Business

02 August 2006 [00:17]

RusAl studies Azerbaijan

Russian Aluminum, the world's third-largest aluminum producer, will complete a feasibility study into the possible construction of a smelter in Azerbaijan by the end of the year, a company spokeswoman said Tuesday.
01 August 2006 [15:33]

Azerbaijani-Tatar intergovernmental commission meets in Baku

The intergovernmental commission on commercial, economic, scientific-technical and cultural cooperation between Azerbaijan and Tatarstan has met for the first time in Baku today.
01 August 2006 [13:34]

Ministry of Ecology and Natural Resources of Azerbaijan claims 50 mln manat against Shirvan-oil

Ministry of Ecology and Natural Resources (MENR) of Azerbaijan has raised claim in the amount of 50 mln manat for damage to environment against Shirvan-oil Operating Company, which is busy with exploration of Kurovdag deposit.
01 August 2006 [10:12]

SOCAR oil can be transported through BTC

SOCAR has proposed AIOC to transport SOCAR crude oil via Baku-Tbilisi-Ceyhan oil pipeline.
01 August 2006 [09:29]

Mortgage Fund plans to increase the authorized banks in number

Azerbaijani Mortgage Fund intends to increase the number of the authorized banks.
01 August 2006 [09:25]

Deal of USD 800 000 closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8871/USD.
01 August 2006 [09:10]

AtaTelecom to cooperate with Ericsson

AtaHolding Group of Companies is negotiating with Swedish Ericsson on development of regional communications service.
31 July 2006 [18:10]

World Bank injects $21m into Azerbaijan judiciary

The World Bank is pumping $21.6m into Azerbaijan's judicial system after it emerged that petroleum multinationals and other international companies have little faith in the local judges.
31 July 2006 [18:06]

Azeri-Israeli energy plans intact

While Israel's energy market has felt temporary effects of the three-week-old conflict with Hezbollah, such as a spike in gasoline prices and reduced operations at the Haifa oil refinery, the country's long-term energy plans remain intact, experts say.
31 July 2006 [15:09]

International Monetary Fund: "US dollar will fall 15-35%"

International Monetary Fund experts forecast that the US economy growth rate will slow and US dollar will fall by 15-35%.
31 July 2006 [12:46]

Suleyman Demirel: "Kars-Akhalkalak-Tbilisi-Baku railway project will be realized no matter in what way"

"Kars-Akhalkalak-Tbilisi is an economic project. An economic project within the time gets over the political obstacles."
30 July 2006 [14:47]

Digital TV equipment to be produced in Azerbaijan

The equipment for the digital television will be produced in Azerbaijan.
30 July 2006 [14:42]

State Customs Committee publishes new statistics

According to the State Customs Committee, of 87,421 cargo customs declarations, 19 277 ones were import declarations while 68 144 one were related to export operations.
30 July 2006 [03:44]

Azerbaijan-Turkey intergovernmental economic commission ends its Baku meeting

Regular meeting of the Azerbaijan-Turkey intergovernmental economic commission ended July 28 in Baku with the signing of the final protocol by co-chairs Deputy Prime Minister of Azerbaijan Abid Sharifov and State Minister of Turkey Mehmet Aydin.
30 July 2006 [03:42]

No problems expected in construction of Kars-Akhalkalaki-Tbili-Baku railway

There will be no problems with construction of the Kars-Akhalkalaki-Tbilisi-Baku railway, deputy Prime Minister Abid Sharifov said.
30 July 2006 [03:40]

President Aliyev visits agricultural fair

President of Azerbaijan Ilham Aliyev today visited Narimanov district in Baku to view the agricultural products trade fair organized here at the warehouse of the Joint Stock Company Baki Takhil.
29 July 2006 [09:10]

Taxes Ministry imposed AZN 282 513 on 3 109 various facilities

Taxes Ministry Operative Control Department found 3109 irregularities in 7100 facilities in the examinations since July 24.
29 July 2006 [09:08]

WB: "No improvement in fighting corruption in Azerbaijan 2002-2005"

The results of an extensive survey, conducted in 2005, based on interviews with tens of thousands of businesspeople throughout Eastern Europe and the former Soviet Union who were asked to assess the scale of corruption, was released by World Bank.
28 July 2006 [20:17]

5* hotel construction to be completed in Ganja

Chirag company is about to complete construction of the five-star hotel in Ganja province.
28 July 2006 [20:09]

Industry and Energy Minister meets European Commission's envoy

Natig Aliyev, Azerbaijani Minister of Industry and Energy met July 26 with Alan Waddams, special envoy of the European Commission to Azerbaijan.
28 July 2006 [20:05]

Trades at BICEX

The weighted average exchange prices made up 0,8882 AZN for 1 US dollar in the Baku Interbank Currency Exchange on July 28.
28 July 2006 [19:27]

Turkey will take part in development of Azeri non-oil sector

A protocol on the results of the meeting Azerbaijani-Turkish intergovernmental commission on economic cooperation was signed on Friday.
28 July 2006 [19:21]

Mehmet Aydin: "I am sure the problem on Barmek will be solved according to law"

A scandal between the Barmek-Azerbaijan Electricity Distribution LLC and the Azerbaijan government was not discussed at the third meeting of the Turkey-Azerbaijan intergovernmental economic commission in Baku, the commission co-chair from Turkish side, state minister Mehmet Aydin said.
28 July 2006 [14:06]

Caspian Motor Show-2006 takes place in Baku

The three-day show has been organized by Azerbaijan Automobile Dealers' Association.
28 July 2006 [01:24]

Deal of USD 2.2mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8882/USD.
28 July 2006 [01:23]

Accounts Chamber of Azerbaijan's delegation to visit China

A delegation headed by Accounts Chamber of Azerbaijan, Namiq Nasrullayev will visit China to attend ASOSAI's 10th session.
28 July 2006 [01:18]

Transport Ministry and Tariff Council will discuss illegal fare rise

Transport Ministry is monitoring bus fare in Baku.
28 July 2006 [01:08]

Azerbaijan industry and energy minister meets with BP official

Azerbaijani industry and energy minister, Natig Aliyev has received Mark Henstridge, the Head of the BP's Macroeconomics Department.
28 July 2006 [00:57]

Bank Respublika opens new office in Ganja

Bank Respublika JSC of Azerbaijan has opened its office in Ganja.
28 July 2006 [00:51]

Over $61m to be invested in structures privatized through investment competition

Through investment competitions Azerbaijan Committee on Management of State Property implemented privatization of Oguz Sharab, Siyazan Sharab, Salyan Plastik Kutle Refinery, Khanlar Agrosenaye, Baku Telegraph, Sumgait Production, Ganja Industry Equipment, Azerbaijan Hotel and Mingechevir Isolate.
28 July 2006 [00:46]

Astara intersystem power line capacity to reach 25-30 Megawatts

Azerbaijani and Iranian national energy departments - Azerenergy and Tavanir agreed upon enhancement of bilateral cooperation and mutual relationship in Baku.
27 July 2006 [22:13]

Institute for War & Peace Reporting: "Azerbaijan debates 'Dutch Disease'"

The oil-rich country discusses the economic impact of its sudden new wealth.
27 July 2006 [16:20]

Abid Sharifov: "US Congress decision on Baku-Kars project won't affect implementation of the project"

Governments of Azerbaijan and Turkey are resolute on Baku-Tbilisi-Akhalkalak-Kars-Kars railway.
27 July 2006 [15:17]

Askar Mamin: "Container shipping Poti-Baku-Aktau-Almaty may be resumed"

Container shipping Poti-Baku-Aktau-Almaty up to "Dostyk" station may be resumed in the next few months.
27 July 2006 [10:26]

Favorable balance of trade equaled $1.17bn

Azerbaijani trade with faraway country yielded favorable balance of $1.1699868mn and trade with CIS countries resulted in unfavorable balance of $363.5673mn during the first year of the year.
27 July 2006 [10:23]

Auction on placement of T-Bills of Finance Ministry was considered ineffective

July 24 placement of T-bills of Ministry of Finance with the state registration number 10301913S was held at Baku Stock Exchange.
27 July 2006 [10:16]

Collection of insurance fees fell 0.66% in Azerbaijan

During the first half of the year Azerbaijani insurance institutions could collect insurance fees of AZN 43.6mn which respects a 0.66% decrease as against the same period of last year.
27 July 2006 [09:32]

Koroghlu tanker to be given to Azerbaijan in a few days

Having been built in Krasnoye Sormovo Shipyard in Nijini Novgorod, Russia, Koroghlu Tanker will be delivered to Azerbaijan State Caspian Sea Shipping Company in a few days.
27 July 2006 [09:28]

Calculation mechanism of shadow economy in Azerbaijan will be improved

State Statistical Committee intends to obtain technical assistance from International Monetary Fund in order to improve calculation mechanism of shadow economy in Azerbaijan.
27 July 2006 [09:14]

Favorable balance of trade constituted $806.42mn

Favorable balance equaled US$806.4196 mn in export-import of Azerbaijan during the first half of the year. Residents and nonresidents carried out trade operations of 5 041.6986mn during this period.
27 July 2006 [02:37]

Ukrtransnafta moved closer to reversing Odessa-Brody route to receive Caspian oil

Ukraine's state-owned oil pipeline company, Ukrtransnafta, has paid back a $108 million loan to the Russian-British joint venture TNK-BP ahead of schedule, freeing it of its obligations to transport Russian crude through the geopolitically sensitive Odessa-Brody pipeline in reverse mode and renewing Western hopes of getting Caspian oil to Europe around Russia.
27 July 2006 [02:21]

BP chiefs promise to clean up operation

The top executives of BP, chastened by a string of safety, environmental and legal problems in their American operations, pledged Wednesday to restore credibility by bringing in outside experts, being more transparent and investing more heavily in safety and maintenance.
26 July 2006 [22:53]

Examination in Barmek may take some accountable

The number of those taken accountable during examination in Barmek maw rise, Nazim Abbasov, Head of Department Fighting Corruption of General Public Prosecutor's Office stated.
26 July 2006 [22:27]

Taxes Ministry found 1 564 irregularities in 4 200 taxpaying facilities

Ministry of Taxes Operative Control Department conducted examination in 4 200 facilities and found 1564 irregularities and frauds.
26 July 2006 [21:56]

Barmek invites foreign expert to calculate the investment made in Azerbaijan

"Foreign expert invited by Barmek will soon arrive in Azerbaijan to calculate the investment Barmek has to date made in Azerbaijan," Barmek President Huseyn Arabul stated.
26 July 2006 [13:54]

10 tons of oil stolen from Baku-Tbilisi-Ceyhan pipeline

10 tens of oil has been stolen from the Baku-Tbilisi-Ceyhan main export pipeline section near Ceyhan district of Adana, Turkey.
26 July 2006 [13:50]

Finance Ministry found irregularities in Azerbaijani Embassies in Russia, Saudi Arabia

Finance Ministry conducted examination of efficiency of spending of budget-allocated means for the first half of the year.
26 July 2006 [09:45]

Deal of USD 3.7486mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8881/USD.
26 July 2006 [09:41]

AtaHolding wants to carry out project of alternative energy sources

AtaHolding Group of Companies intends to carry out a project on alternative energy source.
26 July 2006 [09:03]

Taxes Ministry delivered AZN 1 027 059 300 to the state budget

During January-June Taxes Ministry delivered AZN 1 027 059 300 to the state budget which means beating the forecast with a rise of ZN 41 459 300.
26 July 2006 [09:00]

Seminar "Russia Azerbaijan innovation cooperation, development perspectives" held in Baku

Today in Baku Innovation Technologies Center (BITC) two day seminar "Russia Azerbaijan innovation cooperation, development perspectives" is held in Baku.
26 July 2006 [08:33]

Bank Respublika prolongs the lottery campaign for 6 more months

Bank Respublika JSC has prolonged the monthly lottery campaign for 6 more months and the next winners will be announced August 15.
26 July 2006 [08:30]

Money transfer rises 11 times in Azerdemiryolbank

USD 8.81 was transferred through Azerdemiryolbank JS in the first half of the year which represents an increase of 11 times as against last year respective period.
26 July 2006 [01:23]

International Herald Tribune: "Pipeline from nowhere to somewhere"

For over a decade, its many detractors referred to it mockingly as the "pipeline to nowhere."
25 July 2006 [23:49]

IBAR plans to step into the Georgian banking sector

A leading Azerbaijani bank plans to step into the Georgian banking sector, announcing on Monday that it envisages establishing a daughter company in Georgia.
25 July 2006 [22:13]

Russian natural gas export to Azerbaijan suspended for two days

Natural gas import from Russian to Azerbaijan suspended for two days.
25 July 2006 [10:17]

Deal of USD 3.495mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8884/USD.
25 July 2006 [10:10]

Ali Abbasov: "US companies are keen on making investment to Azerbaijan"

The US ICT companies are keen on making investment in Azerbaijan, Minister of Communications and Information technologies Ali Abbasov stated.
25 July 2006 [09:24]

IBA denies recent rumor on problems in the Bank

International Bank of Azerbaijan has no probems in its activities and it continues to work normally.
25 July 2006 [09:19]

Auction on placement of short-term notes of NBA to be held at BSE

The placement of short-term notes of NBA with the state registration number 50103012S will be held at Baku Stock Exchange July 26.
25 July 2006 [09:14]

Azerbaijan and Latvia agree to remove double taxation from January 1

Agreement on removal of double taxation on income and capital reached by Azerbaijan and Latvia will come into the force next year.
25 July 2006 [08:34]

GDP of Azerbaijan will rise by four times in 20 years

GDP of Azerbaijan is forecasted to rise by four times in 20 years. If the GDP is forecasted to be $17bn for 2006, the anticipation will reach $70bn by 2025.
24 July 2006 [22:01]

Baku Taxes Department starts large-scale control measures

Baku Taxes Department started large-scale measures from today, it was said at a press conference in the Taxes Ministry.
24 July 2006 [12:12]

Azeri-Turkish intergovernmental economic commission's meeting to be held

The Azeri-Turkish intergovernmental economic commission will hold its next meeting in Baku July 27-28, according to press service of the Turkish Embassy in Baku.
24 July 2006 [12:06]

Oil production from CA platform to rise

Central Azeri (CA) oil platform is currently producing from ten pre-drilled production wells, according to press service of the BP Azerbaijan.
24 July 2006 [12:03]

Duet Auto refused to become Sound Stream's authorized dealer

Negotiations between Azeri Duet Auto and American Sound Stream Company stopped.
24 July 2006 [11:50]

World Bank to allocate a new credit

The World Bank may allocate the Government of Azerbaijan for development of accounting system. The sides are negotiating on components of the project.
24 July 2006 [08:57]

"Century Contract" oil extraction to reach 1 mln barrels daily by 2009

The extractions from the Merkezi Azeri, Gerbi Azeri and Chirag platforms are more than estimated. President of the BP-Azerbaijan company David Woodward told journalists.
23 July 2006 [13:17]

Azerbaijan, Russia Treasuries conclude cooperation agreement

On Azerbaijan's Finance Ministry Main State Treasury concluded an agreement on technical cooperation with the Russian Federal Treasury.
23 July 2006 [13:11]

Over 20 agricultural trade fairs held in Baku

Trade fairs for sale of agricultural products have been organized in 25 different places in Baku districts on Saturday.
23 July 2006 [12:56]

Economic Development Ministry will consider farmers' problems

It has been recently reported that Azerbaijani farmers and other producers of agricultural products encounter problems in selling their products in the capital Baku.
23 July 2006 [12:31]

Azerbaijan, US to sign MoU on ICT cooperation

Azerbaijan and the United States will sign a Memorandum of Understanding on ICT (Information Communication Technologies) cooperation.
22 July 2006 [12:28]

Caspian Motor Show-2006 put off

Caspian Motor Show-2006 has been postponed.
22 July 2006 [12:26]

Barmek will yield control of the company to the Government by August 3

Economic Development Ministry's task force has already completed inspection of the Barmek Azerbaijan Power Network in the country's capital.