Business

17 January 2007 [11:46]

Azeri State Budget not to be amended amid hike in energy prices

The State Budget blueprint is not expected to be amended amid hike in energy prices.
17 January 2007 [11:45]

Imishli-Parsabad power line to be in use in May

330 KV Imishli-Parsabad power line will be put in use on May 28.
17 January 2007 [11:30]

Water supply and sewerage system of Ganja and Sheki to be reconstructed

The water supply and sewerage system of Ganja and Sheki will be reconstructed beginning from May on the joint project to be realized with Azerbaijan, German and Switzerland governments.
17 January 2007 [11:28]

64.1% of housing stock privatized in Azerbaijan

In Azerbaijan 389,500 flats (21m square meters in total) have to date been privatized by people and this figure makes up 64.1 percent of total housing stock, as of January 1, 2007.
17 January 2007 [11:27]

Trades at BICEX, Jan. 16

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 16.
17 January 2007 [11:25]

Azerbaijan ranked 107th freest economy

A survey said Hong Kong was the world's freest economy for the 13th straight year, and Singapore was ranked No. 2 in the study released Tuesday by the Heritage Foundation.
17 January 2007 [11:24]

Bank Standard lends first mortgage in 2007

Bank Standard, as an authorized bank of the Azerbaijan Mortgage Fund, has lent the first mortgage loan in 2007.
17 January 2007 [11:23]

BP-Azerbaijan official: "BP and AIOC not responsible for oil pollution in Tovuz"

Neither Azerbaijan International Operating Company, nor BP-Azerbaijan is responsible for the pollution of 300 sq m area with oil as a result of the accident happened near Govlar station in Tovuz region, BP-Azerbaijan press secretary Tamam Bayatli stated.
17 January 2007 [11:07]

Bank Standard more than doubled its assets in 2006

As of early January, Azerbaijan's Bank Standard increased its assets by $194.7m (AZN 169.7m) or 2.7 times to $310m (AZN 270m).
16 January 2007 [17:07]

Azerbaijan, Russia reach electricity deal

On Tuesday, Azerbaijan's Azerenergy and Russia's RAO UES signed an electricity deal in Baku after coming agreement on the amount and price of electricity imports for 2007.
16 January 2007 [16:25]

Oil prices hover around $53

Oil prices rose on Tuesday amid continued uncertainty about possible Opec moves to bolster crude prices out of a 13% slump this year alone.
16 January 2007 [16:16]

Russian markets abandon

New law on migration may cause increase of prices in Russia, consider the officers of Federal Migration Service.
16 January 2007 [16:15]

EU can finance Baku-Tbilisi-Kars railway project in future

"Germany and the neighboring countries expect improvements from Germany's chairmanship of the European Union," German ambassador to Azerbaijan, chairing the EU since January 1, Per Stankina said at the press conference.
16 January 2007 [15:54]

Construction companies to meet new tax system

According to the amendments to the Taxes Code of Azerbaijan, construction companies has to pay at least AZN 10 in tax per square meter of apartments in the buildings being constructed as of January 1.
16 January 2007 [15:53]

Ecology and Natural Resources Ministry raises claim against BP-Azerbaijan

300 sq m area has been polluted with oil as a result of the incident happened near Govlar station in Tovuz region.
16 January 2007 [11:51]

EU considers Azerbaijan alternative energy source

European Union considers Azerbaijan alternative energy source and plans to improve cooperation in this field, said spokesperson for the European Commission Ferran Tarradellas.
16 January 2007 [01:05]

Moscow to host meeting of Railway Council

The 45th meeting of the Railway Council of the CIS and Baltic States will be held in Moscow on February 14-15.
16 January 2007 [01:04]

Ganja-Istanbul flight to be launched

Turkish Airways delayed opening the planned Ganja-Istanbul flight this year due to lack of aircrafts.
16 January 2007 [01:03]

SOCAR's Georgia Office opened

The State Oil Company of Azerbaijan (SOCAR) has launched its representative office in Georgia.
16 January 2007 [01:02]

AzerTurkBank to join XPress Money system

AzerTurkBank intends to join XPress Money Transfer System in the nearest future.
16 January 2007 [00:43]

Londongate Insurance company's license revoked

During 2006 the Finance Ministry's Department for State Control over Insurance carried out examination in six insurance companies and revoked the license of Londongate Insurance Company 2006 because of irregularities.
16 January 2007 [00:40]

Lafarge representatives to visit Baku

A number of representatives from France's Lafarge, the largest cement manufacturer of the world, will visit Azerbaijan.
16 January 2007 [00:39]

NIKoil's credit portfolio to reach $100m in 2007

NIKoil Investment bank intends to raise its credit portfolio to at least $100m, more than double deposit portfolio to $70m this year.
16 January 2007 [00:37]

Foreign direct investment influx to Azerbaijan to fall

The World Bank has released its forecasts for macroeconomic growth of Azerbaijan in before-2010 period within the Country Partnership Strategy (CPS) for Azerbaijan, a central document defining the World Bank Group's support to Azerbaijan to meet the country's key development challenges, including reducing poverty, modernizing infrastructure, and improving governance and social services.
16 January 2007 [00:36]

Culture and Tourism Ministry appeals to 65 hotels on licensing

Culture and Tourism Ministry has begun licensing process from Monday.
16 January 2007 [00:22]

Brent price drops 4.8%, Light Sweet 5.9%

London Brent oil fell by 4.8% last week and Light Sweet oil dropped by 5.9% on the New York Mercantile Exchange.
16 January 2007 [00:20]

Standard Insurance to open five branches

Azerbaijan's Standard Insurance Company intends to open five branches in Baku and regions this year.
15 January 2007 [22:41]

Trades at BICEX, Jan. 15

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 15.
15 January 2007 [22:26]

Real estate market hot in Baku

The stability continuing from early 2006 in the real estate market suddenly jumped in late the year.
15 January 2007 [17:24]

Azerbaijan spending to increase by 35% with annual inflation rate of 17% in 2007-08

During 2007-08 government spending is projected to increase by about 35 percent p.a. (in nominal terms) as the reconstruction agenda continues, reads the World Bank's 2007-10 Country Partnership Strategy (CPS) for Azerbaijan.
15 January 2007 [13:42]

Shah Deniz Field returns on stream

The gas production was resumed in the giant Shah Deniz gas field in the Caspian Sea at 21:30 local time, Sunday.
15 January 2007 [13:15]

Azerbaijan agrees to buy Russia's high-priced electricity

January 16, Azerbaijan and Russia intend to sign an electricity deal in Baku after coming agreement on the amount and price of electricity imports for 2007, the Cabinet told.
14 January 2007 [20:51]

Turkey-Georgia-Azerbaijan railway to be built

Azerbaijan, Georgia, and Turkey have reportedely agreed on the details of a project to lay a rail line from Turkey to Azerbaijan via Georgia.
14 January 2007 [20:49]

Railroad traffic resumes between Azerbaijan, Georgia

Railroad traffic between Azerbaijan and Georgia, which was interrupted by a cargo train accident, has resumed, a source at the Georgian Railroad company said.
14 January 2007 [15:18]

RAO UES to invest $ 400 million in Turkey

Russian energy giant Inter Rao Ues has decided to establish a 400 million dollar thermal power plant in Gonen, Balikesir.
14 January 2007 [02:26]

Adidas buys Reebok distribution rights in Turkey

The Adidas Group announced on Saturday that it has bought the distribution rights for the Reebok brand in Turkey from RBK Spor Urunleri.
13 January 2007 [16:21]

Azercell signs new roaming agreements

Azerbaijan's largest mobile company Azercell Telecom has signed GPRS/MMS roaming agreement with Hungary's Vodafone and Sri Lanka's Dialog mobile operators, press service of the company said.
13 January 2007 [16:05]

Azeri gas reaches Georgia

Azerbaijan gas reached Georgian borders on January 12 for further distribution domestically, Georgia's Ministry of Energy reported.
13 January 2007 [15:54]

Oil tank cars train on route to Georgia derailed

On Saturday, at about 13.20 the 25th, 26th and 27th cars of Baku-Georgia oil tank cars train ran off the rails near Govlar station of Tovuz region.
13 January 2007 [14:40]

Irakli Ezugbaya: "Carrying capacity of Kars-Akhalkalaki-Tbilisi-Baku to be 15 million tonnes"

"Carrying capacity of Kars-Akhalkalaki-Tbilisi-Baku railway will be 15m tonnes a year," saif Director General of Georgian Railway Ltd. Irakli Ezugbaya.
13 January 2007 [02:12]

Trades at BICEX, Jan. 12

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 12.
13 January 2007 [02:06]

Baku Telephone Network to be made electronic this year

All the telephone network of Baku will be made electronic by this year's end.
13 January 2007 [02:06]

ADB to provide technical assistance on renewable energy

A mission of the Asian Development Bank will visit Azerbaijan in late January.
13 January 2007 [02:05]

IMF mission to visit Azerbaijan

The mission of the International Monetary Fund will pay a visit to Baku.
13 January 2007 [02:04]

Azerbaijan to cover its needs for gas at its own resources

"Azerbaijan will cover needs for natural gas at its own resources, the level will not be lower than that of 2006," Azerigaz CJSC chief Alikhan Melikov said in his speech in the conference of YAP Khetai district organization.
13 January 2007 [02:03]

Press Council discuss paper prices

Press Council and editors-in-chief discussed today the proposals concerning the rise of newspaper prices.
13 January 2007 [02:02]

Baku Telephone Unit to launch new phone info system

Baku Telephone Communications Unit intends to launch a new electronic telephone info system in a month.
13 January 2007 [01:55]

Baku ready to finance Kars-Akhalkalaki-Tbilisi-Baku railroad construction

The Azerbaijani government is ready to finance the construction of the Kars-Akhalkalaki-Tbilisi-Baku railroad, said Azeri Minister of Transport Ziya Mammadov upon completion of the meeting with Georgian Prime Minister Zurab Noghaideli.
13 January 2007 [01:54]

Azerbaijan stops exporting gasoline

The State Oil Company of Azerbaijan (SOCAR) has stopped gasoline exports, the Company told the APA.
13 January 2007 [01:53]

243 people take out mortgage loan

The authorized banks of the Azerbaijani Mortgage Fund (AMF) have to date issued 243 mortgages since March this year while 350 applications were received.
13 January 2007 [01:52]

Baku Metro not to ask Tariff Council to increase fares, Tagi Ahmadov says

Baku Metro is not going to request the Tariff Council to increase the fares.
13 January 2007 [01:37]

Hike in energy prices not to affect State Budget, Azeri Finance Ministry says

No amendments are planed to make to the 2007 State Budget after the hike in energy prices in the country.
13 January 2007 [01:36]

Azeri agriculture sector needs more privileges after price hike, Ministry says

Agriculture Ministry has notified the Government of the undesirable affects of the recent energy price hike and sent proposals for solution.
13 January 2007 [01:35]

Azerbaijan sets free retail price on liquefied gas

"Consumers' concern over the variable selling prices for liquefied gas on the domestic market is baseless as the Cabinet passed a decision making the prices up to sellers," a governmet source told the APA.
13 January 2007 [01:34]

AzerTurkBank's aggregate capital reaches AZN 8.35m

AzerTurkBank's aggregate capital has reached AZN 8.35m, including the authorized capital amounted to AZN 7m.
13 January 2007 [01:31]

First project of EU Action Plan to be implemented

The First project of the Action Plan signed between EU and Azerbaijan on November 14 within European neighborhood policy will start to be implemented at the end of the year.
12 January 2007 [15:42]

Iran's gas export proposal favorable to Azerbaijan, Azeri Ambassador

An Iranian delegation will soon get to Baku to negotiate on the start of gas exports to Azerbaijan for 2007 amid Azerbaijan's having refused to buy Russia gas in a price row.
12 January 2007 [15:40]

Minimum salary likely to be increased

The Confederation of the Azerbaijan Labor Unions has sent its proposals to the Government on compensating people for the price hike in the utilities and fuel.
12 January 2007 [13:50]

Azerbaijan to restructure defense industry

This year Azerbaijan is going to restructure and renovate a number of plants such as Aviaagregat, Radiozavod, Ulduz and Azon for defense purposes and put into operation.
12 January 2007 [11:31]

Caspian caviar quotas called ineffective

Quotas on Caspian Sea caviar exports are ineffective and will not help restore dwindling sturgeon stocks, according to analysts and ecologists in Kazakhstan, one of the countries bordering the landlocked sea.
12 January 2007 [11:09]

Baku CeBit fair, threshold for Iranians' entry to commonwealth, EU marts

Ambassador of Azerbaijan to Iran Abbasali Hassanov emphasizing that Baku CeBit Exhibition is a threshold for entry of Iranians to Commonwealth of Independent States (CIS) and EU markets.
12 January 2007 [01:15]

Kazakhstan ups oil refining 4.5% in 2006

Kazakhstan refined 11.664 million tonnes of crude oil in 2006, up 4.5% year-on-year.
12 January 2007 [00:59]

Bridge and pedestrian tunnel to be opened in March

A road bridge in the 20 Yanvar circle and a tunnel in Shamakhinka will be opened in mid March.
12 January 2007 [00:58]

World Bank mission arrives in Baku

World Bank mission for water supply and drainage project has come to Azerbaijan.
12 January 2007 [00:47]

AzerTurkBank to open branches in regions

AzerTurkBank plans to open branches in Zagatala, Ganja and Nakhchivan.
12 January 2007 [00:44]

Baku Grain Terminal to become operational

Grain Terminal, being built by Azerbaijan and Kazakhstan, will become operational in May, 2007.
12 January 2007 [00:42]

2007 energy balance of Azerbaijan to be ready in Feb

The 2007 energy balance of Azerbaijan will be introduced to the Cabinet in late January.
12 January 2007 [00:41]

National Bank buys currency disintegration equipment

National Bank of Azerbaijan has bought currency shred device and granulator from the Kusters Engineering to destroy the old banknotes.
12 January 2007 [00:40]

Proposals to limit phone talk time in Baku to be sent to Tariff Council

The proposal to limit excessive home telephone use in Baku will be submitted to the Tariff Council.
12 January 2007 [00:25]

SOCAR buys Georgian oil terminal

Georgian businessmen Badri Patarkashvili has sold the Kulevi oil terminal on the Black Sea to the Azerbaijan State Oil Company (SOCAR).
12 January 2007 [00:24]

Turkey gains $33m from BTC transportation

84 tankers carrying 60.3m barrels of oil have to date sailed from the Ceyhan Port to the world market. Turkey gained USD 33m as transit tax and loading service tariffs.
12 January 2007 [00:20]

Baku Energy System Program approved

The Management Board of the Baku Electricity Network Company has approved of the Baku Energy System Development Program.
12 January 2007 [00:19]

AIG Caspian International Co. Ltd. increased its authorized capital

The authorized fund of the AIG Caspian International Company Ltd. has risen to AZN 3.5m.
12 January 2007 [00:18]

Grape production to grow by five times

The grape production is expected to grow by five times in Azerbaijan during the next decade.