Business

13 December 2006 [17:50]

Two road bridges to be commissioned in Baku this week

2 out of 9 road bridge projects will be commissioned in Baku this week.
13 December 2006 [13:34]

Dagestani Border Service arrests Azerbaijani ship

The officers of Border Service of the Russian Federal Security Service on Dagestan detained Azerbaijani ship yesterday.
13 December 2006 [13:27]

Emergencies Ministry finds low-quality cement in domestic market

Emergency Situations Ministry of Azerbaijan has found low-quality cement on sale in the domestic market.
13 December 2006 [13:04]

New banknotes beat 95% in circulation in Azerbaijan

New banknotes have exceeded 95 percent in the circulation in Azerbaijan.
13 December 2006 [12:57]

National Bank: "Inflation rate under 9% in 2006"

"Inflation rate reached 8 percent during the period of January-November," National Bank of Azerbaijan Management Board Chairman Elman Rustamov said.
13 December 2006 [12:53]

65 tankers sail to world market from Ceyhan

65 tankers carrying 47m barrels of oil sailed from Ceyhan Port to the world market. Turkey gained USD 300m from taxes and customs tariffs.
13 December 2006 [11:31]

Parliament to discuss amendments to Tax Code

Azerbaijani Parliament will discuss the amendments to the Tax Code, Deputy Minister of Taxes Shahin Mustafayev stated.
13 December 2006 [11:30]

Tokens not to be used in Baku Metro

Passengers can use tokens to go by Baku Metro by this year end. Baku Metro chief Tagi Ahmadov stated.
13 December 2006 [11:29]

Rabitabank starts using EBRD credit lines

The board meeting of Rabitabank shareholders approved the USD 3m credit line opened by the European Bank for Reconstruction and Development, Rabitabank Head Office informs.
12 December 2006 [23:32]

USAID SME Support through Financial Sector Development Project conducts presentation

USAID-funded Azerbaijan Small and Medium Enterprise Support through Financial Sector Development Project held a presentation of proposals on December 11 on legal analysis and amendments to the legislation aimed at improving mortgage lending.
12 December 2006 [21:43]

BP says Azeri oil production cut due to power outage

BP PLC said oil production at the Azeri fields in the Azerbaijan sector of the Caspian Sea has been partially disrupted by a power outage.
12 December 2006 [21:42]

Caspian Sea's sturgeon population declining

Poachers will exhaust the Caspian Sea's caviar reserves in 14 years unless measures are taken to change the situation.
12 December 2006 [21:18]

Azerbaijan to stop importing Russian gas beginning New Year

Azerbaijan will stop importing Russian gas despite the danger of a resulting shortfall in energy supplies, a senior Azeri energy official said Tuesday, after Moscow asked for more than double its previous price.
12 December 2006 [21:17]

Azerbaijan, Kazakhstan eyeing prospects for economic cooperation

The Kazakhstan-Azerbaijan: prospects for cooperation business forum will greatly strengthen the partnership and economic ties between Kazakhstan and Azerbaijan, Heydar Babayev, the Economic Development Minister of Azerbaijan, said at the forum.
12 December 2006 [16:00]

Azerigas to sue debtor customers

Azerigas will sue the customers evaded paying the gas bills.
12 December 2006 [15:43]

Azerbaijan, Georgia and Turkey to discuss security of pipelines

"The representatives of the organizations realizing the security of oil and gas pipelines among Azerbaijan, Georgia and Turkey will meet in Ankara soon. The date of the meeting is being determined at the moment," chairman of the State Special Guard Service colonel-general Vagif Akhundov, told journalists.
12 December 2006 [15:26]

Vagif Akhundov: "Protection of oil-gas pipelines meets international standards"

"The protection of oil-gas pipelines is a new field of activity for State Special Guard Service, notwithstanding it, we achieved to learn international experience in a short time and apply it to the practice," the chief of Sate Special Guard Service Vagif Akhundov told.
12 December 2006 [14:21]

Deals at BICEX, Dec. 12

The weighted average exchange price made up 0.8721 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
12 December 2006 [12:25]

ICT Minister Ali Abbasov visits Moscow

Communication and Information Technologies Minister Ali Abbasov has left Baku for Moscow to attend 15th anniversary of the Organization of Regional Cooperation in Communications.
12 December 2006 [12:24]

BICEX to launch new trading system

Baku Interbank Currency Exchange intends to launch new trading system from the second quarter of 2007.
12 December 2006 [12:24]

Most new buildings not registered in Baku

Most of new high-rise buildings have not been registered in Baku, Real Estate Registration Service chair Arif Garashov said.
12 December 2006 [12:22]

Minister of Labor and Social Protection visits Russia

The two-day conference on "Improvement of civil labor migration role and formation of efficient migration infrastructure in Russia and near foreign countries" organized by Labor Migration International Association started in Moscow.
12 December 2006 [11:29]

Vahid Novruzov: "60 independent auditors and 60 auditing companies in Azerbaijan"

There are some 60 independent auditors and some 60 local and 5 foreign auditing companies in Azerbaijan, moreover, 30 more auditors will soon be granted license, Azerbaijan Auditors’ Chamber chairman Vahid Novruzov said.
12 December 2006 [11:26]

Presentation of proposals on improvement of mortgage lending delivered in Baku

USAID SME Support through Financial Sector Development Project, implemented by ACDI-VOCA delivered a presentation of the comprehensive legal analysis, proposals and recommendations to improve regulatory framework for mortgage lending system in Azerbaijan.
11 December 2006 [15:30]

SOCAR wishes to up gasoline prices

"The Government don't intend to increase domestic gasoline prices from next year," SOCAR President Rovnag Abdullayev said.
11 December 2006 [15:20]

SOCAR intends to build refinery in Ceyhan Port

SOCAR & Turccas Joint Venture, established by the SOCAR (51%) and Turccas Petrol (49%), will be engaged in selling Azeri gas in Turkey, SOCAR President Rovnag Abdullayev said.
11 December 2006 [15:07]

Kars-Igdir-Nakhchivan railway route to be set

"Activities for realization of Baku-Tbilisi-Kars railway line have continued to progress and the current works are satisfactory," Transportation Minister Ziya Mammadov said.
10 December 2006 [09:25]

Azercell signs roaming agreement with India

Azerbaijan's largest mobile company Azercell has signed roaming agreement with Indian 'Madhya Pradesh' and 'Mumbai' operators of 'Bharti Airtel' Company.
10 December 2006 [09:23]

Azerigasbank becomes "Bank of Year"

Azerigasbank has received "The Bank of the Year" award for notable increase in financial indices and number of clients as well as application of up-to-date banking technologies and successful cooperation with the world’s biggest banks and financial institutions.
10 December 2006 [09:08]

Emergencies Ministry warns construction companies

The preliminary investigation on the accident in result of decline of drilling-pile device in Nasimi District was over.
10 December 2006 [09:00]

Natig Aliyev: "Gas prices remain unchanged, amount changes for Georgia"

On Dec. 13 the first well will come operational in Shah Deniz gas and condensate field, Azerbaijani Industry and Energy Minister Natig Aliyev said in Tbilisi.
10 December 2006 [08:57]

Azerbaijan Emergencies Ministry and French Ministry for Regional development signs protocol

Emergencies Minister Kamaleddin Heydarov received French Minister Delegate for Regional Development Christian Estrosi.
09 December 2006 [17:29]

Azerbaijan and Japan to sign 8 contracts in 2007

"Japanese Embassy has partnership with Azerbaijani government in several spheres," Tadahiro Abe Japanese Ambassador Extraordinary and Plenipotentiary to Azerbaijan told journalists.
09 December 2006 [13:32]

Azerdemiryolbank intends to complete credit facility usage by this year end

By this year's end Azerdemiryolbank intends to complete the use of $3m-credit lines opened by the EBRD in November, 2005 and May, 2006.
09 December 2006 [13:28]

Filling stations near residential areas to be closed in Azerbaijan

In Azerbaijan gas and gasoline filling stations near (300 meters) residential areas can be closed.
09 December 2006 [01:14]

Trades at BICEX, Dec. 8

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 8.
09 December 2006 [01:04]

Kars-Akhalkalaki-Baku railroad to spur ferryboat traffic between Georgia and Ukraine

The ferry communication from Ukraine to Georgia and Azerbaijan will intensify next year after Kars-Akhalkalaki-Baku railroad becomes operational, Ukrainian media quoted Azeri ambassador to Ukraine Taliat Aliyev as saying.
09 December 2006 [01:01]

Georgia to import 10 mln cu m of Azerbaijani gas in 2006

Georgia will receive ten million cu m of Azerbaijani natural gas in 2006 via the South Caucasus Pipeline, operated by BP and Statoil, at a discounted price, the Georgian energy minister said Friday.
09 December 2006 [00:59]

Georgian, Azeri, Turkish Energy Ministers meeting with President Saakashvili

The high-profile meeting of Energy Ministers of Georgia, Azerbaijan and Turkey began at 12pm in Courtyard Marriott and last till 18pm.
09 December 2006 [00:57]

Turkey to share Caspian gas quota with Georgia, Azerbaijan

Turkey's energy minister agreed Friday to transfer part of his country's quota for natural gas produced in Azerbaijan's section of the Caspian to Georgia and Azerbaijan.
09 December 2006 [00:49]

New cement prices to be become effective from January

The Government of Azerbaijan and Garadagh Cement are seeking for precautions to thwart increasing cement prices in the domestic market, Economic Development Minister Heydar Babayev said after meeting with Garadagh Cement management.
08 December 2006 [16:49]

Consultations between Azerbaijan Government and Rusal were in vain

Rusal's proposals in their current forms turned out unacceptable.
08 December 2006 [16:01]

Energy Minister meets with European Commission's envoy

Minister of Industry and Energy Natig Aliyev met with European Commission's envoy to Azerbaijan Alan Waddams on December 7.
08 December 2006 [15:56]

Azerbaijan to fish 90ton of Caspian sturgeon

A sitting of a commission over a fishing in the Caspian Sea was held in Moscow.
08 December 2006 [15:47]

World Bank launches new partnership strategy with Azerbaijan

On Thursday, the World Bank's Board of Executive Directors discussed a new Country Partnership Strategy (CPS) for Azerbaijan.
08 December 2006 [13:28]

Barmek officers sentenced

The trial of 6 Barmek-Azerbaijan Electric Network officers, presided over by Azer Jafarov in Grievous Crimes Court was over on Friday.
08 December 2006 [13:20]

State Social Protection Fund's incomes rose by 16% in Jan-Nov

The incomes of the State Social Protection Fund grew by 16%, year-over-year, during January-November to AZN 519.924m.
08 December 2006 [13:19]

Munis to be issued in Azerbaijan

First municipal bonds will be issued in Azerbaijan next year.
08 December 2006 [13:18]

Azerbaijan Investment Co targets first projects

Azerbaijan investment Company has set the first projects to finance, Company officer Riad Gasimov said.
08 December 2006 [13:16]

National Budget Group returns from USA

National Budget Group held a press conference on their visit to USA between November 25 and December 3.
08 December 2006 [12:12]

Companies look to tap Azerbaijan oil rush

Few Canadian firms involved, but opportunity beckons to cash in on boom.
08 December 2006 [12:08]

Azerbaijan heads CIS for industrial growth rate

During the period of January-October Azerbaijan's industry grew by 38% while Belarusian industry grew by 12.2%.
08 December 2006 [12:06]

Russia to charge Azerbaijan $200 per 1,000 cu m of gas

Russia intends to charge Azerbaijan $200 per 1,000 cu m of gas in 2007, Gazprom spokesman Sergey Kupriyanov said on air of Ekho Moskvy Radio.
08 December 2006 [12:05]

SOCAR Invest Georgia to create filling stations in Georgia

Adaptation of the SOCAR Invest Georgia will be easy in the Georgian market.
08 December 2006 [11:28]

Trans-Black Sea pipeline can bring Caspian gas to Europe

New York-based consortium of several independent parties is completing the pre-feasibility study for a Georgia-Ukraine-European Union (GUEU) gas pipeline project.
08 December 2006 [11:23]

Azerbaijan to loan USD 150 million for Kars-Akhalkalaki railway

Azerbaijan will allot USD 150 for the construction of the segment of Kars-Akhalkalaki-Tbilisi-Baku railway that passes through Georgia, announced Musa Panakhov, representative of the Azeri Ministry of Transport.
08 December 2006 [10:40]

ANS damaged by $ 500 000

The determination of ANS TV and ANS ChM's activity damages the company by $ 500 000.
08 December 2006 [01:51]

Azeri, Turkish, Georgian Energy Minister to meet in Tbilisi

Energy Ministers from Azerbaijan, Georgia and Turkey will launch two-day talks in Tbilisi on December 8 to negotiate distribution of gas from Shah-Deniz field.
08 December 2006 [01:34]

Trades at BICEX, Dec. 7

The weighted average exchange prices made up 0.8723 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 7.
08 December 2006 [01:27]

Azercell signs new roaming agreement

Azerbaijan's largest mobile operator Azercell’ has signed GPRS/MMS roaming agreement with Portuguese TMN.
08 December 2006 [01:26]

Azerdemiryolbank spends major part of EBRD credit line

One of the largest private banks in Azerbaijan, Azerdemiryolbank, said it already spent $2.3m of the European Bank of Reconstruction and Development's credit lines totaling $3m.
07 December 2006 [17:32]

Gazprom maintains reduced gas price for Armenia

Gazprom confirmed that it maintains the reduced price for gas for Armenia.
07 December 2006 [16:41]

Soviet-period bank savings to be refunded

Azerbaijani Government can return the Soviet-period bank saving by bonds, State Committee for Securities proposed the Government.
07 December 2006 [16:18]

Foreign investors to expand activities in Azerbaijan, poll says

The results of an extensive survey, commissioned by AzPromo and conducted by Procon GfK, based on interviews with 100 investors during October and November has been released on Thursday.
07 December 2006 [16:10]

Ukraine intends to transit Caspian oil to Europe

Ukraine can start to transit Caspian and Azerbaijan oil to Europe in 2010, inasmuch as the European Union intends to reduce dependence on deliveries of energy resources from Russia.
07 December 2006 [16:00]

Baku hosts conference examining Azerbaijan's equity market

A conference examining the future of Azerbaijan's equity market was attended by Azerbaijani Economic Development Minister Heydar Babayev, State Committee for Securities chairman Gunduz Mammadov, Azerbaijan Investment Company Deputy Executive Director Riad Gasimov, Head of EBRD Baku Office, Raymond Convey, British and Russian consulting and investment companies' representatives.
07 December 2006 [15:58]

Edison CEO sees Azerbaijan gas supply contracts signed by end-2007

Edison SpA CEO Umberto Quadrino said in an interview with Corriere della Sera that he expects to sign a supply contract for Azerbaijan gas by the end of 2007.
07 December 2006 [13:41]

5 700 tons of fuel saved in thermal power plants, November

Fuel consumption for electricity generation was 360.6 gram/1kilowatt/h against 363.75 in the thermal power plants in Azerbaijan during November.
07 December 2006 [13:39]

SOCAR acquires 50%-stake in EUPEC PipeCoastings Azerbaijan JV

SOCAR announced that it has completed acquisition of the 50-percent participating interest in EUPEC PipeCoastings Azerbaijan from German EUPEC PipeCoatings GmbH.
07 December 2006 [13:37]

Taxes Ministry finds irregularities in 36 517 trade facilities

Taxes Ministry Operational Control Department have to date examined 155 361 various kinds of trade facilities and found serious irregularities in 36 517 of them.
07 December 2006 [10:30]

SOCAR sells 771 600 tons of fuel oil to Petrofarm in Jan-Oct

During the period of January-October State Oil Company of Azerbaijan (SOCAR) sold 771,600 metric tons of fuel oil to Petrofarm Company of Singapore. This figure is twice as much as last year.
07 December 2006 [10:19]

Only 40 per cent of air pollution is purified in Azerbaijan

Only 40 per cent of air pollution is purified in Azerbaijan as gas dust purification equipments are not enough, Ministry of Ecology and Natural Resources information agency told.
06 December 2006 [20:46]

Trades at BICEX, Dec. 6

The weighted average exchange prices made up 0,8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on December 6.
06 December 2006 [17:22]

Azerfon to start early next year

Azerfon LLC, the third GSM operator in Azerbaijan, will start up in the first quarter of next year, Communications and Information technologies Minister Ali Abbasov said.
06 December 2006 [16:10]

300 sellers try to hold rally outside Ganja Executive Power

They protested against the closure of Inam Shopping Centery.