Business

24 May 2006 [19:05]

Bank of New York appointed by State Oil Fund of Azerbaijan as global custodian

The Bank of New York, a global leader in securitiesservicing, has been appointed by The State Oil Fund of Azerbaijan(SOFAZ) as global custodian following an eight-way competitive pitch.
24 May 2006 [13:33]

Tripartite seminar to be held in Kyrgyzstan

International Labour Organization (ILO) will hold Tripartite seminar on youth employment in Caucasus and Central Asia countries. The seminar will be held from 29 to 2 June in Issyk Kul city, Kyrgyzstan.
24 May 2006 [10:33]

Number of inactive wells of SOCAR reduced

SOCAR petroleum and gas extracting administrations had 6632 wells in their balances May 1 this year, 4903 of which are now active.
24 May 2006 [09:50]

Today volume of currency transactions in BICEX totaled $1,7 mln

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0,9002/$1.
24 May 2006 [09:42]

XII International Food Industry Exhibition to be held in Baku today

XII International Food Industry Exhibition will be carried out in Baku from May 24 to May 26.
24 May 2006 [09:35]

Gas delivery to Ganja city might be cut off

If the payment percent for the gas decreases, the volume of the gas delivery to Ganja might be reduced or cut off.
24 May 2006 [09:29]

Barmek to sue against those who spread false information about it

"Barmek owes nothing to Azerenergy and Taxes Ministry. We have paid $18 million tax commitments during 5 months this year and $5 million only during this month off," said Huseyn Arabul, LLC Barmek Azerbaijan Energy Network President.
24 May 2006 [09:20]

Armenia not to close nuclear power plant

"Armenia may not close Metsamorskaya NPP without an alternative of equal value, because considerable finances are necessary for that," Armenian Prime Minister Andranik Margaryan stated.
24 May 2006 [09:01]

President of Kazakhstan signs law on free trade with Azerbaijan

Nursultan Nazarbayev, President of Kazakhstan, signed the law "On ratification of the Protocol on changes and amendments in the agreement between the government of the Republic of Kazakhstan and the government of the Republic of Azerbaijan on free trade as of 10 June, 1997," yesterday, May 23.
24 May 2006 [08:46]

AZN330,6 thousand T-bills placed in BSE

Baku Stock Exchange (BSE) hosted the auction on Ministry of Finance T-bills placement with the state registration number 10501113S.
24 May 2006 [08:23]

The International Bank of Azerbaijan expands its network of immediate transfers for natural persons

From May 19, 2006 the International Bank of Azerbaijan starts its operations in CONTACT system of immediate money transfers for natural persons without account.
24 May 2006 [08:15]

III Microfinance Conference to be held in Baku May 26-27

Azerbaijan Microfinance Association (AMFA) will organize III Azerbaijan Microfinance Conference on Common Finance Sector Development in Azerbaijan in Baku May 26-27.
23 May 2006 [21:11]

Ukraine, Azerbaijan, Georgia, Moldova sign free trade protocol

At today's GUAM summit in Kyiv, the Presidents of Ukraine, Azerbaijan, Georgia, and Moldova have signed a free trade protocol, Ukranian President's press office reported.
23 May 2006 [20:43]

Azerbaijan does not expect higher prices on Russian gas

Azerbaijan thinks that charges on natural gas supplied by Russia's Gazexport Company will not change until the end of this year, Azerigaz State Company President Alikhan Melikov said on Tuesday.
23 May 2006 [20:40]

Minister says Russia to increase energy export prices for all consumers

Russia plans to increase the price of its energy exports "to world levels" for all consumers, Russian Economic Development and Trade Minister German Gref said Tuesday during a lecture at the Russian Academy for Foreign Trade.
23 May 2006 [14:45]

Azerbaijan may buy Korean bullet trains

Korean high-speed trains may run through the United Arab Emirates and Azerbaijan, the Ministry of Construction and Transportation said on Monday.
23 May 2006 [14:29]

Azerbaijani-German trade hits $250 mln in 2005

Trade between Azerbaijan and Germany increased 24% year on year in 2005 to reach $250 million, Azerbaijan's deputy economics minister said Tuesday.
23 May 2006 [13:53]

"Quality Management systems" training held

Training course on "Quality Management Systems" funded by International Financial Corporation and Bp-Azerbaijan company took place at Azerbaijan Bank Training Center /ABTC/.
23 May 2006 [12:28]

Azerbaijan seeks 2nd sovereign rating, eyes eurobonds

Azerbaijan plans to start talks on a debut eurobond issue this autumn, but first needs to secure a second sovereign rating, which it hopes to get from Moody's, the country's economic development minister said.
23 May 2006 [10:41]

Aluminum producer to build plant in Ganja

The aluminum producer Azerbaijan Aluminum JSC (Azeral) will build a new plant with the annual output capacity of 100,000 tons in the country's second largest city, Ganja, next year.
23 May 2006 [09:22]

Government to fund several ecology projects

The government of Azerbaijan will fund implementation of several ecology-related projects.
23 May 2006 [09:20]

EBRD plans major shift in regional activities

European Bank for Reconstruction and Development (EBRD) had its annual meeting and business-forum in London on May, 21-22.
23 May 2006 [08:58]

Azerdemiryolbank to open Shamakhi branch by late May

Joint Stock Bank (JSB) Azerdemiryolbank aims to open branch in Shamakhi by late May this year.
23 May 2006 [08:53]

National technical standards for transport safety prepared in Azerbaijan

Azerbaijan's Transport Ministry drafts national technical standards in transport safety.
23 May 2006 [08:26]

Turan Morali: "Turkish Embassy does not interfere in problem around Barmek"

"Problem around Barmek is company's own business and Turkish Embassy does not interfere in this," said Turan Morali, Turkish Ambassador to Azerbaijan.
23 May 2006 [08:21]

Volume of currency transactions implemented in BICEX totaled $4,018 mln

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0,9003/$1.
23 May 2006 [08:13]

Barmek transferred $18 million into state budget in January-May

Limited Liability Company (LLC) Barmek Azerbaijan Energy Network transferred AZN16 259 121 ($US17 985 753) into state budget in January-May.
23 May 2006 [08:08]

$2 million credit agreement signed between UniBank and EBRD

New, 6th credit agreement of $2 million has recently been signed between Commercial Bank (CB) UniBank and European Bank for Reconstruction and Development (EBRD). It will be directed to finance average and small enterprising projects in Azerbaijan.
23 May 2006 [01:30]

Oil prices climb above $69 a barrel

Crude oil prices rose Monday as the front-month contract expired, forcing traders who had anticipated lower prices at this point to become buyers to cover their bets.
23 May 2006 [01:19]

GUAM countries to set up Energy Council

Georgia, Ukraine, Azerbaijan, and Moldova, which are members of the GUAM regional organisation, plan to set up an Energy Council.
23 May 2006 [00:31]

SOCAR calls seventh 2006 Azeri light tender

Azeri state oil company SOCAR announced a tender for the seventh consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
22 May 2006 [20:20]

China Southern announces more new international routes - press release

Nation's largest airline increases service to Singapore & Baku
22 May 2006 [19:23]

Construction of 22.5 km long section of Iran-Armenia pipeline to be completed by August

The ArmRosgazprom Company intends to complete construction of 22.5 km of the first 47 km long section of the Iran-Armenia pipeline, ArmRosgazprom Director General Karen Karapetyan announced at a meeting with the press on May 22.
22 May 2006 [17:18]

BP Vice President: "Commissioning of the BTC will release a burden on Turkey’s straights"

"We spent more funds on the construction of the Baku-Tbilisi-Ceyhan main export oil pipeline, as we knew that in 2009 4% of all world oil will be delivered to the world oil markets via Turkey – through the BTC and the Bosporus and Dardanelle," BP Vice President Ian Palliser told.
22 May 2006 [13:29]

Asia Crude-India Hindustan makes rare Azeri purchase

India's state-run refiner Hindustan Petroleum Corp (HPCL) has bought 1 million barrels of Azerbaijan's Azeri Light crude in a tender for July loading.
22 May 2006 [13:25]

Azeri oil revenues to be placed in foreign banks to avoid loss

The funds acquired from oil profits will be placed in foreign banks starting this year to eliminate the loss incurred due to the differences in currency exchange rates.
22 May 2006 [12:59]

The International Bank of Azerbaijan increases interest rates on deposits

From June 1, 2006 the International Bank of Azerbaijan increases interest rates on US dollar and Euro deposits.
22 May 2006 [07:32]

Tariff Council to reconsider paid medical services tariffs

The Tariff Council of Azerbaijan plans to reconsider the tariffs of paid medical services in the country soon.
21 May 2006 [22:12]

Draft Treaty on Kazakhstan's entry into BTC pipeline discussed

Government of Kazakhstan keeps on debating the draft Treaty on the country's accession to Baku-Tbilisi-Ceyhan pipeline system, PM's press service reports.
21 May 2006 [22:05]

Russia and Kazakhstan agreed on the joint development of gas fields in North Caspian Sea

President of the Russian Federation Vladimir Putin and President of Kazakhstan Nursultan Nazarbayev discussed a wide array of bilateral relations in economics and politics during the meeting they held in Sochi on May 20.
21 May 2006 [18:03]

Turkish President approves, Samsun-Ceyhan pipeline set for 2008

Turkish President Ahmed Necdet Sezer approved the cabinet decree regarding the nomination of Calik Energy to build the Samsun-Ceyhan Crude Oil Pipeline, which will transfer Russian and Caspian oil via Turkey.
21 May 2006 [17:17]

RussNeft intends to purchase oil assets in Azerbaijan

Russian oil holding company RussNeft intends to complete the acquisition of new assets abroad before the end of 2006, the company's president said Sunday.
21 May 2006 [17:15]

EBRD sees ex-Soviet bloc growing 5.3 pct in 2006

Economic growth in the former Soviet bloc will ease in 2006, with a mild upturn in central and southeast Europe offset by a slow-down in Russia and former Soviet republics, the region's development bank said on Sunday.
21 May 2006 [14:04]

Azerbaijan to import gas from Iran

Experts have already completed the feasibility study of the project allowing Azerbaijan to get 1 billion cubic meters of gas from Iran, press service of the AzeriGaz announced.
20 May 2006 [20:42]

Bank Standart, Tekhnikabank and Mortgage Fund to refinance mortgage loan

Mortgage Fund has carried out the first operation to refinance mortgage loan together with the Bank Standard and Tekhnikabank.
20 May 2006 [11:25]

Ahmad Ahmadzadeh: "90-95% of irrigation water is paid for"

Ahmad Ahmadzadeh, Director OJSC Melioration and Water Economy, has today held a press conference on current activity and future plans of their organization.
20 May 2006 [10:33]

Bank of Baku opening two Express service stations

Bank of Baku Joint Stock Commercial Bank (JSCB) has opened its first two Bank of Baku-Express service stations in Baku.
19 May 2006 [19:39]

Interfood Azerbaijan 2006 to take place May 24-26

12th Azerbaijan International Food, Drinks and Packaging Exhibition (Interfood 2006) organized by the British ITE Group and its partner in the South Caucasus will be held May 24-26 at the Heydar Aliyev Sport and Concert Complex.
19 May 2006 [19:19]

KazTransGaz buys Georgia's Tbilgazi

Kazakhstan's KazTransGaz Thursday formally took possession of Georgian natural gas distributor Tbilgazi, Georgian Public Television Channel 1 reported.
19 May 2006 [13:23]

International bank to boost Azeri SME sector

The eighth annual meeting of the Black Sea Trade and Development Bank (BSTDB) board of directors will be held in Baku on June 11. This will be followed by the Black Sea Business Day on the following day.
19 May 2006 [13:20]

Baku to host Azeri-German business forum

A group of German businesspeople is due to arrive in Baku next Monday.
19 May 2006 [13:17]

Azercell keen on expansion in Azerbaijan

Azerbaijan's leading cellular provider Azercell Telecom JV announced new plans to expand the coverage and quality of its services.
19 May 2006 [09:31]

Next round of talks between Azerbaijan and WTO to be held

Next round of negotiations on Azerbaijani membership to The World Trade Organization (WTO) will be organized in late this year, Mahmud Mammadguliyev, Deputy Foreign Minister, told journalists.
19 May 2006 [09:02]

30% increase in bank deposits volume during a year

Banking credit organizations resident attracted deposits was AZN545,1 million in April 1, 2006 that is 29,9% more than last year’s figure for the same period.
19 May 2006 [08:49]

TRACECA transportation in Azerbaijan increasing by 14% in January-March

Transportation in Azerbaijani part of Transport Corridor Europe-Caucasus-Asia (TRACECA) aggregated 11,7 million tons in January-March this year increasing by 14% in comparison to last year's figure for the relevant period.
19 May 2006 [08:39]

30% increase in credit investments to Azerbaijan

Volume of credits granted by financial-credit institutions in Azerbaijan reached AZN1 395,1 million in April, 1 this year exceeding previous year figures for the relevant period by 30%. 56,7% of them are short-term and 43,3% are long-term credits.
19 May 2006 [01:25]

World Bank to fund $22 million for Azerbaijan court system reforms

Official talks between the Azeri government and World Bank on the occasion of preparing a project of improving and upgrade of court and administrative system in Azerbaijan have been finished, the Baku-based WB office informed.
18 May 2006 [22:41]

Bendukidze comments on seabed gas pipeline projects

In an interview with the Ukrainian business daily Ekonomicheskie Izvestia published on May 18, Georgian State Minister for Economic Reforms Kakha Bendukidze said that Russia's decision to increase the gas price has triggered more interest in the Trans-Caspian and Black Sea gas pipeline projects.
18 May 2006 [20:36]

13th International Caspian Oil and Gas Exhibition to be held in Baku

The 13th International Caspian Oil and Gas Exhibition Incorporating Refining and Petrochemical, which bring together 350 companies of 35 countries of world will take place June 6-9 at the Heydar Aliyev Sports Concert Complex in Baku.
18 May 2006 [20:34]

Law on 2006 State budget to be amended

In accordance with the law "On Budget System", 2006 state budget law will be amended, Milli Majlis standing commission on economic policy reported.
18 May 2006 [20:32]

Trades at BICEX

The weighted average exchange prices made up 0.9006 AZN for 1 US dollar in the Baku Interbank Currency Exchange on May 18.
18 May 2006 [19:56]

Rufat Aslanli is appointed a new Chief Director of National Bank

Rufat Jabrail Aslanli is appointed a new Chief Director of Azerbaijan National Bank (ANB) with a decision of the central bank Executive Board.
18 May 2006 [18:38]

1st international conference-Europe-Asia transport relations in wider European context takes places in Baku

The 1st international conference - "Europe-Asia transport relations in wider European context" took place in Baku today.
18 May 2006 [18:30]

Musa Panahov: "Some state bodies are indifferent to replace express buses in center of Baku"

Azerbaijan's Transport Ministry has prepared proposals on giving buses to transport companies by competition. Deputy transport minister Musa Panahov told journalists.
18 May 2006 [12:34]

Government committed to funding transport

A total of $747 million has been spent on the upgrade of roads in Azerbaijan in the past few years.
18 May 2006 [12:22]

Azeri minister dismisses threat of phone calls to Armenia

The phone calls to Armenia using Azerbaijan's cellular provider Azercell Telecom are not dangerous, according to Minister of Communications and Information Technologies Ali Abbasov.
18 May 2006 [12:20]

Azeri government to fight illegal foreign broadcasts

The illegal interference of foreign television and radio channels, in particular, those of Armenia and Iran, to the air broadcasts in Azerbaijan will be prevented soon.
18 May 2006 [12:16]

Azeri investments up from 2005

Investments in Azerbaijan's economy have increased.
18 May 2006 [12:14]

Internet fees to go down

The fees on the use of Internet in Azerbaijan are expected to rapidly fall soon, Minister of Communications and Information Technologies Ali Abbasov told the press Wednesday.
18 May 2006 [10:23]

Exam for auditors

Azerbaijan Chamber of Auditors (ACA) carries out examination.
18 May 2006 [10:15]

Ogtay Hagverdiyev: "Every foreign company not fulfilling its duties to eliminate contract with government"

European Bank for Reconstruction and Development is in negotiations with Open Joint Stock Company (OJSC) Azerbaijan Investment Company to take part in its projects.
18 May 2006 [10:07]

Barmek not paying Azerenergy fees for energy during 3 months

Limited Liability Company (LLC) Barmek-Azerbaijan Energy Network has not paid fees for energy received by Open Joint Stock Company (OJSC) Azerenergy in last three months.
18 May 2006 [10:02]

Chinese Chan Gan Company mission to visit Ganja Automobile Factory

Chan Gan Company, China, mission will visit Azerbaijan.
18 May 2006 [09:49]

Mortgage Fund transact first refinancing with Bank Standard and Texnikabank

Azerbaijan Mortgage Fund (AMF) has transacted first refinancing with Closed Joint Sock Company Bank Standard and Open Joint Stock Company Texnikabank.