Business

30 May 2006 [20:16]

Gold mine manufacturing negotiations with foreign companies

Companies from USA, Canada, Great Britain, Australia, Japan and South Korea are now being negotiated with for the processing of gold mines discovered in Azerbaijan.
30 May 2006 [20:07]

Israeli officials to attend energy conference in Azerbaijan

Israeli officials will participate in energy conferences in China and Azerbaijan in the coming weeks, the Ministry of National Infrastructures said Monday.
30 May 2006 [12:02]

President Aliyev meets with French businessmen

President of Azerbaijan Ilham Aliyev met May 29 with businessmen representing MEDEF (Movement of the French Enterprises) companies in Paris.
30 May 2006 [11:48]

Azerbaijan to discuss gas deliveries to Europe

Azerbaijan's President Ilham Aliyev says he will discuss the possibility of Azerbaijani gas deliveries to Europe when he meets with French President Jacques Chirac on May 30.
30 May 2006 [11:45]

IDB Executives Council approves USD 393.5 million finances

The Islamic Development Bank's (IDB) Executives have approved total USD 393.5 million in funds for overall projects.
30 May 2006 [09:52]

Russia's Gazprom considers new Black Sea gas pipeline to Turkey

OAO Gazprom, the world’s largest natural-gas exporter, may build a second pipeline under the Black Sea to Turkey, alongside an existing line with a capacity of 16 billion cubic meters a year.
30 May 2006 [09:03]

Oil tops $71.50 on Iran concern, ahead of OPEC

Oil prices rose toward $72 on Tuesday, as a dispute between Iran and the West over Tehran's nuclear programme rumbled on and OPEC delegates said the cartel would keep pumping at near maximum rates to soothe market fears.
30 May 2006 [08:41]

Generally military budget of world states was $1025,5 billion in 2005

Stockholm World International Researches Institute has announced the report of world states' allocation for 2005 in military field.
30 May 2006 [08:04]

Sale of "Moscow" hotel shares to employees starts

The State Committee for State Property Management (SCSPM) launched privileged sale of stocks of "Moscow" Hotel Open Joint-Stock Company (OJSC) to employees.
28 May 2006 [23:08]

Zaman: "Dream realized: Caspian oil in Ceyhan"

The Project of the Century Baku-Thbilisi-Ceyhan (BTC) Oil Pipeline experienced a pinnacle moment on Saturday.
28 May 2006 [12:28]

The Guardian: "Terror alert as Caspian oil pipeline opens"

In the foothills of the Caucasus mountains, a long line of broken mud cuts across the meadows. If you go anywhere near it, camouflaged guards carrying automatic weapons emerge from the forest beyond.
27 May 2006 [13:57]

Turkish Daily News: "Ceyhan ready to disgorge historic first shipment"

Only a few days remain for the rich hydrocarbon reserves lying underneath the cold waters of the Caspian Sea to be transported to international energy markets through the Baku-Tblisi-Ceyhan oil pipeline project, branded as 'The Project of the 21st Century'.
27 May 2006 [09:59]

The Parliament confirms law on changes and amendments to state budget

Milli Majlis has confirmed changes and amendments to Law on 2006 State Budget and Social Protection Fund Budget for 2006 in the session yesterday.
27 May 2006 [09:47]

BP presents "Best of Business" awards to 4 partners

BP announced "Best of Business" awards for partners.
26 May 2006 [21:07]

Azeri gas pumped through BTE pipeline

BP Exploration Sah Daniz Ltd. Thursday began pumping gas into the Baku-Tbilisi-Erzurum pipeline.
26 May 2006 [19:25]

BBC: "First cargo from Caspian pipeline"

The first cargo of oil from a $4bn (?2.2bn) pipeline between Azerbaijan and Turkey will be loaded onto a tanker this weekend - a year behind schedule.
26 May 2006 [19:13]

Barmek Company notified on inspection of its activity in 2002-2005

Azerbaijan's State Committee for State Property Management and Economic Development Ministry sent notification to Barmek-Azerbaijan Electricity Distribution LLC that the company’s activity in 2002-2005 will be inspected.
26 May 2006 [16:42]

Exxon buys first Azeri Light cargo from Ceyhan

U.S. oil major ExxonMobil has bought a 2.2 million barrel cargo with Azeri Light crude, the first ever being loaded at the Turkish port of Ceyhan, thus marking the launch of a huge pipeline from Azerbaijan.
26 May 2006 [15:38]

III Azerbaijan Microfinance Conference launched in Baku

Azerbaijan Microfinance Association (AMFA) has launched III Azerbaijan Microfinance Conference today in Baku, which will continue 2 days.
26 May 2006 [15:35]

Azerbaijan to be represented at the textile machinery exhibition in Istanbul

A delegation of 20 Azeri business persons are to attend the 23rd International Textile Machinery Exhibition in Istanbul from May 31 to June 4, informs National Confederation of Entrepreneurs /Employers/ Organizations of Azerbaijan.
26 May 2006 [15:21]

Technical assistance agreement between Azerbaijan and ADB on alternative energy production

The Ministry of Industry and Energetics (MIE) has signed technical assistance agreement with Asian Development Bank (ADB) with the aim of discovering energy production potential and finding new ways.
26 May 2006 [14:31]

Addax B.V. wins seventh 2006 Azeri Light tender

he Swiss company Addax B.V. has won a tender called by the State Oil Company of the Azerbaijani Republic (SOCAR) for the seventh consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year, a source at SOCAR told Interfax.
26 May 2006 [13:51]

No rise of Russian gas prices expected until late 2006

Russia will not push up gas prices for Azerbaijan until late 2006, president of Azerigas joint-stock company Alikhan Melikov said.
26 May 2006 [13:24]

National Bank new proposals on mortgage disbursements and term

Azerbaijan National Bank (ANB) proposes to soften mortgage conditions on preliminary disbursement and term.
26 May 2006 [13:17]

Azerbaijani military expenditures increased by $60 million

Expenditures for military industry, border guarding, and emergency situations preventing has been increased in Azerbaijan as a result of amendments to the State Budget Law 2006.
26 May 2006 [11:50]

Turkey-Greece pipeline to transmit Azeri gas by end of year

Turkey-Greece natural gas pipeline transmitting Azeri natural gas would be in operation by the end of 2006, Energy and Natural Resources Minister Hilmi Guler said on Thursday.
26 May 2006 [10:14]

Another increase of $60 million in defense expenses of state budget

Expenses to defense sector, frontier defense and emergency expenses of Azerbaijan have been increased as a result of changes and regulations to Law on 2006 State Budget.
26 May 2006 [09:55]

JSCB Gunaybank AZN4,5 million stock issue prospectus registered

The State Committee for Securities (SCS) registered the issue prospectus of JSCB Gunaybank ordinary registered stocks. The volume of the issue is AZN4,5 million, the face value per stock AZN4 thousand.
26 May 2006 [09:24]

Agricultural development strategy for 2007-2015

The Ministry of Agriculture will make 2007-2015 strategy for the solution of agricultural problems and for development of this field.
26 May 2006 [09:06]

Azerbaijan joined ADB's Trade Finance Facilitation Program

Asian Development Bank yesterday signed trade finance facilitation agreements with two Azeri banks - AzeriGazBank and Respublika Bank - in the amount of US$4 million for each bank, respectively.
26 May 2006 [09:05]

Heydar Babayev to represent Azerbaijan at IDB annual meeting

Islamic Development Bank (IDB) 31st annual meeting will be organized in Kuwait May, 30-31. Azerbaijani delegation will be represented at the Head of Heydar Babayev, Economic Development Minister.
26 May 2006 [08:59]

Saribay, Kazakhstan, to start corn export to Azerbaijan

Saribay, Kazakh company, will export corn to Azerbaijan.
26 May 2006 [08:55]

Technical cooperation memorandum signed between Azerbaijan Mortgage Fund and ACDI/VOCA

Azerbaijan Mortgage Fund (AMF) and ACDI/VOCA, which has activities in Azerbaijan, have signed a technical cooperation memorandum with the aim of encouraging mortgaging development in Azerbaijan.
25 May 2006 [13:39]

The International Bank of Azerbaijan extends new type of unique services

The press-cutting service of the International bank of Azerbaijan announced that during 15th May 2005 bank started to render a new unique service to its customers. "Card Transfer" service is money transfer systems which allows to IBA's clients send or receive money from one plastic card to other card. IBA’s clients who use ATM and web kiosk services received new service which will complete service-basket of the bank.
25 May 2006 [13:33]

Azerbaijan to attend International Machinery Exhibition

Azeri delegation comprising of 20 businesspersons will attend May 31-June 4 the XXIII international textile machinery exhibition, in Istanbul, National Confederation of Entrepreneurs /Employers/ Organizations of Azerbaijan said.
25 May 2006 [12:42]

Turkish Daily News: "Happy ending nears in Baku-Tbilisi-Ceyhan pipeline project"

Advancing only 2.5 meters per hour, the crude oil in the pipeline is expected to arrive in Ceyhan on May 27.
25 May 2006 [12:36]

First Black Sea and Caspian Telecommunication Conference

Telecommunication Agency will host the "First Black Sea and Caspian Telecommunication Conference" in Istanbul between May 25th and May 27th, 2006.
25 May 2006 [12:15]

Russia favours changing principle of payment of CIS dues

Russia supports the idea of changing the principle of the payment of dues for the maintenance of the Commonwealth of Independent States (CIS) bodies.
25 May 2006 [09:38]

Huseyn Arabul: "I am the second biggest taxpayer in Azerbaijan"

LLC Barmek-Azerbaijan Energy Network paid taxes of $2,7 million in 2002, $8,8 million in 2003, $8,8 million in 2004 and $16,2 million in 2005.
25 May 2006 [09:11]

Currency transactions at BICEX shows no changes in the rate of manat against dollar

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.
25 May 2006 [09:05]

National Bank's AZN10 million short-term notes placement

Baku Stock Exchange (BSE) hosted the auction on Azerbaijan National Bank’s (ANB) short-term note placement with the state registration number 50102112S. The volume of submitted orders by 9 investors was AZN11497,8 million.
25 May 2006 [09:00]

Iran Khodro to open Samand car factory in Azerbaijan

Managing Director of IranKhodro auto manufacturing Group Manouchehr Manteqi announced here Wednesday the opening on May 31 of that firm's first overseas branch in Azerbaijan.
25 May 2006 [08:12]

European Commission: "Natural gas resources of Azerbaijan provoke great interest of Europe"

"Natural gas resources of Azerbaijan provoke great interest in Europe," Fauzzi Bensarsa, European Commission representative for Energy Security, has stated in his interview, being on Brussels mission.
24 May 2006 [22:47]

Oil prices fall after U.S. data shows rising gasoline supply

Oil prices fell Wednesday after weekly government data showed rising supplies of gasoline, though the declines appeared to be kept in check by falling crude-oil inventories.
24 May 2006 [20:58]

XII Azerbaijan International Food Industry Exhibition launched

XII Azerbaijan International Food Industry Exhibition has today started in Baku and will be carried out till May, 26. The organizer is Iteca Caspian, the exclusive partner of British Exhibition Company ITE Group in the Caucasus.
24 May 2006 [20:52]

Barmek's suit against Taxes Ministry disclaimed in court

Suit against The Ministry of Taxes by LLC Barmek-Azerbaijan Energy Network is disclaimed in local Court of Economic Cases #2 with presidency of Azer Huseynov, a judge.
24 May 2006 [20:27]

Turkish Ambassador: "Azerbaijan owes Turkey $55 million for electrical energy"

"Turkey black and white addressed to Azerbaijan, requesting to pay for electrical energy, supplied to Nakhichevan," Turkish Ambassador to Azerbaijan Turan Morali stated on Wednesday.
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.