Business

31 January 2006 [05:43]

CI Bank's license on dealer activity expired

A license given to the Capital Investment Bank for getting to dealer activity was considered invalid.
31 January 2006 [05:41]

Royal Bank of Baku registered emission prospectus of ordinary registered stocks in volume of AZN 1 million

The State Committee for Securities (SCS) registered emission prospectus of ordinary registered stocks of the Royal Bank of Baku Open Joint-Stock Company (OJSC).
31 January 2006 [05:34]

Tariffs of postal services not to be raised this year

Tariffs of postal services are not intended to be raised during this year.
31 January 2006 [05:31]

HUAWEI Company of China to apply CDMA technologies in Nakhchivan

Wireless communication system based on the CDMA technologies is established in the Autonomous Republic of Nakhchivan (ARN).
31 January 2006 [05:27]

Financial reports to be sent to SSPF via mail

Enterprises and organizations operating in the territory of the republic will be able to send their financial reports to the State Social Protection Fund (SSPF) via mail till the end of the current year.
31 January 2006 [05:16]

Last year export and import of Azerbaijan increased by 20% and 19.5% respectively

Positive balance in amount of $146483.6 thousand occurred in foreign trade turnover of Azerbaijan last year. Volume of export and import operations increased by 20.23% and 19.46% respectively, in comparison with 2004.
31 January 2006 [04:49]

World Bank to discuss "Strategy for cooperation with the country" in February

The leading economist of the World Bank (WB) on Southern Caucasus Christian Petersen started negotiations with the government of Azerbaijan on the project "Strategy for cooperation with the country".
31 January 2006 [04:45]

"Respublika" Bank increased its aggregate capital by 2.2 times in 2005

Assets of the "Respublika" Joint-Stock Commercial Bank (JSCB) increased by 97.5% during the past year and totaled AZM 291.4 billion (AZN 58.3 million) by January 1, 2006.
31 January 2006 [04:13]

Trade Chamber of France to start activity soon

The Trade Chamber of France is expected to start its activity in Azerbaijan soon. Registration documents of this Chamber consisting of French organizations operating in our country or participating in projects implemented in the republic are currently examined in the Ministry of Justice.
31 January 2006 [03:50]

Chair of Accounts Chamber Namig Nasrullayev to visit Kuwait

A delegation led by chair of the Accounts Chamber Namig Nasrullayev will visit Kuwait within the first half of March.
31 January 2006 [03:47]

Caspian Shipping Company to open new voyage to Nabran

The Caspian Shipping Company (CSC) intends to restore the voyage in the route of Baku-Lenkeran this year.
31 January 2006 [03:41]

Insurance premiums of Bashak Inam Insurance Company increased by 1.6% and payments decreased by 5.3%

Total volume of insurance premiums collected by the Bashak Inam Azerbaijan-Turkey Insurance Company during 2005 totaled AZM 10.651 billion and it exceeds the previous year figure by 1.6%.
31 January 2006 [03:39]

Barmek to completely resume electric power supply of capital today

Electricity supply of Baku city and north regions of the country has been mainly resumed since yesterday. The Barmek Azerbaijan Limited Liability Company (LLC) supplies the territories controlled by them in 95% level at the present moment.
31 January 2006 [03:35]

$150 million required for construction of "Azizbayov - H.Aliyev Int'l Airport" metro line

Approximately $150 million is required for construction of a new line from the "Azizbayov" station of the Baku Metro to the Heydar Aliyev International Airport.
31 January 2006 [03:31]

Enterprises of Azerkimya begin manufacturing new produce

The Azerkimya State Company (SC) prepared a project of a new program on starting manufacturing of new produce in the enterprises included in its structure.
31 January 2006 [03:26]

Meeting of Railway Transport Council of CIS and Baltic countries to be held in Vilnius in March

The administration of the Azerbaijan State Railway Office (ASRO) will attend the 43rd meeting of the Railway Transport Council of the CIS and Baltic countries to be held in Vilnius in March this year.
30 January 2006 [16:22]

Training Course to be conducted at Baku Business Center

"GRBS" company together with "TRIZ CHANCE" consulting company will organize a training course on "Advertising Campaigns and Public Relations Actions" at the Baku Business Center on February 9-11.
30 January 2006 [15:40]

Azerbaijan Communication Minister to meet with the Head of Microsoft Bill Gates in Lisbon

Minister of Communications and Information Technologies (CIT) Ali Abbasov left for Lisbon due to the invitation of the Portugal government and the Microsoft Corporation management.
30 January 2006 [13:21]

Georgia sets up receiving Iranian gas via Azerbaijan

Georgia started on 29 January admission of Iranian gas via the territory of Azerbaijan in the volume of approximately 93,000 cu m of gas an hour (over 2.2 million cu m a day).
28 January 2006 [11:12]

Experts of Central Asia Microfinance Alliance to hold trainings in Azerbaijan

Experts of the Central Asia Microfinance Alliance will hold trainings for the members of the supervisory boards of the member-organizations included in the Azerbaijan Microfinance Association (AMFA) on February 15-16.
28 January 2006 [10:41]

Energy mission of World Bank came to Baku

The energy mission of the World Bank (WB) led by the WB leading specialist Bjorn Hamson came to Baku yesterday.
28 January 2006 [10:31]

Bank of Baku increased its balance sheet profit 3.6 times in 2005

Balance sheet profit of "Bank of Baku" OJSC on 2005 formed AZM14.8 billion and it exceeds the previous year figure by 3.6 times.
28 January 2006 [10:25]

Initial agreement achieved with several international structures on funding reconstruction of Baku-Georgia highway

The Ministry of Transport achieved an initial agreement with several international financial organizations on funding reconstruction of the Baku-Georgia highway at length of 503 kilometers.
28 January 2006 [10:20]

Baku Petroleum Refinery holds tender for procurement of chemical reagents

The Heydar Aliyev Baku Petroleum Refinery is open for procurement of chemical reagents at the expense of its own means.
28 January 2006 [10:15]

UniBank increased volume of operations more than 4 times in 2005

UniBank Commercial Bank implemented operations with securities in volume of AZM289.8 billion during the past year and it exceeds the previous year figure by more than 4 times.
28 January 2006 [09:35]

Meeting of Directors General of Organization for Cooperation of Railways to be held in Baku in April

XXI meeting of Directors General of the Organization for Cooperation of Railways (OCR) will be held in Baku on April 24-28.
28 January 2006 [09:30]

Lorries moving in south direction to be conveyed to Astrakhan by ferry due to bad weather conditions

The Caspian Shipping Company (CSC) begins exploitation of the "Gara Garayev" ferry in the route of Baku-Astrakhan on January 28.
28 January 2006 [09:13]

IFC Azerbaijan Corporate Governance Project selected its first pilot company

The International Finance Cooperation Azerbaijan Corporate Governance Project (ACGP) has selected its first pilot company - Azerigazbank Open Joint Stock Company.
27 January 2006 [17:04]

Scheme of compensation for savings to be submitted to the President soon

Azerbaijani government is going to pay back for savings of citizens put in banks in Soviet period less than a US dollar per each Soviet ruble. Working group on the preparation for return of the savings held its last meeting on January 25.
27 January 2006 [14:40]

Azerenergy delivers over 4 million KW/h energy to Georgia

Azerenergy Joint Stock Company has transported over 4 million KW/h of electricity to Georgia since 22 January 2005.
27 January 2006 [04:21]

Tender held for procurement of carbonate rock used by Organic Synthesis plant in production

An open tender is held for procurement of 50 thousand tons of carbonate rock used by the Organic Synthesis plant of the Azerkimya State Company in production.
27 January 2006 [04:11]

Volume of credits granted by finance-credit organizations increased by 46.6%

Total volume of credits granted by finance-credit organizations operating in Azerbaijan formed AZN 1358.5 million as of December 1, 2005 and this exceeds the previous year figure by 46.6%.
27 January 2006 [03:58]

Buildings of over 100 post-offices to be constructed in Azerbaijan this year

Buildings of over 100 post-offices will be constructed and about 50 post-offices in Azerbaijan will be re-constructed this year.
27 January 2006 [03:54]

According to Natig Aliyev, transit fee for transportation of Iranian gas to Georgia to be paid to Azerbaijan based on world prices

The Energy Minister of Georgia Niko Gilauri and president of the International Gas Corporation of Georgia David Ingorokva discussed perspectives of delivery of Iranian gas to Georgia through the territory of Azerbaijan in the meeting with the Minister of Industry and Energy Natig Aliyev held in Baku last day.
27 January 2006 [03:36]

Shortage of electric energy amounts to 400 megawatts

Shortage of electric energy in the energy system of the Republic amounts to 400 megawatts at present.
27 January 2006 [03:28]

Volume of consumer goods and paid services sold and rendered to population increased by 15.2% last year

Consumer goods and services amounting to AZN 5582.9 million or 15.2% more than the indicator of the past year were sold and rendered to population in the consumer marker of the republic last year.
27 January 2006 [03:04]

Incomes of families to receive earmarked social assistances to be continuously controlled

Social inspectors of the Ministry of Labor and Social Protection of Population will hold inspections for finding out whether persons to receive earmarked social assistances hide their incomes or not.
27 January 2006 [02:51]

Next consignment of "Azeri Light" marked oil belonging to Azerbaijan to be purchased by Vitol SA Company of Great Britain

The marketing questionnaire announced by the SOCAR Marketing and Economic Operations Office (MEOO) ended today.
27 January 2006 [02:39]

CDMA operator Catel to expand its network in all directions this year

The Catel Azerbaijan-U.S. Joint Enterprise (JE), which is the CDMA first operator in Azerbaijan plans to expand its network in the north, west and south directions of the country this year.
27 January 2006 [02:23]

Number of cars in country already exceeded 612.1 thousand

Cargo traffic increased by 9.2%, cargo turnover by 13.5%, passenger traffic by 4.8% and passenger turnover by 6.8% in the transport sector of the republic over the last year. Cargo traffic increased by 26.8% in railway transport, by 6.6% in motor transport, by 2.1% by means pipeline transporting, and by 3.6% in sea transport in the reporting year.
27 January 2006 [01:53]

OGPU named after H.Z.Taghiyev fulfilled oil production forecast 102.3% last year

Oil and Gas Production Unit (OGPU) named after H.Z.Taghiyev extracted 62.896 thousand tons of oil against 61.5 thousand tons of oil stipulated in the forecast and fulfilled the forecast 102.3%.
27 January 2006 [01:47]

Volume of communications service increased by 36% last year

Enterprises operating in the communications sector of the republic provided subscribers with communications services totaling AZN 437.2 million or exceeding the 2004 figure by 36%.
27 January 2006 [01:37]

Volume of gas imported from Russia to Azerbaijan decreased by 7.9%

Oil and oil products transportation by means of main oil pipelines increased by 0.9% to 11.7 million tons and gas transportation by means of main gas pipelines increased by 4.4% to 9.5 billion cubic meters over the past year.
27 January 2006 [01:35]

Income derived from traffic through Azerbaijani part of Europe-Caucasus-Asia transport corridor increased by 12.2%

41.5 million tons or cargo amounting to 36% of all cargo traffic realized in the transport sector of the country were transported through the Azerbaijani part of the Europe-Caucasus-Asia transport corridor in January-November of the past year.
26 January 2006 [14:55]

Frontera Resources Azerbaijan Corporation announces award in arbitration with SOCAR

The arbitration was held in Sweden and is binding on the parties under the rules of UNCITRAL, the United Nations Commission on International Trade Law.
26 January 2006 [05:50]

Third cellular operator Azerfon began establishing its networks in regions

The third cellular operator Azerfon to launch its operation in the country began establishing its networks in regions.
26 January 2006 [05:03]

UniBank increased its assets by 57% to AZM 330 billion in 2005

The UniBank Commercial Bank (CB) increased its assets by 57% to AZM 330 billion over 2005.
26 January 2006 [04:57]

Ministry of Economic Development registered 10 of 11 grant contracts presented in 2005

Pursuant to the "Rules for registration of contracts (decisions) on receiving (giving) grants" approved by a presidential decree dated February 12, 2004, 7 legal entities appealed to the Ministry of Economic Development for registration of contracts in 2005.
26 January 2006 [04:26]

"McDermott" and "Boss Shelf" companies temporary stopped their activities

"McDermott" and "Boss Shelf" companies have stopped their activities till unknown time because of the weather condition in the Republic.
26 January 2006 [04:23]

Incomes of Caspian Shipping Company to decrease by 7% in 2006

The incomes and expenses of the Caspian Shipping Company (CSC) for 2006 are forecasted to form AZN 110.7 million and AZN 118 million, respectively.
26 January 2006 [04:19]

Mortgage credits may increase apartments with purchase deeds in price

Most of new residential buildings currently being constructed in the territory of the republic can be not subjected to mortgage lending implementation of which will start soon.
26 January 2006 [04:14]

157 wells of OGPU named after H.Z.Taghiyev included in producing well stock

157 wells of the Oil and Gas Production Unit (OGPU) named after H.Z.Taghiyev having the exploitation stock of 348 wells are included in the producing well stock and 189 wells in the inactive well stock; 2 wells are included in the stock of wells under test.
26 January 2006 [03:48]

Incomes and expenses of State Social Protection Fund increased by 19.9% and 19.4% last year

The incomes of the State Social Protection Fund (SSPF) amounted to AZM 501.22 million manats in 2005 and this exceeds the analogous figure of the same period of the previous year by 19.9%.
26 January 2006 [03:36]

Atrabank and Azerbaijan Microfinance Bank admitted to Visa International as associated members

Two more bank organizations operating in Azerbaijan – Atrabank and Azerbaijan Microfinance Bank were admitted to the Visa International payment system as the associated members.
26 January 2006 [03:19]

National Bank of Azerbaijan intends to issue notes amounting to AZM 1 trillion

The State Committee for Securities (SCS) registered emission prospectus of short-term notes of the National Bank of Azerbaijan (NBA) for 2006.
26 January 2006 [03:09]

Azpetrol's Representative Office in Chisinau: "Happenings in Azerbaijan did not affect operation of the company in Moldova"

Happenings in Azerbaijan are not related to the existing agreements between Azpetrol and Moldova and work is continuously implemented in the Jurjulesht petroleum terminal bought by the company.
26 January 2006 [03:08]

New methodic directions for registration of VAT payers in tax authorities prepared

The Ministry of Taxes prepared new methodic directions for registration of entrepreneurs as VAT payers in tax authorities.
26 January 2006 [03:05]

T-bills in volume of AZN 2 million placed in Baku Stock Exchange

A regular auction on placement of T-bills with the state registration number 10200313S of the Ministry of Finance was held in the Baku Stock Exchange (BSE).
26 January 2006 [02:55]

SOCAR Marketing and Economic Operations Office to completely switch to International Financial Reporting Standards in 2008

The SOCAR Marketing and Economic Operations Office (MEOO) will begin preparing its financial reports on the basis of the International Financial Reporting Standards from 2008.
26 January 2006 [02:46]

Azerbaijan can prolong delivery electricity to Georgia for about 10 days

Although the accident happened in the Mozdok-Tbilisi gas pipeline was removed yesterday, Azerbaijan continues supplying gas to Georgia.
26 January 2006 [02:33]

Exxon Mobil Corporation to pay SOCAR $50 million of compensation on "Nakhchivan" and "Zefer-Meshel" prospective structures

The U.S. Exxon Mobil Corporation will pay SOCAR $50 million of compensation in tote because of refusing drilling the second exploratory well in the "Nakhchivan" and "Zefer-Meshel" prospective structures.
25 January 2006 [14:26]

LUKOIL discovered major field in Caspian Sea

LUKOIL opened a major multilayer oil and gas condensate field in the Severny licensed area, in the northern part of the Caspian sea.
25 January 2006 [01:44]

SOCAR holds tender on selling of regular consignment of "Urals" marked crude oil

The SOCAR Marketing and Economic Operations Office announced a tender on selling of a regular consignment of 140 thousand tons of "Urals" marked crude oil belonging to Azerbaijan.
25 January 2006 [01:43]

International Bank can install over 20 thousand POS-terminals

The International Bank of Azerbaijan can install over 20 thousand POS-terminals in the territory of the country and provide their maintenance.
25 January 2006 [01:39]

SOCAR holds tender on selling of regular consignment of "Azeri Light" marked profit oil

The SOCAR Marketing and Economic Operations Office (MEOO) announced a tender on selling of a regular consignment of "Azeri Light" marked profit oil belonging to Azerbaijan.
25 January 2006 [01:34]

Volume of production and services increased by 17% in Sumgait last year

Produce and services amounting to AZM1.35 trillion were produced and provided in the main fields of economy on Sumgait city during the last year.
25 January 2006 [01:31]

Post-offices to provide banking-financial services from next year

All post-offices operating in the territory of the Republic will begin providing banking-financial services from the next year under the project "Development of financial services" implemented by the World Bank (WB) in Azerbaijan.
25 January 2006 [01:23]

Natig Aliyev: "Azerkimya should address its commercial problems independently"

A problem arisen in connection with not selling of produces manufactured in the Ethylene-Polyethylene plant of the Azerkimya State Company (SC) has not been analyzed by the Ministry of Industry and Energy yet.
25 January 2006 [01:19]

Natig Aliyev: "Azerbaijan to continue assisting Georgia until neighboring country completely supplied with energy"

Delivery of electric energy and gas to Georgia does not create any problem in supply of industry and population of Azerbaijan.
25 January 2006 [01:12]

Azercell signed roaming contracts with 2 cellular operators of Gabon and Liberia

Azercell Telecom Joint Enterprise signed roaming contracts with the "Celtel" cellular operator of Gabon and "Celcom" operator of Liberia.
25 January 2006 [01:09]

Barmek concluded approximately 112 thousand contracts with subscribers so far

"Barmek Azerbaijan Electric Network" LLC has concluded contracts with 111 thousand 776 subscribers so far.
24 January 2006 [22:23]

Azeronline refuses from legal hearing with CITM & EDM

"Internet provider Azeronline Ltd intends to recall the lawsuit in regard to the Communications and Information technologies Ministry and the Department for Antimonopoly Policy of the Economic Development Ministry," told Elchin Aghakishiyev, the Director of the Company.
24 January 2006 [22:18]

The Bank of New York became winner of SOFAZ tender on attracting depositary services

State Oil Fund of Azerbaijan (SOFAZ) completed tender procedures which started on September 16, 2005 for the selection of a global custodian bank.
24 January 2006 [18:51]

Gasprom reduces gas supply to Azerbaijan

This gas for own needs of the country only, but not for delivery to third side.
24 January 2006 [18:35]

Taxes Ministry cancelled registration of 1,436 VAT-payers

"From 2001 to 2005 the total sum, concealed from payment of VAT, comprised around 17trln manats," Natig Amirov, the deputy Taxes Minister, said to a news conference dedicated to changes included into the Tax Code in relation to registration of VAT.