Business

13 June 2006 [09:36]

Shirvan Oil increased gas production by 34% in January-May

Shirvan Oil Operation Company produced 7,314 million cubic meters natural gas, 34,2% more than the figure for the same period of a previous year, in Kurovdag during January-May this year.
13 June 2006 [09:35]

Azeri companies to participate in International Investment Forum

International Investment Forum on "Current Investment Opportunities in Developing Regions" is organized in Zurich, Switzerland, on 12-13 June.
13 June 2006 [09:32]

Romanian Commerce and Industry Chamber vice-chairman to visit Azerbaijan

Dragosh Semiyano, vice-chairman of Romania's Commerce and Industry Chamber will visit Azerbaijan.
13 June 2006 [09:12]

The two-day I Caucasus Banking and Finance Expo-Conference starts today

Press-conference devoted to I Caucasus Banking and Finance Expo-Conference to be held June 13-14 in Baku.
13 June 2006 [08:56]

70% of audit services in Azerbaijan are voluntary

Azerbaijan will meet international standards on the ratio of voluntary and mandatory audit services in next few years.
13 June 2006 [08:44]

IMF Expert on state debts management in Baku

Darios Farsimadam, International Monetary Fund (IMF) Technical Assistance Project Councilor for State Debts Management in Central Asia and Azerbaijan, has today reached in Baku.
13 June 2006 [08:41]

Bank of Azerbaijan will increase nominal capital twice

Joint-Stock Commercial Bank "Bank of Azerbaijan" will increase nominal capital twice to reach AZN20 million by late year.
13 June 2006 [08:31]

4 big enterprises to be privatized in Ganja

4 big enterprises in Ganja are expected to be open for privatization, which are Ganja Carpet-Making Factory, Engineering Plant, Timber Works and Ganja Industry and Building Materials Factory.
13 June 2006 [08:26]

44% increase of Bank Standard assets in January-May

Assets of CJSC Bank Standard reached AZN142 855 (USD158 816) increasing by 9% in May this year. It is 44% more than the similar figure for end 2005.
13 June 2006 [08:23]

Natural gas delivery to Lenkeran might be cut off

Gas delivery to Lenkeran might be cut off, Lenkeran Gas Exploitation Office chief engineer Idris Hajiyev stated.
12 June 2006 [21:27]

$11 million credit line opened to banks in Azerbaijan

Today agreements on opening around $11 credit lines to four banks in Azerbaijan were signed by Black Sea Trade and Development Bank (BSTDB).
12 June 2006 [19:19]

President Aliyev meets BSTDB delegation

On June 12 President Ilham Aliyev received the delegation led by President of the Black Sea Trade and Development Bank (BSTDB) Hairettin Kaplan.
12 June 2006 [19:13]

Kazakh Government will complete drafting Treaty on Baku-Tbilisi-Ceyhan joining

Kazakhstan Government works at the final stage of the draft Treaty on Kazakhstan's accession to Baku-Tbilisi-Ceyhan pipeline system.
12 June 2006 [13:56]

Black Sea Business Forum acts in Baku

Black Sea Business Forum has today started following XIII Session of Black Sea Trade and Development Bank (BSTDB) Directorate June 10-11.
12 June 2006 [09:01]

Frunze Co. Ukraine to bring new equipment to Azerbaijan

Frunze Co. Ukraine is aimed at bringing new equipment – AK-80 able to lift 80 tons weight for repairs in well, to Azerbaijan.
12 June 2006 [08:57]

Azerbaijan to export wine to US

The America-Azerbaijan Trade Chamber (AATC) intends to start a campaign of showing domestic products in US market soon.
12 June 2006 [08:51]

Bateman Co. Israel to open branch in Azerbaijan

Bateman Co. Israel is aimed at opening a branch in Azerbaijan.
12 June 2006 [08:47]

Tender on Azerbaijan Mortgage Fund's office facilities and equipment

Azerbaijan National Bank (ANB) announced tender for provision of Azerbaijan Mortgage Fund (AMF) with office facilities and equipment.
11 June 2006 [19:02]

IDB to hold investment conference in Baku

The Islamic Development Bank (IDB) will hold an investment conference in Baku in November, according to press service of the Ministry of Economic Development of Azerbaijan.
11 June 2006 [18:57]

Annual meeting of the BSTDB's Board of Directors held in Baku

The 8th annual meeting of the Board of Directors of the Black Sea Trade and Development Bank (BSTDB) took place in Baku on June 11.
11 June 2006 [18:54]

Azerbaijan, Russia to sign ICT agreement

Minister of Communication and Information Technologies of Azerbaijan Ali Abbasov met his Russian counterpart Leonid Reyman to discuss the provisions of the intergovernmental agreement, which is aimed at enhancing the bilateral relations between the two countries in the field of information and communication technologies.
11 June 2006 [12:44]

Turkish Energy Minister: "Blue Stream gas pipeline to reach Ceyhan"

Turkey's Energy Minister Hilmi Guler stated that his country has turned into an important mediator between the producers and users of energy.
11 June 2006 [12:24]

Fire broke out in Pepsi Cola factory

Fire broke out in Pepsi Cola factory located in Khirdalan on June 10.
11 June 2006 [12:06]

Finance Bill will force UK to try Azerbaijani tax evaders

Accountants believe a proposed agreement between international tax authorities outlined in the chancellor's Finance Bill will allow Azerbaijani tax evaders to be tried in UK courts.
10 June 2006 [14:27]

Georgia aims to boost oil output to 90,400 bbl/d by 2020

Georgia's deputy energy minister said Friday the south Caucasus country planned to raise crude output to 90,400 bbl/d from current 1,000-2,000 bbl/d by 2020.
10 June 2006 [14:24]

BTC pipeline delivers first cargo of Azerbaijani crude oil to world markets

The Baku-Tbilisi-Ceyhan (BTC) pipeline today achieved a historic milestone with the delivery of its first cargo of crude oil to world markets.
10 June 2006 [09:07]

Barmek responded 61% of the Inspection Commission questions

38 (61,3%) out of 62 questions addressed to LLC Barmek Azerbaijan Energy Network in written form from June, 5 to June, 9, by the Inspection Commission formed at the initiative of Economic Development Ministry were responded by Barmek.
10 June 2006 [09:05]

Azersun Holding represents Azerbaijan at exhibition in Tbilisi

Azersun Holding Group of Companies represents Azerbaijan at VII international Food Industry Exhibition in Tbilisi, Georgia.
10 June 2006 [09:01]

Volume of BICEX currency transactions totaled $980 thousand

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 0,8960/$1.
10 June 2006 [08:57]

Azerbaijan will export a million dollar oil products to Lithuania

As a result of talks in Baku on expansion of energy cooperation between Azerbaijan and Lithuania, sides were agreed on the importation of $1 million oil products to Lithuania yet.
10 June 2006 [08:53]

Next round of talks between Azerenergy and KFW Bank of Germany held

Next round of talks between OJSC Azerenergy and KFW Bank of Germany was held in Baku. The German side was represented by Claudia Loy, KFW Energetics and Ecology Sector Director, and Peter Brinkman, Senior Manager in Energy Projects.
09 June 2006 [15:50]

Azeri free trade area to use Dubai experience

Dubai's experience will be used to establish a free trade zone in Azerbaijan. Relevant documents have been submitted to the president, according to the Economic Development Minister Heydar Babayev.
09 June 2006 [12:42]

Lithuanian President invites Azerbaijani businessmen to invest in Lithuania more actively

Lithuanian President Valdas Adamkus, continuing an official visit to Azerbaijan, has urged to develop business relations between the two countries more actively.
09 June 2006 [09:55]

Huseyn Arabul: "Barmek may officially stop activity June 30"

"Though I dislike 5-6 officials in Azerbaijan, I do not think of departure. Some state officials misinform the President about Barmek. That is my biggest problem."
09 June 2006 [09:51]

Huseyn Arabul: "Most of state officials have not yet paid their debts for electricity"

Despite notices of LLC Barmek Azerbaijan Energy Network, most of state officials who owe money for electricity have not yet paid it.
09 June 2006 [09:50]

Kazakh oil group plans $4 bn link to Baku pipeline

The group running Kazakhstan's huge Kashagan oil field plans a $4 billion transportation system to take its oil to the Baku-Ceyhan pipeline to the Mediterranean, an official from France's Total said on Thursday.
09 June 2006 [09:31]

SOCAR President receives Shell Vice-President

Rovnag Abdullayev, the President of State Oil Company of the Azerbaijan Republic (SOCAR), has received the delegation with Gavin Graham, the Vice-President of the Shell Company, at the head, who came to Baku to take part at XIII International Caspian Oil & Gas Exhibition 2006.
09 June 2006 [09:28]

Volume of currency transactions implemented in BICEX was equal to zero

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) yesterday, USD/AZN average weighted rate was AZN 0,8968/$1.
09 June 2006 [09:01]

Defense League of Citizens Labour Rights against AIOC

Defense League of Citizens Labour Rights (DLCLR) held a monitoring on the base of complaints of residents whose property rights were violated in Hajigabul region Renjber village.
09 June 2006 [08:57]

SOCAR President receives Ukrainian delegation

Rovnag Abdullayev, the President of State Oil Company of the Azerbaijan Republic (SOCAR), has received Ukrainian delegation, which came to Baku to take part in XIII International Caspian Oil & Gas Exhibition 2006.
09 June 2006 [08:45]

Georgia will earn $2,5 billion from Baku-Ceyhan pipeline in 40 years

Georgia will earn $2,5 billion from Baku-Tbilisi-Ceyhan Main Export Pipeline (BTC) in 40 years and 2,85 billion cubic meters gas from Baku-Tbilisi-Arzurum gas pipeline till 2011.
09 June 2006 [08:22]

Changes and regulations for Azerbaijan State Social Protection Fund Budget 2006

Law on changes and regulations to Law on State Social Production Fund Budget for 2006, which was enacted by the President May 26, is in force since yesterday.
09 June 2006 [08:17]

Construction work in Vaykhir Hydro Power Station to be over in two months

The construction of Power Station containing 10 modules is expected to be launched in Nakhchivan Autonomous Republic (NAR) by late this year.
09 June 2006 [08:14]

Institutional Development Project of Transport Ministry to be implemented in September

European Union (EU) Project of Institutional Development of Transport Ministry of Azerbaijan is expected to start implementation by September 2006.
08 June 2006 [22:01]

Huseyin Arabul sues Etibar Pirverdiyev and State Committee for State Property Management

President of Barmek-Azerbaijan Electricity Distribution LLC and Hussyin Arabul sued the State Committee for State Property Management (SCSPM) and Etibar Pirverdiyev, president of Azerenrgy Open Joint-Stock Company.
08 June 2006 [16:28]

Economic Development Ministry involves media into Barmek inspection

Disagreement between LLC Barmek Azerbaijan Energy Network and the Government of Azerbaijan will not affect energy provision of population.
08 June 2006 [15:39]

Nursultan Nazarbayev: "Official treaty on Kazakhstan's joining BTC will be signed in Almaty June 13"

"The official treaty on Kazakhstan’s joining the Baku-Tbilisi-Ceyhan main export oil pipeline will be signed in Almaty on 13 June," stated Kazakhstan's President Nursultan Nazarbayev at the 3rd investment summit in Astana.
08 June 2006 [14:46]

Barmek employees to be released

"I will not leave Azerbaijan until the imprisoned employees of Barmek Company are released. They will be released in a very short time."
08 June 2006 [13:51]

Azerbaijan-Lithuania Business Forum to be held in Baku

Within the framework of President of Lithuania Valdas Adamkus's upcoming visit to Azerbaijan, the Azerbaijan-Lithuania business forum will be held June 9 in Excelsior hotel, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) announced.
08 June 2006 [13:11]

Kazakhstan to join Azerbaijan-Turkey pipeline project in June

Kazakhstan is ready to sign an agreement on shipping crude across the Caspian Sea to a pipeline from Azerbaijan to a Turkey, the president of the energy-rich country said Thursday.
08 June 2006 [13:09]

Black Sea Business Day in Baku

The Black Sea Trade and Development Bank (BSTDB) will host Black Sea Business Day, on 12 June 2006, in Baku.
08 June 2006 [10:25]

Azerbaijan's oil revenues to reach $3 bln in 2006

Azerbaijan could make $3 billion in oil revenues in 2006 and may see the figure double in 2007, a major Western investor in the nation's oil industry said Wednesday.
08 June 2006 [10:18]

LUKoil plans oil output increase in north of Caspian

LUKoil has adopted a concept of the development of promising deposits in central and northern parts of the Caspian Sea, the company's chief Vagit Alekperov said.
08 June 2006 [10:12]

Final document on Kazakhstan oil transportation through BTC signed

The preparation of final intergovernmental document on transportation of Kazakhstan oil through Baku-Ceyhan pipeline via the area of Azerbaijan is over.
08 June 2006 [10:11]

Azerbaijani, Israeli energy ministers meet

The series of meetings between Azerbaijani officials and their visiting Israeli counterparts continued Wednesday at a confab with the energy ministers.
08 June 2006 [10:09]

Vahid Alakbarov: "$50 billion invested in Caspian oil and gas projects"

Caspian oil production increased twice and gas production did by 30%.
08 June 2006 [10:03]

Israel offers Azerbaijan to export oil to the Central East countries

Israeli Government expresses great hopes about perspectives of Baku-Tbilisi-Ceyhan pipeline, having been recently started.
08 June 2006 [10:03]

Azerbaijan will participate in international air show

An international air show opens on Thursday outside Kiev.
08 June 2006 [09:58]

Cooperation memorandum to be signed between ATBU and University of Architecture and Construction

Azerbaijani-Turkish Businessmen's Union (ATBU) and Azerbaijan University of Architecture and Construction will sign a cooperation memorandum.
08 June 2006 [09:53]

National Bank placed AZN15 million short-term bonds

An auction on placement of short-term bonds of National Bank with the state registration number 50102312S was held at Baku Stock Exchange yesterday.
08 June 2006 [09:35]

No increase in import taxes for automobiles this year

No increase is expected this year in import taxes for automobiles brought in Azerbaijan. The Chairman of the State Customs Committee (SCC) Aydin Aliyev has stated.
08 June 2006 [09:29]

AZN200 000 computer equipment handed over to customs authoritiesn Azerbaijan

The State Customs Committee (SCC) of the Azerbaijan Republic hosted a ceremony of handover of computer equipment for the Committee within the framework of the joint project of the European Commission (EC) and United Nations Development Program (UNDP) for "Modernization of Customs Services in Azerbaijan".
08 June 2006 [09:23]

Rovnag Abdullayev: "Azerbaijan to receive 3 bln cubic meters oil gas volume from AIOC in 2006"

Negotiations on the delivery of 3 billion cubic meters oil gas volume in 2006 between State Oil Company of the Azerbaijan Republic (SOCAR) and Azerbaijan International Operation Company (AIOC) is over.
08 June 2006 [09:20]

Azerenergy installs meters in 46 regional centers

OJSC Azerenergy will apply new method of meter installation in cities and regions of Azerbaijan. LLC Azerenergy Tikinti will install meters thereafter.
08 June 2006 [08:16]

Poultry farms blame State Veterinary Service for raised prices

Chicken and other poultry products might fall in price in a month or two, Head of the Republic Poultry Keepers Aydin Valiyev states.
07 June 2006 [16:17]

Iran may also join Baku-Ceyhan pipeline in the nearest future

Baku-Ceyhan pipeline may be used in order to export Iranian crude oil to world market in the nearest perspective.
07 June 2006 [15:45]

Natig Aliyev: "Azerbaijan will be known as natural gas exporting country"

850 million cubic meters natural gas capacity will be produced in Shahdeniz Project this year.
07 June 2006 [15:10]

Azerbaijan, Belarus leaders of industrial production in CIS

Azerbaijan and Belarus were ranked as leaders of industrial production among CIS member-countries in January-April 2006.
07 June 2006 [15:00]

Oil tower collapse injured two Azerbaijanis, one Indian

Today morning at 5.40 oil tower turned over in Mishovdag deposit of contractor "Momentum" Oil Company.
07 June 2006 [14:29]

All disagreements with Barmek to be notified by the Inspection Commission

The Inspection Commission to examine Limited Liability Company Barmek-Azerbaijan Energy Network compliance with its commitments has started gather complaints from businesses, enterprises and organizations, as well as legal entities and natural persons, in Azerbaijan.
07 June 2006 [14:06]

95th International Labor Conference in Geneva

The International Labor Organization (ILO) began its 95th Labor Conference in Swiss capital, Geneva June 6.
07 June 2006 [11:29]

$50 million loan agreement signed between IBAR and BNP Paribas Bank

International Bank of Azerbaijan (IBA) and the French bank BNP Paribas signed a $50 million loan agreement.
07 June 2006 [11:27]

Average BTC pipeline tariff will be $3-4 per barrel

The average Baku-Tbilisi-Ceyhan pipeline tariff will be $3-4 per barrel, Ilham Nassirov, Executive Director of "AZBTC Co," a firm representing Azerbaijan in this project, said.
07 June 2006 [08:50]

Gas payment coefficient in Azerbaijan increased twice

Gas payment coefficient in Azerbaijan reached 31% increasing twice in January-May this year.
07 June 2006 [08:27]

Matthew Bryza: "Trans Caspian gas transportation by competition is remarkable"

"Trans Caspian gas transportation by competition is possible and remarkable," Matthew Bryza, US Deputy Assistant Secretary for European and Eurasian Affairs, has told in his speech to the media.