Business

02 April 2007 [22:19]

National Bank raises benchmark rates to 12%

The National Bank of Azerbaijan is starting the interest rate corridor from the second quarter within the scope of monetary policy efficiency improvement.
02 April 2007 [22:11]

Hilton, Holiday Inn to come in Azerbaijan

The world's leading hotel chains plan to enter Azeri market
02 April 2007 [21:59]

Preliminary trial on case of Barmek officials to continue on April 5

Preliminary court proceeding on case of president of Barmek-Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, continued on the second half of the day.
02 April 2007 [21:57]

Azerbaijan, Russia sever electricity sales relations

Azerbaijan and Russia has broken off mutual electricity sales relations since April 1 amid a dispute over the prices.
02 April 2007 [21:52]

Government receives Railway Development Draft Program

Azerbaijan State Railway Company (ADDY) has submitted the Railway Development Draft Programme to the Government for consideration.
02 April 2007 [15:37]

Russia-Azerbaijan Intergovernmental Commission to discuss removal of double taxation

April 24, Russia-Azerbaijan Intergovernmental Commission for Economic Cooperation will meet in Moscow to discuss a number of issues, Yuri Shedrin, Head of Russia's Trade Office in Azerbaijan, told.
02 April 2007 [14:48]

Baku hosts the 6th meeting of EU-Azerbaijan Trade, Economy and related legal issues subcommittee

Monday, the 6th meeting of the Trade, Economy and related legal issues subcommittee was held in Baku.
02 April 2007 [14:44]

Preliminary trial on case of Barmek officials starts

Preliminary court proceeding on case of president of Barmek-Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, started.
02 April 2007 [13:53]

Baku hosts multilateral meeting of European Commission, Azerbaijan, Georgia and Kazakhstan

Monday, Baku hosted the multilateral meeting of the European Commission, Azerbaijan, Georgia and Kazakhstan to discuss the Caspian and Black Seas and the EU energy corridors.
02 April 2007 [11:29]

Poland's President looks forward to Warsaw energy summit

Winding up his visit in Azerbaijan the Polish President voiced hope for scheduling an energy summit of representatives from Central European and Asian countries in Warsaw.
02 April 2007 [10:49]

Azerbaijan Investment Company to finance three new projects

Azerbaijan Investment Company has drafted a memorandum to finance three new projects.
02 April 2007 [09:40]

Russia bans foreign workers from retail jobs

Migrant workers in Russia found themselves legislated out of a job yesterday after a law reserving retail jobs for ethnic Russians entered into force.
31 March 2007 [12:42]

Russia can halt electricity delivery to Azerbaijan

Russia can stop delivering electricity to Azerbaijan from April 1.
31 March 2007 [10:08]

Greece-Azerbaijan Intergovernmental Commission to meet in late May

The second meeting of Greece-Azerbaijan Intergovernmental Commission has been scheduled for late May.
31 March 2007 [10:07]

Azerbaijan becomes member of ITSO Advisory Committee

Azerbaijan has become the member of the Advisory Committee of the International Telecommunications Satellite Organization.
31 March 2007 [10:05]

IRPF to help Azeri real estate agencies' accession to CEREAN

International Real Property Foundation will help Azerbaijani real estate agencies' accession into the Central European Real Estate Association Network (CEREAN), said IRFC CEO Mr. Norman D. Flynn.
31 March 2007 [09:33]

Azerbaijan exports 27% of processed oil output, Jan-Feb

During January and February 73% of the 1.1 mln tons of processed oil products were used to supply consumption on the domestic market and 27% were sent sold abroad in Azerbaijan.
31 March 2007 [09:32]

Azerbaijan's economically active population reaches 4,269,000 as of March 1

As of March 1, Azerbaijan's economically active population, of which 3,978,000 are employed and 291,000 jobless.
31 March 2007 [00:21]

Moscow is not uneasy about possible Turkmen gas transportation via Azerbaijan

"Russia approaches delicately to the possible transportation of Turkmenistan’s gas through Azerbaijan. This concerns Turkmenistan, Azerbaijan and potential consumers most of all," Russian Ambassador Vasili Istratov said while commenting on official Baku statements on transporting Turkmen gas via Azerbaijan.
30 March 2007 [23:43]

Deputy Prime Minister elected co-chair of CIS Economic Council

First Deputy Prime Minister of Azerbaijan Yagub Eyyubov was elected co-chair of the CIS Economic Council.
30 March 2007 [23:40]

Azerbaijan Investment Company to invest for 20% equity stake in Milk-Pro LLC

The board meeting of Azerbaijan Investment Company has today passed a decision to invest $5.375mln for a 20% equity stake in Milk-Pro LLC, a dairy products and juices maker.
30 March 2007 [23:26]

Baku Electricity Networks approves Investment Program for 2007-2008

OJSC Bakielectricshebeke, Baku Electricity Networks, has approved its Investment Program for 2007-2008.
30 March 2007 [23:23]

Ateshgah, AzAL-Sighorta and Standard Insurance leading for collected premiums

Insurance companies operating in Azerbaijan collected a total of AZN 88.330mln in premiums during 2006. Ateshgah Joint Stock Venture tops the list of collections.
30 March 2007 [22:58]

Azerbaijan's exports and imports more than double in January

During January, 2007 Azerbaijan's trade operations with 86 nations totaled to US $785.6mln of which exports accounted for $396.0 mln and imports made up $389.5mln, including humanitarian goods worth $8,9mln imported to the country through the state, government and international organizations.
30 March 2007 [15:03]

Azerbaijan files request with Paris Court against FimBank's appeal

Malta's FimBank appealed against the court decision on lifting the arrest from 500,000 stocks of Azeri Government in the European Telecommunications Satellite Organization (Eutelsat).
30 March 2007 [14:25]

Real estate market in Baku healthier than Yerevan and Tbilisi, says IRPF CEO Norman D. Flynn

Real estate market is healthier in Baku than Yerevan and Tbilisi, said Mr. Norman D. Flynn, Chief Executive Officer of International Real Property Foundation, who is visiting Baku.
30 March 2007 [13:39]

BTC oil to be sold to Far East through Israel

Turkey is devising plans to transport oil to Far Eastern markets from the Baku-Tbilisi-Ceyhan oil pipeline (BTC) via Israel, said Ismail Capanoglu, foreign relations director of the state-owned Turkish Pipeline Company (BOTAS).
30 March 2007 [13:33]

Real estate appreciates 15% in Azerbaijan, Jan-Feb

Azerbaijan's real estate market prices rose 15% during January-February, said Real Estate Market Participants Union CEO Nusrat Ibrahimov.
30 March 2007 [13:29]

IRPF and Azerbaijan Real Estate Market Participants Union sign deal

Mr. Norman D. Flynn, Chief Executive Officer of International Real Property Foundation and Mr. Nusrat Ibrahimov, President of Azerbaijan Real Estate Market Participants Union signed an agreement with support of the U.S. Agency for International Development (USAID).
30 March 2007 [13:27]

Azerbaijan to build oil refinery in Ceyhan Port

Azerbaijan is going to build a high-tech oil refinery in Ceyhan Port, a Turkish port which is the end of Baku-Tbilisi-Ceyhan Pipeline carrying the Caspian oil from Azerbaijan to the world market via Georgia and Turkey.
30 March 2007 [09:41]

Sidorsky agreed on oil mining in Azerbaijan

Belarusian companies got the permission for oil mining in Azerbaijan, a corresponding agreement was signed by the Prime Ministers of Belarus and Azerbaijan Syargey Sidorsky and Artur Rasizade in Baku on Thursday.
30 March 2007 [09:23]

Azerbaijan interested in Nabucco pipeline, Energy Minister says

Azerbaijan is interested in implementation of the Nabucco pipeline and is ready to be a transit player, said the country's industry and energy minister Natig Aliyev.
30 March 2007 [09:22]

Caucasus Holding to produce high-pressure rubber pipe in Sabirabad

Caucasus Holding's tractor repair plant in Sabirabad will produce high-pressure rubber pipe.
30 March 2007 [09:21]

Azercell Telecom concludes roaming deal with Russia and Korea

Azerbaijan's leading mobile operator Azercell telecom has concluded roaming agreements with Russia's LLC Ekaterinburg 2000 (GSM 1800) and South Korea's KTF (WCDMA).
30 March 2007 [09:20]

Baku hosts meeting studying prospects of Free Economic Zones in Azerbaijan

Baku hosted a meeting discussing establishment, specialization of Free Economic Zones in Azerbaijan.
30 March 2007 [09:19]

Azerbaijan cut harmful emissions 38% in 2006

The total volume of harmful emissions discharged to atmosphere reduced 28.8% to 344,200 tons in Azerbaijan.
30 March 2007 [09:18]

Baku Electricity Networks cuts off supply to 21,200 defaulting customers

Baku Electricity Networks cut off supply to 21,200 defaulting customers for two years.
30 March 2007 [09:17]

EraTrans Insurance to open two branches

Azerbaijan's EraTrans Insurance Company plans to open branches in Ganja and Gabala.
30 March 2007 [09:16]

Retail goods and catering turnover grow 14% in Azerbaijan

The real volume of retail goods and catering turnover grew 13.9% to AZN 1,115.2mln in Azerbaijan during January and February.
30 March 2007 [09:11]

Parex bank to open Baku branch

Latvia's Parex Bank intends to open a branch in Azerbaijan.
30 March 2007 [09:09]

Azpromo's representative office in Aktau to start in late April

Azerbaijan Export and Investment Foundation (AzPromo) will start an office in Aktau, Kazakhstan in late April.
30 March 2007 [09:06]

Azerbaijan cuts Turkish TRT channel's broadcasts for 7 hours

Azerbaijan's Communication and Information Technologies Ministry has restricted the transmission of Turkey's TRT channel for seven hours.
30 March 2007 [08:59]

State Labor Inspection checks 20 building companies in Baku

State Labor Inspection under Ministry of Labor and Social Defense of Population will survey building companies in Sumgayit, Ganja and other big cities.
30 March 2007 [08:49]

TRACECA National Secretaries meet in Antaliya

The meeting of TRACECA Intergovernmental Commission National Secretaries has started in Antaliya March 29.
30 March 2007 [08:47]

Baku hosts US-Azerbaijan Industry-State Relations Forum

The US-Azerbaijan Industry-State Relations Forum has started in Baku, Thursday.
30 March 2007 [08:46]

AtaSighorta to raise its authorized capital to AZN 2mln

AtaSighorta Insurance Company intends to raise its authorized capital to AZN 2mln, Executive Director Ismayil Garayev stated.
30 March 2007 [08:44]

USAID, Azerbaijan Appraisers Society sign letter of intent

The U.S. Agency for International Development (USAID) and Azerbaijan Appraisers Society have signed a letter of intent in Baku.
30 March 2007 [08:42]

Azerbaijan announces investment contest for OJSC Siyazan Sanaye Cihaz

Azerbaijan State Committee for Public Property Management has announced an investment competition to sell shares of OJSC Siyazan Sanaye Cihaz.
29 March 2007 [22:24]

Turkish Energy Minister stresses importance of Azerbaijani gas

"We are on the doorstep of signing huge economic projects. The Baku-Tbilisi-Ceyhan oil pipline is already operating. The project for transporting Azeri gas from Shah Deniz field to Turkey has been completed."
29 March 2007 [16:23]

Emergencies Minister receives BP-Azerbaijan president

Azerbaijan's Emergencies Minister, General Colonel Kamaladdin Heydarov today received Bill Schrader, president of BP-Azerbaijan company.
29 March 2007 [16:21]

Baku holds forum to discuss use of Latvia's lesson in E-Government Establishment Program

Azerbaijan's Communications and Information Technologies Ministry has held a forum discussing use of Latvia's experience in implementation of E-Government State Program.
29 March 2007 [16:08]

Latvian Minister for Special Assignments for Electronic Government Affairs meets with her Azerbaijani counterpart

Ina Gudele, Minister for Special Assignments for Electronic Government Affairs of Latvia today met with Azerbaijani Minister of Communication and Information Technologies Ali Abbasov.
29 March 2007 [16:05]

Booz Allen Hamilton to submit proposals on Innovation Zones to Azerbaijan in a few days

Booz Allen Hamilton consulting firm will submit the package of proposals on Regional Innovation Zones Establishment Project to the Government of Azerbaijan in a two days.
29 March 2007 [14:32]

Baku hosts 2nd Turkish Construction Exhibition

The opening ceremony of the 2nd Turkish Construction Materials exhibition was held in the Republic Olympic Centre in the Azerbaijani capital, Baku.
29 March 2007 [14:24]

Azerbaijan's natural gas to be shipped to Greece

Addressing the sixth international oil and gas conference in Turkey on March 27, Turkey's Minister of Energy and Natural Resources Hilmi Guler said Azerbaijan's natural gas would be transported to Greece from July.
29 March 2007 [14:17]

Baku hosts US-Azerbaijan Industry-State Relations Forum

The US-Azerbaijan Industry-State Relations Forum has started in Baku on Thursday.
29 March 2007 [13:12]

Preliminary trial on case of Barmek officials again postponed

Preliminary court proceeding on case of president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, was again postponed.
29 March 2007 [08:48]

Georgia to pay Azerbaijan for electricity imported

Georgia will pay off its debt to Azerbaijan for electricity impost by this year's end in the form of electrical power.
29 March 2007 [08:47]

National Belarus Exhibition to be held in Baku

Azerbaijan's Ganja Automobile Plant will assemble 390 'Belarus' tractors at the first stage.
29 March 2007 [08:45]

Azerkimya will be insolvent despite state assistance, Natig Aliyev says

There is a gap between the revenues and expenditures of Azerkimya, the state-owned chemicals maker, said Azerbaijan's Industry and Energy Minister Natig Aliyev.
29 March 2007 [08:44]

Azerbaijan-Georgia-Turkey power line construction possible in a few years

It will be possible to construct Azerbaijan-Georgia-Turkey power line while no concrete agreement has been reached yet, said Azerenergy Vice-President Marlen Asgarov.
29 March 2007 [08:43]

Azercell receives two more international awards

Azerbaijan's leading mobile operator Azercell Telecom JV is rewarded as "GSM operator of the year" and "Philanthropist of the year."
29 March 2007 [08:41]

Energy price hike and intensive metering process-incentives to save electricity consumption in Azerbaijan

In Azerbaijan, waste of electricity has been minimized after the energy prices rise in January and acceleration of metering process. Electrical power consumption fell between 20% and 25% in regions.
29 March 2007 [08:36]

Next meeting on Azerbaijan's WTO accession efforts scheduled for May-June

The next round of negotiations on Azerbaijan's WTO accession efforts is scheduled for May-June.
29 March 2007 [08:34]

Deals at BICEX, March 28

The weighted average exchange price made up 0.8675 AZN/USD at trading sessions on the Baku Interbank Currency Exchange.
29 March 2007 [08:34]

Turanbank issue prospectus registered

The State Committee for Securities has registered OJSC Turanbank's issue prospectus for ordinary book-entry stocks. The amount of the issue is AZN 1,000,000, face value per stock AZN 1,000.
29 March 2007 [08:27]

Cargo flows into and out of Baku International Sea Port fell 35.4%

During January and February, shipment flow into and out of Baku International Sea Trade Port totaled 732,800 tons, down 35.4% from the same period a year earlier.
29 March 2007 [08:26]

Communications services grow 16.5% in Azerbaijan, Jan-Feb

Communications services provided for the legal entities and individuals in Azerbaijan amounted to AZN $89.7mln during January and February, up 16.5% from a year earlier.
29 March 2007 [08:25]

Imishli Sugar Refinery to extend its daily capacity to 1,500 tons

Imishli Sugar Refinery plans to expand its daily capacity to 1,500 tons by this year's end, through application of advanced technology, said the company owner Azersun Holding President Abdolbari Goozal.
29 March 2007 [08:23]

Baku to host forum to discuss advanced experience from management and corporate governance

A forum will be held in Crescent Beach Hotel, Baku to have exchange of views on management and corporate governance.
29 March 2007 [08:14]

Azerbaijan seeks business partnership with Sri Lankan entrepreneurs

Azerbaijan's first Ambassador for Sri Lanka Dr.Tamerlan Karayev asks Sri Lankan entrepreneurs to join with Azerbaijanis to form business partnerships and market Sri Lankan products at Azerbaijan.
29 March 2007 [08:09]

Latvian Minister for Special Assignments for E-Government Affairs to visit Baku

Ina Gudele, Minister for Special Assignments for Electronic Government Affairs of Latvia will arrive in Baku.
28 March 2007 [23:09]

Legal process on Azerbaijani government to be held in May, Barmek chief says

The International Center for Settlement of Investment disputes (ICSID) appointed the legal procedure on case of the Azerbaijani government on the charges raised by Barmek- Azerbaijan Electricity Distribution LLC for May 18.
28 March 2007 [22:57]

Odessa-Brody pipeline attractive for Azerbaijan if it has fuel stations in Ukraine

Azerbaijan will be more interested to join Odessa-Brody pipeline if it establishes chain fuel-filling stations in Ukraine, said Azerbaijan's Industry and Energy Minister Natig Aliyev.
28 March 2007 [22:50]

Georgian parliament ratifies regional railway project agreement

Georgian parliament unanimously ratified the agreement on construction of Kars-Tbilisi-Baku railway project.