Business

14 March 2007 [07:53]

Yerevan critical of US ban on Jermuk mineral water

Yerevan regards the U.S. sanitary authorities' decision to bar the Armenian mineral water Jermuk from U.S. market as "anti-Armenian designs" and "encroachment on the Armenian prestige".
14 March 2007 [07:46]

Remittance to Georgia from Azerbaijan reaches $87,000

During January a total of US $87,000 was transferred to Georgia from Azerbaijan, while Azerbaijan received $261,000 in remittance from this country.
13 March 2007 [23:15]

Azerkimya to return on stream Wednesday

Azerbaijan's Prime Minster Artur Rasizade convened a meeting to discuss the problems made Azerkimya state-owned chemicals maker to shut down.
13 March 2007 [23:03]

AutoShow Azerbaijan starts Wednesday

The Iteca Caspian will hold the fourth Azerbaijan International Automotive Exhibition-AutoShow Azerbaijan-2007 in Heydar Aliyev Sport and Exhibition Complex on March 14-17.
13 March 2007 [22:22]

Road bridge and pedestrian tunnel to be commissioned March 20

Official opening ceremony of a road bridge in the 20 Yanvar Circle and a tunnel in Shamakhinka will be held on March 20.
13 March 2007 [16:06]

ITU accepts Azerbaijan's satellite launch bid

The international Telecommunication Union has accepted Azerbaijan's bid for launching its own satellite.
13 March 2007 [16:00]

Azerbaijan's investment climate promoted in Vienna

Azerbaijan Export and Investment Promotion Foundation (AzPromo), Azerbaijan's Embassy in Austria (also accredited in Slovakia) organized an investment-promotion workshop in Vienna.
13 March 2007 [15:36]

Azerbaijan to develop chemical industry

Azerkimya state-owned chemicals maker is drafting proposals on application of new technology and acceleration of chemical industry development in the country.
13 March 2007 [14:46]

Financial frauds found in Azerkimya

Finance Ministry found waste of AZN 78.9m in the state budget-funded organizations during 2006, five times higher than a year earlier.
13 March 2007 [13:38]

Government not to allow bread prices' raising

"At present rise of prices for grain is natural case. Because every year when the grain is collected the price is cheap, but later it becomes expensive. The price for grain will not rise after it," official of Azerbaijan's Agriculture Ministry Mammad Huseynov told.
13 March 2007 [10:07]

SECO to give $5m technical assistance to Azerbaijan

Swiss State Secretariat for Economic Affairs (SECO) plans to allocate $5m technical assistance to projects being implemented in Azerbaijan.
13 March 2007 [10:03]

Georgian investors interested in Azerbaijan's economy

Georgian Prime Minster Zurab Nogaideli announced overall support to the Caspian Integration Business Club (CIBC) during a meeting with the delegation from CIBC and "Caspian Energy" International Publishing House on March 9 in Tbilisi.
13 March 2007 [09:53]

Azerbaijan, Russia, Kazakhstan check up the Caspian

Monday, Aktau hosted the meeting bringing together the heads of Azerbaijani and Russian Accounting Chambers and Kazakh Audit Committee to discuss use the bioresources, protection, rearing and efficient use of sturgeon and marine stocks.
13 March 2007 [09:38]

Baku-Tbilisi-Akhalkalaki-Kars railway will contribute to the development of Azerbaijan-Bulgaria relations, Azeri envoy says

Elman Zeynalov, Ambassador of Azerbaijan to Bulgaria, said "Baku-Tbilisi-Akhalkalaki-Kars railway will contribute to the development of Azerbaijan-Bulgaria relations".
13 March 2007 [09:32]

Azercell Telecom launches reactivation campaign for prepaid subscribers

The subscribers with double-sided closed lines gain an opportunity of reactivating their lines.
13 March 2007 [09:31]

Government to discuss suspending enterprises of Azerkimya State Company

Government plans to discuss suspending all main and subsidiary enterprises of Azerkimya State Company, Deputy Head of Sumgayit Executive Power Akif Zeynalov said.
13 March 2007 [09:30]

No interruptions in gas supply on holidays in Azerbaijan

There will be no interruptions in natural gas supply in Azerbaijan during holidays.
13 March 2007 [09:29]

SOCAR, PTT Public Co Ltd ink one-year agreement

Azerbaijan State Oil Company (SOCAR) and Thailand's PTT Public Co Ltd have signed a one-year agreement for exportation of crude oil of Azerbaijan.
13 March 2007 [09:28]

Khalg Insurance to launch branches in Sumgait and Zagatala

Khalg Insurance plans to open a branch in Sumgait in the first half of the year.
13 March 2007 [09:27]

New telecommunication line to be constructed between Georgia and Azerbaijan

New telecommunication line is being constructed for amplifying communication between Georgia and Azerbaijan.
13 March 2007 [09:26]

Turkmen gas resources transportation to Europe through Azerbaijan being discussed

The delegation for Consortium established with the participation of Mott McDonald (Great Britain), CNTOR Management Consultant (Greece) and ASPI Consulting Engineers (Azerbaijan) left for Ashgabat to discuss issues on transportation of Turkmen gas to Europe through Azerbaijan territory. The visit will end on March, 15.
13 March 2007 [09:25]

Azer-Turk Bank to launch three regional branches

Azer-Turk Bank intends to open its first branch in Ganja during the first half of the year.
13 March 2007 [09:20]

Azerbaijan is microfinance pilot of South Caucasus

Consultative Group to Assist the Poorest awarded two financial institutions of Azerbaijan in 2006.
13 March 2007 [09:19]

New trade centre opens in Ganja

The opening ceremony of Nahang Dash trade center built in 6 hectare area in 'Yeni Ganja' was held in Ganja.
12 March 2007 [23:32]

Azerbaijan, Russia, Kazakhstan check up the Caspian

Monday, Aktau hosted the meeting bringing together the heads of Azerbaijani and Russian Accounting Chambers and Kazakh Audit Committee to discuss use the bioresources, protection, rearing and efficient use of sturgeon and marine stocks.
12 March 2007 [23:25]

Azerkimya not shut down because of electricity cut-off

Azerbaijan's State-owned chemicals maker owes a great amount of electricity bill to Sumgait Electricity Networks and won't pay off despite regular warnings, the SEN spokesman Mubariz Zeynalov stated.
12 March 2007 [22:54]

IFC to open $5m credit line to Bank Respublika

IFC inked an agreement with Azerbaijan's Bank Respublika to open a $5m credit line on-lending to small and medium-sized enterprises.
12 March 2007 [22:29]

Power outage hits Baku

Monday, power outage struck districts of Sabayel and Nasimi in Baku following the power grid failure in afternoon.
12 March 2007 [14:40]

Azerbaijan experiments electronic tax declaration

Azerbaijan's Taxes Ministry has started to receive tax declarations on trial.
12 March 2007 [13:53]

Baku to host international rating conference

In April Azerbaijan Microfinance Association will host an international conference, bringing together about 20 microfinance organizations, as well as government and bank representatives to discuss rating services.
12 March 2007 [10:26]

Free Consumers' Union appeals to Mayor's Office for picket

Free Consumers' Union appealed to Baku Mayor's Office for picket on March 15 on the occasion of World Consumers Day.
10 March 2007 [15:46]

Russian police search PricewaterhouseCoopers' office in tax probe

Russian police have searched the Moscow office of the international auditing company PricewaterhouseCoopers.
10 March 2007 [14:55]

US bans Armenian mineral waters

The U.S. Food and Medicine Agency has banned the sale of 'Jermuk' mineral water produced in Armenia.
10 March 2007 [14:52]

Azercell offers scratch card in amount 5 AZN

Azercell Telecom offered for SimSim, GenjSim and BizdenBize subscribers the scratch card in the amount of 5 AZN.
10 March 2007 [14:37]

Oil products mostly sold in Baku in February

Most of oil products were sold in Baku within February, the least indicator recorded in Horadiz settlement of Fuzuli region of Azerbaijan.
10 March 2007 [11:19]

Parex Leasing & Factoring elevates investments fivefold

Latvia's Parex Leasing & Factoring increased investments in Azerbaijan by fivefold in February to $5,030,022.
10 March 2007 [11:17]

EBRD to hold annual meeting in Kazan

March 13-14 the EBRD will host a conference bringing together the heads of Multilateral Development Banks, high-ranking government officials and senior corporate executives who will discuss concrete initiatives to combat climate change in a partnership between the public and private sectors.
10 March 2007 [11:13]

Azerbaijan to insure foreign employees in oil sector

Azerbaijan Social Protection Fund is negotiating with BP and other oil companies operating in the country on provision of social insurance for foreign employees.
10 March 2007 [11:10]

30,000 hectares polluted in Absheron Peninsula

Some 30,000 hectares of territory were polluted in Absheron Peninsula, Azeri land and Cartography Committee Chairman Garib Mammadov said.
10 March 2007 [11:08]

Tural Sigorta to increase its authorized capital

Azerbaijan Tural Sigorta Insurance Company intends to boost its authorized capital 7.1% to AZN 750,000 by the end of this year.
10 March 2007 [11:06]

Rovnag Abdullayev says no restrictions on gas supply to population

No restrictions on gas supply to population were set forth in the Azerbaijan's energy balance for 2007.
10 March 2007 [11:01]

Deals of $1.87m closed at BICEX

The weighted average exchange price made up 0.8682 AZN/USD at trading sessions on the Baku Interbank Currency Exchange.
10 March 2007 [10:57]

601.42mln cu m of gas delivered to Azerigas in February

601.42mln cubic meters of gas were delivered to Azerigas against the planned 547.31mln cubic meters in February, 2007.
10 March 2007 [10:56]

Uraltrubmash shows interest in Azeri market

Uraltrubmash shows great interest in Azerbaijan's market.
10 March 2007 [10:27]

Azauto to present new vehicles at AutoShow Azerbaijan-2007

AzAuto, official importer of Isuzu vehicles in Azerbaijan will present Turkish-made RoyBus and Japanese-made CYZ-51K dump trucks at the fourth Azerbaijan International Automotive Exhibition-AutoShow Azerbaijan-2007.
10 March 2007 [10:19]

Proposals to create Innovation Zones to be sent to Parliament in April

Booz Allen Hamilton consulting firm will submit the package of proposals on Regional Innovation Zones Establishment Project to the Ministry of Communications and Information Technologies in late March.
09 March 2007 [23:10]

IFC, Azerbaijan Investment Company ink MOU

International Finance Corporation and Azerbaijan Investment Company signed a memorandum of understanding on mutual cooperation for corporate governance in Azerbaijan.
09 March 2007 [15:10]

Preliminary trial on Barmek case to be held

Preliminary trial on case of Huseyn Arabul and 7 Barmek officials will be held in Court of Grave Crimes March 19.
09 March 2007 [14:47]

Georgia to receive Shah Deniz gas from March 15

Georgia will be receiving Shah Deniz Gas via Baku-Tbilisi-Erzurum pipeline as from March 15, Georgia's Energy Minister Nika Gilauri stated.
09 March 2007 [14:17]

Turkey in talks to receive Shah Deniz gas

Azerbaijan State Oil Company (SOCAR) and Turkish state-owned Petroleum Pipeline Corporation BOTAS are negotiating on delivery of the Caspian Shah Deniz gas to Turkey.
09 March 2007 [12:24]

Agreement to be signed to construct pipeline alternative to BTC

An agreement on construction of the pipeline alternative to Baku-Tbilisi-Ceyhan will be signed next week.
09 March 2007 [11:44]

IOC buys 1 mn barrels Azeri crude via tender

India's largest refiner Indian Oil Corp (IOC) has bought at least 1 million barrels of Azeri Light crude via its monthly tender, traders said on Friday.
09 March 2007 [11:30]

The Economist: Boom and gloom

Azerbaijan's economy, drunk on oil, is suffering rapid inflation.
08 March 2007 [12:28]

Azerbaijan to monitor markets to prevent artificial price increase on Novruz

Azerbaijan Economic Development Ministry's Antimonopoly Service will monitor the market in order to prevent artificial price increase on the eve of Novruz Holiday.
08 March 2007 [12:27]

Social assistance benefits rise AZN 5 from March

Effective March 1, the targeted social assistance benefits rise AZN 5 for every member of the vulnerable families.
08 March 2007 [12:26]

Technikabank lends 169 mortgage loans

Up to now, Technikabank has lent 169 mortgage loans worth AZN 4.2m on the scope of the mortgage lending process through funding from the Azerbaijan Mortgage Fund.
08 March 2007 [12:26]

Hungary intends to talk with Azerbaijan, Kazakhstan and Turkmenistan for oil and gas

Azerbaijan Industry and Energy Minister Natig Aliyev has met with Hungarian ambassador to Turkey and Azerbaijan Istvan Szabo and discussed prospects for oil and gas cooperation between the two countries.
08 March 2007 [12:25]

Mexico interested in Azerbaijan’s lesson in offshore oil production

Azerbaijan Industry and Energy Minister Natig Aliyev met with Mexican ambassador to Azerbaijan Salvador Campos Icardo and briefed the guest about Azerbaijan's industry and energy sector, project and programs and oil and gas resources.
08 March 2007 [12:05]

Power supply landlines to be replaced by underground cables in Sumgait

The power supply landlines will be replaced by underground cables by this year's end.
08 March 2007 [12:04]

TRACECA member states ministers to meet in Astana

Transport Ministers of TRACECA member states will meet in Astana in September-October.
08 March 2007 [11:54]

Poland plans to host int'l Caspian crude oil summit

Poland is planning to host a Caspian crude oil summit in which the heads of states of Azerbaijan, Georgia, Kazakhstan and Ukraine will discuss the transpoet of crude oil into the European Union zone, German news reports said Wednesday.
08 March 2007 [11:50]

FLEX alumni to practice at SOCAR

State Oil Company (SOCAR) will hire the State Department's Future Leaders Exchange (FLEX) Program alumni on the scope of the From-Exchange-To-Practice Project.
08 March 2007 [11:19]

Non-OPEC oil growth seen strong in 2007 - Wood Mac

Oil supply from countries outside OPEC will grow strongly through 2007 because of significant new production in central Asia, North America and Africa, energy consultants Wood Mackenzie said on Wednesday.
07 March 2007 [22:48]

Court to consider case on Huseyn Arabul and 7 Barmek officials

The materials of the criminal case launched on Barmek Electricity Distribution president and seven more officers were sent to the Court of Grave Crimes, the deputy chairman of the Bar Association Farhad Najafov told.
07 March 2007 [22:14]

Azerbaijan to monitor markets to prevent artificial price increase on Novruz

Azerbaijan Economic Development Ministry's Antimonopoly Service will monitor the market in order to prevent artificial price increase on the eve of Novruz Holiday.
07 March 2007 [22:02]

Azerbaijan to improve targeted social safety net mechanism

Labor and Social Protection Ministry will submit a package of proposals to the Cabinet to better target social assistance benefits to the most vulnerable groups.
07 March 2007 [14:04]

Emergencies Ministry sets up commission

Emergencies Ministry set up a special commission to determine buildings in danger.
07 March 2007 [13:54]

Fertilizer producing plant to be constructed in Azerbaijan

Fertilizer producing plant will be constructed in Sumgayit.
07 March 2007 [13:36]

Emergencies Ministry sends building materials to windstorm-hit regions

Emergencies Ministry sent the fifth part of building materials to Balaken, Sheki, Gakh, Oguz, Gebele, Ismayilli and Gusar regions to remove the results of windstorm on the night of February 24-25.
07 March 2007 [12:18]

Baku Electricity Network to cut off supply to debtors

Baku Electricity Network will cut off supply to all debtor customers at 14:00, March 9.
07 March 2007 [11:33]

Baku to host 1st Caspian trade-transport conference

The first Caspian trade and transport conference will be carried out in Baku, the capital of Azerbaijan, on April 23-24.
07 March 2007 [09:20]

Agriculture exhibition to be held in Turkey

On March 14-18TUYAP Congress and Exhibition center will host an agriculture fair in Konya, Turkey.
07 March 2007 [09:17]

Azercell anticipates privatization of state stake

Azercell Telecom JV has completed all paperwork for privatization of the state's stake in the company.
07 March 2007 [09:15]

Belarus intends to join reconstruction of Mingechevir Power Plant

Belarus companies intend to participate in reconstruction of Azerbaijan's Mingechevir Hydroelectric Power Plant, said the ambassador to Azerbaijan Nikolay Patskevich.