Business

30 August 2006 [20:06]

National Bank announces tender for creation of a computer system of bank transactions

Participation payment is AZN 1 000.
30 August 2006 [19:52]

National Bank announces tender for audit of information system

The National Bank of Azerbaijan has announced a tender for audit check to reveal conformity to COBIT 4.0 (standard of information technologies) and making of maturity model for each of the 34 IT-processes.
30 August 2006 [14:06]

Azerbaijanis working in Russia sent US $94mn to their families in April-June

Foreign physical persons working in seasonal jobs in Russia have sent US $1.3bn to their countries in the second term of this year.
30 August 2006 [11:44]

Refiners fail to benefit from hike in new light oil supply

New gasoline-rich crude from Azerbaijan and Russia is blunting the impact of oil attacks in Nigeria this year but the relief will be shortlived as the world's available oil becomes ever more sulphurous.
30 August 2006 [10:27]

Deals of $4.65 mln concluded at BICEX August 29

The weighted average exchange price made up 0.8819 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
30 August 2006 [09:51]

German Development Bank and Azerbaijani Government signs credit agreement

German Development Bank (KfW) and the Government Azerbaijan has signed a credit agreement to finance a Sheki-Ganja water project.
30 August 2006 [09:41]

Kamaladdin Heydarov meets with Southern Korean Commerce, Industry and Energy Minister Lee Won Gul

Yesterday Minister of Emergencies of Azerbaijan, Kamaladdin Heydarov received a delegation led by Southern Korean deputy minister of commerce, industry and energy, Lee Won Gul, in Baku.
30 August 2006 [09:34]

Ultimate and inferred reserves of gold is 102 and 77 tonnes respectively in Azerbaijan

Carbon resources make 229 000 tonnes and chrome resources make 260 000 tonnes.
29 August 2006 [21:29]

Azercell reduces MMS price

Azercell Telecom Joint Venture is going to reduce the price of Multimedia Messaging Service (MMS) by 50 percent from September 1.
29 August 2006 [21:26]

Azerbaijan Export & Investment Fund got budget financing

Azerbaijan Export & Investment Fund (Azpromo) received financing from State Budget. Azpromo president Emil Mejidov said the Fund was transferred AZN172,000 from State Budget.
29 August 2006 [21:25]

Bank Respublika and Holland's FMO signed a $10 million credit agreement

Bank Respublika board chair Hadija Hasanova and Huub Cornelissen, the director for Europe & Central Asia of Holland’s FMO (financial development company) have signed a $10 million credit agreement.
29 August 2006 [21:15]

American businessmen to visit Azerbaijan

A delegation consisting of 15 representatives of the leading American firms engaged in information and telecommunication technologies (ICT) will visit Azerbaijan from 1 to 4 October.
29 August 2006 [16:52]

SK company to lend $30m to Azerbaijan

South Korea's SK company will set aside $30 million on e-government project, according to the Communications and Information Technologies Ministry of Azerbaijan.
29 August 2006 [16:47]

Barmek to collect electricity fees till hand-over

Despite hand-over test, Barmek-Azerbaijan continues to collect electricity fees from customers.
29 August 2006 [16:16]

SOCAR to construct a pipeline from Shakh Deniz

The construction of a Sangachal-Garadagh-Hajigabul pipeline for receiving a gas from Shakh Deniz field will be implemented by SOCAR.
29 August 2006 [13:47]

TengizChevroil to produce 13 million tn of oil in 2006

Kazakhstan's TengizChevroil JSC plans to produce more than 13 million tonnes of oil in the current year, representative of the company Zhumageldy Yelyubayev has said on Tuesday at a briefing-seminar Review of oil industry.
29 August 2006 [12:56]

Georgia can't count on Azerbaijani natural gas

The Georgian government has continually stresses the need for energy security, as a safeguard for the country's independence and sovereignty. This priority was acutely demonstrated by the example of the January cut-off of Georgia's natural gas supply coming in from Russia.
29 August 2006 [09:56]

Azerbaijani and Korea decide to remove double taxation and promote mutual investment

Azerbaijani and Korea took a decision to remove double taxation and promote mutual investment.
29 August 2006 [09:52]

Nazim Samadzade: "Unless 6 remaining districts send a letter of guarantee, they will be left without gas"

Azerigas CJSC plans to equip all houses throughout the country with a gas meter, Azerigas deputy chair Nazim Samadzade said.
29 August 2006 [09:43]

Taxes Ministry found irregularities in 17 892 facilities

Taxes Ministry Operational Control Department have to date examined 68 483 various kinds of trade facilities and found serious irregularities in 17 892 of them.
29 August 2006 [09:39]

UniBank opens branch in Sumgait

The Sumgait Branch of UniBank CB was opened yesterday.
29 August 2006 [09:18]

Issue prospectus of interest-bearing book-entry bonds of Bank of Baku registered

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry bonds of "Bank of Baku" OJSC.
29 August 2006 [09:13]

India intends to get crude precious metal from Azerbaijan

Indian Gems and Jewellery Export Promotion Council (GJEPC) and Azerbaijani businessmen met in Baku.
28 August 2006 [21:53]

Azerbaijan's Republic Bank raises FMO loan for $10 mln

Azerbaijan's Republic Bank and the Netherlands Development Finance Company (FMO) signed a contract on Monday to open a $10 million credit line to develop small and mid-sized entrepreneurship in Azerbaijan.
28 August 2006 [21:47]

South Korea ready to invest in Azerbaijan's economy

South Korea said it would want to invest in Azerbaijan, mainly in its energy and transport infrastructure, communications and the IT sector, construction and agriculture.
28 August 2006 [20:06]

President Aliyev meets EBRD President

PresidentIlham Aliyev met with the president of the European Bank for Reconstruction and Development (EBRD) Mr. Jean Lemier.
28 August 2006 [19:40]

Azerbaijan to earn up to $3 bln from ACG in '06

Azerbaijan's income from the Azeri-Chirag-Guneshli (ACG) group of fields may reach $3 billion in 2006, more than three times the $825 million it earned in 2005.
28 August 2006 [16:41]

Azerbaijani-Korean business forum held in Baku

An Azerbaijani-Korean business–forum took place in Baku. Supported by Azerbaijani Economic Development Ministry, Korean Trade, Industry and Energy Ministry as well as Trade and Industrial Chamber, the forum was organized by AzPromo.
28 August 2006 [13:12]

President Aliyev confirms Azerbaijan-Ukraine intergovernmental commission

President Ilham Aliyev confirmed the composition of the intergovernmental commission for economic cooperation between Azerbaijan and Ukraine.
28 August 2006 [13:04]

International exhibitions to be held in October

ITECA Caspian LTD will open the 12th Azerbaijan International Construction Exhibition "Bakubuild-2006" and 4th International Furniture and Woodworking, Interiors and Design Exhibition "BakuMebel 2006", October 11-14.
28 August 2006 [12:10]

KNOC confirms plans to receive 20% of Inam

South Korea's Korea National Oil Corp (KNOC) has confirmed its interest in acquiring 20% of a project to develop the Inam prospect in the Azerbaijani sector of the Caspian Sea.
28 August 2006 [09:23]

First phase of World Bank project in Azerbaijani regions ended

The first phase of World Bank project Agriculture Development and Crediting implemented in Azerbaijani regions ended.
28 August 2006 [00:05]

South Korean official: "We need Azerbaijan's energy resources"

South Korea expects to expand its relations with Azerbaijan in energy sector, Jin-Seok Kim, Executive Vice President for Overseas Exploration and Production of the Korean National Oil Corporation (KNOC) stated on Sunday.
27 August 2006 [23:11]

BTC Pipeline: When one pipeline is hiding others

The Baku-Tbilisi-Ceyhan (BTC) pipeline, constructed to transport Caspian Sea oil from the Azerbaijani capital of Baku to the Turkish terminal in Ceyhan on the banks of the Mediterranean, was inaugurated amid great fanfare in July.
27 August 2006 [19:59]

South Korean company to pump $150 million in telecommucation sector

According to the Communication and Information Technologies Ministry of Azerbaijan, South Korea's KT company will invest $150 million in the telecommunications sector of Azerbaijan.
27 August 2006 [19:58]

US-Azerbaijan ICT forum due in Baku

US-Azerbaijan information and communications technologies forum will take place in Baku from October 3 to 6.
27 August 2006 [13:28]

South Korean businessmen to participate in Azeri-Korean business forum

South Korean businessmen visit Baku on August 27.
27 August 2006 [13:13]

New projects on ICT to be implemented

A delegation of the South Korea will soon arrive in Baku to discuss information-communication technologies (ICT) projects to be implemented in 2007, Ministry of Communication and Information Technologies said.
27 August 2006 [12:47]

President Aliyev confirms intergovernmental state commission for Azerbaijan-Russia economic cooperation

President Ilham Aliyev issued an executive order to confirm intergovernmental State Commission for economic cooperation between Azerbaijan and Russia.
27 August 2006 [12:46]

Italy and Russia take first places in Azerbaijan's export and import

Azerbaijan has US $1 129 627, 9 thousand positive balance with foreign and US $447 271, 6 thousand negative balance with CIS countries in export and import operations during seven months of the year.
27 August 2006 [12:41]

China joins Kars-Tbilisi-Baku railway project

Seen as an important bridge for the transfer of energy resources from Central Asia and the Caucuses to the rest of the world, Turkey is taking significant steps toward reinforcing its strategic position in the world.
26 August 2006 [14:20]

Trade fairs organized

Fairs for agricultural products have been organized in the capital.
26 August 2006 [14:18]

Ismet Abbasov: "Artificial overvaluations can be prevented through administrative methods"

"Competent authority should prevent the artificial overvaluations in the markets," Agriculture Minister Ismet Abbasov told journalists.
26 August 2006 [10:40]

ADB might freeze talks with Azerbaijan on Under-age Children Development Project

Unless the Government of Azerbaijan authorize the working group on Under-age Children Development Project to conduct negotiations, Asian Development Bank will freeze loan-talks with the Government.
26 August 2006 [10:31]

Indian jewelers to visit Azerbaijan

8 representatives of India's Gem and Jewellery Export Promotion Council (GJEPC) will be on visit to Baku from August 26 through 29.
25 August 2006 [20:10]

Azerbaijan, Belarus increase trade turnover

Chairman of the State Customs Committee Aydin Aliyev on August 25 met with the Ambassador of Belarus to Baku Nikolay Pastkevich.
25 August 2006 [19:28]

Turkey to bargain with Iran and Russia on natural gas

After the official opening of the Baku-Thiblisi-Ceyhan (BTC) pipeline last month, the energy focus has shifted to the Sahdeniz Project.
25 August 2006 [19:13]

Iran–Armenia to boost its trade cooperation

Iran-Armenia's shared chamber of commerce manager noted that the 200 million dollar trade figure between the two countries illustrated that 17 percent of the products imported to Armenia were from Iran.
25 August 2006 [19:12]

WB to lend $30 mln to implement e-government projects

The World Bank will set aside $30 mln to implement the e-government projects in Azerbaijan within 2007, Ministry of Communication and Information Technologies said.
25 August 2006 [19:10]

Post's network expanded in Ismailli

New post offices have been created in some villages of Ismailli province of Azerbaijan, according to the Center of Regional Development in Azerbaijan.
25 August 2006 [18:50]

EBRD to consider issue of a credit for Azerbaijan State Railway Company in December

The EBRD Board of Directors has re-postponed again consideration of the matter of a credit for Azerbaijan State Railway Company from Nov.7 to Dec.5, the Baku-based EBRD office informed.
25 August 2006 [18:48]

Azerphone to become operational in Fall

Joint venture Azerphone continues installing base stations for mobile telephone services.
25 August 2006 [16:19]

Evan A. Feigenbaum: "Inauguration of the BTC is signal success of our policy of encouraging multiple pipelines"

"We have pursued a policy of encouraging multiple pipelines to afford countries of the region options for export of their oil and gas," said Evan A. Feigenbaum, Deputy Assistant Secretary for South and Central Asian Affairs.
25 August 2006 [14:12]

Arrested Barmek's officials embezzled state property

The Prosecutor's Office of Republic Department to Combat Corruption plans to complete the investigation of high ranking officials of the Barmek-Azerbaijan Electricity Distribution LLC soon.
25 August 2006 [10:52]

Azerdemiryolbank's shareholders endorsed a co-financing agreement with EBRD

The Azerdemiryolbank's shareholders have approved the agreement with European Bank for Reconstruction & Development on co-financing of large projects, the domestic bank reported.
25 August 2006 [10:47]

Germany is interested to carry energy resources from Azerbaijan to Europe

Germany is interested in transportation of hydrocarbons resources from Azerbaijan to Europe, claimed German ambassador Per Strakin to Azerbaijan during a meeting with State Oil Company of Azerbaijan's president Rovnag Abdullayev.
25 August 2006 [10:45]

Azerbaijan State Electric Company announced a tender for electric meters

Azerenerji (Azerbaijan State Electric Company) has announced a tender for electric meters and equipment facilities in accordance with the presidential decree on population's power supply improvement, installation of meters for all electric consumers until late 2006 and power measuring meters in grids, the Company said.
25 August 2006 [09:39]

Microfinance Bank of Azerbaijan intends to open 3 branches

Microfinance Bank of Azerbaijan intends to open a regional branch in the district of Khachmaz in fall.
25 August 2006 [09:31]

SOCAR announces tender for export of 170 000 tonnes of Urals crude oil

SOCAR Marketing and Business Operations Department has announced a tender on the export of 170 000 tonnes of Urals crude oil through Novorossiysk port.
25 August 2006 [09:19]

Taxes Bodies see irregularities in 25% of trade facilities now

Taxes Ministry Operational Control Department have to date examined 61 849 various kinds of trade facilities, Fariz Samadov, Ministry spokesman said.
25 August 2006 [08:54]

SOCAR President Rovnag Abdullayev visits Azerineftinformatika Computing Center

SOCAR President Rovnag Abdullayev visited Azerineftinformatika Computing Center of Azerneft Production Unit.
24 August 2006 [22:01]

Microsoft, HP, Siemens, Alcatel to attend BakuTel-2006

XII Azerbaijan International Telecommunications and Information Technologies Exhibition - BakuTel will assemble in the country the giants of the ICT sphere such as MICROSOFT, HP, SIEMENS, ALCATEL, CISCO SYSTEMS, HUAWEI, ORACLE and many others.
24 August 2006 [21:39]

Ericsson to grant for creation of Caspian University

Agreement has been signed between Organizing Committee on creation of Caspian International Information Technologies University and Chalmers Information Technologies University of Sweden.
24 August 2006 [21:37]

Azerbaijan, U.S. to sign Memo on ICT

24 August 2006 [21:32]

Azerneftyag increases oil refinary

At first half of year, the balance profits of Azerneftyag Oil Refinery made up 320,6 million AZN.
24 August 2006 [21:30]

President Aliyev received delegation of the Global Steel Holdings

On August 24, President of Azerbaijan Ilham Aliyev received Pramod Mittal, the Chairman of the Global Steel Holdings Ltd. and accompanying delegation.
24 August 2006 [21:28]

Trades at BICEX

The weighted average exchange prices made up 0.8830 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 24.
24 August 2006 [21:21]

Severe penalties to be imposed for not giving receipt at check-outs and evading taxes

Penalties for evading taxes and not giving a receipt to customers at check-out in the shops will have been more severe by this year's end.
24 August 2006 [16:55]

NBA official currency reserve hits USD 1 234.27 mln

Official currency reserve of the National Bank of Azerbaijan reached 1 234.27 mln as of August 1.
24 August 2006 [11:13]

Anglo Asian Mining says further Gedabek drilling results remain 'encouraging'

Anglo Asian Mining PLC said the outcome of further drilling work at the Gedabek copper and gold mine in Azerbaijan has remained 'encouraging'.
24 August 2006 [10:33]

Azerbaijan Aluminum Company announced tender for building materials and uniform

Azeraluminium (Azerbaijan Aluminum Company) has announced a tender procedure for building materials and uniform.
24 August 2006 [10:07]

International conference "The role of financial control over acceleration of socioeconomic development" to take place in Baku

September 16-18, scientific-practical conference on "The role of financial control over acceleration of socioeconomic development" will be held in Baku.