Business

08 September 2006 [09:37]

Azerbaijan ready to participate in Odesa-Brody-Plotsk pipeline

Azerbaijan is ready to participate in the Odesa-Brody-Plotsk oil pipeline project.
08 September 2006 [09:34]

Ukraine president courts Caspian oil in Azerbaijan

Azerbaijan Ukrainian President Viktor Yushchenko on Thursday urged oil-rich Azerbaijan to send Caspian Sea crude for delivery through a Ukrainian pipeline that has been the subject of geopolitical jostling in the former Soviet Union.
07 September 2006 [20:49]

Azerbaijan, Belarus expand ICT cooperation

Ali Abbasov, the Minister of Communications and Information Technologies of Azerbaijan has met with the newly appointed Belarus ambassador to Azerbaijan Nickolay Pastkevic.
07 September 2006 [20:47]

SOCAR's President meets with JBIC delegation

Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR) met September 7 with visiting delegation of Japan Bank for International Cooperation (JBIC).
07 September 2006 [20:44]

Azeri MPs to attend Ural industrial exhibition

Elton Mammadov, Deputy Chairman of the standing commission for natural resources, energy and ecology left for Russian city of Nizhny Tagil to attend the first Ural industrial exhibition-fair.
07 September 2006 [14:31]

Azerbaijan to buy only 300mn KW/h electricity from Russia next year

Late October Azerenergy JSC will start negotiating with Russian RAO EES on the purchase of electricity from Russia for 2007.
07 September 2006 [11:37]

Kars-Akhalkalaki railway construction set to start in 2007

The construction of the Kars-Akhalkalaki-Tbilisi-Baku railway has been hailed by the Georgian government as its latest 'flagship project'. Construction is due to begin in 2007, according to Minister of Economic Development Irakli Chogovadze.
07 September 2006 [09:30]

Daily gas production to rise to 3.5mn cu m

Azneft Oil Production Unit extracted 677 700 tonnes of oil during August, having implemented the forecast by 104.5 percent. The extracted oil was a 26 830 tonnes rise on the same period last year.
07 September 2006 [09:29]

Arcadia Petroleum wins Azeri Light Crude tender

The tender on the export of Azeri Light Crude Oil announced by the SOCAR's Marketing and Business Operation Department has come to an end.
07 September 2006 [09:20]

Oil boom overheating Azerbaijani economy

The rapidly expanding economy of oil-rich Azerbaijan risks increased inflation if government spending is not reined in, the International Monetary Fund warned on Wednesday.
07 September 2006 [09:12]

Azerbaijan ranks 99th ease of doing business

Azerbaijan took the 99th place on doing business, according to the results of 2005/06, as it is reported by the World Bank on September, 6.
07 September 2006 [09:08]

Trades at BICEX

The weighted average exchange price made up 0.8795 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Wednesday.
07 September 2006 [08:58]

Fitch names Azerbaijan as "the most vulnerable to potential economic shocks"

Rapid credit growth and strengthening exchange rates have increased the systemic risk in Romania and Ukraine, according to a new report yesterday from Fitch Ratings.
06 September 2006 [22:43]

Investments into development of Kazakh Caspian sector to reach $16.8 billion in 2011-2015

The volume of investments into the development of the Kazakhstani sector of the Caspian Sea in 2011-2015 is expected at the level of $16.8 billion.
06 September 2006 [10:54]

AMF authorized banks lend 82 mortgages

82 persons have to date taken out a mortgage from the authorized banks of the Azerbaijani Mortgage Fund.
06 September 2006 [10:07]

Transeuro Energy begins seismic acquisition in Armenia

Transeuro Energy Corp. has begun acquiring seismic data in its Block 2 license area in Armenia.
06 September 2006 [10:06]

Deals of $550 000 closed at BICEX

The weighted average exchange price made up 0.8804 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
06 September 2006 [09:53]

Taxes Ministry fined 21 187 trade facilities at AZN 1 929 279

Taxes Ministry Operational Control Department have to date examined 84 261 various kinds of trade facilities and found serious irregularities in 21 187 of them.
06 September 2006 [09:44]

ADB representative Juan Miranda to visit Azerbaijan

Juan Miranda, Director General for Central and West Asia Department (CWRD) of the Asian Development Bank, will pay a visit to Azerbaijan.
06 September 2006 [09:37]

International Transaction Systems tops ranking of brokers in August

In August of this year according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) International Transaction Systems headed ranking of brokers with brokerage services in the total amount of AZN 36 598 000 provided to a client.
06 September 2006 [09:28]

Barmek officials' trial to start September 13

Preparatory trial hearing was held today on the case of Barmek-Azerbaijan Electricity Distribution LLC's six officials at the Grave Crimes Court.
06 September 2006 [09:02]

Azerbaijan imports new de-mining machines from Croatia

The Azerbaijan National Agency of Mine Action (ANAMA) plans to have six more de-mining machines till the end of the year, Nazim Ismayilov.
05 September 2006 [20:44]

Regional meeting of GAID Ministers to be held in Baku

Regional meeting of GAID Ministers (Global Alliance for Information and Communication Technologies and Development) will be held October 2 in Baku.
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.