Business

10 November 2006 [20:00]

Center of economic and juridical enlightenment of journalists in Ganja

The press conference concerning the establishment of the organization "Center of economic and juridical enlightenment of journalists" was held in Ganja.
10 November 2006 [19:57]

Musa Panahov: "Vietnam-Armenia railway impossible without Azerbaijan"

The decision, made at Korean conference of the United Nations Economic and Social Commission for Asia and the Pacific, on laying a railway line from Armenia to Vietnam is impossible to come true, said Azerbaijani Transportation Minister Musa Panahov.
10 November 2006 [19:55]

Paris Court meets Azerbaijan's claim against FIM Bank

Paris Court today reviewed Azerbaijani ministry's request on the lifting of the arrest of its share in Eutelsut Company of France.
10 November 2006 [17:05]

Baku hosts Azerbaijan-Pakistani business forum

Business forum, organized by Pakistan's Embassy in Baku and Azerbaijan National Confederation of Entrepreneurs (ACE), was attended by 15 Azerbaijani and some 30 Pakistani pharmacy businessmen.
10 November 2006 [14:19]

TUSIAD establishes new union to expand business relations with Armenia

The TUSIAD-led Union of Black Sea and Caspian Confederation of Enterprises (UBCCE) will hold its first general assembly on Nov. 27 to which executives from the Armenian Industrialists and Businessmen's Association have been invited.
10 November 2006 [13:33]

Turcas to establish joint venture with Azeri oil giant SOCAR

Turcas Petroleum A.S started negotiations for the establishment of a joint venture with State Oil Company of Azerbaijan (SOCAR), the owner of 25 percent shares of BTC pipeline.
10 November 2006 [13:29]

Chairman of State Customs Committee meets Special Representative of U.S. Department of State

Chairman of Azerbaijan's State Customs Committee Aydin Aliyev met with Special Representative for Commercial and Business Affairs at the U.S. Department of State Frank Mermoud, the Committee's press service said.
10 November 2006 [13:25]

SOCAR's president meets Special Representative of U.S. Department of State

President of SOCAR Rovnaq Abdullayev met with Special Representative for Commercial and Business Affairs at the U.S. Department of State Frank Mermoud and Ambassador of the USA to Azerbaijan Mrs. Anne Derse, press service of SOCAR said.
10 November 2006 [13:09]

Government going to take control of Bayva

Hand-over test of Bayva-Energy has been completed.
10 November 2006 [13:09]

Workshop concerning Export Alliance takes place

Workshop on Export Alliance, supported by Economic Development Ministry, was held in the framework of EU TACIS Project Support to AZPROMO.
10 November 2006 [13:05]

Tekhnikabank gives 65 mortgages

As of November 1, Tekhnikabank JSC has allowed 65 mortgages. The total amount of the mortgages is AZN 1 430 000.
10 November 2006 [13:04]

Bank Standard's total capital rose 31% y-o-y

The assets of Bank Standard grew by AZN 112% (USD 127 118 000), compared with late last year, in October.
10 November 2006 [13:03]

Technikabank becomes principal member to MasterCard

Technikabank JS CB has become a principal member of MasterCard.
10 November 2006 [13:02]

Azercell concludes roaming agreement with Hi3G Access AB and Hi3G Denmark Aps

Azercell Telecom JV concluded roaming agreements with Hi3G Access AB and Hi3G Denmark Aps.
10 November 2006 [13:00]

Finance Ministry announces tender for documentary stamps

Finance Ministry has announced a tender for high-quality documentary stamps or products.
10 November 2006 [12:59]

Natig Aliyev participates oil conference in China

A delegation led by Industry and Energy Minister Natig Aliyev has visited China to attend oil conference to be held between November 9 and 16 in Beijing.
10 November 2006 [12:57]

High-tech thermal power plant to be commissioned in Khachmaz

Construction of Khachmaz thermal power plant has continued to progress.
10 November 2006 [09:04]

Private sector projects offered in Azerbaijan

Investors from Islamic countries have been offered 34 private sector projects worth $453 million in Azerbaijan.
10 November 2006 [00:05]

Trades at BICEX

The weighted average exchange prices made up 0.8728 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 9.
10 November 2006 [00:01]

Babayev meets Polish Speaker

Azerbaijan's Minister of Economic Development Heydar Babayev today met with visiting Chairman of the Polish Senate Bogdan Borusewicz and his accompanying delegation.
09 November 2006 [23:44]

UPU grants more privileges to Azerbaijan for Armenian occupation

Compensation rate for Azerbaijan will be 16.5% in international postal exchange from January 1, 2007.
09 November 2006 [23:31]

Azeri budget transparency low

Issues relating to civil participation in discussions on the 2007 state budget and a new assessment of an international group were discussed at a roundtable in Baku on Wednesday.
09 November 2006 [23:30]

Azeri official dismisses reports on 'double-digit' inflation

A senior Azeri official has dismissed statements by some economists concerning double-digit inflation in the country. "Evidently, these people have no idea what they are talking about," the State Statistics Committee chairman Arif Valiyev said.
09 November 2006 [16:30]

Azerbaijani Company to repair strategic pipeline in Georgia

SOCAR associate company Khazardenizneftgaztikinti and Geoengineering is implementing repair works on main gas pipeline in Georgia, spokesmen of Azerbaijani embassy in Georgia, Elkhan Polukhov stated.
09 November 2006 [14:36]

Fondel files request for arbitration against Azerbaijani Government

Earlier this week the Dutch company FONDEL METAL PARTICIPATION BV filed its request for arbitration against the Government of Azerbaijan with the Washington-based International Centre for Settlement of Investment Disputes.
09 November 2006 [13:43]

BP stops exporting Azerbaijani oil through Baku-Supsa pipeline

British petroleum giant BP has stopped pumping oil from Azerbaijan to Georgia through the Baku-Supsa pipeline due to 'anomalies' exposed in the pipeline.
09 November 2006 [13:10]

Azerbaijan Investment Company to finance first project

Azerbaijan Investment Company OJSC will finance the first project by this year end, Company Executive Director Anar Akhundov told.
09 November 2006 [13:08]

SOCAR President meets with CDAP members

SOCAR President Rovnag Abdullayev has today met with the members of the Caspian Development Advisory Panel (CDAP).
09 November 2006 [12:43]

Region population to receive social welfare by plastic cards

Those living in the centers of regions and cisties will be able to receive social security benefits by plastic cards.
09 November 2006 [12:08]

SOCAR drills 14 459 meters in October

SOCAR implemented drilling works of 14 459 meters in October with an exception of Joint Ventures and Operating Companies.
09 November 2006 [11:36]

Micro Finance Bank of Azerbaijan to open new branches

Micro Finance Bank of Azerbaijan intends to open a branch in Khachmaz, Bank officer Sebastian Fariniarts told.
09 November 2006 [11:11]

SOCAR exports 239 909 tons of crude from Novorossiysk Terminal

SOCAR Marketing and Economic Operations Department exported 239 909 metric tons of crude oil from Novorossiysk Terminal in October.
09 November 2006 [10:06]

Georgia to transfer 1.5 megawatts of electricity to Azerbaijan a day

"Georgia is going to transfer electrical energy to Turkey and Azerbaijan. Expansion of the hydroelectric power stations enables Georgia to transfer electricity to these countries," Georgia State Electrical System told.
09 November 2006 [09:59]

Ganja-Istanbul flight to be opened from December

Ganja-Istanbul-Ganja flight will be opened from December 2, 2007, Plantet.Co Director Elkhan Hasanov stated.
08 November 2006 [22:55]

Azerbaijan leads CIS for industrial growth

Azerbaijan and Belarus led the CIS countries in January-September 2006 for industrial growth with 39.2 and 12.2 percent respectively on the same period last year.
08 November 2006 [22:26]

Poland shows interest in oil and gas cooperation with Azerbaijan

Polish Senate Marshal Bogdan Borusewicz said his country shows interest in cooperating with Azerbaijan in the oil and gas sector.
08 November 2006 [22:22]

Rasizade meets IDB's president

As is informed, Prime Minister of Azerbaijan Artur Rasizade has met the Islamic Development Bank (IDB)’s President Ahmed Muhammad Ali who has arrived in Baku to partake at the International Investment Conference.
08 November 2006 [22:21]

Trades at BICEX

The weighted average exchange prices made up 0,8721 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 8.
08 November 2006 [22:10]

Lots of counterfeit goods found in Sederek Trade Center

The officers of Interior Ministry Department Fighting Organized Crimes found lots of counterfeit goods cost over AZN 100 000 in Sederek Trade Center.
08 November 2006 [18:06]

2007 Draft State Budget discussed in Parliament

The discussion of 2007 Draft State Budget continued in Parliament today.
08 November 2006 [17:52]

Prices of foodstuffs go up 11%

"Rumor that there is no accurate statistical information about construction in Azerbaijan is far from the true.
08 November 2006 [17:48]

Polish National Exhibition opened in Baku

Polish National Exhibition has today been held in Baku.
08 November 2006 [17:45]

Georgian premier accuses Russia of 'political blackmail' by hiking gas price

The Georgian prime minister on Wednesday denounced Russia's move to more than double the price for natural gas for the ex-Soviet nation as "political blackmail," and said that Georgia would look for alternative suppliers.
08 November 2006 [15:47]

Baku hosts investment conference

Investment conference has today been held in Baku by the Government of Azerbaijan and Islamic Development Bank.
08 November 2006 [15:15]

Armenian govt. offers 10% in Armentel to Russia's VimpelCom

Armenia will sell VimpelCom the remaining 10% in one of the country's two telecom companies on condition it abandons further expansion plans, a minister said Wednesday.
08 November 2006 [14:51]

Ali Abbasov accuses the ITU of failing to perform its function

Azerbaijan's Communications and Information Technologies Minister Ali Abbasov addressed the Plenipotentiary Conference of the International Telecommunications Union (ITU), which will take place from Monday, November 6 to Friday, November 24 in Antalya, Turkey.
08 November 2006 [13:43]

Mikayil Jabbarov: "Barmek's arbitration claims against Government to fail"

"Hand-over test of Barmek is ongoing. The Government has control over the process. As to investment to the electricity companies after Barmek hands over all authority, the perspectives will be investigated, and investment might be attracted," Deputy Minister of Economic Development Mikayil Jabbarov told reporters.
08 November 2006 [13:41]

Collection of electric bills reaches 63% in Ganja

Collection of the electric bills in Ganja from population rose 15.3%, year-on-year, to 63% in October, Ganja Electric Supply Department spokesman Rafig Abbasov told.
08 November 2006 [13:16]

Taxes Ministry finds irregularities in 32 695 trade facilities

Taxes Ministry Operational Control Department have to date examined 139 757 various kinds of trade facilities and found serious irregularities in 32 695 of them.
08 November 2006 [11:53]

Marlen Asgarov: "Azerbaijan not to supply so much electricity for Georgia"

After November 15 Azerbaijan and Russia will discuss the issues on energy exchange and the price and volume of electrical energy Azerbaijan will import from Russia for 2007, Azerenergy Vice-President Marlen Asgarov told.
08 November 2006 [11:31]

Chicken and egg price rise because of expensive feed imports

"Local poultry farms shouldn't be blamed for Chicken and egg price jump in market. Azerbaijan imports 95% of the feedstuffs, as well as medicines and eggs for incubation from abroad. The prices don't go down because the feed prices are high," Azerbaijan Poultry Company chair Aydin Valiyev stated.
07 November 2006 [22:26]

Babayev meets ATBU members

Azerbaijan's Minister of Economic Development Heydar Babayev met at the Excelsior Hotel Baku with members of the Azerbaijan-Turkey Businessmen Union.
07 November 2006 [22:18]

Trades at BICEX

The weighted average exchange prices made up 0.8725 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 7.
07 November 2006 [22:11]

Baku wants to be involved in Odesa-Brody-Plock project

Since Azerbaijan refines and sells petroleum products, the country has an interest in the realization of the Odesa-Brody-Plock oil pipeline project, Azerbaijani President Ilkham Aliyev said in Brussels on Tuesday.
07 November 2006 [21:36]

Azerbaijan leader to visit Russia Nov. 8-10 ahead of gas talks

Azerbaijan's president will arrive in Moscow Wednesday for a three-day visit ahead of negotiations on Russian natural gas deliveries for 2007, the presidential press service said.
07 November 2006 [21:34]

EU, Azerbaijan sign energy partnership agreement

The European Commission says it has signed an agreement on energy partnership with Azerbaijan.
07 November 2006 [16:51]

Baku hosts Azerbaijan-Jordanian business forum

Azerbaijani-Jordanian business forum took place in Baku today.
07 November 2006 [16:42]

Russian-supported alternative to BTC continues to progress

The process for the construction of the Russian-supported Burgas-Alexandroupolis oil pipeline, an alternative to Baku-Tbilisi-Ceyhan pipeline, has been intensified.
07 November 2006 [15:33]

Huseyn Arabul: "I want to meet with President"

"Barmek-Azerbaijan and Bakielectricshebeke OJSC signed a hand-over agreement on Monday. Hand-over test of all substations will be concluded and an agreement on accounting will be signed shortly," Barmek President Huseyn Arabul stated.
07 November 2006 [14:21]

Finance and Foreign Ministries develop Draft for financial provision of diplomatic servants

Finance Ministry and Foreign Ministry have developed a bill on financial provision of diplomatic servants, Finance Ministry officer Shakir Guliyev said.
07 November 2006 [13:56]

Mahmud Kerimov: "Budget-allocated money only enough for science to survive"

"In Azerbaijan Science spending makes up 0.7% of the GDP. As a result, the science has no influence on economy," Azerbaijan national Academy of Sceice President Mahmud Kerimov said.
07 November 2006 [13:14]

Azerigas sues 391 for gas meter fraud

Azerigas CJSC has sued 391 individuals for interfering in the gas meters.
07 November 2006 [13:12]

Ali Abbasov attends ITU Plenipotentiary Conference

Communications and Information Technologies Minister Ali Abbasov has visited Turkey to attend the Plenipotentiary Conference of the International Telecommunications Union (ITU), which will take place from Monday, November 6 to Friday, November 24 in Antalya, Turkey.
07 November 2006 [12:27]

Finance Ministry's and TICA Baku Program Coordinator workshop ends

Workshop was held in Baku at initiative of the Finance Ministry and Turkish International Cooperation Agency (TICA) Program Coordinator in Baku.
07 November 2006 [12:24]

Taxes Ministry implements taxes forecast by 108.8% in January-October

Taxes Ministry implemented the taxes prediction by 108.8 percent during the period of January-October.
07 November 2006 [12:23]

5 900 tons of fuel saved in thermal power plants, October

Fuel consumption for electricity generation was 354.93 gram/1kilowatt/h against 358.84 in the thermal power plants in Azerbaijan during October.
07 November 2006 [12:08]

Collection of electric bills reaches 60.3% in October

Collection of electric bills reached 60.3% in October, Azerenergy Energy Supply Officer Hidayat Yariyev stated.
07 November 2006 [11:56]

SOCAR announces tender for export of Azeri Light Crude Oil from Ceyhan Port

SOCAR Marketing and Economic Operations Department announced a tender for export of 1 200 barrels of Azeri Light Crude Oil from Ceyhan Port at two stages-half on December 1 and half on Dec. 15.
07 November 2006 [11:40]

Ali Bayramli Gas Supply Department chief fired

Chief of Ali Bayramli Gas Supply Department has been dismissed.
07 November 2006 [11:35]

Taxes Ministry finds irregularities in 32 492 trade facilities

Taxes Ministry Operational Control Department have to date examined 138 909 various kinds of trade facilities and found serious irregularities in 32 492 of them.
07 November 2006 [11:32]

Ziya Mammadov negotiates in Korea on Daewoo buses

Some 200 Korean-made big buses are intended to be imported to Azerbaijan for provision of Baku bus demand, Deputy Minister of Transportation Musa Panahov told.
06 November 2006 [23:34]

Trades at BICEX

The weighted average exchange prices made up 0,8727 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November.
06 November 2006 [18:41]

Rodents destroy agriculture in Aghdam

Local farmers do not expect harvest this year.
06 November 2006 [15:07]

Cement prices to fall

The Cement prices have recently began to go down in the retail market in Azerbaijan. The price per bag cement has fallen to AZN 6.4 from AZN 9.