Business

27 March 2006 [17:47]

New oil-loading tanker launched by the Red Sormovo factory

'Koroglu' oil–loading tanker, build by an order from Azerbaijan State Caspian Shipping (KASPAR) was launched by the Red Sormovo factory, part of the MNP group.
27 March 2006 [17:39]

Azerbaijan to expand in 1,7 times gasoline exports to Georgia in April

SOCAR is planning to expand gasoline exports to Georgia up to 5.000 tons a week on the base of several contracts with the Georgian companies, after the catalytic cracking device will resume its work at the Oil Producing Factory from the April 1.
27 March 2006 [17:35]

GDP volume will increase by 30% in 2006

GDP is forecasted to increase by 30% to AZN 16.3 billion in 2006 and by 31.3% to AZN 21.4 billion in 2007 in Azerbaijan.
27 March 2006 [17:32]

German bank to allocate ?2,5 million for a national park project

KFW, a German bank will allocate 2,550,000 euros for South Caucasus for the project in the establishment of a National Park Samur-Yalama, under the program on protection of eco-regional nature.
27 March 2006 [16:39]

Akif Musayev: "Beneficial tax system to stimulate foreign investments"

Tax benefits might be introduced at the state level to develop certain sectors of economy and attract foreign investments to Azerbaijan, head of the Tax Ministry Chief Department on tax policy and strategic studies, Akif Musayev said.
27 March 2006 [16:34]

Azerenerji holds negotiations with IDI on crediting projects

Azerenerji holds negotiations with international finance institutes on crediting of some important projects, particularly, projects on reforming of energy distribution structure.
27 March 2006 [13:54]

IMF offers "Stand by" program to Azerbaijan

The form of the future cooperation between the International Monetary Fund and Azerbaijan has not been defined yet.
27 March 2006 [13:45]

Azerbaijan took part at the SMB international conference

"Small and medium business: reality and glance into future" international conference was held in Istanbul at the Organization of the Black sea Economic Cooperation (OBEC) permanent secretariat.
27 March 2006 [13:40]

Azeri oil market: results of week

From 20 through 24 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $62.86 per barrel or $0.85 per barrel down as compared to the previous week.
27 March 2006 [13:35]

Platform for vacant gas production can be built under "Contract of Century"

A new platform can be built while production of vacant gas from the Azeri-Chirag-Gunashli (ACG) fields.
27 March 2006 [13:33]

Ganja car factory signs new contracts with China

Ganja car factory (GCF) signs new contracts with the Chinese businessmen.
27 March 2006 [03:18]

Baku Telegraph on investment competition

The State Committee on Management of the State Property (SCMSP) announced an investment competition to sell 98% (85% + 13, 8% of workforces) stocks of Baku Telegraph Open Joint-Stock Company (OJSC).
27 March 2006 [02:59]

Armenia denies agreement with Russia on weapons sell discount

Despite of increase in the price of gas delivered to Armenia, Russia will not sell weapons to this country at a discounted price.
27 March 2006 [02:30]

3rd Azerbaijan-Spain business forum to be held this year

The next business forum with participation of Azerbaijan and Spain businessmen is planned to be held in September-October in Madrid.
27 March 2006 [02:22]

Azerbaijan and Russia sign transport protocol

A meeting was held in Baku between Azerbaijan's and Russia's Transport Ministries representatives on automobile transportation.
26 March 2006 [22:02]

AIOC to pump 1.2 mln tonnes of oil to Novorossiisk

AIOC and SOCAR transported 4.34 million tonnes of oil through the Baku-Novorossiisk pipeline in 2005.
26 March 2006 [21:34]

China after old oil wells in Azerbaijan

Azerbaijani Ambassador to China held a press conference.
26 March 2006 [17:07]

Azeri company to construct South Caucasus pipeline in Georgia

Khazardenizneftgastikinti has won a tender announced by the BP to construct 12-km Georgian stretch of the South Caucasus export pipeline.
26 March 2006 [03:32]

Expensive russian gas to be compensated by cheap arms for Armenia?

The situation with Russian gas supplies to Armenia seems to be solved.
25 March 2006 [16:26]

Six banks were unprofitable last year

Total net profit of bank credit organizations in Azerbaijan increased 46.5% in 2005 and reached AZN 57.04 million manats early this year.
25 March 2006 [16:00]

McDermott Caspian Contractors awards the best suppliers

McDermott Caspian Contractors, inc. (MCCI) has held the first forum of the supplier companies.
25 March 2006 [10:24]

Savings banked in USSR period reviewed in Executive Office of President

Documents concerning returning of population's savings banked in the USSR period are reviewed in the Executive Office of President.
25 March 2006 [10:04]

National Bank prepared bill on housing-savings banks

Specialists of the National Bank of Azerbaijan (NBA) prepared a bill on housing-savings banks.
25 March 2006 [09:33]

Issue on raising transport tariffs to be reconsidered

The institutions subordinated to the Ministry of Transport will submit their proposals on raising transportation tariffs to the Tariff Council.
25 March 2006 [09:19]

AMFA to hold international microfinance conference in Baku

International microfinance conference will be held in Baku May 11-12.
25 March 2006 [00:10]

Azeri Culture and Tourism Minister to visit UAE

Abulfaz Garayev, the Azerbaijani Culture and Tourism Minister, will pay a visit to the United Arab Emirates on April 1.
24 March 2006 [23:49]

SOCAR signs agreement on approval of $750m credit under ACG

Approval of $750m credit for the State Oil Company of Azerbaijan (SOCAR) under the Azeri-Chirag-Gunashli (ACG) allows SOCAR restore its right for big volumes of profit in compliance with the PSA, Rovnag Abdullayev, the President of the SOCAR stated.
24 March 2006 [15:24]

Azerigaz started turning off gas to non-payers

Azerigaz will start suspending gas supplies to clients failing to pay for the services in March of this year, Azerigaz first vice chairman, Nazim Samedzade told.
24 March 2006 [13:36]

SOCAR decides to expand platform 11 on Gunashli field

The leadership of the State Oil Company of Azerbaijan and Azneft PA made a resolution to expand deepwater platform 11, located in Shallow-water Gunashli, where the SOCAR lifts gas at own expense. It is planned to drill 6 gas wells with to total debit of 2 million cu m of gas of high pressure.
24 March 2006 [11:35]

Government intends to improve mortgage crediting system

Today officials of the National Bank of Azerbaijan (NBA) and Mortgage Fund (MF) held presentation of "Role of mortgage loans in improvement of living standards of population" report at a meeting of the economic policy standing committee of Milli Majlis.
24 March 2006 [10:56]

IMF's mission to visit Baku April 12-18

Delegation led by the Deputy Chief of the Near East and Central Asia Department of the International Monetary Fund (IMF) Vitaly Kromarenko will visit Baku April 12-18.
24 March 2006 [10:49]

Baku-Delhi flight not possible at present time

Resumption of the Baku-Delhi flights by Indian airlines is impossible at the present moment.
24 March 2006 [10:35]

Fondel Metal to file investment plea in Hague

Major Dutch aluminum producer Fondel Metal Participations BV plans to file a plea against the Azerbaijan government with the investment disputes court in the Hague over what it calls the invalidation of its 25-year agreement with the company to run the country's aluminum assets.
24 March 2006 [10:25]

Volume of cargo transported in January-February increased by 8.9%

In January-February of the current year enterprises and physical persons operating in the transport sector of Azerbaijan transported 19.6 million tons (8.9% more in comparison with the relevant period of 2005) of cargo. 51.5% of cargo was transported by motor transport, 16.9% by pipelines, 21.1% by railway, 10.5% by maritime transport and share of the private sector in cargo traffic formed 54.4%. Cargo turnover in the transport sector increased by 16.7% and was 4.3 billion ton/km.
24 March 2006 [10:04]

In November, Armenia and Iran will be bounded with second highway

Environment defense organizations, which were against construction of the Megri-Shvanidzor-Kapan highway through Shikaogsky reserve, have not kept their word, stated Armenian Transportation and Communication Minister Andranik Manukyan.
24 March 2006 [09:15]

Marlen Asgarov: "Transmission of power distribution networks from Bayva to be completed"

Transmission of the power distribution networks from the Bayva Energy Management Centre to the Azerenergy Open Joint-Stock Company (OJSC) will be completed by the end of March.
24 March 2006 [09:11]

Memorandum of Bank Standard and International Finance Corporation

Memorandum of understanding was signed between the Bank Standard Close Joint-Stock Company (CJSC) and International Finance Corporation's Azerbaijan Leasing Development Project (ALDP).
24 March 2006 [09:09]

January-February volume of GDP increased by 48.1%

In January-February of the current year GDP (Gross Domestic Product) in amount of AZN 2228.9 million was produced in the country and it exceeds the same figure of the last year's relevant period by 48.1%.
23 March 2006 [15:56]

Marta Fabuel Esteve: "Spanish companies arrived in Baku to get partners"

Azerbaijani-Spanish business forum was held in Baku March 23. It was the second business forum between Azerbaijani and Spanish entrepreneurs, the first one was held in Madrid in 2003.
23 March 2006 [13:39]

Government to cover demand for agriculture

The Azerbaijani government is charged to cover all demands for agriculture products in the country, Azerbaijani President Ilham Aliyev, stated at opening ceremony of sugar factory in Imishli District.
23 March 2006 [12:16]

Joint Azerbaijan-Switzerland comission for commercial and economic co-op

The Ministry of Foreign Affairs said the second session of the joint Azerbaijan-Switzerland intergovernmental commission for commercial and economic cooperation was held in Swiss capital, Bern.
23 March 2006 [10:17]

AZAL: "Our flights are as safe as the flights of famous world airlines"

AZAL public affairs office stated that information that AZAL was included in the EU airliner blacklist because of being unsafe is false.
23 March 2006 [10:11]

Business forum to be held in UAE

The first business forum named "Tourism opportunities of Azerbaijan" will be held in the United Arab Emirates April 2-3.
23 March 2006 [09:39]

Opening of Azersun sugar mill to be held in Imishli March 23

Ceremony of sugar mill opening will be held within the framework of the visit of the President Ilham Aliyev to Imishli and Ali Bayramli March 23.
23 March 2006 [09:34]

Ayshan Company sued Defense Ministry and State Vet Service for Zebu meat scandal

Ayshan Company sued the Defense Ministry and the State Vet Service under auspicious of the Ministry of Agriculture in connection with meat scandal.
23 March 2006 [09:02]

January-February volume of income per capita increased by 17.1%

In January-February of the current year volume of income per capita increased by 17.1% in comparison with the same indicator of the relevant period of 2005 and formed AZN 188.9.
23 March 2006 [08:58]

In February average exchange rate of US dollar and Russian ruble decreased

Volume of savings of population in banks increased by AZN 87.4 million or 21.5% in comparison with the same period of the last year and amounted to AZN 494.1 million by February 1, 2006.
23 March 2006 [00:51]

Iran increased amount of energy supply to Azerbaijan

Iran increased amount of energy supply to Azerbaijan, informed press office of Azerenergy Joint Stock Company.
23 March 2006 [00:43]

Azeri oil market: results of week

From 13 through 17 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $63.71 per barrel or $1.70 per barrel down as compared to the previous week.
23 March 2006 [00:35]

Bank Respublika brought number of issued plastic cards up to 10 thousand

The Respublika Joint-Stock Bank brought the number of plastic cards issued so far up to 10 thousand.
23 March 2006 [00:33]

Azerigasbank intends to bring its authorized capital up to AZN 12 million

The Azerigasbank Joint-Stock Bank (JSB) intends to increase its authorized capital two times and bring it up to AZN 12 million.
23 March 2006 [00:06]

Rovnag Abdullayev: "Shah-Deniz platform to be installed on April 1"

Installation work is now in the final stage.
23 March 2006 [00:02]

Fazil Mammedov: "Tax evasion fixed in Barmek Azerbaijan"

There are some facts of tax evasion by Barmek Azerbaijan, however, exact amount is still unknown, Taxes Minister Fazil Mammedov told journalists.
22 March 2006 [17:09]

Four more Barmek empoloyees detained

Four more associates of Barmek-Azerbaijan Electricity Distribution LLC have been detained. Three officers of the company were detained March 17.
22 March 2006 [15:49]

President visits TPG-500 sea platform

President Ilham Aliyev visited building site of TPG-500 sea platform and its underwater foundations on Zykh, within the frames of Shah-Deniz project March 22.
22 March 2006 [14:49]

JICA to take part in assessment report preparation

Japan International Cooperation Agency (JICA) experts will take part in preparing the assessment report for the combined-cycle plant construction in the "Shimal" electric power station.
22 March 2006 [14:30]

Oil production to beat record

This year oil production is expected to hit a high of 30 million tons for the first time in Azerbaijan, State Oil Company of Azerbaijan reported.
22 March 2006 [13:48]

2,500 Chinese cars to be produced this year in Ganja

2,500 cars of Chinese company Lifan will be built this year by the Ganja automobile factory. In compliance with a contract signed this month, passenger cars, minibuses and light trucks (from 1 to 3, 5 tons) will be produced at the factory.
21 March 2006 [20:26]

Double taxation's removal to promote Azerbaijan's investment enviroment

"Removal of double taxation between states is paid special attention in Azerbaijan," the Ministry of Taxes said.
21 March 2006 [20:21]

Armenia fears to be isolated from regional economic projects

"Resumption of Abkhaz part of the railway beneficial not only to Armenia, but also to the region on the whole," expert economist Eduard Aghajanov said.
21 March 2006 [16:51]

10 and 20 AZN banknotes in circulation

New 10 and 20 AZN banknotes have been put into circulation.
21 March 2006 [16:49]

Caspian oil to reach Ceyhan terminal in June

"Pumping of the Baku-Tbilisi-Ceyhan MEP continues," AIOC's spokesman said.
21 March 2006 [16:46]

BP official : "Works successful in Eastern Azeri platform"

Oil production in this platform will start late this year.
21 March 2006 [16:43]

Main construction works complete in Shahdeniz

Construction works on Shahdeniz gas and condensate development project will take 865 million dollars in 2006.
21 March 2006 [12:22]

Georgia tempted by Iran-Armenia gas project

"Georgia is interested in a project to transport natural gas from Iran via Armenia," Georgian Ambassador Extraordinary and Plenipotentiary to Armenia Revaz Gachechiladze said Monday.
18 March 2006 [21:23]

Central and Eastern Azeri platform project to give 0.75 million barrels of oil

Central and Eastern Azeri platform of Azeri-Chiraq-Guneshli project will give 750000 barrels of oil in the second quarter of this year.
18 March 2006 [21:18]

Country's currency reserves to reach $80 billion soon

Azerbaijani government will benefit $100 million from management of strategic currency funds in 2006.
18 March 2006 [12:12]

Swiss companies become more interested in Azerbaijani economy

Second meeting of the Azerbaijan-Switzerland intergovernmental commission for economic cooperation was held in Bern city March 15.
18 March 2006 [11:42]

Ministry of Taxes applied to Ministry of National Security for strengthening ATIS protection

System similar to the Automated Taxes Information System (ATIS) is developed for the Treasury system as well. The Ministry of Finance and national Bank will join this system in 2007.
18 March 2006 [10:13]

Intel Corporation not to participate in techno-fleet project

"At the present the Intel Corporation does not intend to participate in the project of creation of techno-fleets – free economic zones on information technologies in Azerbaijan".
18 March 2006 [09:33]

Chair of NBA Board held press-conference

The Chair of the Board of the National Bank of Azerbaijan (NBA) Elman Rustamov held a press-conference on the results of the last year.
18 March 2006 [08:03]

Joint mission of JICA and JBIC to visit Baku

Experts of the Japanese International Cooperation Agency (JICA) will participate in construction of the first combined-cycle plant (CCP) in the Shimal Power Plant.
17 March 2006 [15:59]

Chevron signs Azeri oil transit contract

American company plans to transport 4-5 million tons of oil a year through Azerbaijan.
17 March 2006 [15:56]

Tax service to have advanced information technologies in CIS and Eastern Europe

February 17 the Azerbaijani Tax Ministry held a presentation of ATIS (automated tax information system) project, which has been applied since 2006, for the government officials.
17 March 2006 [15:19]

Azeri businessmen see corruption as obstacle to growth

Over half of Azeri entrepreneurs believe corruption is a stumbling block to economic development in the country, according to a recent survey.