Business

07 June 2006 [08:09]

70% increase in tax revenues in Azerbaijan in January-May

Taxes revenue prognosis was implemented by 110,1% in Azerbaijan during January-May this year.
07 June 2006 [08:08]

Volume of currency transactions implemented in BICEX totaled $2,16 million

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 0,8982/$1.
07 June 2006 [07:27]

Israel negotiates oil purchase with Azerbaijan

Israeli Minister of National Infrastructures Binyamin Ben-Eliezer and Rovnag Abdullayev, the president of the Azerbaijani state oil company SOCAR, set oil purchase negotiations in motion on Tuesday during Ben-Eliezer's visit to the Caspian country.
07 June 2006 [07:14]

SOCAR had 6639 operational wells by June 1

Except for operational companies and joint-ventures, State Oil Company of the Azerbaijan Republic (SOCAR) had 6639 operational wells June 1.
06 June 2006 [22:46]

Mahmud Mammadguliyev: "Azerbaijan is willing to be accepted to WTO as developing country"

Azerbaijan wishes to get some years for passage period related to reforms in bank and insurance system after being accepted to membership of World Trade organization.
06 June 2006 [22:22]

Railroad traffic between Azerbaijan, Georgia available again

Railroad traffic between Azerbaijan and Georgia, interrupted on Monday as 15 of 34 tanks carrying fuel oil had come off the rail, was restored on Tuesday.
06 June 2006 [21:02]

BP-led group to pay Turkey's Botas 333 mln usd for pipeline cost overruns

The British Petroleum-led Baku-Tbilisi-Ceyhan Pipeline consortium said it will pay Turkey's Botas oil and gas company 333 mln usd for cost overruns in the Turkish section of the pipeline.
06 June 2006 [15:05]

Turan Morali: "No need of special security forces for BTC"

"Those stealing oil from Baku-Tbilisi-Ceyhan Main Export Pipeline (BTC) will be imprisoned. After imprisonment some of them, the others will give it up being afraid of," Ambassador of Turkey to Azerbaijan Turan Morali stated.
06 June 2006 [14:03]

Press conference on 13th International Oil and Gas Exhibition held

Press conference devoted to opening of the 13th international exhibition and conference "Caspian Oil and Gas Incorporating Refining and Petrochemicals" took place June 5 at the International Press Center.
06 June 2006 [13:38]

Azerbaijan oil sales to yield $140bln at $50 per barrel

Azerbaijan will receive $140 billion from oil sales in the next few years if the price of oil averages $50 per barrel, the president of the oil-rich Caucasus republic said Tuesday.
06 June 2006 [13:34]

Baku-Ceyhan second cargo expected around June 20

The second cargo from the BP-led Baku-Ceyhan oil pipeline will load around June 20 but the flow of oil will then be interrupted for 10 days for last-minute work on the terminal and the pipeline, a BP official said on Tuesday.
06 June 2006 [12:31]

Azerbaijan and Turkey can fund the Baku-Tbilisi-Akhalkalak-Kars railway project

Azerbaijan and Turkey can fund the Baku-Tbilisi-Akhalkalak-Kars railway line without foreign financial support, Turkish Ambassador to Azerbaijan Turan Morali stated.
06 June 2006 [12:15]

Caspian Oil & Gas exhibition opened in Azerbaijan

Caspian Oil & Gas International Exhibition, the 13th in a series of exhibitions and conferences devoted to hydrocarbon resource production in the Caspian Sea area, opened in Baku on Tuesday.
06 June 2006 [09:15]

Ukraine sold heavy armaments to Azerbaijan

Ukraine sold 25 T-72 tanks, 2 PDM-1 (armored carriers), 11 9A52 and 23 PM-38 artillery mounts to Azerbaijan in 2005.
06 June 2006 [08:38]

Volume of BICEX currency transactions totaled $60 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 0,8982/$1.
06 June 2006 [08:34]

0,4% gas deficit for CJSC Azerigas in May

540,78 million cubic meters gas instead of 538,55 million cubic meters was submitted to CJSC Azerigas in May this year. It was 99,6% of forecasted level.
06 June 2006 [08:32]

Kazakh Deputy Energy and Mineral Resources Minister visits Baku

Delegation of Kazakh Ministry of Energy and Mineral Resources headed by Lazzat Kiinov, Deputy Minister, will visit Azerbaijan in order to attend international exhibition conference Caspian Oil & Gas 2006, to be held in Baku June, 6-9.
06 June 2006 [08:28]

Polish National Oil and Gas Company officials visit Baku

Delegation of Polish National Oil and Gas Company representatives with two Vice-Presidents, Zenon Kukhchak and Stanislav Netbalech, at the head will visit Azerbaijan in order to attend international exhibition conference Caspian Oil & Gas 2006, to be held in Baku June, 6-9.
06 June 2006 [08:14]

British Trade and Industry Department Bureau Chief visits Baku

Ms. Joan McNotton, the Chief Director of International Energy Security Bureau at British Trade and Industry Department, will visit Azerbaijan in order to attend international exhibition conference Caspian Oil & Gas 2006, to be held in Baku June, 6-9.
06 June 2006 [08:09]

Main REPO agreement signed between 6 commercial banks

6 commercial banks in Azerbaijan have signed an interbank REPO agreement with "bank-bank" scheme in electron trade system at Baku Stock Exchange (BSE).
05 June 2006 [21:37]

First ship loads oil from new Caspian pipeline

BP, operator of the Baku-Tblisi-Ceyhan (BTC) pipeline, today announced that the first cargo of oil transported through the pipeline from Azerbaijan has been exported from the Ceyhan marine terminal on the Turkish Mediterranean coast.
05 June 2006 [20:27]

360 companies will participate in "Caspian Oil and Gas 2006" exhibition

XIII International Caspian Oil and Gas 2006 exhibition will be held on June 6-9 in Baku.
05 June 2006 [18:16]

Azerbaijan gas production up 37.5% in 5 mths

Azerbaijan produced 2.863 billion cubic meters of gas in January-May 2006, up 37.4% year-on-year.
05 June 2006 [18:04]

Iran first foreign car production line launches in Azerbaijan

Iran inaugurated its first car production line in Azerbaijan so to manufacture Samand.
05 June 2006 [13:36]

Second lot of Azerbaijani oil to be sent from Port Ceyhan in June

The second delivery of Azerbaijani oil (in the framework of Azeri-Chirag-Guneshli exploitation) with several tankers from Port Ceyhan is expected to be realized during June.
05 June 2006 [08:33]

Substantial changes will not be made to Tax Code

Next year substantial changes will not be made to Tax Code, Ministry of Tax informs.
05 June 2006 [08:14]

SOCAR President received BP-Azerbaijan company staff

State Oil Company of Azerbaijan Republic (SOCAR) President Rovnag Abdullayev has received the staff of BP-Azerbaijan company headed by David Woodward.
04 June 2006 [17:47]

Anglo Asian Mining's encouraging results at Gedabek

Press release by Anglo Asian Mining PLC.
04 June 2006 [17:43]

Iran-Khodro exports 530 buses to Azerbaijan

A contract for exports of 530 diesel-powered buses to Azerbaijan was signed in Baku Saturday, Iran-Khodro's public relations department reported.
03 June 2006 [13:57]

Azerbaijan exported 1.356.032 ton oil to the world market

SOCAR Marketing and Economic Operation Office exported 334.058 ton oil productions to world countries in May 2006.
03 June 2006 [13:39]

China's Huawei and Communications Ministry organize seminar

Ministry of Communication and Information Technology and China's Huawei company conducted "Telecommunication Network Transformation" seminar at the Park Inn Azerbaijan hotel, June 2.
03 June 2006 [12:41]

Heydar Babayev meets Iranian Minister of Industry

Minister of Economic Development of Azerbaijan Heydar Babayev on 2 June met with the visiting delegation of the Iranian Ministry of Industry and Mines led by Minister, Dr. Alireza Tahmasebi.
03 June 2006 [12:39]

Azdemiryolbank expands its cooperation with EBRD

Azerdemiryolbank is expanding its microfinance operations with the support of the European Bank for Reconstruction and Development (EBRD).
03 June 2006 [12:15]

Azeri section of Baku-Tblisi-Erzurum natural gas pipeline ready

Work is complete on the Azeri section of Baku-Tblisi-Erzurum (BTE) natural gas pipeline, and the first test for transportation is now under way.
03 June 2006 [10:12]

Criminal case against 20 furniture workshops

20 workshops are brought an action against due to Ecology and Natural Resources Ministry application to State Prosecutor's Office. Huseyn Baghirov, Ecology and Natural Resources Minister, has told the media about.
03 June 2006 [10:09]

OJSC AtaBank becomes member of Visa International payment system

The Directorate of an international payment system Visa International has made decision about promoting the status of Open Joint Stock Company (OJSC) AtaBank from associative to full membership.
03 June 2006 [09:52]

Minimum pension in Azerbaijan to make AZN55 by 2008

It is expected that minimum level of pensions will be reached to AZN55 for 2008.
03 June 2006 [09:47]

Today BICEX currency transactions' volume totaled $3,94 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 0,8982/$1.
03 June 2006 [09:13]

Co-financing loan agreement between Bank Respublika and EBRD to be signed

A loan agreement in the framework of co-financing program between Joint-Stock Bank (JSB) Bank Respublika, Azerbaijan, and The European Bank for Reconstruction and Development (EBRD) may be signed in the next month.
03 June 2006 [09:10]

Improtex Marine & Facilities importing new products to Azerbaijan

Improtex Marine & Facilities, Azerbaijan, has recently imported new products to Azerbaijan.
02 June 2006 [22:12]

BOS Shelf workers staged protest action on Friday

Trade Union Committee (TUC) of the BOS Shelf Company in Azerbaijan today organized a protest action of workers at work today.
02 June 2006 [21:57]

Turkey loads first oil from Caspian pipeline onto tanker for Western markets

The first shipment of Caspian Sea oil from a newly-built pipeline in Turkey was loaded onto a tanker destined for Western markets Friday.
02 June 2006 [12:18]

Georgia hosts conference on economic policy in South Caucasus

A two-day conference dedicated to economic policy in South Caucasian countries and the strategic role of the International Monetary Fund (IMF) starts in the National Bank of Georgia on Thursday.
02 June 2006 [09:18]

The Times: "Price cut hopes as Azerbaijan oil comes on stream"

On Friday, crude oil from Azerbaijan is being loaded on to a British vessel on the Turkish Mediterranean coast, a test cargo that inaugurates BP's $4 billion (?2.1 billion) Baku-Tbilisi-Ceyhan (BTC) pipeline, a vital piece of energy infrastructure that will deliver 1 million barrels per day of high quality oil into the Mediterranean.
02 June 2006 [08:43]

ECO Islamic countries to establish International Blue Card System

Economic Cooperation Organization (ECO) Islamic member countries intend to create International Blue Card System.
02 June 2006 [08:27]

The Black Sea Trade and Development Bank to run business days in Baku

The Black Sea Trade and Development Bank (BSTDB) will run business days in Baku June 11-12. The organizer is Azerbaijan Export and Investment Promotion Foundation (AzPromo).
02 June 2006 [08:25]

New Bank of Baku branches opened

JSCB Bank of Baku has today opened its new three branches. This action is realized in the framework of "Increasing the Quality of Services for Clients" Program.
02 June 2006 [08:23]

UN experts forecast 6,3% economic growth rate for 2006 in CIS area

UN experts have drawn out the report for 2006 on Economic trends, as well as risks and opportunities, for the economies in the Economic Commission for Europe region.
02 June 2006 [08:18]

Azerigasbank branch in Ganja opened

Joint Stock Azerigasbank had opened its branch in Ganja two days ago.
02 June 2006 [08:16]

State Social Protection Fund to distribute insurance certificates

State Social Protection Fund (SSPF) will start the process of distributing social insurance certificates for employed citizens from June, 5.
02 June 2006 [01:22]

Stratfor: "The geopolitics of Baku-Tbilisi-Ceyhan"

The Baku-Tbilisi-Ceyhan (BTC) pipeline, a year behind schedule and some 30 percent over budget, is now a reality.
01 June 2006 [19:00]

Azeri government to win Malta's bank suit

The litigation over the international row that emerged between Malta's Finbank and the Ministry of Communications and Information Technologies is about to be settled in favor of Azerbaijan, Minister Ali Abbasov has said.
01 June 2006 [18:58]

Baku oil show to pave way for 30 countries

The 13th Azerbaijan International "Oil & Gas, Refining and Petrochemicals-2005" Exhibition and Conference will start in Baku on June 6.
01 June 2006 [18:57]

BP Azerbaijan doubles local contractor spendings

BP Azerbaijan plans to double the funds it spends through local companies in the coming years to bring the amount to $500m, the company's vice-president Phil Home has said.
01 June 2006 [18:49]

South Caucasus Pipeline testing started

South Caucasus Pipeline (SCP) testing on exploitation and filling a new gas export system up beginning in Sangachal terminal has been started.
01 June 2006 [18:35]

ADB to award $52 million loan to rehabilitation of roads in Yevlakh-Ganja and Gazakh-Georgian border of Azerbaijan

Asian Development Bank (ADB) has today signed two loan agreements of $52 million total value on the Project "Improvement of East-West Transport Corridor" with Azerbaijani Government.
01 June 2006 [18:33]

Georgia offers to pay Azerbaijani debt

Georgia offered Azerbaijan to pay the debt of electricity this summer.
01 June 2006 [09:15]

FT: "Last step in Caspian oil line to Mediterranean"

The first oil to flow through the Baku-Tbilisi-Ceyhan (BTC) pipeline linking the Caspian and the Mediterranean seas will be loaded on to a tanker in the next few days.
01 June 2006 [08:43]

Azerbaijan to participate World Labor Organization session in Geneva

The World Labor Organization (WLO) will have its 95th session in Geneva June 6-10.
01 June 2006 [08:32]

Chinese D-Link to open office in Azerbaijan

D-Link Co., Chinese leading entity in information technologies sphere, intends to open the Azerbaijani office to strengthen its position in the market here.
01 June 2006 [08:28]

Opening of Iranian automobile factory in Shamakhi postponed for June 3

An automobile factory built by Iran Hodro, Iran in Shamakhi, Azerbaijan will be officially opened June 3.
01 June 2006 [08:19]

Commission to examine Barmek compliance with the contract formed

The Commission to examine Limited Liability Company Barmek-Azerbaijan Energy Network compliance with its contract was formed at Economic Development Ministry.
01 June 2006 [08:01]

Azerbaijan is to limit foreign capital in insurance market

Azerbaijani Government supports the maintenance of foreign capital limitation in local insurance market after 10 years of joining The World Trade Organization (WTO).
01 June 2006 [07:58]

Volume of currency transactions implemented in BICEX totaled $300 thousand

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 0,8985/$1.
01 June 2006 [07:47]

The WB to state its opinion on Law on Insurance by July

The World Bank experts will say their opinions to Azerbaijani side after a new draft of insurance law is expertized.
31 May 2006 [23:57]

Russia, Turkey expand trade, energy ties

Russia and Turkey signed Tuesday a protocol agreement to increase bilateral trade and expand energy cooperation.
31 May 2006 [22:03]

Azeris look to Total for energy boost

Azerbaijani President Ilham Aliyev began talks with France's Total and Technip to bolster energy ties.
31 May 2006 [10:31]

Turkey to be mediator in Gazprom's struggle for South European natural gas

Turkey will undertake the principal mediator role in Gazprom's struggle for South European natural gas market.
31 May 2006 [10:17]

Azerbaijan sees role in European energy diversification

Azerbaijan plans to increase its natural gas exports to Western Europe, the country's president said Tuesday, in comments aimed at easing concern over the security of the region's energy supply and its over-reliance on Russia.
31 May 2006 [09:07]

SOCAR to fulfill budget commitments by late year

About 70 companies in Azerbaijan have been put out of the Department for Big Taxpayers registration, Taxes Ministry this year.
31 May 2006 [08:44]

Today volume of currency transactions implemented in BICEX totaled $100 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 0,8992/$1.
31 May 2006 [08:34]

Business forums expected in Baku up to the next year

Business forums including Azerbaijani, Latvian, Romanian and Finnish businessmen will be held in Baku till the end of this year.
31 May 2006 [08:01]

Auction on National Bank's AZN12 million short-term notes takes place

Baku Stock Exchange (BSE) will today host an auction on placement of Azerbaijan National Bank's short-term notes with state registration number 50102212S.
30 May 2006 [20:30]

First oil shipment to tanker will be launched after a tank is filled in Ceyhan up

Though Azerbaijani oil has reached Ceyhan and has been pumped into tanks, the shipping into tankers has not yet started for the reason that one of the tanks is empty in Ceyhan.