Business

05 September 2006 [20:43]

MFBA inks loan agreement with ADB

Azerbaijan Microfinance Bank (MFBA) has singed a $4-million loan agreement with the Asian Development Bank to develop small-sized enterprises in Azerbaijan.
05 September 2006 [20:42]

Azercell mounted 63 more base stations

05 September 2006 [20:39]

Official meets IMF representative

Chairman of the Milli Majlis standing commission on economic policy Ziyad Samadzade met September 5 with Vitaly Kramarenko, head of the International Monetary Fund’s (IMF) Middle East and Central Asia Department.
05 September 2006 [20:30]

Army Assistance Fund increase funds

The Assistance Fund for Azerbaijani Armed Forces received AZN 2.753.000 and $59,200.
05 September 2006 [16:29]

The number of debtor taxpayer falls to 12 000 in Azerbaijan

As of September 1, the number of the debtor taxpayers fell to 12 000 from 45 000 during the period of January-August.
05 September 2006 [14:55]

Azerbaijan's State Oil Company produces 6 mln tons in 8M06

The State Oil Company of Azerbaijan said Tuesday it produced 5.92 million tons (43.51 million bbl) of oil in January-August 2006, or 0.2% less, year-on-year.
05 September 2006 [09:28]

SOCAR to import 10.7 mn cu m of natural gas from Russia

SOCAR purchased 315.2mn cubic meters of gas from Russian Gasexport for power plants during August.
05 September 2006 [09:25]

Azericard Processing Center installs over 2000 POS terminals

Azericard Processing Center has to date installed over 2000 POS terminals for various banks.
05 September 2006 [09:20]

Auction on placement of National Bank's bonds to be held

An auction on placement of short-term bonds of National Bank with the state registration number 50103612S will be held at Baku Stock Exchange on September 6.
05 September 2006 [09:06]

NBA's currency reserve reached $1,4bn

The official currency reserve of the National Bank of Azerbaijan reached USD 1 397mn which represents a 45.27% or $961.71mn during the eight months of the year.
05 September 2006 [09:04]

Transportation fees to fall after Baku-Tbilisi-Akhalkalaki-Kars operational

Transportation fees will fall by at least 30 percent after the Baku-Tbilisi-Akhalkalaki-Kars railway project is implemented.
05 September 2006 [09:03]

Georgia to finance regional railway project

Georgia will also finance the Baku-Tbilisi-Akhalkalak-Kars railway project.
05 September 2006 [08:51]

Israel wants Azeri crude

Israel is negotiating for oil export from Azerbaijan.
04 September 2006 [20:28]

Putin calls for quick decision on Balkan pipeline

Russian President Vladimir Putin called Monday for an agreement on the construction of an oil pipeline in the Balkans to be signed as soon as possible.
04 September 2006 [20:19]

Trades at BICEX

The weighted average exchange prices made up 0,8803 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 4.
04 September 2006 [19:39]

Azerbaijan is a leader in a GDP growth among CIS countries for the second consecutive year

In terms of economy, CIS stepped up 6 percent from January to July of this year, according to Interstate Statistics Committee of CIS members.
04 September 2006 [16:38]

AtaHolding receives ISO certificate

AtaHolding OJSC has received ISO certificate 199121.
04 September 2006 [16:37]

Draft law on State Control over Agriculture to be conceptualized

Draft law on the State Control over Agriculture is under development.
04 September 2006 [13:05]

Putin seeks to breathe life into stalled Balkan oil pipeline

Seeking to breathe life into an ambitious oil pipeline project stalled for 14 years, Russian President Vladimir Putin flies to Athens Monday for quick tripartite talks on the issue with Greek Prime Minister Costas Karamanlis and Bulgarian President Georgy Parvanov.
03 September 2006 [16:11]

Turkish investments in Georgia and Azerbaijan: Recent trends and future prospects

What are the recent trends regarding Turkish investments in Georgia and Azerbaijan? Does geographical and cultural proximity present a particular advantage for Turkish investors? Recent figures show that Turkey has the firm intention to assert itself as a serious investor in the Caucasus with the aim of diversifying its investments in sectors other than energy.
03 September 2006 [13:02]

Iran invites Int'l companies to invest in oil&gas projects

The managing director of the National Iranian Oil Company (NIOC) here on Saturday called on international oil companies, financial institutions and foreign direct investors to invest in Iran's oil and gas industries.
02 September 2006 [10:09]

Deals closed at BICEX rose by 3.04 times in August

113 dealings were registered at 46 trading sessions held at currency department of Baku Interbank Currency Exchange (BICEX) during August. The auctions were attended by 21 banks.
02 September 2006 [10:06]

Azerbaijani-Ukrainian business forum to take place in Kiev

Business forum of Azerbaijani and Ukrainian businessmen will take place in Kiev in late October-early November.
02 September 2006 [09:55]

Pakistani Tourism Minister to visit Azerbaijan

Pakistan's Tourism Minister Nilofer Bakhtiyar will come to Azerbaijan on September 11-12 to attend the OIC Tourism Ministers 5th session.
02 September 2006 [09:31]

Insurance Companies of Azerbaijan face problems in joining Green Card Insurance

Economic Cooperation Organization member countries have not put forward concrete proposals on creation of Blue Card- international insurance system, Finance Ministry State Control over Insurance officer, Namig Khalilov told.
02 September 2006 [09:28]

Azerbaijan likely to be admitted to IAIS

Azerbaijan is expected to shortly be a member of the International association of Insurance Supervisors, Finance Ministry's State Control over Insurance Officer, Namig Khalilov told.
02 September 2006 [09:26]

Georgia amortize electricity debts to Azerbaijan

Georgia started amortizing electricity debts to Azerbaijan speedily, Azerenergy chief engineer, Saleh Mammadov, said.
01 September 2006 [21:20]

Bill Schrader to succeed David Woodward as BP-Azerbaijan President

BP, as the operator of the Azeri-Chirag-Gunashli, Shah Deniz, Baku-Tbilisi-Ceyhan (BTC) and South Caucasus Pipeline (SCP) projects, announces today that Bill Schrader will be appointed President BP Azerbaijan with effect from November 10, 2006.
01 September 2006 [21:14]

Azerbaijani-Ukrainian intergovernmental commission signs final protocol

The 7th meeting of Azerbaijani-Ukrainian intergovernmental commission took place in Baku today.
01 September 2006 [15:56]

Naftogaz of Ukraine to cooperate with Azerbaijan in oil production and transportation

On August 31, the Naftogaz of Ukraine Company CEO Vladimir Sheludchenko departed to Azerbaijan as a member of governmental delegation.
01 September 2006 [13:52]

Turkey to buy 30 F-16s by 2011

Turkey will purchase 30 F-16 fighter jets as part of its modernization plans, Turkish Air Force Chief General Faruk Comert stated on Wednesday in Ankara.
01 September 2006 [13:47]

Those illegally received social assistance benefit and subsistence allowances to be punished

Today seminar was held with participation of regional social assistance benefits and subsistence allowances officers.
01 September 2006 [11:51]

ANS sues Taxes Ministry

Taxes Ministry of Azerbaijan has already examined 2 Sections of ANS Group of Companies.
01 September 2006 [10:36]

Putin revives plan for Greek oil port

Russia's President Vladimir Putin will meet in Athens next Monday [September 4] with Greek and Bulgarian officials for what the Kremlin describes as a session to focus on a proposed new crude oil pipeline to carry Russian crude oil from Burgas (Bulgaria) to a new tanker terminal at the Aegean port of Alexandropoulos.
01 September 2006 [10:13]

Korea to help Azerbaijan create free economic zone

The issue on creation of free economic zones was also discussed between Azerbaijani officials and Southern Korean delegation visiting Baku.
01 September 2006 [10:07]

Deals of $13.05 mln closed at BICEX

The weighted average exchange price made up 0.8809 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
01 September 2006 [09:44]

Taxes Ministry imposes monetary penalties of AZN 1 778 403 on 19 439 trade facilities

Taxes Ministry Operational Control Department have up to August 31 examined 75 499 various kinds of trade facilities and found serious irregularities in 19 439 of them.
31 August 2006 [21:47]

Iran-Armenia gas pipeline to become operational by December

A senior Iranian oil ministry official said Wednesday evening in Yerevan that Iran-Armenia gas pipeline will become operational by year-end.
31 August 2006 [21:38]

Wartsila wins 3-yr contract for BTC oil pipeline maintenance

Finland's Wartsila said it has won a three-year contract from Turkey's Botas International Ltd (BIL) for the maintenance and supervision of the Turkish section of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.
31 August 2006 [21:22]

Imishli Sugar Refinery awarded international quality certificate

Sugar Refinery in Imishli province has been awarded with ISO 9001:2000 quality certificate. The certificate of the International Organization for Certification (ISO) has been given to the factory after Turkish Standards Institute carried out an inspection here.
31 August 2006 [21:20]

Khalg Sigorta to insure mortgage loans

The Khalg Sigorta insurance company has been included in the list of companies - agents of the mortgage lending market functioning through the Azerbaijan Mortgage Fund.
31 August 2006 [15:04]

Azerbaijan and Southern Korea sign rapport protocol

Today a delegation led by Southern Korean Commerce, Industry and Energy Minister, Lee Won Gul, exchanged views with Azerbaijani Economic Development Ministry officials.
31 August 2006 [13:27]

Azerbaijan, Korea to develop economic cooperation

Meeting with the deputy Minister of Energy, Industry and Trade Won-Gul Lee ang his delegation took place in the Ministry of Communications and Information Technologies.
31 August 2006 [09:43]

Deals of $17.290 mln concluded at BICEX August 30

The weighted average exchange price made up 0.8815 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
31 August 2006 [09:37]

SOCAR's trading branch

Azeri state oil firm SOCAR will launch its oil trading branch next year and sell crude directly to refiners, scrapping the current system of tenders, a Socar official said Wednesday.
31 August 2006 [09:34]

IMF mission visits Baku

International Monetary Fund mission led by Vitali Kramarenko has visited Baku.
31 August 2006 [09:30]

Goods transportation through TRASECA to rise by 20 mln tonnes

Goods transportation through TRASECA will rise by some 20 mln tonnes after implementation of Baku-Tbilisi-Akhalkalaki-Kars railway project.
30 August 2006 [22:40]

Iran plans to curb Caspian Sea jellyfish pest

"We have undertaken to by the end of the year - Iranian year ends March 20 - prepare a comprehensive plan to curb Mnemiopsis Leidyi, the comb jellyfish pest newly introduced into the Caspian Sea," noted Wednesday, the director of the Research Institute of Iran's Fisheries Company.
30 August 2006 [20:38]

India woos Azerbaijan with direct jewellery export

Azeri businessmen are likely to take part in the jewellery exhibition that takes place in India from August 30 August to September 3, 2007 in response to the invitation extended by Sanjay Kutari, Head, Indian delegation of Council for Promotion of Gems and Jewelry Export.
30 August 2006 [20:06]

National Bank announces tender for creation of a computer system of bank transactions

Participation payment is AZN 1 000.
30 August 2006 [19:52]

National Bank announces tender for audit of information system

The National Bank of Azerbaijan has announced a tender for audit check to reveal conformity to COBIT 4.0 (standard of information technologies) and making of maturity model for each of the 34 IT-processes.
30 August 2006 [14:06]

Azerbaijanis working in Russia sent US $94mn to their families in April-June

Foreign physical persons working in seasonal jobs in Russia have sent US $1.3bn to their countries in the second term of this year.
30 August 2006 [11:44]

Refiners fail to benefit from hike in new light oil supply

New gasoline-rich crude from Azerbaijan and Russia is blunting the impact of oil attacks in Nigeria this year but the relief will be shortlived as the world's available oil becomes ever more sulphurous.
30 August 2006 [10:27]

Deals of $4.65 mln concluded at BICEX August 29

The weighted average exchange price made up 0.8819 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
30 August 2006 [09:51]

German Development Bank and Azerbaijani Government signs credit agreement

German Development Bank (KfW) and the Government Azerbaijan has signed a credit agreement to finance a Sheki-Ganja water project.
30 August 2006 [09:41]

Kamaladdin Heydarov meets with Southern Korean Commerce, Industry and Energy Minister Lee Won Gul

Yesterday Minister of Emergencies of Azerbaijan, Kamaladdin Heydarov received a delegation led by Southern Korean deputy minister of commerce, industry and energy, Lee Won Gul, in Baku.
30 August 2006 [09:34]

Ultimate and inferred reserves of gold is 102 and 77 tonnes respectively in Azerbaijan

Carbon resources make 229 000 tonnes and chrome resources make 260 000 tonnes.
29 August 2006 [21:29]

Azercell reduces MMS price

Azercell Telecom Joint Venture is going to reduce the price of Multimedia Messaging Service (MMS) by 50 percent from September 1.
29 August 2006 [21:26]

Azerbaijan Export & Investment Fund got budget financing

Azerbaijan Export & Investment Fund (Azpromo) received financing from State Budget. Azpromo president Emil Mejidov said the Fund was transferred AZN172,000 from State Budget.
29 August 2006 [21:25]

Bank Respublika and Holland's FMO signed a $10 million credit agreement

Bank Respublika board chair Hadija Hasanova and Huub Cornelissen, the director for Europe & Central Asia of Holland’s FMO (financial development company) have signed a $10 million credit agreement.
29 August 2006 [21:15]

American businessmen to visit Azerbaijan

A delegation consisting of 15 representatives of the leading American firms engaged in information and telecommunication technologies (ICT) will visit Azerbaijan from 1 to 4 October.
29 August 2006 [16:52]

SK company to lend $30m to Azerbaijan

South Korea's SK company will set aside $30 million on e-government project, according to the Communications and Information Technologies Ministry of Azerbaijan.
29 August 2006 [16:47]

Barmek to collect electricity fees till hand-over

Despite hand-over test, Barmek-Azerbaijan continues to collect electricity fees from customers.
29 August 2006 [16:16]

SOCAR to construct a pipeline from Shakh Deniz

The construction of a Sangachal-Garadagh-Hajigabul pipeline for receiving a gas from Shakh Deniz field will be implemented by SOCAR.
29 August 2006 [13:47]

TengizChevroil to produce 13 million tn of oil in 2006

Kazakhstan's TengizChevroil JSC plans to produce more than 13 million tonnes of oil in the current year, representative of the company Zhumageldy Yelyubayev has said on Tuesday at a briefing-seminar Review of oil industry.
29 August 2006 [12:56]

Georgia can't count on Azerbaijani natural gas

The Georgian government has continually stresses the need for energy security, as a safeguard for the country's independence and sovereignty. This priority was acutely demonstrated by the example of the January cut-off of Georgia's natural gas supply coming in from Russia.
29 August 2006 [09:56]

Azerbaijani and Korea decide to remove double taxation and promote mutual investment

Azerbaijani and Korea took a decision to remove double taxation and promote mutual investment.
29 August 2006 [09:52]

Nazim Samadzade: "Unless 6 remaining districts send a letter of guarantee, they will be left without gas"

Azerigas CJSC plans to equip all houses throughout the country with a gas meter, Azerigas deputy chair Nazim Samadzade said.
29 August 2006 [09:43]

Taxes Ministry found irregularities in 17 892 facilities

Taxes Ministry Operational Control Department have to date examined 68 483 various kinds of trade facilities and found serious irregularities in 17 892 of them.
29 August 2006 [09:39]

UniBank opens branch in Sumgait

The Sumgait Branch of UniBank CB was opened yesterday.
29 August 2006 [09:18]

Issue prospectus of interest-bearing book-entry bonds of Bank of Baku registered

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry bonds of "Bank of Baku" OJSC.
29 August 2006 [09:13]

India intends to get crude precious metal from Azerbaijan

Indian Gems and Jewellery Export Promotion Council (GJEPC) and Azerbaijani businessmen met in Baku.