Business

28 July 2006 [01:08]

Azerbaijan industry and energy minister meets with BP official

Azerbaijani industry and energy minister, Natig Aliyev has received Mark Henstridge, the Head of the BP's Macroeconomics Department.
28 July 2006 [00:57]

Bank Respublika opens new office in Ganja

Bank Respublika JSC of Azerbaijan has opened its office in Ganja.
28 July 2006 [00:51]

Over $61m to be invested in structures privatized through investment competition

Through investment competitions Azerbaijan Committee on Management of State Property implemented privatization of Oguz Sharab, Siyazan Sharab, Salyan Plastik Kutle Refinery, Khanlar Agrosenaye, Baku Telegraph, Sumgait Production, Ganja Industry Equipment, Azerbaijan Hotel and Mingechevir Isolate.
28 July 2006 [00:46]

Astara intersystem power line capacity to reach 25-30 Megawatts

Azerbaijani and Iranian national energy departments - Azerenergy and Tavanir agreed upon enhancement of bilateral cooperation and mutual relationship in Baku.
27 July 2006 [22:13]

Institute for War & Peace Reporting: "Azerbaijan debates 'Dutch Disease'"

The oil-rich country discusses the economic impact of its sudden new wealth.
27 July 2006 [16:20]

Abid Sharifov: "US Congress decision on Baku-Kars project won't affect implementation of the project"

Governments of Azerbaijan and Turkey are resolute on Baku-Tbilisi-Akhalkalak-Kars-Kars railway.
27 July 2006 [15:17]

Askar Mamin: "Container shipping Poti-Baku-Aktau-Almaty may be resumed"

Container shipping Poti-Baku-Aktau-Almaty up to "Dostyk" station may be resumed in the next few months.
27 July 2006 [10:26]

Favorable balance of trade equaled $1.17bn

Azerbaijani trade with faraway country yielded favorable balance of $1.1699868mn and trade with CIS countries resulted in unfavorable balance of $363.5673mn during the first year of the year.
27 July 2006 [10:23]

Auction on placement of T-Bills of Finance Ministry was considered ineffective

July 24 placement of T-bills of Ministry of Finance with the state registration number 10301913S was held at Baku Stock Exchange.
27 July 2006 [10:16]

Collection of insurance fees fell 0.66% in Azerbaijan

During the first half of the year Azerbaijani insurance institutions could collect insurance fees of AZN 43.6mn which respects a 0.66% decrease as against the same period of last year.
27 July 2006 [09:32]

Koroghlu tanker to be given to Azerbaijan in a few days

Having been built in Krasnoye Sormovo Shipyard in Nijini Novgorod, Russia, Koroghlu Tanker will be delivered to Azerbaijan State Caspian Sea Shipping Company in a few days.
27 July 2006 [09:28]

Calculation mechanism of shadow economy in Azerbaijan will be improved

State Statistical Committee intends to obtain technical assistance from International Monetary Fund in order to improve calculation mechanism of shadow economy in Azerbaijan.
27 July 2006 [09:14]

Favorable balance of trade constituted $806.42mn

Favorable balance equaled US$806.4196 mn in export-import of Azerbaijan during the first half of the year. Residents and nonresidents carried out trade operations of 5 041.6986mn during this period.
27 July 2006 [02:37]

Ukrtransnafta moved closer to reversing Odessa-Brody route to receive Caspian oil

Ukraine's state-owned oil pipeline company, Ukrtransnafta, has paid back a $108 million loan to the Russian-British joint venture TNK-BP ahead of schedule, freeing it of its obligations to transport Russian crude through the geopolitically sensitive Odessa-Brody pipeline in reverse mode and renewing Western hopes of getting Caspian oil to Europe around Russia.
27 July 2006 [02:21]

BP chiefs promise to clean up operation

The top executives of BP, chastened by a string of safety, environmental and legal problems in their American operations, pledged Wednesday to restore credibility by bringing in outside experts, being more transparent and investing more heavily in safety and maintenance.
26 July 2006 [22:53]

Examination in Barmek may take some accountable

The number of those taken accountable during examination in Barmek maw rise, Nazim Abbasov, Head of Department Fighting Corruption of General Public Prosecutor's Office stated.
26 July 2006 [22:27]

Taxes Ministry found 1 564 irregularities in 4 200 taxpaying facilities

Ministry of Taxes Operative Control Department conducted examination in 4 200 facilities and found 1564 irregularities and frauds.
26 July 2006 [21:56]

Barmek invites foreign expert to calculate the investment made in Azerbaijan

"Foreign expert invited by Barmek will soon arrive in Azerbaijan to calculate the investment Barmek has to date made in Azerbaijan," Barmek President Huseyn Arabul stated.
26 July 2006 [13:54]

10 tons of oil stolen from Baku-Tbilisi-Ceyhan pipeline

10 tens of oil has been stolen from the Baku-Tbilisi-Ceyhan main export pipeline section near Ceyhan district of Adana, Turkey.
26 July 2006 [13:50]

Finance Ministry found irregularities in Azerbaijani Embassies in Russia, Saudi Arabia

Finance Ministry conducted examination of efficiency of spending of budget-allocated means for the first half of the year.
26 July 2006 [09:45]

Deal of USD 3.7486mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8881/USD.
26 July 2006 [09:41]

AtaHolding wants to carry out project of alternative energy sources

AtaHolding Group of Companies intends to carry out a project on alternative energy source.
26 July 2006 [09:03]

Taxes Ministry delivered AZN 1 027 059 300 to the state budget

During January-June Taxes Ministry delivered AZN 1 027 059 300 to the state budget which means beating the forecast with a rise of ZN 41 459 300.
26 July 2006 [09:00]

Seminar "Russia Azerbaijan innovation cooperation, development perspectives" held in Baku

Today in Baku Innovation Technologies Center (BITC) two day seminar "Russia Azerbaijan innovation cooperation, development perspectives" is held in Baku.
26 July 2006 [08:33]

Bank Respublika prolongs the lottery campaign for 6 more months

Bank Respublika JSC has prolonged the monthly lottery campaign for 6 more months and the next winners will be announced August 15.
26 July 2006 [08:30]

Money transfer rises 11 times in Azerdemiryolbank

USD 8.81 was transferred through Azerdemiryolbank JS in the first half of the year which represents an increase of 11 times as against last year respective period.
26 July 2006 [01:23]

International Herald Tribune: "Pipeline from nowhere to somewhere"

For over a decade, its many detractors referred to it mockingly as the "pipeline to nowhere."
25 July 2006 [23:49]

IBAR plans to step into the Georgian banking sector

A leading Azerbaijani bank plans to step into the Georgian banking sector, announcing on Monday that it envisages establishing a daughter company in Georgia.
25 July 2006 [22:13]

Russian natural gas export to Azerbaijan suspended for two days

Natural gas import from Russian to Azerbaijan suspended for two days.
25 July 2006 [10:17]

Deal of USD 3.495mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8884/USD.
25 July 2006 [10:10]

Ali Abbasov: "US companies are keen on making investment to Azerbaijan"

The US ICT companies are keen on making investment in Azerbaijan, Minister of Communications and Information technologies Ali Abbasov stated.
25 July 2006 [09:24]

IBA denies recent rumor on problems in the Bank

International Bank of Azerbaijan has no probems in its activities and it continues to work normally.
25 July 2006 [09:19]

Auction on placement of short-term notes of NBA to be held at BSE

The placement of short-term notes of NBA with the state registration number 50103012S will be held at Baku Stock Exchange July 26.
25 July 2006 [09:14]

Azerbaijan and Latvia agree to remove double taxation from January 1

Agreement on removal of double taxation on income and capital reached by Azerbaijan and Latvia will come into the force next year.
25 July 2006 [08:34]

GDP of Azerbaijan will rise by four times in 20 years

GDP of Azerbaijan is forecasted to rise by four times in 20 years. If the GDP is forecasted to be $17bn for 2006, the anticipation will reach $70bn by 2025.
24 July 2006 [22:01]

Baku Taxes Department starts large-scale control measures

Baku Taxes Department started large-scale measures from today, it was said at a press conference in the Taxes Ministry.
24 July 2006 [12:12]

Azeri-Turkish intergovernmental economic commission's meeting to be held

The Azeri-Turkish intergovernmental economic commission will hold its next meeting in Baku July 27-28, according to press service of the Turkish Embassy in Baku.
24 July 2006 [12:06]

Oil production from CA platform to rise

Central Azeri (CA) oil platform is currently producing from ten pre-drilled production wells, according to press service of the BP Azerbaijan.
24 July 2006 [12:03]

Duet Auto refused to become Sound Stream's authorized dealer

Negotiations between Azeri Duet Auto and American Sound Stream Company stopped.
24 July 2006 [11:50]

World Bank to allocate a new credit

The World Bank may allocate the Government of Azerbaijan for development of accounting system. The sides are negotiating on components of the project.
24 July 2006 [08:57]

"Century Contract" oil extraction to reach 1 mln barrels daily by 2009

The extractions from the Merkezi Azeri, Gerbi Azeri and Chirag platforms are more than estimated. President of the BP-Azerbaijan company David Woodward told journalists.
23 July 2006 [13:17]

Azerbaijan, Russia Treasuries conclude cooperation agreement

On Azerbaijan's Finance Ministry Main State Treasury concluded an agreement on technical cooperation with the Russian Federal Treasury.
23 July 2006 [13:11]

Over 20 agricultural trade fairs held in Baku

Trade fairs for sale of agricultural products have been organized in 25 different places in Baku districts on Saturday.
23 July 2006 [12:56]

Economic Development Ministry will consider farmers' problems

It has been recently reported that Azerbaijani farmers and other producers of agricultural products encounter problems in selling their products in the capital Baku.
23 July 2006 [12:31]

Azerbaijan, US to sign MoU on ICT cooperation

Azerbaijan and the United States will sign a Memorandum of Understanding on ICT (Information Communication Technologies) cooperation.
22 July 2006 [12:28]

Caspian Motor Show-2006 put off

Caspian Motor Show-2006 has been postponed.
22 July 2006 [12:26]

Barmek will yield control of the company to the Government by August 3

Economic Development Ministry's task force has already completed inspection of the Barmek Azerbaijan Power Network in the country's capital.
22 July 2006 [12:22]

Underwater pipelines to be prepared to receive Shah Deniz gas in late September

One of the main works to be done concerning the Shah Deniz project is to complete exploitation experiments of Shah Deniz part of the Sangachal terminal.
22 July 2006 [11:20]

Azerbaijan to get more associate gas from Caspian fields

Azerbaijan will receive 2.1bn cubic meters of associate gas from the BP-operated major offshore fields Azeri-Chirag-Gunashli this year.
22 July 2006 [11:13]

BTC oil may be taken to US, India

The oil being transported through the Baku-Tbilisi-Ceyhan (BTC) main export pipeline may be taken to the eastern part of the United States as well as India across the Suez Canal, BP Azerbaijan President David Woodward told a news conference on Friday.
22 July 2006 [09:30]

David Woodward: "Our forecast is that BTC total capital expenditures will amount to $832 mln"

"During the first half of the year BTC spent $735 million (including the costs of line-fill and financing) in capital expenditure. Our forecast is that BTC's total capital expenditures will amount to $832 million for this year," said BP Azerbaijan President David Woodward at a media briefing.
22 July 2006 [09:10]

First Shah Deniz gas to be delivered to the market by October

The Shah Deniz gas and condensate development project has continued to progress according to schedule since the beginning of 2006.
22 July 2006 [09:00]

OPEC crude oil per barrel falls to $68.45 in world market

OPEC crude oil per barrel fell to $68.45 in the world market.
22 July 2006 [08:56]

Block I of Ali Bayramli Thermal Power Station wouldn't start

Newly repaired Energy Block I of Ali Bayramli Thermal Power Station still failed to start.
22 July 2006 [08:46]

Agriculture Ministry tries to cheaper the prices

Agriculture Ministry has initiated to take comprehensive measures to prevent artificial price rise of agricultural goods.
22 July 2006 [08:35]

Azerbaijani Transport Minister to attend meeting in Astana

The international meeting of Transport Ministers will take place in the Kazakh capital of Astana July 27-28.
22 July 2006 [08:32]

Incomes of enterprises rose by 55% in Azerbaijan

Enterprises and institutions (except agricultural ones) operating in Azerbaijan have gained an income of AZN 721.6mn and have had a deficit of AZN 79mn in the first half of this year.
22 July 2006 [02:21]

Azerbaijan, Israel: A Win-Win Oil Transport Deal

Israeli and Azerbaijani energy officials have agreed to increase Israel's oil imports from the Baku-Tbilisi-Ceyhan pipeline.
22 July 2006 [02:17]

Chevron vies to boost Caspian output

San Ramon-based Chevron Corp. (CVX) may pump as much as 75,000 barrels a day through a pipeline from Baku on the Caspian Sea to the Turkish port of Ceyhan on the Mediterranean.
22 July 2006 [02:15]

Caucaz.com: "More gas for a regained independence"

The opening of the gas pipeline Baku-Tbilisi-Erzerum (BTE) scheduled for the end of 2006, could permit Georgia to limit its energy dependence on Russia, as Tbilisi is pressing its Turkish and Azerbaijani partners to obtain more gas at a reduced price via the BTE.
22 July 2006 [01:58]

BP sees energy independence for Georgia, Azerbaijan by 2012

Georgia and Azerbaijan, two former Soviet republics that rely heavily on northern neighbor Russia for energy, could power themselves independently by 2012, energy giant BP said on Friday.
21 July 2006 [23:24]

During first half of 2006 BP Azerbaijani capital expenditure equaled $1, 180 mln

Today BP Azerbaijan President, David Woodward gave a quarterly media briefing.
21 July 2006 [17:30]

Natig Aliyev: "Underwater oil pipeline from Kazakhstan to Azerbaijan requires $1bn"

It requires some $ 1bn to build an underwater oil pipeline from Kazakhstan to Azerbaijan in order to export Kazakh crude to the world market through Baku-Tbilisi-Ceyhan main export pipeline.
21 July 2006 [17:17]

Barmek Insaat Company failed

Claim on Barmek Insaat (construction) Company of Barmek Holding was reviewed at Ankara Economic Court III today.
21 July 2006 [11:11]

2 440 887 tons of oil exported via BTC so far

2 440 887 tons of oil has been exported through Baku-Tbilisi-Ceyhan up to now.
21 July 2006 [11:07]

Income and expenditure of state budget rise 76.2% and 52.2% in January-May respectively

Within January-May the income of the state budget equaled AZN 1 292.3mn and expenditures were AZN 1 118.1mn, a profit of AZN 174.2mn (3% of GDP) was made in execution of the budget.
21 July 2006 [10:26]

Azerbaijan can arouse interest of companies in digital broadcasting system

A number of factors impede establishment of digital television broadcasting network.
21 July 2006 [10:18]

Azerbaijani enterprises and institutions' net income before taxes rose 20.1%

Azerbaijani enterprises and institutions' net profit before taxation equaled AZN 2 133.1mn in 2005 which represents an increase of 20.1% as against 2004.
21 July 2006 [10:06]

Cargo transportation rose 9.2% in January-June in Azerbaijan

Azerbaijani transport companies carried 67.3mn tons of cargo within January-June this year which represents an increase of 9.2% as against last year's respective period.
21 July 2006 [08:45]

Azpetrol filed its request for arbitration against the Government of Azerbaijan

The Dutch company Azpetrol International Holdings B.V. and its Dutch subsidiaries Azpetrol Group B.V. and Azpetrol Oil Services Group B.V. filed their request for arbitration under the Energy Charter Treaty against the Government of Azerbaijan with the International Centre for Settlement of Investment Disputes in Washington D.C. last week.
20 July 2006 [21:17]

Natural gas delivery to Azerbaijan from Russia to be cut off for two days

Kaspiygazprom Open Joint-Stock Company warned about cut off natural gas delivered to Dagestani cities and regions as well as to Azerbaijan from July 25 to 27.
20 July 2006 [15:39]

Meeting on preferential mortgage to be held in the Cabinet of Ministers

Allowance of state budget-funded mortgage by preferential conditions and amendments to the procedure of mortgaging will be discussed in the Cabinet of Ministers next week.
20 July 2006 [12:39]

Armenia approves sale of electricity network to Russia's Interenergo

Armenia's authorities have authorized U.K.-based Midland Resources Holding Ltd. to sell its 100% stake in Armenian Electricity Networks (AEN) to a subsidiary of Russia's Inter UES, the Russian company said.
20 July 2006 [12:11]

Iran to boost gas export to Nakhichevan

Iran's exports of natural gas to Nakhichevan Republic have increased electricity generation in the region, noted the Prime Minster of the Nakhichevan Autonomous Republic.
20 July 2006 [12:08]

Oil production in Azerbaijan exceeds 14.4 million tonnes in 1H 2006

Oil production in Azerbaijan reached 477.2 thousand tonnes in Azerbaijan in the I half of 2006, which is 51.3% more than in 1H 2005, Azerabaijani state statistics committee said.