Business

21 February 2007 [22:34]

Azerbaijan's banking sector open for foreign capital, top banker says

Azerbaijan has always welcomed flow of foreign banks to the country, said Elman Rustamov, Chairman of the Management Board of the National Bank.
21 February 2007 [17:08]

Azeri Labor Unions Confederation offers to align minimum wage with monthly average

Azerbaijan Confederation of Labor Unions has requested the Parliament to reconsider the subsistence level and social assistance criteria.
21 February 2007 [16:47]

Seminar on Azerbaijan to be held in Norwegian Institute of International Affairs

Seminar "Azerbaijan's role in the South Caucasus" will be held in Norwegian Institute of International Affairs on February 26.
21 February 2007 [16:39]

Legal procedure on Barmek former officials' appeal postponed

Appeals Court again postponed the legal procedure on the appeals of six former officers of Barmek-Azerbaijan Electricity Distribution.
21 February 2007 [16:38]

No applications for tender of ANS frequency

No applications have been presented for the tender of ANS TV and ANS ChM frequency.
21 February 2007 [13:09]

One more drugstore closed in Baku

Azerbaijan's Health Ministry innovation and supply center closed one more drugstore 'Nebz' situated in 16, R. Behbudov St, Nasimi district.
21 February 2007 [12:48]

Azerbaijan works out Five-Year Development Program for Railway Infrastructure

Azerbaijan State Railway Company (ADDY) experts are working on a Development Program for Railway Infrastructure for 2007-2011.
21 February 2007 [09:25]

Telephone tariffs can be increased

The Tariff Council, State Price Regulator, has received proposals from Communication and Information technologies Ministry and State Railways Company (ADDY) for change of the service prices.
21 February 2007 [09:20]

i-Flex Solutions Limited installs FLEXCUBE system in Kapital Bank

India-based i-Flex Solutions Limited is completing FLEXCUBE system installation in Kapital Bank of Azerbaijan.
21 February 2007 [08:55]

Additional action plan on development of transport sector to be worked

Azerbaijan's Transport Ministry is working out an action plan on development of transport sector within 2007-08.
21 February 2007 [08:50]

Baku Public Telephone Unit to buy 500 public call-boxes from Russia

Baku Public Telephone Unit (BTAQ) intends to buy 500 public call-boxes from Russia to install in Baku.
21 February 2007 [08:45]

Agrarcredit lends AZN 155mln in rural areas

Mammad Musayev, Chairman of the management Board of the Agrarcredit nonbank credit organization, gave a press conference on social and economic development of the regions.
21 February 2007 [08:40]

National Bank's notes to be floated Wednesday

National Bank's notes will be floated on the Baku Stock Exchange on February 21.
21 February 2007 [08:35]

IMF to help Azerbaijan develop single methodology for budget forecasts

Azerbaijan's Taxes Minister Fazil Mammadov has received Vitali Kramarenko, IMF Officer for Middle Asia and Near East.
21 February 2007 [08:30]

Russia's Trade Office in Azerbaijan calls on Moscow to cooperate with Azersun Holding

Head of Russia's Trade Office in Azerbaijan, Yuri Shedrin, has requested Moscow province economic bloc to help Azersun Holding promote its products and services.
21 February 2007 [08:20]

Azerbaijan Heating Company tests mobile heating boilers

Azerbaijan Heating Supply Company has tested three mobile heating boilers.
21 February 2007 [08:15]

Azerbaijan Industry Bank to lend mortgage loans at 6% annually

Azerbaijan Industry Bank, as an authorized bank of Azerbaijan Mortgage Fund, will begin lending mortgage loans at a 6% interest rate annually.
21 February 2007 [08:05]

KfW to extend loan to development of energy sector in Azerbaijan

Supervisory Control and Data Acquisition (SCADA) system installation project has continued to progress and completion of Phase 1 will be marked in a few days.
21 February 2007 [07:15]

Five courses to be organized in Bank Training Center

Azerbaijan Bank Training Center is holding courses on Management of Human Resources, General Banking and Mortgage Lending at present.
20 February 2007 [22:39]

Kopecks can be changed due to humidity in Azerbaijan, National Bank says

Withdrawal of old currency notes from the circulation has continued to progress and only a little amount of bills remained, Elman Rustamov, Chairman of the Management Board of the National Bank of Azerbaijan said during a meeting with Caspian Integration Business Club members.
20 February 2007 [22:15]

Azerbaijan suspends import of poultry from two Russian regions

Azerbaijan's state veterinary service has imposed temporary restrictions on the import of poultry products from Russia's Moscow Region.
20 February 2007 [22:13]

GDP per capita to reach $5,000 in Azerbaijan in 2010, National Bank says

Caspian Integration Business Club members met with Elman Rustamov, Chairman of the Management Board of the National Bank of Azerbaijan.
20 February 2007 [16:02]

Pensions to be delivered by plastic cards in regions

In the nearest future, pension benefits will be delivered through plastic cards in large villages and settlements of Azerbaijan.
20 February 2007 [15:56]

Additional action plan on development of transport sector to be worked

Azerbaijan's Transport Ministry is working out an action plan on development of transport sector within 2007-08.
20 February 2007 [14:19]

Shah Deniz returns on stream

Well SDA-02 drilled in Shah Deniz Field, the giant one in the Azerbaijani sector of the Caspian, returned on stream at full capacity at 0415 hrs. on Tuesday morning.
20 February 2007 [14:02]

Azerbaijan to export packaged sugar

Azersun Holding has commissioned Caucasus Sugar Refinery in Azerbaijan.
20 February 2007 [13:31]

Transport Ministry talks to buy Mercedes cabs

Azerbaijan's Transport Ministry is negotiating with DaimlerChrysler to buy Mercedes Benz taxis for domestic use.
20 February 2007 [09:35]

Immigration blue-card system to be applied

European Union plans to provide citizens of non-member states with jobs. The Union is going to apply blue cards like US green card.
20 February 2007 [08:55]

40th anniversary of Baku Metro to be marked

The 40th anniversary of Baku Metro will be marked on October 8.
20 February 2007 [08:50]

IMF's Vitali Kramarenko hold meetings in Baku

Head of IMF mission for Azerbaijan Vitali Kramarenko has had meetings at Finance, Taxes Ministries and National Bank of Azerbaijan and discussed 2006 macroeconomic indicators and prospects and economic policy for medium term of 2007.
20 February 2007 [08:47]

Most Azeris unaware of what SOFAZ was established for

Up-to-now results of a poll called People's expectations for petrodollars and their spending in Azerbaijan, commissioned by Entrepreneurship & Market Economy Development Assistance Foundation and carried out by Puls-R through funding from US Eurasia Foundation, was released.
20 February 2007 [08:04]

Crude jumps back on world market

February 16, crude oil prices for March delivery rebounded $1.41, to $59.39 on Nymex.
20 February 2007 [08:02]

McDermott employees are first internationally recognized Azerbaijani divers

Employees of McDermott Caspian Contractors, Inc. (McDermott) became the first Azerbaijani nationals to gain internationally recognized saturation diving qualifications after completion of a special training course abroad.
20 February 2007 [07:40]

Azerbaijan bans fowl import from Russia

Azerbaijan banned fowl import from Russia, press secretary of the State Veterinary Service under Agriculture Ministry informs.
20 February 2007 [07:05]

ROSTIK'S-KFC outlet to be opened in Azerbaijan

By the end of 2006 ROSTIK'S-KFC had in its portfolio 118 outlets, 87 of which are managed by independent franchisees. 67 quick service restaurants are located in Moscow and Moscow Area.
19 February 2007 [22:55]

ISO Secretary-General Alan Bryden to visit Baku

Alan Bryden, Secretary-General of International Organization for Standardization (ISO) will be visiting Azerbaijan on March 1-2 at the invitation of Azerbaijan State Agency for Standardization, Metrology and Patents.
19 February 2007 [15:43]

Education Ministry to present proposals to Tariff Council on tuition fees in higher and technical schools

Education Ministry will present its proposals on tuition fees in higher and technical schools to Tariff Council in April-May, Education Minister Misir Mardanov told.
19 February 2007 [15:06]

German companies keen on cooperation with SOCAR, Steinmeier says

State Oil Company (SOCAR) President Rovnag Abdullayev received German Foreign Minister Frank-Walter Steinmeier visiting Azerbaijan in an effort to explore possibilities of diversification of energy supplies.
19 February 2007 [14:42]

Sangachal-Gazimammad pipeline to be commissioned in June

Sangachal-Gazimammad pipeline project to improve Shah Deniz gas delivery to the national grid has continued to progress and will be complete by the end of March, 2007.
19 February 2007 [14:38]

Applications for ANS's frequency to be received

Applications on tender for ANS ChM radio and ANS TV will be received from Tuesday.
19 February 2007 [14:06]

Baku to host Azerbaijan-Moldova business forum

Azerbaijan-Moldova business forum will be held in Baku by Azerbaijan Economic development Ministry, AzPromo and Moldova Commerce and Industry Chamber on February 23.
19 February 2007 [12:15]

Azerbaijan, Israel to ink Investment Protection and Promotion Agreement

Azerbaijani Economic Development Minister Heydar Babayev has left for Israel on a working visit at invitation.
19 February 2007 [01:42]

SOCAR: Transition from National to Transnational Company or Demand of Time?

State Oil Company of Azerbaijan (SOCAR) is included in the ratings compiled by the American magazine DinarStandard, where profit taking 16th out of 100 positions in the ranking DS. The Oil Company of Azerbaijan is the the world's 68th largest company and valued at the time in the amount of about $ 20 billion.
18 February 2007 [01:30]

Kapital Bank upgraded by Fitch and Moody's ratings

Fitch Ratings upgraded Azerbaijan's Kapital Bank to long-term BB-, 3 support rating and D/E individual rating.
17 February 2007 [22:52]

Kapital Bank net profit to reach $3.64

Kapital Bank foresees to have a net profit of AZN 3.2mln in 2007.
17 February 2007 [17:07]

Sergey Markedonov: "Baku-Tbilisi-Akhalkalaki-Kars to become railway variant of BTC"

"The sharp cooling of the Russian-Azeri relations in late 2006 formally began with outer reasons.
17 February 2007 [13:49]

Rodents hit grain fields in Jalilabad

Rodents are destroying grain fields in Jalilabad.
17 February 2007 [13:46]

Kapital Bank holds annual meeting

Kapital Bank has held an annual report meeting.
17 February 2007 [13:25]

Baku to host first meeting of GUAM event

First meeting of GUAM Transportation Coordination Council will be held in Baku on March 15.
17 February 2007 [09:20]

Sinam offers to create three regional innovation zones in Azerbaijan

Azerbaijan's Sinam has sent a package of proposals on the project of establishment of innovation zones in Azerbaijan to Booz Allen Hamilton consulting firm.
17 February 2007 [08:50]

Azerbaijan's post offices to provide banking-financial services

150 post offices in Baku, Sumgait and Absheron, will provide banking-financial services from October or November this year.
17 February 2007 [08:45]

Azerbaijan, Georgia and Turkey to have parallel power grid

Azerbaijan, Georgia and Turkey will use a parallel power grid in a few years and the parties are carrying out technical and economic assessment of the project.
17 February 2007 [08:40]

IFC to cooperate with Azerbaijan Investment Company

International Finance Corporation, the private sector arm of the World Bank Group, will start cooperation with Azerbaijan Investment Company in the nearest future.
17 February 2007 [08:35]

$43mln to be invested in Almali retail chain

Investments of US $22mln have been made in Almali food retail chain in Azerbaijan, ADA Group Management Board Chairman Rafael Hajiyev said.
17 February 2007 [08:30]

IFC to take a stake in Bank Respublika

International Finance Corporation (IFC) intends to acquire a stake in Azerbaijan's Bank Respublika, Head of IFC Office in Azerbaijan Aliya Azimova said.
17 February 2007 [08:20]

Water pipeline to be constructed in Zagatala

A conference on overall results of 2006 was held in Zagatala.
17 February 2007 [08:15]

Azerbaijani specialists attend international symposium in Russia

International symposium on the theme "Management of projects: Government. Society. Business" is being held in Nizhny Novgorod, Russia.
17 February 2007 [07:40]

Azeri leasing companies' net investment reaches AZN 62mln

As of January 1, 2007, total net investment of Azerbaijan leasing companies amounted to AZN 61.9mln and leasing operations reached AZN 90mln, an IFC annual report said.
17 February 2007 [07:30]

Azersu, SOCAR prepare projects for improving ecological situation

State bodies prepared a number of projects corresponding to the Plan of Measures for improving ecological situation in Azerbaijan in 2006-2010, signed by Azerbaijan's President last year.
16 February 2007 [20:28]

IMF's Vitali Kramarenko to visit Baku

International Monetary Fund mission, came to Azerbaijan on February 14, are holding meetings with relevant bodies in Azerbaijan.
16 February 2007 [20:26]

Agreements signed at Germany-Azerbaijan business forum

A number of agreements have been reached during Germany-Azerbaijan Business Forum held in Berlin by Azerbaijani embassy, Economci Development Ministry and Azpromo.
16 February 2007 [20:21]

Opportunities for Transatlantic Cooperation in the Caspian Region

Richard L. Morningstar, a lecturer at Stanford Law School, analyses the potential of the Caspian Region to lessen Europe's over-dependence on Russian gas, particularly considering the potential of gas-rich nations such as Kazakhstan.
16 February 2007 [20:19]

Azerbaijan increases gas supplies to Georgia

Georgia will receive 1,3 million cubic meters of Azerbaijani gas per day until April 1 at USD 120 per 1000 cubic meters, instead of 1 million cubic meters as agreed previously, the state-run Georgian Oil and Gas Corporation (GOGC) said on February 16.
16 February 2007 [17:32]

First supertanker loaded from BTC pipeline

Statoil is marketing the first oil to be exported by very large crude carrier (VLCC) from the Turkish port of Ceyhan. Oil from the Caspian Sea is transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline, in which the group holds an interest.
16 February 2007 [17:30]

Patarkatsishvili speaks of reasons for selling Kulevi terminal

Influential Georgian business mogul Badri Patarkatsishvili sold his Kulevi oil terminal to Azeri investors "in order to restore the correct balance between our relations with Azerbaijan and Kazakhstan," the businessman said during an interview with Imedi TV, which he owns.
16 February 2007 [17:04]

IFC, ADA Group ink agreements to finance Almali retail chain in Azerbaijan

IFC, the private sector arm of the World Bank Group, Friday signed agreements to provide financing to the ADA Group, which operates Almali, the first local food retail chain in Azerbaijan.
16 February 2007 [15:40]

Azerbaijan to earn $250mln from effective asset management

National Bank of Azerbaijan and State Oil Fund (SOFAZ) foresee the country will earn between $200mln and 250mln from effective management of assets for 2007.
16 February 2007 [14:34]

Azeri banks inefficiently use potential Internet technologies

Despite bank sector is a dynamically developing business in Azerbaijan, high-tech process, especially Internet banking, e-commerce etc. is limping.
16 February 2007 [14:32]

2006 gold demand soars 22%

Despite reduced supply and a fall in tonnage, demand for gold in 2006 reached a record US$65.3bn, the World Gold Council (WGC) said on Thursday.
16 February 2007 [09:45]

BBC, CNN to broadcast trailer on Azerbaijan investments

Azerbaijan Export and Investment Promotion Foundation (AZPROMO) will prepare trailer on country's economy and investment milieu.
16 February 2007 [09:35]

Trades at BICEX, Feb. 15

The weighted average exchange prices made up 0.8694 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 15.
16 February 2007 [09:25]

ISO Secretary-General to visit Azerbaijan

Alan Bryden, Secretary-General of International Organization for Standardization (ISO) will be visiting Azerbaijan on March 1-2 at the invitation of Azerbaijan State Agency for Standardization, Metrology and Patents.
16 February 2007 [08:50]

Azerbaijan's industry grows 52.4%

Industrial production grew 52.4%, in January, to AZN 14.95bn in Azerbaijan.
16 February 2007 [08:45]

Phone subscribers to be more than double in Azerbaijan in two years

Within the scope of the 2005-2008 State Program for Information and Communications Technologies, telecommunications networks will be expanded and subscribers will more than double, said Communications and Information technologies Minister Ali Abbasov.