed to allow most of Kazakh oil to be shipped through Russian territory.
10 May 2007 [14:54]

Azeri Government discusses Railway Development Draft Program

Azerbaijan's Transport Ministry has submitted the Railway Development Draft Program to the Government for consideration.
10 May 2007 [14:08]

Customs officers held accountable in connection with the case of Azpetrol

More than 1,700 customs officers have to date dismissed for their unsatisfactory work and wrongdoing and some 2,000 have been administratively disciplined in Azerbaijan, said the State Customs Committee chair Aydin Aliyev.
10 May 2007 [13:13]

Azerbaijan's Jan-Apr oil exports jumps 65%

Azerbaijan exported a total of 9.659 million tonnes of oil during January-April, 65.2% more than the same period last year.
10 May 2007 [12:40]

ACG output jumps 70%

Azeri-Chirag-Guneshli (ACG) produced 10,828,000 tonnes of oil during January-April, up 70% from the same period last year.
10 May 2007 [12:38]

Romania to participate in transportation of Caspian oil

Romania's Oil Terminal Company joined the consortium of states participating in the implementation of the oil pipeline project Constance-Trieste-Paneurope envisaging transportation of the Caspian oil, Mircha Taiss, head of the development programs of the company said.
10 May 2007 [11:59]

Russian president fends off gas competition

Vladimir Putin, the Russian president, has embarked on a seven-day trip to Kazakhstan and Turkmenistan armed with a raft of proposals to broaden energy co-operation and beat off competition for central Asian natural gas supplies.
10 May 2007 [09:55]

Azerbaijan will join Trans-Caspian gas pipeline project if it is built - official

Azerbaijan will take part in the Trans-Caspian gas pipeline project if its implementation is started, Azeri Deputy Foreign Minister Araz Azimov said.
10 May 2007 [09:45]

Tariff Council due to increase some public utilities bill

Azerbaijan's Tariff Council is expected to increase some public utilities bill next week, Economic Development Minister Heydar Babayev said.
09 May 2007 [12:48]

Finance Minister attends annual meeting of ADF

Azerbaijan's delegation headed by Finance Minister Samir Sharifov attended the 40th meeting of Asian Development Bank Directors Council in Kyoto.
09 May 2007 [12:47]

Gas supply to 1,274 defaulters cut off

Baku Gas Supply Department (BakGas) has cut of supply to 1,274 defaulting customers who owe a total of AZN 260,674.56.
09 May 2007 [12:46]

Standard Insurance wins contract to insure SOCAR's fixed assets

Standard Insurance has won a contract to insure the State Oil Company's fixed assets, including oil bases in regions.
09 May 2007 [12:06]

BP-operated projects extend cooperation with Petrochem Group

BP as the operator of Azerbaijan's major oil and gas development and transportation projects on behalf of its co-venturers recently extended an existing contract with the local company Petrochem Group.
09 May 2007 [12:04]

SOCAR to construct new residential complex in Lokbatan

State Oil Company of Azerbaijan will construct modern residential complex in S. Orujov Street in Lokbatan district which is considered for oilers.
09 May 2007 [12:03]

Azeri, Belarusian bankers explore cooperation prospects

Elman Rustamov, chair of the board of the National Bank of Azerbaijan, and Piotr Prokopovich, Chair of the board of the National Bank of Belarus have met to discuss issues of mutual interest.
09 May 2007 [12:02]

Azerbaijan works on school computerization program Phase II

Within the scope of secondary school computerization program, there will be one computer per 33 students in Azerbaijan at this year-end.
09 May 2007 [11:58]

AzAL Sighorta's premiums collection falls 20%, y-o-y

AzAL Sighorta Insurance Company collected AZN 3,481,372 in premiums during the first quarter of 2007, down 19.8% from the same period last year.
09 May 2007 [11:53]

Economic Development Minister to visit Dagestan

Azerbaijan's Economic Development Minister Heydar Babayev is to pay visit to Dagestan, Russia.
09 May 2007 [11:41]

SOFAZ's information policy approved

Shahmar Movsumov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), has approved the information policy developed in accordance with the Law of the of Azerbaijan on Obtaining Information with the purpose of efficient management and proper coordination of the public relations of the Fund and meeting the demands of the public in receiving the Fund-related information and further development of the image of transparent governmental organization of the Fund.
09 May 2007 [11:40]

Azerbaijan's Jan-Apr gas output falls short of target

Azerbaijan produced 806.25 million cubic meters of gas against the planned 927.33 million cubic meters (86.9%) in April.
09 May 2007 [11:37]

International Insurance Company doubles premiums collection

Azerbaijan's International Insurance Company collected AZN 2,002,865 in premiums during the first quarter, two times higher than the same period last year.
09 May 2007 [11:36]

AzeriGas receives natural gas at deficit

737.09 million cubic meters of gas were delivered to AzeriGas, the State Gas Company of Azerbaijan, against the planned 855.88 million cubic meters in April, 2007 (86.1%).
08 May 2007 [16:33]

Azerbaijan gets Russia's okay for vessel passage

Azerbaijan State Shipping Company has received Russian Federal Agency for Sea and River Transport's okay to its request for a vessel passage via Russia's waters from April through November.
08 May 2007 [15:41]

AzAL to operate direct Baku-Antalya flights

Azerbaijan Airlines State Concern is planning to operate direct flights between Baku and Antalya from June 19.
08 May 2007 [13:50]

Azerbaijan, World Bank to continue work on education reforms

The Education Reform Program between the Government of Azerbaijan and the World Bank is finishing this year, the country's education minister said.
08 May 2007 [10:04]

Transport Minister meets UAE's senior transport official

Mattar Al Tayer, Chairman and CEO of the UAE's Roads & Transport Authority (RTA), received Ziya Mammadov, Minister of Transport in the Republic of Azerbaijan and the accompanying delegation.
08 May 2007 [09:46]

SOCAR more than doubles payments to state budget in April

The State Oil Company of Azerbaijan (SOCAR) transferred AZN 69,621 to the state budget in April, up 2.16 times from the same period last year.
08 May 2007 [09:35]

UniBank's assets grow 91% for Q1

As of April 1, the assets of Azerbaijan's UniBank reached AZN 169,862,380, up 91.13% from a year earlier.
08 May 2007 [08:05]

Azerbaijan outperforms post-soviet states in industrial growth

Azerbaijan outperformed the Post-Soviet states, also commonly known as Commonwealth of Independent States (CIS), during the first quarter with the highest rate of industrial growth at 38.6%, said the CIS Statistical Committee.
08 May 2007 [08:04]

Azerbaijan chooses invoice makers in context

Azerbaijan's Finance Ministry has completed a competition for printing of tax invoices.
08 May 2007 [08:03]

Azerbaijan Marketing Society works out Azerbaijan Exports Catalogue

Despite rapid growth in Azerbaijan??™s industry, the country??™s export potential is not effectively promoted globally. Experts say there is a gap in promotion of Azerbaijan and its exports.
08 May 2007 [08:00]

Trainings are held for specialists of Tariff Council and energy sector

National Association of Regularity Utility Commissioners (NARUC) has organized trainings founded by US Agency for International Developments (USAID) for the specialists of Azerbaijan's Tariff Council and energy sector on tariff facilities, principles and methods of setting prices.
07 May 2007 [22:39]

Inspections in Avropa gapilari continue

The inspections in Avropa gapilari OJSC has not yet finished, founder of the company, parliamentarian Baba Tagiyev said.
07 May 2007 [22:26]

Garib Mammadov: "Some municipalities give orders on behalf of neighboring territories or state-owned lands"

"Some municipalities give orders on behalf of the neighboring territories or state-owned lands and this causes problems," chief of Land and Cartography Committee Gerib Mammadov said.
07 May 2007 [22:25]

Trades at BICEX, May 7

The weighted average exchange prices made up 0.8633 AZN for 1 US dollar in the Baku, Interbank Currency Exchange on May 7.
07 May 2007 [16:09]

Huseyn Arabul undergoes surgery

President of "Barmek" Azerbaijan Electricity Distribution LLC Huseyn Arabul has undergone surgery on his eye in "Khazar University" hospital, Huseyn Arabul's son Zafar Arabul told.
07 May 2007 [14:48]

Two more road bridges to be commissioned

Two more bridges will be commissioned in Baku in June within the scope of the program to solve the increasing traffic congestions in the capital.