Business

18 November 2006 [13:40]

InterFood Georgia 2006 starts in Tbilisi

The 3rd Georgian International Food Industry Exhibition opened November 16 in the capital Tbilisi. The exhibition gathered 29 local and foreign companies.
18 November 2006 [13:37]

President Aliyev: "Kars-Akhalkalaki-Tbilisi-Baku railway project will be implemented despite all artificial obstacles"

Azerbaijani President Ilham Aliyev who made remarks at the eighth Summit of the Heads of Turkish-speaking States in Antalya, Turkey, said the internationally important Kars-Akhalkalaki-Tbilisi-Baku railway project will be implemented despite all artificial obstacles.
17 November 2006 [19:32]

Nazarbayev: "The Great Silk Way may be revived"

Organization of regular cargo transportation by the route Almaty-Mashhad-Istanbul will allow to revive ancient the Great Silk Way, Kazakh President Nursultan Nazarbayev has stated at the 8th summit of Turkic speaking countries' leaders in Antalya today.
17 November 2006 [19:20]

LUKoil to invest $27 bln in overseas production by 2017

LUKoil [RTS: LKOH], Russia's largest oil company, plans to invest $27 billion by 2017 in hydrocarbon production and new acquisitions abroad, the company's overseas arm said Thursday.
17 November 2006 [19:06]

UAE-Azerbaijan business forum to be held

The United Arab Emirates–Azerbaijan business forum will be held in Abu-Dhabi November 20, press service of the Azerbaijan Export and Investment Promotion Foundation said.
17 November 2006 [18:54]

Electricity interruptions in Baku due to repair

Baku Heating Center and Shimal Thermal Power Plant have been shut down for repair in the morning.
17 November 2006 [14:43]

Percentage for mortgage loans reduced

The maximum rate for mortgage loans reduced to 8 percent on decree by National Bank.
17 November 2006 [14:38]

EBRD expands microfinance in Azerbaijan

The European Bank of Reconstruction and Development (EBRD) is expanding its support for rural areas of Azerbaijan with two loans to commercial bank Rabitabank and local microfinance institution FINCA Azerbaijan which will benefit micro, small and medium size enterprises.
17 November 2006 [14:36]

JBIC considering credit to Azerbaijan

The Japanese Bank for International Cooperation (JBIC) is working on the project giving a credit to Azerbaijan for construction of the second 400 Megawatt gas combined-cycle at the 'Shimal' power plant, press service of Azerbaijan's major electricity company Azerenerji said.
17 November 2006 [14:34]

Finance Minister meets Saudi Arabia's official

Azerbaijan's Finance Minister Samir Sharifov met with visiting Chairman of Saudi Arabia's General Organization for Social Insurance Suliman Al-Humaid and his accompanying delegation.
17 November 2006 [11:46]

NIKoil launches New Year Deposit

Bank Nikoil has launched a New Year Deposit campaign.
17 November 2006 [11:44]

$3.5bn invested in Azeri economy during Jan-Sep

Investment of USD 3.5bn has been made in the economy of Azerbaijan during the period of January-September.
17 November 2006 [11:44]

Nominal income grows to AZN8.3bn

During the period of January-September the incomes of Azerbaijani population brew by 21.9%, year-over-year, to AZN 8.3bn at face value.
17 November 2006 [11:43]

GDP grew by 34.3% y-o-y during Jan-Oct

GDP grew by 34.3% year on year, in the ten months of 2006, to AZN 14.8bn.
17 November 2006 [11:41]

Bank of Baku issues new plastic cards Dynamic and Dynamic+

Bank of Baku has decided to issue new MasterCard called Dynamic and Dynamic +.
17 November 2006 [11:40]

Bank Respublika's credit portfolio doubled

As of November 1, the assets of Respublika Joint-Stock Commercial Bank rose 61.5 percent during January-September to AZN 94.1235m.
17 November 2006 [11:39]

Ogtay Hagverdiyev: "Inflation rate increase by 2-3% due to strengthened manat"

Between 2% and 3% of the 7.7% inflation rate in Azerbaijan resulted from the strengthening of AZN, said the Cabinet finance and credit department chief Ogtay Hagverdiyev.
17 November 2006 [11:38]

Taxes Ministry finds irregularities in 34 073 trade facilities

Taxes Ministry Operational Control Department have to date examined 145 324 various kinds of trade facilities and found serious irregularities in 34 0735 of them.
17 November 2006 [11:24]

'State racism' as Russia bans foreigners from jobs

The Russian government has been accused of state-sponsored racism after it approved laws banning non-Russians from several key sectors of the economy.
17 November 2006 [01:59]

Trades at BICEX, Nov. 16

The weighted average exchange prices made up 0.8716 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 16.
16 November 2006 [14:24]

20% of medicines sold in Post Soviet countries counterfeit

10% of world medicine market consists of counterfeit medicines, in Africa and Asia counterfeit medicines are 30%, in the Post Soviet countries 20%.
16 November 2006 [12:10]

BP and EBRD sign agreement to support private sector in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) and BP-Azerbaijan have signed an agreement to jointly support private sector development in Azerbaijan.
16 November 2006 [12:09]

Second stage of audit of Azerbaijan section of BTC and SCP Pipelines completed

The National Non-Governmental-Organizations (NGOs) that took part in audit of the Azerbaijan section of the BTC Oil Export Pipeline/ SCP Gas Pipeline completed the second stage of the Program conducted with the assistance of The Open Society Institute - Assistance Foundation, OSI-AF coordinator Rovshan Bagirov told at a press conference.
16 November 2006 [12:06]

Azerbaijan applies to Russia for use of Volga-Don channel in 2007

Azerbaijan State Shipping Company has appealed to the Government of Russian federation for the use of Volga-Don channel in 2007, the only water route linking Baku to the outside world, Company chairman Aydin Bashirov said.
16 November 2006 [12:05]

Baku-Tbilisi-Akhalkalak-Kars railway project continues to progress

Technical and economic assessment of the Baku-Tbilisi-Akhalkalak-Kars railway project, requisite documents and finance problems are complete, Deputy Minister of Transport Musa Panahov said.
16 November 2006 [12:02]

AMF's crediting rate to be reduced to 2%

The annual crediting rate of Azerbaijan Mortgage Fund will be reduced to 2% effective November.
16 November 2006 [12:01]

513m cu m of gas delivered to Azerigaz in October

During October 513.08m cubic meters of natural gas were delivered to Azerigaz Company against the planned 643.75m cu m by implementing the forecast by 79.7 percent.
16 November 2006 [12:00]

Azerbaijan to import buses from South Korea

Azerbaijan and South Korea have signed a memo on development of the transportation between the two countries and import of the transport facilities by Azerbaijan, Deputy Minister of Transport Musa Panahov said.
16 November 2006 [11:59]

Azerbaijan so far received 400m euros in TACIS Program

The EU European Neighborhood and Partnership Instrument will provide the state officials of Azerbaijan with experience exchange in European countries, Europa House Coordinator in Azerbaijan Mr. Wolfgang Sporrer said.
16 November 2006 [11:57]

Taxes Ministry finds irregularities in 33 899 trade facilities

Taxes Ministry Operational Control Department have to date examined 144 638 various kinds of trade facilities and found serious irregularities in 33 899 of them.
16 November 2006 [11:52]

Experts: Azerbaijan can ensure its full energy independence

Azerbaijan can ensure its full energy independence. That's what most of the experts said during the roundtable on Azerbaijan's energy security held in Baku last week.
16 November 2006 [11:36]

SOCAR has 6 188 production wells

As of November 1, the State Oil Company of Azerbaijan (SOCAR) (excluding Operating Companies and Joint Ventures) has 6 188 production wells.
16 November 2006 [11:35]

Trades at BICEX, Nov. 15

The weighted average exchange prices made up 0,8726 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 15.
16 November 2006 [11:34]

Azerbaijan to join tourism exhibition in Athens

For the first time Azerbaijan will take part in the international tourism exhibition to be organized in Athens Nov.30-Dec.4.
16 November 2006 [11:33]

TUSIAB members to be awarded

The biggest taxpayers of the Turkish Industrialists and Businessmen Union (TUSIAB) will be awarded in Gulustan palace, on November 23.
15 November 2006 [16:18]

Cement price rise in Azerbaijan results of Russia and Iran's domestic demand

The price rise in some building materials, in particular cement and wood is closely connected to the increase of the demand for these materials in Russia and Iran, State Customs Committee chairman Aydin Aliyev said.
15 November 2006 [15:02]

New Customs Code presented

New Customs Code of Azerbaijan, supported within the Improvement of the Customs Code of Azerbaijan Project by the EU and UNDP, has today been presented.
15 November 2006 [13:36]

New banknotes constitute 95% in circulation in Azerbaijan

New banknotes make 95 percent in the circulation in Azerbaijan now.
15 November 2006 [12:18]

Deals at BICEX, Nov.14

The weighted average exchange price made up 0.8726 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
15 November 2006 [11:59]

EBRD: "Pension fund, insurance engagement could boost private equity market in Transition countries"

Greater engagement by private pension funds and insurance companies as well as a relaxation of regulatory constraints could boost further the already growing market for private equity funds in former command economies from central Europe to central Asia, the EBRD concludes in its latest Transition Report.
15 November 2006 [11:36]

Ganja Automobile Plant employees visit ChangAn Automobile Co

Two representatives of Ganja Automobile Plant visited ChangAn Automobile Co from Oct. 27 to Nov.9.
15 November 2006 [11:34]

Azerbaijan not satisfied with RusAl demands

The privilege Russian aluminum giant RusAl wants doesn't satisfy the Government of Azerbaijan, Economic Development Minister Heydar Babayev said.
15 November 2006 [10:48]

Azerbaijani and Iranian businessmen meet at Baku

Meeting, organized by Iranian embassy in Baku and Azerbaijan National Confederation of Entrepreneurs (ACE), brought together Iranian and Azerbaijani businessmen in Baku.
15 November 2006 [10:31]

TUSIAB says no cooperation with Armenia

"Turkish Industrialists' and Businessmen' Association TUSIAD, based in Istanbul, which cooperates with Armenian businessmen, has no relations to the Union of Turkish Industrialists and Businessmen-TUSIAB," TUSIAB issued a statement to make clear the article "TUSIAD establishes new union to expand business relations with Armenia."
14 November 2006 [23:38]

East Azeri oil delivered to Sangachal Terminal

The first East Azeri oil has been delivered Sangachal Terminal and production of the profit oil from East Azeri Platform has started up.
14 November 2006 [16:51]

Heydar Babayev: "ICSID to consider audit acts but not Arabul's threats"

"ICSID's registering the request doesn't mean the solution to the problem. ICSID will take note of the acts and documents drawn up by international auditors but not the threats made by Barmek President Huseyn Arabul," Economic development Minister Heydar Babayev said.
14 November 2006 [16:10]

Georgia aims to cut Russian gas dependency

Georgia plans to cut its dependency on Russian gas -- possibly by as much as a half -- by the end of next year by striking deals with Azerbaijan, Iran and Turkey, Georgia's prime minister said on Monday.
14 November 2006 [13:44]

Azerbaijan leads in GDP growth rates

Azerbaijan leads the world in GDP growth rates, European Bank for Reconstruction and Development (EBRD) said.
13 November 2006 [18:57]

Marketing survey results released

SOCAR's has announced the marketing survey for 1200 barrels of Azeri Light crude export at Ceyhan seaport.
13 November 2006 [16:14]

Russia rejects expansion of Chevron oil link

Russia's Energy Ministry has rejected a plan to expand the capacity of a Chevron-led oil pipeline from Kazakhstan to the Black Sea.
13 November 2006 [14:27]

Course on economic basics to be organized in Baku

The course on basics and expertise of economics and banking in the Islamic countries will be organized November 27-30 in Baku with the assistance of the Azerbaijan State Economic University, Islamic Development Bank and Islamic Researches and Education Institute.
13 November 2006 [14:25]

Belarus Ambassador visits Goychay region

Belarus's ambassador to Azerbaijan Nikolay Patskevich visited some production enterprises of Goychay region.
13 November 2006 [14:23]

IFC holds seminar on introduction to corporate governance

Within the framework of the Azerbaijan Corporate Governance Project, the seminar on introduction to the corporate governance was held for the representatives of the government agencies of Azerbaijan.
13 November 2006 [14:10]

Oil products export on rise

State Oil Company of Azerbaijan (SOCAR) exported 239,909 tons of oil via Novorossiysk terminal in October, and 942 thousand tons over 10 months.
12 November 2006 [20:48]

Topaz in $60m fleet expansion

Topaz Energy and Marine]s Azerbaijan subsidiary, BUE Caspian has announced that it has launched two new vessels to its offshore vessel fleet.
12 November 2006 [20:43]

A role model in Azerbaijan's privatization

Turkey, which has privatized large companies such as T?rk Telekom, the Turkish Petroleum Refineries Corporation (TUPRAS) and Erdemir one after another, has become a role model for others.
12 November 2006 [20:14]

Economic Development Ministry, University of Louisiana ink memo

On November 10, Economic Development Ministry and US University of Louisiana signed an agreement on the development of the food industry.
12 November 2006 [20:10]

Rafi Oil company joins EITI implementation process in Azerbaijan

The Dubai based Rafi Oil company signed the Instrument of Accession to Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan, press service of Azerbaijan's State oil Fund said.
12 November 2006 [19:52]

GDP to grow 2,7 times over next 4 years

Azerbaijan's Ministry of Economic Development said gross domestic product (GDP) would grow 2.7 times over the next four years, compared with 2005.
12 November 2006 [19:51]

Over $23 billion invested in Azeri economy since 1991

Ministry of Economic Development said over $23 billion was invested in Azerbaijan's economy since the country regained its independence in 1991.
12 November 2006 [10:49]

Azerbaijan joins Trans-Asia Railway Network

According to the agreement signed in UN regional transport meeting in Busan, Korea, Trans-Asia Railway Network will connect 28 countries and the length of the railway is 81 000 km.
11 November 2006 [11:02]

500 000 Azerbaijani immigrant laborers in Ukraine

There are half million labor migrants from Azerbaijan in Ukraine.
11 November 2006 [11:00]

Armenia let 350mn cube/meter, Georgia 330mn cube/meter waste water into the Kur irrespectively

Armenia let 350cube/meter, Georgia 33-cube/meter waste water into the Kur, as a result heavy metals, phenol and oil products gets polluted in Azerbaijani part of the Kur.
11 November 2006 [10:57]

Milli Majlis discusses 2007 Budget of Social Protection Fund

Milli Majlis discussed 2007 Draft Budget of the State Social Protection Fund.
10 November 2006 [22:49]

Glencore, Select win latest Azeri light tender

Glencore and Select Energy have won a tender called by the State Oil Company of Azerbaijani (SOCAR) for the 16th and 17th consignments of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
10 November 2006 [22:27]

International Bank of Azerbaijan signs $130 million loan agreement

The International Bank of Azerbaijan (IBA) has inked the $130 million agreement with syndicate of 26 foreign banks from 12 countries at a rate of Libor + 0.9% for 1 year. The loan will be spent on the infrastructure projects.
10 November 2006 [21:27]

Trades at BICEX

The weighted average exchange prices made up 0,8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 10.
10 November 2006 [20:09]

Romania to offer Azeri oil and gas deliveries to Europe alternatively

Romanian Foreign Minister Mihai-Razvan Ungureanu says Romania will offer Azerbaijani oil and gas supplies to Europe.
10 November 2006 [20:07]

75 of 125 parliamentarians take part in sitting

The parliamentarians were indifferent to the discussion of 2007 Draft State Budget.
10 November 2006 [20:00]

Center of economic and juridical enlightenment of journalists in Ganja

The press conference concerning the establishment of the organization "Center of economic and juridical enlightenment of journalists" was held in Ganja.
10 November 2006 [19:57]

Musa Panahov: "Vietnam-Armenia railway impossible without Azerbaijan"

The decision, made at Korean conference of the United Nations Economic and Social Commission for Asia and the Pacific, on laying a railway line from Armenia to Vietnam is impossible to come true, said Azerbaijani Transportation Minister Musa Panahov.
10 November 2006 [19:55]

Paris Court meets Azerbaijan's claim against FIM Bank

Paris Court today reviewed Azerbaijani ministry's request on the lifting of the arrest of its share in Eutelsut Company of France.