Business

05 November 2006 [14:20]

SOCAR purchases 12 million cubic meters of gas per day from Russia

According to the State Oil Company, Azerbaijan purchased 33,4 million cubic meters of gas in October for electric stations from Russia, totalling 3 billion 45,9 million cubic meters in January-October.
05 November 2006 [14:11]

Living quarters to be installed in Deepwater Guneshli

According to BP-Azerbaijan, the company has made very good progress on Deepwater Gunashli (Phase 3) since the beginning of this year. The overall Phase 3 project progress is on schedule.
04 November 2006 [22:19]

Azeri-Jordanian business forum to be held in Baku

According to the Economic Development Ministry, the delegation of the Hashemite Kingdom of Jordan led by its Prime Minister Marouf al-Bakhit will pay a visit to Azerbaijan on November 6-8. The delegation includes Jordanian businessman.
04 November 2006 [22:13]

Armenia says its price of US$110 for Russian gas will remain fixed until end of 2008

Armenia said Saturday that the price it is paying for Russian gas of US$110 (?86) will stay fixed until the end of 2008, an announcement certain to rile neighboring Georgia which has been told to pay more than double that from next year.
04 November 2006 [15:39]

SOCAR's chief meets BP executive

President of the State Oil Company Rovnag Abdullayev met with executive vice president of the BP company Andrew Inglis, ex-president of the BP-Azerbaijan David Woodward and his successor Bill Schrader, SOCAR’s press service said.
04 November 2006 [12:57]

Georgia looks to BP and Iran to replace Russian gas

Georgia believes gas from Iran and a BP-led project in Azerbaijan could fully replace Russian fuel after Moscow threatened to double prices amid a political row with Tbilisi, a minister said on Friday.
04 November 2006 [12:52]

Bulgaria wants link to gas pipeline between Azerbaijan and Europe

Bulgaria wants to be linked to a strategic pipeline channeling gas from a massive Caspian Sea gas field in Azerbaijan to Europe via Turkey and Greece, its economy and energy minister said.
04 November 2006 [12:24]

Ziyafat Askerov: "My salary is not enough for me"

"There is a great rise in the prices," Ziyafat Askerov, Vice-speaker said during the discussions on Draft State Budget.
04 November 2006 [12:12]

Kamaladdin Heydarov has one-on-one meetings in Morocco

11th Ministerial Session of the European and Mediterranian major hazards areement took place in Morocco October 30-31.
04 November 2006 [11:56]

Azeri State Budget military expenditures grow 27.9% year-on-year

Defense spending of the State Budget of Azerbaijan will be US $1.1bn or AZN 907m in 2007, Azerbaijani Finance Minister Samir Sharifov said during discussion of the Draft State Budget.
04 November 2006 [11:51]

Baku Metro sells over 80 000 smart cards

Those having VISA cards of Azerbaijan International Bank will be able to travel by Baku subway without tokens or chip cards.
04 November 2006 [11:49]

Azerdemiryolbank gives two more mortgages

Azerdemiryolbank OJSC allowed two mortgages in the amount of AZN 38 100.
04 November 2006 [11:42]

Azerdemiryolbank's regional credit portfolio grows 82%

During the period of January-September the regional credit portfolio of Azerdemiryolbank grew by 82% to AZN 16m, which makes 36.4% of the total credit portfolio.
04 November 2006 [11:24]

Deals at BICEX, Nov.3

The weighted average exchange price made up 0.8728 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
04 November 2006 [11:07]

Azerenergy produced 1.7bn KW/h electrical energy in October

Some 1.7bn kilowatts/h of electrical energy was generated in Azerbaijan in October.
04 November 2006 [10:51]

Yagub Eyyubov: "Azerbaijan to talk with Iran if prices of Russian gas too high"

Azerbaijan is able to cover its demand for natural gas in 2007 without even Russian and Iranian gas supplies, First Deputy Premier Yagub Eyyubov stated.
04 November 2006 [10:42]

Refund of Soviet-period savings is problematic

Draft Law on "the Refund of Soviet-period savings" remains unprepared, Azerbaijani Finance Minister Samir Sharifov said during discussion of Draft State Budget for 2007.
04 November 2006 [10:32]

Azerbaijan and Poland to sign documents at Polish National Economic Exhibition

Polish National Economic Exhibition will be organized in ABU ARENA salon in Baku between November 8 and 10.
04 November 2006 [10:25]

Parliament to discuss Draft State Budget for three days

The Parliament will sit for three days next week.
03 November 2006 [17:00]

USDA's Commodity Credit Corporation buys 10 800 tons of wheat for Azerbaijan

USDA's Commodity Credit Corporation (CCC) has purchased 28 300 tons of American red wheat to donate to Azerbaijan, Georgia and Armenia.
03 November 2006 [16:56]

RussNeft set to invest $100-150 mln in Azerbaijani oil fields

Russian oil company RussNeft and the State Oil Company of Azerbaijan (SOCAR) have signed a production-sharing agreement to develop two oil fields in Azerbaijan, a RIA Novosti correspondent reported Friday.
03 November 2006 [16:28]

PABSEC's 28th plenary to be held in Baku

The 28th Plenary Session of the Parliamentary Assembly of the Black Sea Economic Cooperation organization (PABSEC) will be held in Baku November 21-23, press service of Azerbaijan's Parliament said.
03 November 2006 [16:27]

Standard Bank opens new Sumagait branch

Standard Bank has opened its new branch in Sumgait city of Azerbaijan.
03 November 2006 [13:08]

Niko Lekishvili: "Possible to balance gas price on account of gas supplies from Azerbaijan"

Georgian leadership considers Gazprom's more than doubling gas prices not to be a "tragedy".
03 November 2006 [10:31]

NBA's currency reserve hits $1.6bn

The official currency reserve of the National Bank of Azerbaijan has grown $961.71m (66.38%) to US $ 1.6bn.
03 November 2006 [10:30]

Insurance law expected to be protracted

Adoption of the Insurance Law may be protracted by spring next year.
03 November 2006 [10:29]

Collection of water and sewerage bills 58.3% in Jan-Sep

As of November 1, Azersu OJSC installed 134 464 water meters, of which 79 791 were fixed in October.
03 November 2006 [10:20]

Azerbaijani businessmen to attend TITAF 2006 international exhibition

The 4th Tehran International Transportation Fair-TITAF 2006 will be held from Dec. 19 - 22, 2006 at the Tehran International Permanent Fairground of Tehran, Iran.
03 November 2006 [10:19]

Azerbaijan, Russian and Iran railway officials to meet in Tehran

Azerbaijan, Russian and Iran railway structure heads will come together in Tehran on November 20 to discuss North-South corridor project.
03 November 2006 [10:17]

37-storied hotel to replace Moscow Hotel

Azunko Holding LLC has won the tender, for the sale of Moscow Hotel in Baku, announced by State Committee for Management of the Public Property.
03 November 2006 [10:16]

Transport Minister visits South Korea

Azerbaijani Transport Minister Ziya Mammadov has visited South Korea.
03 November 2006 [10:10]

Foreign credits make 9.7% of GDP in Azerbaijan Jan-Sep

The volume of foreign credits attracted to Azerbaijan's economy in January-September made $1 9157m, of which 9.7% of the Gross Domestic Product.
03 November 2006 [10:09]

CATEL receives ISO 9001

CATEL Joint Venture has received ISO certificate.
03 November 2006 [10:02]

Fire in oil supply base in Lenkeran put out

A great fire broke out at 16.45 in the Oil products supply base in Lenkeran.
02 November 2006 [22:37]

Azerfon entry delays

Cellular provider Azerfon with partial foreign capital that was expected to start providing cellular services in Azerbaijan soon will put off its entry to the country.
02 November 2006 [21:08]

Taxes to increase in Azerbaijan

Azerbaijani government intends to raise taxes for industrial, commercial and construction objects. Land tax for people will be also increased.
02 November 2006 [21:06]

EBRD allocates credit for reconstruction of Power Station in Mingachevir

The European Bank for Reconstruction and Development allocated USD 115 million credits for Azerenergy Joint-Stock Company to reconstruct the State Region Power Station in Mingachevir.
02 November 2006 [20:46]

President Aliyev receives members of the Caspian Development Advisory Panel

On November 2, President of Azerbaijan Ilham Aliyev received members of the Caspian Development Advisory Panel.
02 November 2006 [20:44]

President Aliyev meets BP VP Andrew Inglis

On November 2, President of Azerbaijan Ilham Aliyev welcomed BP Executive Vice President Andrew Inglis.
02 November 2006 [20:42]

Trades at BICEX

The weighted average exchange prices made up 0.8724 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 2.
02 November 2006 [19:45]

Fire in oil supply base in Lenkeran

A great fire broke out at 16.45 in the oil products supply base in Lenkeran.
02 November 2006 [16:37]

Grain price to cut bread weight in Azerbaijan

The rise of grain price is not expected to result in bread price rise but cut of its weight, Agriculture Ministry's Grain Reserve Officer Mammad Huseynov stated.
02 November 2006 [16:16]

Russia could double gas price for Georgia in 2007

he price for Russian natural gas for Georgia could rise from the current $110 to $230 per 1,000 cubic meters in 2007, the state-controlled energy giant Gazprom said Thursday.
02 November 2006 [16:14]

Turnover at BICEX hits highest level

The Baku Interbank Currency Exchange (BICEX) has identified the leading operators of foreign currency exchange market in October 2006.
02 November 2006 [11:21]

First profit from BTC operations to amount to $15 million

The first profit from Baku-Tbilisi-Ceyhan (BTC) operations is going to amount to $15 million, Shakhmar Movsumov, head of the State Oil Fund of Azerbaijan (SOFAR) told journalists.
02 November 2006 [11:16]

Tax privilege for banks and credit organizations expires

The Law on tax privilege for investment securities and interests of people’s savings in banks and credit organizations will be ineffective January 1, 2007.
02 November 2006 [11:15]

Azerbaijan is third among CIS states in ICT development and application

The Global Information Technology Report, using the Networked Readiness Index (NRI), covering a total of 115 economies in 2005-2006, to measure the degree of preparation of a nation or community to participate in and benefit from ICT development and application, has been released.
02 November 2006 [11:12]

Petrodollars to peak in 2009-2011

The oil revenues of Azerbaijan is expected to hit the highest point in 2009-2011, SOFAZ Executive Director Shahmar Movsumov stated.
02 November 2006 [10:59]

Trades at BICEX

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 1.
02 November 2006 [10:57]

Bank Standard becomes principal member of VISA International

Bank Standard has become a principal member of Visa International, the world’s leading credit card.
02 November 2006 [10:56]

Azercell installs 23 more stations in October

Azercell Telecom continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
02 November 2006 [10:52]

ACE and Social Protection Ministry develop Deserving Labor Program

Azerbaijan National Confederation of the Entrepreneurs and Ministry of Labor and Social Protection are developing Deserving Labor State Program.
02 November 2006 [10:49]

Real Estate Registration Service registers over 6 000 mortgages in March-October

Real Estate Registration Service registered over 6 000 mortgages during the period of March-October, Service chairman Arif Garashov said.
02 November 2006 [10:48]

National Depositary Center signs 8 contracts in October

National Depositary Center registered eight contracts on keeping and registration of the stocks of joint stock companies.
02 November 2006 [10:47]

Azerbaijan, Kazakhstan and Russia prepare for auditing Caspian bioresources

Preparation for parallel audit of the Caspian bioresources by Azerbaijani, Kazakh and Russian Accounting Chambers will be completed in November, Azerbaijan Accounting Chamber international cooperation and information technologies officer Fuad Ibrahimov stated.
02 November 2006 [10:38]

SOFAZ spends AZN 46.8m on improvement of conditions of IDP and refugees

During the period of January-September expenditures of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in the amount of AZN 46.8m were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socioeconomic condition of refugees and internally displaced persons, SOFAZ Executive Director Shahmar Movsumov said.
01 November 2006 [18:56]

Mortgage terms amended

The Cabinet considered Draft Mortgage and Social Mortgage Amendments proposed by Azerbaijan Mortgage Fund.
01 November 2006 [18:53]

Kemaladdin Heydarov participates in the assembly held through CE in Morocco

The delegation headed by the Azerbaijani Emergencies Minister colonel-general Kemaladdin Heydarov participates in the 11th assembly of Emergencies Ministers of CE member states and Mediterranean countries on protection of population from natural and man-caused emergency cases through CE in Morocco, Emergencies Ministry Press Service Department told.
01 November 2006 [14:18]

SOFAZ revenues and expenditures reach AZN 730.7m and 606.8m

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2006 reached AZN 730.7m, while budget expenditures constituted AZN 606.8m, SOFAZ Executive Director Shahmar Movsumov stated at media briefing today.
01 November 2006 [10:28]

Azerbaijani natural gas price to increase

According to representative of Azergaz, Alikhan Melikov, it's probable that the price of Azerbaijani natural gas will increase in 2007.
01 November 2006 [10:23]

IMF forecasts 12% inflation rate in Azerbaijan

International Monetary Fund forecasts that inflation rate will reach 12% in Azerbaijan in 2006, head of IMF Office in Azerbaijan, Bazil Zavoyko, said.
01 November 2006 [10:22]

State Customs Committee asks Government to prevent old auto imports

Most of the imported automobiles are old and the State Customs Committee made a number of proposals to the Government for prevention of old car imports, said State Customs Committee chair Aydin Aliyev.
01 November 2006 [10:20]

US provides grant support to farmers in southern Azerbaijan

The Azerbaijan Business Assistance and Development (ABAD) program, supported by the U.S. Agency for International Development (USAID), and implemented by the International Rescue Committee (IRC), will hold an opening ceremony for a vegetable cold storage facility on Wednesday.
01 November 2006 [10:19]

UniBank receives additional tranche of GAF SME on-lending facility

UniBank has received an additional tranche of the German-Azeri Fund's SME on-lending facility.
01 November 2006 [10:11]

Converting to digital systems to be compulsory for TV broadcasters

Converting to digital system will be compulsory for privately-owned TV broadcasters.
01 November 2006 [10:09]

Baku-Tbilisi-Akhalkalaki-Kars project tender completed

A tender for construction of the Georgian part of the Baku-Tbilisi-Akhalkalaki-Kars railway project has been completed.
01 November 2006 [10:08]

New Customs Code ready

The preliminary version of Azerbaijan's Customs Code is ready.
01 November 2006 [10:07]

Pakistani businessmen to visit Azerbaijan

A 15-member delegation composed of medicine-making companies of Pakistan will pay a business visit to Azerbaijan on November 9.
01 November 2006 [10:05]

NIKoil Bank opens branch in Ganja

NIKoil Bank has opened an office in Ganja.
01 November 2006 [10:04]

Social subsistence allowance mechanism discussed

Economic Research Center held the final event on 'Increasing awareness on social subsistence allowance mechanism.'
01 November 2006 [09:57]

Arif Garashov: "Illegal land selling rose up after creation of municipalities"

Binagadi and Sabayel municipalities sell oil-polluted lands illegally, Baku land Department chair Natig Malikov said.
01 November 2006 [09:56]

Amendments to be made to real estate appraisal

Some amendments will be made to the law on real estate appraisal, Real Estate Registration Service chair Arif Garashov said.
01 November 2006 [09:55]

Tender to be announced for building youth town

Youth and Sport Ministry applied to a designing institute for the project of youth town will be completed for provision of young families with flats on preferential conditions.