Business

04 April 2006 [19:21]

Azerbaijan, Turkey and Georgia to take an active part in Kars-Tbilisi-Baku project

"The Azerbaijani-Turkish relationship is on the highest level," President stated after negotiations with Ahmad Nejded Sezer, the Turkish President, who is on official visit to Baku.
04 April 2006 [18:49]

Turkish businessmen put $2.2bn in Azerbaijan

Turkish businessmen have invested $2.2bn in the Azerbaijani economy, Turkish President Ahmet Nejdet Sezer stated April 4.
04 April 2006 [18:34]

Gas turbine power station in Nakhchivan AR to be commissioned in April

Etibar Pirverdiyev, the President of Azerenerji JSC, has visited the Nakhchivan Autonomous Republic (AR) to get familiar with the course of the construction of the 40-MW gas turbine power station and the implementation of the project on construction of the module station in the republic.
04 April 2006 [15:33]

SOCAR commissions 4 new wells

In the 1st quarter Bibieybat OGPU of the State Oil Company of Azerbaijan (SOCAR) produced 31,690 tons of oil with forecasted 30,650 tons of oil.
04 April 2006 [15:30]

Poland's Economy Minister Piotr Wozniak to visit Baku on Wednesday

A large delegation led by the Economy Minister of Poland, head of the Azerbaijan-Poland Intergovernmental Economic Commission, Piotr Wozniak will arrive in Baku tomorrow at the invitation of the Azerbaijani Minister for Economic Development Heydar Babayev.
04 April 2006 [11:24]

Armenian lobby in the USA against Kars-Akhalkalaki railway

The Turkish company Yuksel Domonik has elaborated upon their technical and economic plan for the construction of the Kars-Akhalkalaki railway - a 98 kilometer project which is estimated to cost between USD 350-450 million.
04 April 2006 [09:11]

AtaAcademy reported on works implemented since beginning of year

AtaAcademy operating under the AtaHolding Open Joint-Stock Company staged press-conference.
04 April 2006 [09:06]

MBask Insurance Company refused ineffective portfolio

Evaluation of financial efficiency of each operation has been started to be introduced in the MBask Insurance Company.
04 April 2006 [02:16]

4.9 million hectares kept in state ownership

Last year under the land reforms 4.9 million hectares (56.9%) of the single land supply was kept in state ownership, 2 million hectares (23.5%) transmitted to municipal ownership and 1.7 million hectares (19.6%) privatized.
04 April 2006 [02:06]

Huseyn Arabul to inform Turkish President about problems of Barmek

The President of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) Huseyn Arabul will inform the President of Turkey Ahmad Nejdet Sezer of the problems the Company has been facing recently in Azerbaijan.
04 April 2006 [01:59]

"Management of Borders" project implemented in Azerbaijan

In the nearest two months European Commission will start implementation of the project "Management of Borders" in Azerbaijan.
03 April 2006 [22:58]

Oil being stolen from Baku-Supsa pipeline

Georgian police have discovered the theft of oil from the Baku-Supsa pipeline.
03 April 2006 [15:54]

Czech request for Viktor Kozeny's extradition only follows after U.S.

The Bahamian authorities will only decide about the Czech request to have Irish financier of Czech extraction Viktor Kozeny extradited after they settle the same request by the USA, Justice Minister Pavel Nemec and his deputy Roman Polasek told journalists.
03 April 2006 [15:20]

Azeri energy minister attends BSEC energy conference

Natik Aliyev, the Azerbaijani Minister for Industry and Energy, is currently attending the Black Sea Energy Conference, which started in Bucharest, Romania, on 3 April and will last till 5 April.
03 April 2006 [15:18]

SRD head to participate at the meeting of the railway operators from CIS and Baltic

The head of the State Railroad Department (SRD) of Azerbaijan, Arif Askerov will head the Azerbaijani delegation at the meeting of the 43rd international forum of the Railroad Transport Council of CIS and Baltic countries that is to be held in Tallinn (Estonia).
03 April 2006 [15:10]

Azeri oil market: results of week

From 27 through 31 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $64.38 per barrel or $1.52 per barrel down as compared to the previous week.
03 April 2006 [14:51]

Heydar Babayev: "One-figure infiltration indicator disprove Dutch Syndrome in Azerbaijan"

Next meeting of Tariff Council will be held soon.
03 April 2006 [14:48]

Protest action in front of Azpetrol's headquarter

Dismissed employees of Azertrans, sub-company of Azpetrol Group of Companies, staged a protest outside the headquarters of the company in Icheri Sheher.
03 April 2006 [12:33]

Heydar Babayev: "We will refuse sugar import if Imishli Sugar-Refinery meets the needs"

If Imishli Sugar-Refinery meets the needs, there will be no need to sugar import, Economic Development Minister Heydar Babayev told journalists.
03 April 2006 [11:53]

Barmek forbids its employees to raise electricity payments

Barmek, the company controlling energy supplies in Baku, Sumgayit and Northern districts of Azerbaijan has open its second customer service branch office in Sumgayit.
03 April 2006 [09:12]

Memo between Ministry of Economic Development and US Peace Corps signed

On April 1, in the Baku Business Center, has been signed the Memorandum on mutual understanding between the Ministry of Economic Development of Azerbaijan and the Peace Corps of USA. Minister Heydar Babayev and Peace Corps country director Zoltan Szigethy signed the document.
03 April 2006 [09:01]

BTC construction expenses up

The preliminary estimated expenses for construction of the Turkish part of the Baku-Tbilisi-Ceyhan pipeline have went up by 400 million dollars.
03 April 2006 [08:55]

Admission of Azerbaijan to WTO successfully goes on

As it was earlier informed, the delegation, led by Vice-Chairman of the governmental commission of Azerbaijan on the World Trade Organization (WTO), the Deputy Foreign Minister of Azerbaijan Mahmud Mammadguliyev, is in Geneva to carry out bilateral and multilateral negotiations on admission of Azerbaijan Republic into WTO.
01 April 2006 [15:17]

Talks with Moldova and Georgia on co-op under WTO

Azerbaijan has successfully concluded talks with Moldova and Georgia on the cooperation under the World Trade Organization (WTO) as a result of the bilateral talks between the governments of both countries.
01 April 2006 [14:44]

Samir Sharifov: "State Investment Company to give 5-7 year credits"

Azerbaijan Investment Company's founding capital will be formed by the State Oil Fund of Azerbaijan.
01 April 2006 [14:39]

EBRD to own 20% of Garadag–cement stocks

European Bank for Reconstruction and Development (EBRD) will purchase 20% of the stock packet of Swiss company Holcim, which has privatized Garadag-cement in 1999.
01 April 2006 [10:30]

Hotels in Azerbaijan gained AZN 66.5 million income last year

126 hotels, 21 motels, and 115 establishments of hotel type operated throughout the last year in Azerbaijan.
01 April 2006 [10:02]

Culture and Tourism Minister to visit United Arab Emirates

Business forum "Development of Azerbaijani Tourism" will be held in the United Arab Emirates 2-4 April.
01 April 2006 [09:50]

Bank Standard granted first mortgage loan

The Bank Standard Close Joint-Stock Company (CJSC) granted first mortgage loan through the Mortgage Fund of Azerbaijan (MFA).
01 April 2006 [09:30]

State Agency for Standardization, Metrology and Patents starts inspections

The State Agency for Standardization, Metrology and Patents will start inspections in all petrol-filling stations operating throughout the republic from April 1.
01 April 2006 [08:52]

Action plan on application of new certification standards developed

Application of new certification standards in Azerbaijan is worked out and an action plan was prepared in this connection.
01 April 2006 [08:29]

Agreement signed between National Deposit Centre and Rosbank of Russia

Agreement was signed between the National Deposit Centre (NDC) of Azerbaijan and Rosbank Joint-Stock Commercial Bank (JSCB) of Russia.
01 April 2006 [01:25]

State budget of Azerbaijan to be reconsidered in the second half of year

The state budget of 2006 will be reconsidered in the second half of the current year, Minister of Finance Avaz Alakbarov stated.
31 March 2006 [16:56]

Unibank and Bankgesellschaft Berlin sign credit agreement

Bankgesellschaft Berlin credit line allows UniBank to finance projects of different goods exports from EU and USA to Azerbaijan.
31 March 2006 [14:04]

Aydin Bashirov: "CSC to built tankers in Azerbaijan"

Dede Gorqud - the fifth tanker of the Azerbaijani Caspian Shipping Company (CSC) build on the same model as Heydar Aliyev tanker will be launched in two months, the Head of CSC, Aydin Bashirov told.
31 March 2006 [13:57]

WB searches donors for implementation of projects on afforestation

The Ministry of Ecology and Natural Resources drafted a project on afforestation in the area of 6,000h, which will enable to resolve partially a problem of throwing of carbon gas to air, Huseyn Bagirov, the Azerbaijani Minister for Ecology, told journalists today.
31 March 2006 [10:06]

Azerdemiryolbank joined Travelex system

The Azerdemiryolbank Joint-Stock Bank (JSB) joined the Travelex international money transfer system.
31 March 2006 [09:14]

AtaBank presented 3 new deposit types

AtaBank Open Joint-Stock Company (OJSC) presented "Advance – 13th prize", "Advance – With Bonus", and "Advance – Maximal" deposits to its clients.
31 March 2006 [09:09]

Railway Transport Council of CIS and Baltic countries intends to make changes to time-table of trains

Time-table of trains will be reviewed at the next meeting of the Railway Transport Council of the CIS and Baltic countries in Tallinn late in April.
31 March 2006 [09:05]

New equipment to be brought from Holland to Nakhchivan

New equipment regulating gas supply is expected from Holland to Nakhchivan gas-turbine power plant these days.
31 March 2006 [08:53]

Natig Aliyev says losses in oil and gas extraction industry exceed norms

"Holding the symposium on Energy Efficiency and Sustainable Development in Baku has a great significance for Azerbaijan."
31 March 2006 [08:49]

Azercell signed roaming contracts with Orange and CelTel

The Joint Venture Azercell Telecom concluded roaming contracts with the Orange operator of France and CelTel operator of Malawi.
31 March 2006 [08:36]

Loan for State Railway Office to be discussed at EBRD meeting in May

The issue on lending $50 million credit to the Azerbaijan State Railway Office (ASRO) will be reviewed at the meeting of the Directors' Board of the European Bank for Reconstruction and Development (EBRD).
31 March 2006 [00:45]

President establishes Investment Company

The Azerbaijan Investment Company JSC was established by decree on additional measures on facilitating of investment activities, signed by President Ilham Aliyev.
30 March 2006 [23:35]

SCSA holds entrance exam to SPMC

On April 1 the Azerbaijani State Commission on Student Admission (SCSA) will hold entrance exam on admission to work to the State Property Management Committee (SPMC), SCSA informs.
30 March 2006 [22:54]

SPMC signs contract on privatization of "Oguz sharab"

The Azerbaijani State Property Management Committee (SPMC) concluded a contract with RRC Ltd on purchase and sale of shares of "Oguz sharab" (wine) JSC.
30 March 2006 [13:45]

Natig Aliyev: "Turkish Botash claims BTC Co. $400m"

Construction works to build Baku-Tbilisi-Ceyhan (BTC) main export pipeline are conducted with an aim to finish all the construction works by May 27.
30 March 2006 [12:52]

President signs decree on export and import of ozone-destructive substances

Azerbaijani President Ilham Aliyev signed decree on state regulation of in the sphere of import and export of ozone-destructive substances.
30 March 2006 [10:27]

Chair of SCC met with BP Azerbaijan Vice President

The chair of the State Customs Committee (SCC) Aydin Aliyev today received the Vice President of BP Azerbaijan, Mr.Phil Hom.
30 March 2006 [10:10]

Last year over 620 intellectual property objects passed state registration

Last year over 620 intellectual property objects and about 60 contracts on 110 objects passed the state registration in Azerbaijan, certificates were presented to more than 150 copyright owners and electron base for protection of musical compositions and folklore samples abroad was expanded up to 5 thousand.
30 March 2006 [09:53]

Natig Aliyev: "Deficiency of liquid gas will be eliminated these days"

Deficiency of liquid gas in the republic will be eliminated these days.
30 March 2006 [09:47]

Destruction of railroads occupied by Armenia will be discussed

Destruction of the railroad infrastructure in the occupied Azerbaijani territories will be discussed at a conference of the directors general of the Organization for Cooperation of Railways to be held in Baku April 24-28.
30 March 2006 [09:25]

Foreign citizens must pay social insurance tax from this year

From this year on, foreign businessmen in Azerbaijan must pay social security tax according to the law "On social insurance".
30 March 2006 [08:49]

Huseyn Arabul systematically informs PM of events in Barmek

The management of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) systematically informs the Prime Minister about the events taking place in the Company.
30 March 2006 [08:38]

UniBank considers charges of EKA Dish Tijaret Ltd. Company to be groundless

Charges preferred by the management of the EKA Dish Tijaret Ltd. Company against the Unibank Joint-Stock Commercial Bank on Bank's misappropriating property pawned the Company are groundless.
29 March 2006 [18:14]

Trans-Caspian gas project discussed in Azerbaijan

The issue was discussed at the meeting of the Azerbaijani Foreign Minister, Elmar Mammadyarov and the Delegation of the US Trade and Development Agency, with Daniel Stain in charge.
29 March 2006 [16:31]

Heydar Babayev: "Azerbaijan has completed the first stage of negotiations with the RusAl"

The first stage of negotiations between the Ministry of Economic Development and Russian Aluminum on the building of aluminum factory in Azerbaijan has completed.
29 March 2006 [16:28]

Companies from 15 countries to take part at the AITF 2006 tourist exhibition

More than 50 companies from 15 countries will take part at the 5th AITF-2006 tourist exhibition that is to take place at the Heydar Aliyev Sport-Concert complex April 20-22.
29 March 2006 [12:55]

State Committee suggests to evaluate the privatized State Property

State Committee for the State Property management has offered new legislative projects to bring the privatized State Property in accordance with the market price.
29 March 2006 [12:49]

EuroBank representative in Baku discussed the credits for AzGRES

6.3 billion of AZM were invested in the Azerbaijani economy from all the sources in 2005. It is in 12, 7% more than in the previous year. The Azerbaijani Minister of Economic Development, Heydar Babayev told that at the meeting with Director of the Energy and Communal Services Department of the European Bank for Reconstruction and Development (EBRD), Anthony Marsh.
29 March 2006 [10:51]

Several power plants to be repaired this week

The 7th power unit in the Azerbaijan Thermal Power Plant (TPP) will be stopped for prophylactic purposes for 4-5 days.
29 March 2006 [10:49]

Soon volume of leasing operations expected to reach $400 million in Azerbaijan

By January 1 of the current year, the number of leasing operations implemented in Azerbaijan was 365, and leasing portfolio totaled $34.008 million.
29 March 2006 [10:44]

AIOC to bring volume of oil gas handed over to Azerbaijan up to 3 b cu metres

Azerbaijan may hand over about 3 billion cubic metres of oil gas to the Azerbaijani side this year.
29 March 2006 [09:50]

Conference on direct foreign investments to be held in Baku

On March 31 a conference "Direct Foreign Investments and Development" will be held in Baku under organization of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and with the support of the TACIS Program.
29 March 2006 [09:48]

Azerenergy received no legal document on abolition of Bayva

The Azerenergy Open Joint-Stock Company (OJSC) is implementing structural reforms in the Bayva Energy Management Centre.
29 March 2006 [08:43]

Global Finance magazine: "The International Bank of Azerbaijan is one of the best banks of Asia"

Since 2002 IBA has been awarded with this prize 5 years running.
29 March 2006 [08:08]

Republic bank to fund trade operations with EU countries

$5 million credit agreement was signed between Bankgesellschaft Berlin of Germany and Republic Bank.
29 March 2006 [01:58]

Russia tries to scuttle proposed Trans-Caspian pipeline

In an attempt to preserve control over energy exports out of the Central Asia, Russia is taking a two-track approach to opposing the possible construction of Trans-Caspian Sea pipelines.
29 March 2006 [01:44]

Natig Aliyev calls for pipeline from Turkmenistan

Azerbaijan's energy minister revived calls Tuesday for a Caspian Sea pipeline to export natural gas westward from energy-rich Turkmenistan, saying it could be an alternative source for European countries wary of relying on Russian supplies.
28 March 2006 [23:02]

Communications Minister to visit US

Ali Abbasov, the Communications and Information Technologies Minister, received Rino Harnish, the U.S. Ambassador to Azerbaijan, in relation to completion of his diplomatic tenure in the country.
28 March 2006 [22:37]

British Airways unveils business plan for 2006-2008

British Airways company has unveiled two-year program to drive down costs and strengthen customer service.
28 March 2006 [22:26]

Rauf Rzayev: "CapitalBank signs contract with the I-flex"

State CapitalBank has signed a contract with the Indian company I-flex for the bank program delivery, the Bank's chairman, Rauf Rzayev inormed.
28 March 2006 [22:18]

WTO can assist organization of next meeting of OIC tourism ministers

The World Trade Organization (WTO) can render technical assistance in organization of the next meeting of the Organization of Islamic Conference tourism ministers in Baku, the Azerbaijani Culture and Tourism Ministry informs.
28 March 2006 [17:05]

International symposium on energy supply starts in Baku

UN Commission symposium on energy supplies consequential development, industry development, environment pollution and climate change started in Baku on March 28.