Business

18 October 2006 [15:14]

President Aliyev visits Minsk Automobile Plant

President of Azerbaijan Ilham Aliyev visited the Minsk Automobile Plant on October 17.
18 October 2006 [15:11]

USAID to provide technical assistance to National Bank

The National Bank of Azerbaijan intends to cooperate on the technical aid with the United States Agency for International Development (USAID). Negotiations with the newly-appointed USAID representative will be held to the effect.
18 October 2006 [12:29]

Indian Oil plans $6 billion refinery in Ceyhan of Turkey

Indian Oil (IOC) is looking at Europe for growth. The country's largest refiner has applied to the Energy Market Regulatory Authority of Turkey for setting up a 15-million-tonne, $6-billion grassroots refinery at the Mediterranean port city, Ceyhan.
18 October 2006 [12:18]

Citigroup pays $3 bln for stake in Turkey's Akbank

Citigroup has agreed to pay $3.1 billion for a 20 percent stake in Turkey's Akbank, a move seen aimed at strengthening the U.S. financial giant's position in the competitive and fast-growing Turkish market.
18 October 2006 [11:42]

Azerbaijan to lead way with anticorruption standards

The third Extractive Industries Transparency Initiative (EITI) conference on fighting corruption in the energy and mining sectors urged poor but resource-rich countries to protect their wealth with fiscal transparency.
18 October 2006 [11:09]

Azerbaijan exported goods of $189m to Georgia this year

Russia was the main trade partner of Georgia during the period of January-August.
18 October 2006 [11:03]

Domestic debt ceiling set at AZN 300 000

For next year, Azerbaijan's domestic debt ceiling was set at AZN 300 000 and foreign debt ceiling AZN 1.2m, Parliament economic policy commission informed.
18 October 2006 [10:59]

Bank of Baku net profit reaches AZN 2.07m

As of 1 October, 2006 assets of Bank of Baku open joint-stock company made up AZN 64.16m increasing by 17.51% or AZN 9.56m as against the early year.
18 October 2006 [10:57]

Georgia intends to get Iranian electricity through Azerbaijan

Georgian Fuel and Energy Minister Nika Gilauri will visit Iran to hold talks on gas imports on October 22-23.
18 October 2006 [10:53]

Azerbaijan affirmed as EITI Board member

The 3rd international Extractive Industries Transparency Initiative Conference opened October 16, 2006 in Oslo, Norway.
18 October 2006 [10:48]

Over 1.104bn cu m of gas injected into reservoirs

Over 1.104bn cu m of gas has to date been injected into underground reservoirs. Azerigas spokesman Kamandar Eyvazli told that the volume of gas in reservoirs will exceed the volume of last year.
18 October 2006 [09:54]

Indirect subsidy for fuel purchase in energy sector to be AZN 330 000

The indirect subsidy from the State Budget for the unpaid fuel purchased for energy sector is planned to be AZN 330 000.
18 October 2006 [09:49]

ADDAX BV to export Azeri Light crude oil from Batumi Port

Swiss Company ADDAX BV has won the tender announced by SOCAR Marketing and Economic Operations Office.
17 October 2006 [17:00]

Techno Park attends Baku Telecom conference

The concept adopted by Dubai-based Techno Park to promote development through a culture of innovation in science and technology has attracted considerable attention at a conference on special economic zones in Baku, Azerbaijan.
17 October 2006 [15:28]

11 workers injured in Caspian Service garage at Deep Jacket Factory

Caspian Service garage collapsed at Deep Jacket Factory.
17 October 2006 [15:24]

President Aliyev approves 2007 Draft State Budget

President Ilham Aliyev approved and sent the 2007 Draft State Budget to Parliament.
17 October 2006 [15:20]

President Aliyev ratified new composition of Joint Intergovernmental Commission for Azerbaijan-Belarus Economical Corporation

President Ilham Aliyev issued a decree on ratifying new Azerbaijani composition of Joint Intergovernmental Commission for Azerbaijan-Belarus Economical Corporation.
17 October 2006 [15:18]

Nabucco Project to break Russian monopoly in gas supply

The first natural gas supply that would be transported by Nabucco gas pipeline would come from Azerbaijan, Bulgaria's newspaper Banker weekly quoted Bulgargaz executive director Kiril Gegov as saying.
17 October 2006 [10:16]

Mammadyarov meets US representative at WTO

Foreign Minister Elmar Mammadyarov on October 16 met with Ambassador Peter Allgeier, US Representative at World Trade Organization (WTO).
17 October 2006 [09:10]

Azercell starts SMS Days Campaign

Azercell Telecom has started SMS Days Campaign.
17 October 2006 [09:09]

AtaBank's assets grow 55.2% to AZN 49.5m

The total assets of Atabank grew 55.2% in the period of January-September to AZN 49.5m.
17 October 2006 [09:08]

WTO wants Azerbaijan to reduce subsidy to agriculture

"The World Trade Organization wants Azerbaijani Government to reduce subsidy to agriculture from 14% to 10% and lower," Deputy Foreign Minister, head of the negotiations group for WTO accession, Mahmud Mammadguliyev said.
17 October 2006 [09:07]

AtaBank issued over 14 000 plastic cards

AtaBank has to date issued over 14 000 plastic cards.
17 October 2006 [09:03]

Azeri companies to participate in CIAL exhibition

A delegation composed of representatives of some 30 foodstuff companies will participate in CIAL foodstuff exhibition in Paris.
17 October 2006 [09:01]

World Bank pensions and social allowances mission to visit Azerbaijan

World Bank mission for pensions and social allowances will visit Azerbaijan on October 19-27.
16 October 2006 [20:33]

Trades at BICEX

The weighted average exchange prices made up 0.8730 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 16.
16 October 2006 [20:26]

Armenian Customs Chief downplays corruption

Armen Avetisian, the controversial chief of the Armenian customs, claimed on Monday that his agency is not as corrupt as is widely thought and might even be more law-abiding than customs authorities in the United States.
16 October 2006 [18:51]

Azerbaijan suspends grain imports from Russia and Kazakhstan

Azerbaijan has suspended grain imports from Russia and Kazakhstan.
16 October 2006 [16:30]

Azerbaijan's external debt reaches $1.8bn

The external debt of Azerbaijan has stood at USD 1 8bn and that is to say, per capita foreign debt equaled to $215, Ziyad Samadzade, chairman of economic policy standing commission of Parliament, said reporters.
16 October 2006 [16:08]

Turkish business urges calm over France's Armenia bill

Turkish consumers were advised on Sunday to cool their anger over the French parliament's decision to criminalize denial that Armenian killings during World War I constituted "genocide."
16 October 2006 [15:34]

Subway fare not to rise next year

The fare for subway will not rise next year.
16 October 2006 [15:12]

Chamber of Auditors chief to attend international conference

Chairman of the Chamber of Auditors of Azerbaijan Vahid Novruzov will attend the Slovak Chamber of Auditors' international conference on "European Union's 8th Directive and statutory audit" in Slovakia's capital of Bratislava, October 19-20.
16 October 2006 [13:17]

Mahmud Mammadguliyev: "WTO's requirements are difficult"

The World Trade Organization's requirements to Azerbaijan are very difficult, Deputy Foreign Minister, head of the negotiations group for WTO accession, Mahmud Mammadguliyev said.
16 October 2006 [12:36]

U.S. ready to support Azerbaijan's accession to WTO

A workshop took place today, examining problems of Azerbaijan's industry priorities development within Technical Cooperation Program for Azerbaijan by United Nations Industrial Development Organization (UNIDO) and World Trade Organization (WTO).
16 October 2006 [11:37]

Wartsila wins power plant order from AzerEnerji

Wartsila said it has won an order to supply Azerbaijan's AzerEnerji with a 300 MW multi-fuel power plant.
16 October 2006 [09:51]

Korea, Azerbaijan to boost energy ties

The industry and energy ministers of Korea and the Republic of Azerbaijan will hold a joint economic conference on Monday in Seoul to discuss ways to boost economic cooperation.
15 October 2006 [20:01]

Georgian analyst: "Turkey should open its borders to allow Armenia to benefit from regional railroad project"

Dr. Tina Gelashvili, the head of the economics department at the University of Tbilisi's Akhaltsikhe campus, believes the railroad will create new opportunities for both Georgia and Turkey.
15 October 2006 [18:43]

Turkey continues boycott of French goods; Carrefour, Danone bear losses

Turkish consumers are launching a boycott of French goods following the French parliament's decision to pass the Armenian bill, which foresees punishment of those denying an "Armenian genocide." Some Turkish citizens are refusing to buy products upon learning they are French.
15 October 2006 [15:00]

Azercell signs new roaming deal

Azercell Telecom joint company has signed a roaming agreement with Maldives' Wataniya Telecom mobile operator.
15 October 2006 [14:58]

Trades at BICEX

The weighted average exchange prices made up 0.8734 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 13.
15 October 2006 [14:39]

Tariff Council punished bus drivers violated its decision

Azerbaijan Economical Development Ministry Tariff Council held press conference with participation of Economic development Minister Heydar Babayev and Deputy Transport Minister Musa Penahov concerning apply of new tariffs in buses.
15 October 2006 [14:38]

Ziyad Samadzadeh: "Two-digit inflation still remains in Azerbaijan"

Financial income flood causes danger for Azerbaijan It means that two-digit inflation still remains in Azerbaijan, Ziyad Samadzadeh, the chief of Azerbaijan Parliament Economical Policy Commission told journalists.
14 October 2006 [16:21]

Tariff Council not to discuss subway fee

Tariff Council will not discuss subway fee this year, Heydar Babayev, Azerbaijan Economic Development Minister and Tariff Council chief told journalists at the press conference.
14 October 2006 [13:45]

Trainings to be held for food, chemical and metal industry workers

World Trade Organization (WTO) and UN Industry Development Organization (IDO) provide technical aid for Azerbaijan in 2006.
14 October 2006 [11:26]

Russia to reduce electric exports to Azerbaijan

Russia intends to maximally reduce electricity exports to Ukraine, Belarus, South Caucasus and Baltic States in winter, Anatoli Chubais, the head of RAO EES of Russia said.
14 October 2006 [11:19]

Georgia and Iran negotiate gas supply issues

Nika Gilauri, Georgian Minister of Energy, will leave for Teheran on October 21 to negotiate gas import from Iran.
14 October 2006 [11:19]

UniBank increases Progressive deposit rates

UniBank CB has increased the Progressive Deposit rates for USD entries.
14 October 2006 [11:17]

Heydar Babayev: "Rise in building materials price results from dynamic development of construction sector"

Rise in the price of building materials results from dynamic development of construction sector, Azerbaijani Economic development Minister Heydar Babayev said.
14 October 2006 [10:53]

Nominal income grows by 21.2 percent in Azerbaijan

During the period of January-September the incomes of Azerbaijani population reached AZN 7.4bn at face value which represents a 21.2% or AZN 1.3 m on the same period last year.
14 October 2006 [10:50]

Economy grew by 34% during January-September

Gross domestic product – the output of goods and services produced by labor and property in Azerbaijan- grew by 34% year on year, in the first nine months of 2006, to AZN 3.1bn, State Statistical Committee told.
14 October 2006 [10:33]

Micro Finance Bank of Azerbaijan grown 100% in 2006

The indicators of Azerbaijan Microfinance Bank for the first nine months of this year have grown more than 100%.
14 October 2006 [10:23]

Taxes Ministry finds irregularities in 28 829 trade facilities

Taxes Ministry Operational Control Department have to date examined 123 469 various kinds of trade facilities and found serious irregularities in 28 829 of them.
14 October 2006 [10:12]

Azerbaijani, Russian and Iranian railway officials to meet in Tehran

Azerbaijani, Russian and Iranian railway senior officials will meet in Tehran to discuss the Project on North-South transport corridor, Azerbaijan State Railway Company Chief Arif Asgarov told media briefing that the trilateral meeting will take place in November.
14 October 2006 [01:09]

Statoil admits Iran bribe; U.S. sets $21 million fine

Statoil ASA, Norway's largest oil producer, agreed to a $21 million fine for paying bribes to try to win influence in Iran in violation of the U.S. Foreign Corrupt Practices Act.
14 October 2006 [00:51]

Azerbaijan, Turkey and Georgia agree on realization of regional railway project

Questions on construction of the Kars-Akhalkalaki-Tbilisi-Baku railway were discussed during a meeting between Azerbaijan's Transport Minister Ziya Mammadov, Georgia's Minister of Economic Development Iraqli Jacovadze and a representative of Turkey's Transport Minister Musa Tunjay.
13 October 2006 [16:07]

Contract signed on tourism cooperation between Azerbaijan-Belarus in 2007-2008

Treaty was concluded on tourism cooperation between Azerbaijan and Belarus in 2007-2008.
13 October 2006 [15:18]

Babayev meets UK MPs

Azerbaijan's Minister of Economic Development Heydar Babayev met with members of the United Kingdom's delegation to the Interparliamentary Union.
13 October 2006 [14:48]

Azerbaijani and Georgian Economic Development Ministers to discuss Kars-Akhalkalaki-Tbilisi-Baku Railway Project

Georgian Economy Minister Irakli Chogovadze has visited Baku.
13 October 2006 [14:30]

President issues decree on Budget Fund for Highways

President Aliyev issued a decree on creating Budget Fund for Highways.
13 October 2006 [14:28]

Turkey gains $100m from BTC

Turkey has to date earned US $ 100m from taxes as well as transportation through BTC which came on line June 4 APA reports quoting Anatolia Agency.
13 October 2006 [09:37]

Azerbaijan says it can't guarantee gas supplies to Georgia next year

Azerbaijan said Thursday that it could not promise to start gas supplies to its neighbor Georgia next year, in a setback to Georgian hopes of reducing the country's energy dependance on Russia.
13 October 2006 [09:19]

Tax terminals to be commissioned in 15 regions

Tax terminals will be commissioned in 15 Azerbaijani regions by this year's end.
13 October 2006 [09:17]

Collection of gas bills reached 72%

72% of the gas bills were paid by the population in September.
13 October 2006 [09:14]

Industry and Energy Ministry proposes Government to write off old debts of enterprises

Azerbaijani Industry and Energy submitted proposals to the Government on write-off of the debts of the enterprises.
13 October 2006 [09:12]

Azerbaijan Bank Training Center gives business training

Azerbaijan Bank Training Center will give business trainings within Project on Development of Business Service for SME funded by BP and International Financial Corporation.
13 October 2006 [09:10]

Court didn't meet ANS Commerce's claim

A trial on the lawsuit the ANS Group of Company's ANS Commerce brought against Taxes Ministry took place on Thursday.
13 October 2006 [08:59]

Industry and Energy Ministry delegation to visit South Korea

Delegation of Azerbaijan's Industry and Energy Ministry will pay a visit to South Korea, Minister Natig Aliyev said.
13 October 2006 [08:58]

SOCAR announces tender for export of Azeri Light crude oil from Batumi port

SOCAR Marketing and Economic Operations Department announced a tender on export of SOCAR 1 168 000 barrels of Azeri Light crude oil from Batumi Port November 4-10 and 10-15.
13 October 2006 [08:55]

20 companies intend to take part in establishing refugee settlements

The Social Development Fund for Internally Displaced Persons will announce the result of tender for establishment of five settlements in Bilasuvar.
12 October 2006 [20:28]

President Aliyev: "Without Azerbaijan Nabucco Project useless"

President Traian Basescu and his Azerbaijani counterpart, Ilham Aliyev, on Wednesday discussed the construction of new pipes for the transport of gas and petrol into the European market, according to a press release from the presidential administration.
12 October 2006 [20:21]

Trades at BICEX

The weighted average exchange prices made up 0.8734 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 12.
12 October 2006 [19:00]

Azerbaijan could permit Iran gas transit to Georgia

If Georgia and Iran reach a natural gas export agreement, Azerbaijan is ready to allow Iranian gas to be transited across its territory to Georgia, the country's industry and energy minister said Thursday.
12 October 2006 [16:40]

Azerbaijan-Romania business relations expanding

Meeting between the Azerbaijani and Romanian businesspersons was held October 11 at the Azerbaijan National Confederation of Entrepreneurs (Employers) Organizations (ASK).
12 October 2006 [15:55]

Oil falls to lowest level this year

Oil prices fell to their lowest level this year on Thursday as traders waited for OPEC to thrash out details of an output cut and the market anticipated another rise in already hefty U.S. crude inventories.