Business

21 May 2006 [14:04]

Azerbaijan to import gas from Iran

Experts have already completed the feasibility study of the project allowing Azerbaijan to get 1 billion cubic meters of gas from Iran, press service of the AzeriGaz announced.
20 May 2006 [20:42]

Bank Standart, Tekhnikabank and Mortgage Fund to refinance mortgage loan

Mortgage Fund has carried out the first operation to refinance mortgage loan together with the Bank Standard and Tekhnikabank.
20 May 2006 [11:25]

Ahmad Ahmadzadeh: "90-95% of irrigation water is paid for"

Ahmad Ahmadzadeh, Director OJSC Melioration and Water Economy, has today held a press conference on current activity and future plans of their organization.
20 May 2006 [10:33]

Bank of Baku opening two Express service stations

Bank of Baku Joint Stock Commercial Bank (JSCB) has opened its first two Bank of Baku-Express service stations in Baku.
19 May 2006 [19:39]

Interfood Azerbaijan 2006 to take place May 24-26

12th Azerbaijan International Food, Drinks and Packaging Exhibition (Interfood 2006) organized by the British ITE Group and its partner in the South Caucasus will be held May 24-26 at the Heydar Aliyev Sport and Concert Complex.
19 May 2006 [19:19]

KazTransGaz buys Georgia's Tbilgazi

Kazakhstan's KazTransGaz Thursday formally took possession of Georgian natural gas distributor Tbilgazi, Georgian Public Television Channel 1 reported.
19 May 2006 [13:23]

International bank to boost Azeri SME sector

The eighth annual meeting of the Black Sea Trade and Development Bank (BSTDB) board of directors will be held in Baku on June 11. This will be followed by the Black Sea Business Day on the following day.
19 May 2006 [13:20]

Baku to host Azeri-German business forum

A group of German businesspeople is due to arrive in Baku next Monday.
19 May 2006 [13:17]

Azercell keen on expansion in Azerbaijan

Azerbaijan's leading cellular provider Azercell Telecom JV announced new plans to expand the coverage and quality of its services.
19 May 2006 [09:31]

Next round of talks between Azerbaijan and WTO to be held

Next round of negotiations on Azerbaijani membership to The World Trade Organization (WTO) will be organized in late this year, Mahmud Mammadguliyev, Deputy Foreign Minister, told journalists.
19 May 2006 [09:02]

30% increase in bank deposits volume during a year

Banking credit organizations resident attracted deposits was AZN545,1 million in April 1, 2006 that is 29,9% more than last year’s figure for the same period.
19 May 2006 [08:49]

TRACECA transportation in Azerbaijan increasing by 14% in January-March

Transportation in Azerbaijani part of Transport Corridor Europe-Caucasus-Asia (TRACECA) aggregated 11,7 million tons in January-March this year increasing by 14% in comparison to last year's figure for the relevant period.
19 May 2006 [08:39]

30% increase in credit investments to Azerbaijan

Volume of credits granted by financial-credit institutions in Azerbaijan reached AZN1 395,1 million in April, 1 this year exceeding previous year figures for the relevant period by 30%. 56,7% of them are short-term and 43,3% are long-term credits.
19 May 2006 [01:25]

World Bank to fund $22 million for Azerbaijan court system reforms

Official talks between the Azeri government and World Bank on the occasion of preparing a project of improving and upgrade of court and administrative system in Azerbaijan have been finished, the Baku-based WB office informed.
18 May 2006 [22:41]

Bendukidze comments on seabed gas pipeline projects

In an interview with the Ukrainian business daily Ekonomicheskie Izvestia published on May 18, Georgian State Minister for Economic Reforms Kakha Bendukidze said that Russia's decision to increase the gas price has triggered more interest in the Trans-Caspian and Black Sea gas pipeline projects.
18 May 2006 [20:36]

13th International Caspian Oil and Gas Exhibition to be held in Baku

The 13th International Caspian Oil and Gas Exhibition Incorporating Refining and Petrochemical, which bring together 350 companies of 35 countries of world will take place June 6-9 at the Heydar Aliyev Sports Concert Complex in Baku.
18 May 2006 [20:34]

Law on 2006 State budget to be amended

In accordance with the law "On Budget System", 2006 state budget law will be amended, Milli Majlis standing commission on economic policy reported.
18 May 2006 [20:32]

Trades at BICEX

The weighted average exchange prices made up 0.9006 AZN for 1 US dollar in the Baku Interbank Currency Exchange on May 18.
18 May 2006 [19:56]

Rufat Aslanli is appointed a new Chief Director of National Bank

Rufat Jabrail Aslanli is appointed a new Chief Director of Azerbaijan National Bank (ANB) with a decision of the central bank Executive Board.
18 May 2006 [18:38]

1st international conference-Europe-Asia transport relations in wider European context takes places in Baku

The 1st international conference - "Europe-Asia transport relations in wider European context" took place in Baku today.
18 May 2006 [18:30]

Musa Panahov: "Some state bodies are indifferent to replace express buses in center of Baku"

Azerbaijan's Transport Ministry has prepared proposals on giving buses to transport companies by competition. Deputy transport minister Musa Panahov told journalists.
18 May 2006 [12:34]

Government committed to funding transport

A total of $747 million has been spent on the upgrade of roads in Azerbaijan in the past few years.
18 May 2006 [12:22]

Azeri minister dismisses threat of phone calls to Armenia

The phone calls to Armenia using Azerbaijan's cellular provider Azercell Telecom are not dangerous, according to Minister of Communications and Information Technologies Ali Abbasov.
18 May 2006 [12:20]

Azeri government to fight illegal foreign broadcasts

The illegal interference of foreign television and radio channels, in particular, those of Armenia and Iran, to the air broadcasts in Azerbaijan will be prevented soon.
18 May 2006 [12:16]

Azeri investments up from 2005

Investments in Azerbaijan's economy have increased.
18 May 2006 [12:14]

Internet fees to go down

The fees on the use of Internet in Azerbaijan are expected to rapidly fall soon, Minister of Communications and Information Technologies Ali Abbasov told the press Wednesday.
18 May 2006 [10:23]

Exam for auditors

Azerbaijan Chamber of Auditors (ACA) carries out examination.
18 May 2006 [10:15]

Ogtay Hagverdiyev: "Every foreign company not fulfilling its duties to eliminate contract with government"

European Bank for Reconstruction and Development is in negotiations with Open Joint Stock Company (OJSC) Azerbaijan Investment Company to take part in its projects.
18 May 2006 [10:07]

Barmek not paying Azerenergy fees for energy during 3 months

Limited Liability Company (LLC) Barmek-Azerbaijan Energy Network has not paid fees for energy received by Open Joint Stock Company (OJSC) Azerenergy in last three months.
18 May 2006 [10:02]

Chinese Chan Gan Company mission to visit Ganja Automobile Factory

Chan Gan Company, China, mission will visit Azerbaijan.
18 May 2006 [09:49]

Mortgage Fund transact first refinancing with Bank Standard and Texnikabank

Azerbaijan Mortgage Fund (AMF) has transacted first refinancing with Closed Joint Sock Company Bank Standard and Open Joint Stock Company Texnikabank.
18 May 2006 [09:26]

39,5% GDP growth in Azerbaijan during January-April

GDP production in Azerbaijan totaled AZN4 477,9 million or 39,5% more than last year’s figure, with comparative prices. GDP per capita reached AZN537,4 or $US589,2 increasing by 38,5%. State Statistical Committee informs.
18 May 2006 [09:21]

Economic Development Ministry department head resigns

Rahim Huseynov, Head of Antimonopoly Policy Department of Economic Development Ministry has voluntarily resigned from his post.
18 May 2006 [09:08]

Secret meeting of Economic Development Ministry and Barmek

Barmek Holding filed a notification against The Ministry of Economic Development (MED) abuse of some duties appeared from the Contract on Bakuenergynetwork Management to MED itself.
18 May 2006 [08:50]

US investors seeking $500mln project in Azerbaijan

US companies have expressed interest in building a large petrochemical facility worth half a billion dollars in Azerbaijan, Minister of Economic Development Heydar Babayev told journalists.
18 May 2006 [08:49]

Azerbaijani government may decrease transit tariffs for Kazakhstan corn

Azerbaijani government may revise valid transit tariffs for transportation of Kazakhstan corn to third country via Azerbaijani area.
17 May 2006 [21:28]

Chairman of Constitutional Court meets WB representative

May 17 Chairman of the Constitutional Court of the Azerbaijan Republic Farhad Abdullayev met the World Bank Country Director for South Caucasus, Ms. Donna Dowsett-Coirolo.
17 May 2006 [13:18]

Kazakhstan confirms BTC role

Kazakhstan has made up its mind about joining the Baku-Tbilisi-Ceyhan (BTC) main export pipeline to take Caspian oil to world markets.
17 May 2006 [13:09]

AirBaltic launches Azeri flights

Latvian airline AirBaltic announced the opening of direct flights from Riga to Baku at the official reception at the Excelsior Hotel on Monday.
17 May 2006 [13:05]

Deloitte & Touche to examine Azeri oil revenue transparency

The reports submitted by the stakeholders of the Extractive Industries Transparency Initiative (EITI) for 2005 will be reviewed by Deloitte & Touche auditing company.
17 May 2006 [13:04]

Aviation summit looks at cargo transit prospects

A summit on Caspian Eurasia Cargo Transport started in Baku on Tuesday.
17 May 2006 [09:08]

Jerusalem Post: "Azerbaijan to open trade office in Israel"

Azerbaijan plans to open a trade office in Israel in the coming year, according to Azerbaijan officials.
17 May 2006 [08:54]

Tariff Council to reconsider rise in public transport fare within next days

Namig Hasanov, Head of Ministry of Transport Secretariat, states that businessmen and Baku City Executive Board applied to Tariff Council for this case last week.
17 May 2006 [08:47]

Alikhan Malikov: "Gas delivery to cities and regions with low gas bills collection percentage may be stopped"

Alikhan Malikov, Azerigas Closed Joint Stock Company (CJSC) Director, held press-conference on current problems such as disbursement for natural gas, problems appearing in this realm and other relevant issues.
17 May 2006 [08:30]

The Finance Ministry is against combining taxes on property and land

Experts in The Finance Ministry vote against creating common tax on property through combining taxes on property and land considering this idea a useless offer.
17 May 2006 [08:21]

Turkish Naturel aims to enter markets in Azerbaijan, then in Russia and Central Asia

Turkish company Naturel plans to open trade place in Baku in the near future with the aim of organizing its products' sales in Azerbaijan.
16 May 2006 [22:05]

Azerbaijani delegation to partake in EBRD Board Directors' annual meeting

The 15th annual meeting of the Board of Directors of the European Bank of Reconstruction and Development (EBRD) will take place in London, May 21-22, according to press service of the Ministry of Economic development of Azerbaijan.
16 May 2006 [21:46]

United Press International: "Belarus mulls oil supplies from Azerbaijan"

Belarus said it will begin studying prospects of supplies of oil and oil products from Azerbaijan.
16 May 2006 [20:38]

President Aliyev ratifies Industry and Energy Ministry Regulations

Azerbaijan's President Ilham Aliyev issued a decree on ratification of the Regulations of Industry and Energy Ministry.
16 May 2006 [20:37]

Jahangir Asgharov: "There will be five international airports in Azerbaijan"

"There will be five international airports in Azerbaijan," said Jahangir Asgharov, general manager of the Azerbaijan Airlines State Concern (AzAL).
16 May 2006 [20:35]

Loan agreement of $200 million on roads reconstruction signed between Azerbaijan and WB

$200 million cost loan agreement on financing the reconstruction of Alat-Astara part of Baku-Astara highway and on repairs of Baku-Shamakhi road has today been signed between Azerbaijani government and The World Bank (WB).
16 May 2006 [20:29]

Georgia, Azerbaijan and Turkey transport ministers will meet in June

Works in Baku-Tbilisi-Ceyhan (BTC) oil-pipeline have completed. The first oil will be filled in tankers in the end of May early in June, Prime Minister Artur Rasizade has told journalists.
16 May 2006 [20:18]

Official commissioning of Bilajari flushing-steaming station

An official ceremony on commissioning of Azerbaijan State Railway (ASR) Bilajari flushing and steaming station was held today.
16 May 2006 [09:49]

AZN 516,4 million T-bills placed in BSE

Baku Stock Exchange (BSE) hosted the auction on Ministry of Finance T-bills placement with the state registration number 10301013S yesterday.
16 May 2006 [08:59]

Sumgait Industrial Development Program to be made up

Program of industrial enterprises development in Sumgait is worked out.
16 May 2006 [08:55]

Turkish businessmen visit Azerbaijan

About 60 businessmen from Ankara and Istanbul cities of Turkey invited by Azerbaijani-Turkish Union of Industrialists and Businessmen (TUSIAB) have held meeting on TUSIAB premises.
16 May 2006 [08:36]

RAO EES Company, Russia mission to visit Baku next week

Russian RAO EES Company representatives will visit Azerbaijan next week.
16 May 2006 [08:07]

IFC and ADB to own 35% of Azerigasbank shares by mid-June

International Finance Corporation (IFC) and Asian Development Bank (ADB) are expected to obtain Azerigasbank Joint-Stock Bank shares of 17,5% for each by mid-June this year.
15 May 2006 [20:28]

Shahmar Movsumov appointed Head of State Oil Fund

Azerbaijan's President Ilham Aliyev issued an executive order on appointment of Shahmar Movsumov executive director of the State Oil Fund.
15 May 2006 [19:28]

Associated Press: "Kazakhstan to join oil pipeline in June"

Kazakhstan's prime minister said Monday that the energy-rich ex-Soviet republic will next month sign up to pump its oil through a pipeline that starts in Azerbaijan to Turkey, the government press office said.
15 May 2006 [18:17]

Baku Grain Terminal will take part in "Grain Forum"

Rafik Asadov, the Chairman of Baku Grain Terminal (Baku, Azerbaijan) is the participant of "Grain Forum" which will be held on the 18th of May in Kiev.
15 May 2006 [16:28]

Long-term agreement on social and economic cooperation to be signed between Belarus and Azerbaijan

Intergovernmental commission on economic cooperation between Belarus and Azerbaijan held its following meeting in Minsk.
15 May 2006 [14:53]

Tender for Baku Ring road announced

The second tender is to be announced on construction of Baku ring road soon.
15 May 2006 [14:49]

WB to start $1.2 billion cooperation with Azerbaijan

The strategy on cooperation between the World Bank and Azerbaijan is assessed USD 1,2 billion.
15 May 2006 [13:12]

Turkish Daily News: "Energy and Turkish coffee"

Article by Egemen Bagis, foreign policy advisor to Prime Minister Recep Tayip Erdogan.
15 May 2006 [12:18]

Newsweek: "Let's Not Play The Oil Game"

Article by Richard N. Haass, Newsweek International
15 May 2006 [12:00]

Newsweek: "Will We Hit $100 a Barrel?"

Article by Karen Lowry Miller, Newsweek International
15 May 2006 [11:57]

Azerbaijan receives 15m cu m of gaz daily

State Oil Company of Azerbaijan Republic purchased 357.2 million cubic meters of gas from Russia's Gasexport company with 1 billion 692.8 million cm bought for four months.
15 May 2006 [11:53]

AIOC increased oil export in Q1

The Azerbaijan International Operating Company (AIOC) exported 5 507 thousand tons of crude in January-April this year, up by 60.7% on the same period last year.
15 May 2006 [08:20]

Kars-Akhalkalaki railway construction might start this year

Baku-Tbilisi-Akhalkalaki-Kars railway construction might start in 2006.
14 May 2006 [19:50]

Iran opposes laying of oil, gas pipelines on Caspian seabed

Iran's Ambassador to Kazakhstan Ramin Mehmandoost stated Sunday that the Islamic Republic of Iran is opposed to laying oil and gas pipelines on Caspian seabed.
14 May 2006 [09:46]

South Korea interested in non-oil sector

The key goal of the South Korean businessmen's talks in Baku was to discuss investments in the oil sector, but the outcome of the visit revealed extensive opportunities for doing business in other fields in Azerbaijan, said Emil Majidov, president of the Azerbaijan Export & Investment Promotion Foundation (AZPROMO).
13 May 2006 [09:21]

Stratfort: "South Korean state energy firm gets in deep"

Deepwater oil production is an exacting and expensive technology with a very flat learning curve. But these hurdles are not stopping the South Koreans from building an energy firm with global competency, including deepwater oil production competency.
13 May 2006 [09:00]

Foreign companies win SOCAR tender on lubricating oil sales

Four foreign companies have won SOCAR Marketing and Economic Transactions Department (METD) tender on lubricating oil (industrial, turbine, transformer, transmission and cylindrical) sales.
12 May 2006 [23:26]

Korea to establish Internet Center in Baku

Today South Korea minister of information and communication Rho Jun-hyong has met with Azerbaijani communication and information technologies minister Ali Abbasov.