Business

17 June 2006 [08:08]

Insurance Code proposed in Milli Majlis

The Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [22:03]

Two senior officials of Barmek imprisoned

"Barmek-Azerbaijan Electric network" Limited Liability Company's two more senior officials were detained, Main Prosecutor's Office informs.
16 June 2006 [21:59]

Azerbaijan to produce gold next year

The Azerbaijan International Mining Operations Company will end the prospecting of the gold deposits in Gadabay region by the end of August.
16 June 2006 [15:34]

Kazakh, Azeri Leaders signed agreement on Kazakh oil's delivery via BTC

On Friday Kazakhstan President Nursultan Nazarbayev has received Azerbaijan Leader Ilham Aliyev.
16 June 2006 [14:43]

IFC extends trade finance line to AGBank

The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to purchase up to a 17.5 percent stake in AGBank and to extend a $1 million trade finance line.
16 June 2006 [13:43]

Azerbaijani company to sue Armenia

The Azerbaijan International Mining Operations Company will sue several foreign companies for exploiting gold deposits in Azerbaijan's occupied territories. It will also sue Armenia for authorizing the exploitation.
16 June 2006 [11:52]

Insurance Code proposed in Milli Majlis

Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [11:46]

Bank Standard joins the Auerbach Grayson broker network

Auerbach Grayson & Company, a New York-based brokerage firm that specializes in international securities trading for U.S. institutional investors, recently announced that Bank Standard has agreed to become its exclusive local broker partner in Azerbaijan.
15 June 2006 [22:05]

Turkey to officially inaugurate BTC pipeline on July 13

Turkey is preparing an elaborate ceremony to inaugurate the strategic Baku-Tbilisi-Ceyhan (BTC) oil pipeline on July 13, the event's organisers said Thursday.
15 June 2006 [15:37]

AzerEnergy VP to visit China

The delegation of Azerenergy joint-stock company led by its vice-president Marlen Asgarov will be visiting People's Republic of China on June 16-24 to become familiar with the state-of-the-art technologies applied in electric power stations of Beijing, Urumqi and other cities of China.
15 June 2006 [15:33]

Azercell expands network, government to sell stake by end 2006

Azercell, the dominant cellco in Azerbaijan, has revealed that it has installed 61 base stations in rural areas in the first five months of 2006. Population coverage of Azercell's network stands at over 95%.
15 June 2006 [15:31]

Azerbaijan-Turkey business forum to take place in Baku

The Azerbaijan-Turkey business forum will be held June 22 in Baku, Azerbaijan National Confederation of Entrepreneurs' Organizations announced.
15 June 2006 [13:32]

Harnessing regional potential: Baku business forum faces the future with optimism

Economically the Black Sea region is the fastest growing region in the world after East Asia and has a lot of prospects lying ahead: this was the main message of the June 12 business conference in Baku.
15 June 2006 [01:55]

Bulgarian cable operator CableTEL to invest in Azerbaijan

CableTEL, the Bulgarian cable TV, Internet and voice company, sad it will deploy a cable TV network in Azerbaijan.
15 June 2006 [01:54]

Azerbaijan considers Iran as its primary partner in electricity sector

Azerbaijan's State Electricity Company 'AzerEnergy' quoting informed sources in a bulletin said here Iran is Azerbaijan's partner in the electricity sector.
15 June 2006 [01:12]

BSE: "The rate of corporate sector in Azeri stock market will come to 15% by this year"

The volume of transactions in stock market of Azerbaijan reached AZN517,5 million last year increasing more than 5 times.
15 June 2006 [01:09]

SOCAR Marketing and Economic Transactions Department is prepared for the application of international standards

Marketing and Economic Transactions Department (METD) of State Oil Company of the Azerbaijan Republic (SOCAR) began the arrangements for the adaptation of ISO 9001:200 international standards in the Department.
15 June 2006 [01:06]

Bank Standard winning campaign ends

The final stage of the April 1 to May 31 winning campaign, a lottery, run by CJSC Bank Standard will be finished on Thursday.
15 June 2006 [01:05]

Another high debit oil reservoir put in operation in Guneshli reservoir platform

A high debit 73rd well in Guneshli reservoir platform 19 within the sector of Azerbaijan in the Caspian Sea was given to 28 May Oil and Gas Operation Unit (OGPU) of State Oil Company of Azerbaijan (SOCAR).
15 June 2006 [01:04]

60% decrease in natural gas production occurred in Binagadi

Binagadi Oil Operation Company produced 2 635 thousand cubic meters natural gas in Binagadi land block in Azerbaijan during January-May this year.
15 June 2006 [01:02]

Project Agreement on Kazakhstan's joining to BTC is considered by President Aliyev

"Project Agreement on Kazakhstan's joining to Baku-Ceyhan Pipeline is ready and it is under the consideration of the President of Azerbaijan," Natig Aliyev, Industry and Energetics Minister of Azerbaijan, has told reporters about.
15 June 2006 [00:58]

Bank Respublika granted regional mortgage

Joint-Stock Commercial Bank (JSCB) Respublika granted 7 mortgages after the process of mortgaging financed by state budget started in Azerbaijan.
14 June 2006 [20:38]

Azerbaijan to purchase new short-range aircrafts

AZAL holds talks aimed at purchasing six French ATER 42-500 and ATER 72-500 type passenger aircrafts.
14 June 2006 [19:12]

Hussein Arabul: "We have given 258,435-page-answer to questions on Barmek's activity"

The lawyers for the Barmek-Azerbaijan Electricity Distribution LLC are having talks with the government on further activity of the company.
14 June 2006 [19:04]

U.S. plans significant contribution to new Black Sea Fund

The United States plans to make a substantial contribution to the Black Sea Trust, a new multimillion-dollar fund promoting democracy and cooperation among nine countries in southeast Europe, President Bush's deputy national security adviser says.
14 June 2006 [19:02]

Elman Rustamov meets NBG President

Elman Rustamov, President of the National Bank of Azerbaijan met Roman Gotsiridze, President of the National Bank of Georgia, in Baku.
14 June 2006 [16:16]

President of SOCAR meets ITOCHU delegation

President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnaq Abdullayev met June 13 with delegation of the energy and mineral resources division of ITOCHU Corporation of Japan led by Yoichi Kobayashi.
14 June 2006 [15:22]

SOCAR President meets Halliburton officials

President of the State Oil Company of Azerbaijan (SOCAR) Rovnaq Abdullayev met June 13 with David Lesar, Chairman, President, and Chief Executive Officer of Halliburton Energy Services.
14 June 2006 [10:05]

Government still discuss proposals on privileged mortgaging

Proposals on privileged mortgaging for privileged categories of the population are still discussed by the Government of Azerbaijan.
14 June 2006 [10:00]

Auction takes place on placement of T-Bills at BSE

Baku Stock Exchange (BSE) hosted the placement of T-Bills of the Ministry of Finance with the state registration number 10201413S.
14 June 2006 [09:13]

Only 60% of timber resources of Azerbaijan covered with forests

Only 600 000 hectares area of 1 million hectares timber resources of Azerbaijan covered with forests.
14 June 2006 [09:06]

Volume of BICEX currency transactions totaled $630 thousand

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0,8960/$1.
14 June 2006 [09:01]

State Committee of Azerbaijan for Land and Cartography: "Area along Baku-Ceyhan Pipeline is not compensated"

State Committee of Azerbaijan for Land and Cartography (SCLC) rejects the sayings that citizens are not compensated for their strip lands along Baku-Ceyhan Main Export Pipeline (BTC). Garib Mammadov, the Head of the Committee, has told reporters about.
14 June 2006 [08:05]

Garib Mammadov: "Executive authorities and municipalities sell lands illegally"

About 1800 illegal land areas sales were detected last year. 350 of them were fined and 97 were given to law enforcement bodies to deal with.
13 June 2006 [21:13]

President Aliyev meets Halliburton's chief David Lesar

On June 13, President of Azerbaijan Ilham Aliyev received at the Presidential Palace Chairman, President And Chief Executive Officer of the company Halliburton David Lesar.
13 June 2006 [17:07]

President awards BTC Co. Chief Managing-Director

President Ilham Aliyev issued an executive order on conferring "Shohrat" order on chief managing-director of BTC Company Michael Townsend.
13 June 2006 [16:16]

BTC inauguration to gather 7 Presidents, 20 Premiers, 38 Foreign Ministers and 76 Energy Ministers

The program of the official ceremony of inauguration of the Baku-Tbilisi-Ceyhan Main Export Pipeline has been made public.
13 June 2006 [15:49]

Caucasus Banking & Finance Conference launched in Baku

Caucasus Banking & Finance Conference has today been launched in Baku.
13 June 2006 [15:04]

Joint IFC/BP Linkages Project Boosts Local Enterprises in Azerbaijan

The Micro Finance Bank of Azerbaijan (MFBA) today issued its first supplier finance loan to the local Azeri company Azmetco. This is the first step in an important new initiative, which will improve access to finance for Azerbaijan's local oil and gas industry supplier and service enterprises.
13 June 2006 [14:15]

SOFAZ executive director meets NGO coalition members

Shahmar Movzumov, Executive Director of the State Oil Fund of the Republic of Azerbaijan, met June 12 with the members of Non-Governmental Organizations Coalition for Increasing Transparency in the Extractive Industries in Azerbaijan.
13 June 2006 [09:49]

Meeting on additional gas supply to Georgia cancelled

Discussions on additional gas supply to Georgia from Baku-Tbilisi-Arzurum Pipeline to be held in Tbilisi at experts' level June 12-14 were cancelled.
13 June 2006 [09:44]

Azerenergy starts new substation construction in Salyan

OJSC Azerenergy starts the construction of a new 220KV substation in Salyan. Being considered for energy provision improvement in Salyan and Bilasuvar, the station is the main object of the electro energy cooperation between Azerbaijan and Iran.
13 June 2006 [09:36]

Shirvan Oil increased gas production by 34% in January-May

Shirvan Oil Operation Company produced 7,314 million cubic meters natural gas, 34,2% more than the figure for the same period of a previous year, in Kurovdag during January-May this year.
13 June 2006 [09:35]

Azeri companies to participate in International Investment Forum

International Investment Forum on "Current Investment Opportunities in Developing Regions" is organized in Zurich, Switzerland, on 12-13 June.
13 June 2006 [09:32]

Romanian Commerce and Industry Chamber vice-chairman to visit Azerbaijan

Dragosh Semiyano, vice-chairman of Romania's Commerce and Industry Chamber will visit Azerbaijan.
13 June 2006 [09:12]

The two-day I Caucasus Banking and Finance Expo-Conference starts today

Press-conference devoted to I Caucasus Banking and Finance Expo-Conference to be held June 13-14 in Baku.
13 June 2006 [08:56]

70% of audit services in Azerbaijan are voluntary

Azerbaijan will meet international standards on the ratio of voluntary and mandatory audit services in next few years.
13 June 2006 [08:44]

IMF Expert on state debts management in Baku

Darios Farsimadam, International Monetary Fund (IMF) Technical Assistance Project Councilor for State Debts Management in Central Asia and Azerbaijan, has today reached in Baku.
13 June 2006 [08:41]

Bank of Azerbaijan will increase nominal capital twice

Joint-Stock Commercial Bank "Bank of Azerbaijan" will increase nominal capital twice to reach AZN20 million by late year.
13 June 2006 [08:31]

4 big enterprises to be privatized in Ganja

4 big enterprises in Ganja are expected to be open for privatization, which are Ganja Carpet-Making Factory, Engineering Plant, Timber Works and Ganja Industry and Building Materials Factory.
13 June 2006 [08:26]

44% increase of Bank Standard assets in January-May

Assets of CJSC Bank Standard reached AZN142 855 (USD158 816) increasing by 9% in May this year. It is 44% more than the similar figure for end 2005.
13 June 2006 [08:23]

Natural gas delivery to Lenkeran might be cut off

Gas delivery to Lenkeran might be cut off, Lenkeran Gas Exploitation Office chief engineer Idris Hajiyev stated.
12 June 2006 [21:27]

$11 million credit line opened to banks in Azerbaijan

Today agreements on opening around $11 credit lines to four banks in Azerbaijan were signed by Black Sea Trade and Development Bank (BSTDB).
12 June 2006 [19:19]

President Aliyev meets BSTDB delegation

On June 12 President Ilham Aliyev received the delegation led by President of the Black Sea Trade and Development Bank (BSTDB) Hairettin Kaplan.
12 June 2006 [19:13]

Kazakh Government will complete drafting Treaty on Baku-Tbilisi-Ceyhan joining

Kazakhstan Government works at the final stage of the draft Treaty on Kazakhstan's accession to Baku-Tbilisi-Ceyhan pipeline system.
12 June 2006 [13:56]

Black Sea Business Forum acts in Baku

Black Sea Business Forum has today started following XIII Session of Black Sea Trade and Development Bank (BSTDB) Directorate June 10-11.
12 June 2006 [09:01]

Frunze Co. Ukraine to bring new equipment to Azerbaijan

Frunze Co. Ukraine is aimed at bringing new equipment – AK-80 able to lift 80 tons weight for repairs in well, to Azerbaijan.
12 June 2006 [08:57]

Azerbaijan to export wine to US

The America-Azerbaijan Trade Chamber (AATC) intends to start a campaign of showing domestic products in US market soon.
12 June 2006 [08:51]

Bateman Co. Israel to open branch in Azerbaijan

Bateman Co. Israel is aimed at opening a branch in Azerbaijan.
12 June 2006 [08:47]

Tender on Azerbaijan Mortgage Fund's office facilities and equipment

Azerbaijan National Bank (ANB) announced tender for provision of Azerbaijan Mortgage Fund (AMF) with office facilities and equipment.
11 June 2006 [19:02]

IDB to hold investment conference in Baku

The Islamic Development Bank (IDB) will hold an investment conference in Baku in November, according to press service of the Ministry of Economic Development of Azerbaijan.
11 June 2006 [18:57]

Annual meeting of the BSTDB's Board of Directors held in Baku

The 8th annual meeting of the Board of Directors of the Black Sea Trade and Development Bank (BSTDB) took place in Baku on June 11.
11 June 2006 [18:54]

Azerbaijan, Russia to sign ICT agreement

Minister of Communication and Information Technologies of Azerbaijan Ali Abbasov met his Russian counterpart Leonid Reyman to discuss the provisions of the intergovernmental agreement, which is aimed at enhancing the bilateral relations between the two countries in the field of information and communication technologies.
11 June 2006 [12:44]

Turkish Energy Minister: "Blue Stream gas pipeline to reach Ceyhan"

Turkey's Energy Minister Hilmi Guler stated that his country has turned into an important mediator between the producers and users of energy.
11 June 2006 [12:24]

Fire broke out in Pepsi Cola factory

Fire broke out in Pepsi Cola factory located in Khirdalan on June 10.
11 June 2006 [12:06]

Finance Bill will force UK to try Azerbaijani tax evaders

Accountants believe a proposed agreement between international tax authorities outlined in the chancellor's Finance Bill will allow Azerbaijani tax evaders to be tried in UK courts.
10 June 2006 [14:27]

Georgia aims to boost oil output to 90,400 bbl/d by 2020

Georgia's deputy energy minister said Friday the south Caucasus country planned to raise crude output to 90,400 bbl/d from current 1,000-2,000 bbl/d by 2020.
10 June 2006 [14:24]

BTC pipeline delivers first cargo of Azerbaijani crude oil to world markets

The Baku-Tbilisi-Ceyhan (BTC) pipeline today achieved a historic milestone with the delivery of its first cargo of crude oil to world markets.
10 June 2006 [09:07]

Barmek responded 61% of the Inspection Commission questions

38 (61,3%) out of 62 questions addressed to LLC Barmek Azerbaijan Energy Network in written form from June, 5 to June, 9, by the Inspection Commission formed at the initiative of Economic Development Ministry were responded by Barmek.
10 June 2006 [09:05]

Azersun Holding represents Azerbaijan at exhibition in Tbilisi

Azersun Holding Group of Companies represents Azerbaijan at VII international Food Industry Exhibition in Tbilisi, Georgia.
10 June 2006 [09:01]

Volume of BICEX currency transactions totaled $980 thousand

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0,8960/$1.
10 June 2006 [08:57]

Azerbaijan will export a million dollar oil products to Lithuania

As a result of talks in Baku on expansion of energy cooperation between Azerbaijan and Lithuania, sides were agreed on the importation of $1 million oil products to Lithuania yet.
10 June 2006 [08:53]

Next round of talks between Azerenergy and KFW Bank of Germany held

Next round of talks between OJSC Azerenergy and KFW Bank of Germany was held in Baku. The German side was represented by Claudia Loy, KFW Energetics and Ecology Sector Director, and Peter Brinkman, Senior Manager in Energy Projects.
09 June 2006 [15:50]

Azeri free trade area to use Dubai experience

Dubai's experience will be used to establish a free trade zone in Azerbaijan. Relevant documents have been submitted to the president, according to the Economic Development Minister Heydar Babayev.
09 June 2006 [12:42]

Lithuanian President invites Azerbaijani businessmen to invest in Lithuania more actively

Lithuanian President Valdas Adamkus, continuing an official visit to Azerbaijan, has urged to develop business relations between the two countries more actively.