Business

03 October 2006 [18:43]

Azerbaijan posts highest CIS industrial growth in 8 mths

Azerbaijan had the highest year-on-year industrial growth among CIS countries - 40.5% - in January-August, the CIS Interstate Statistical Committee said.
03 October 2006 [16:17]

President Aliyev confirms Azerbaijan-Latvia intergovernmental commission

Azerbaijani President Ilham Aliyev confirmed the composition of the Azerbaijan-Italy intergovernmental commission for economic, technical and cultural cooperation.
03 October 2006 [15:01]

Ogtay Hagverdiyev: "Targol Investment, Fondel Metal, Barmek and some others are headache for Azerbaijan"

"Some foreign investors want to launder dirty money and make frauds in Azerbaijan," Cabinet officer for finance and credit affairs Ogtay Hagverdiyev told.
03 October 2006 [14:50]

12th International telecommunication and information technologies-2006 exhibition opened in Baku

The 12th International telecommunication and information technologies-2006 exhibition has been opened in the Azerbaijani capital Baku.
03 October 2006 [10:04]

Barmek appeal to ICSID not registered yet

The ad hoc commission on hand-over test of Barmek will submit the results to the Government, Deputy Economic Development Minister Mikayil Jabbarov said.
03 October 2006 [09:54]

Auction on placement of T-bills held at BSE

Auction on placement of T-bills with the state registration number 10202913S was held at Baku Stock Exchange yesterday.
03 October 2006 [09:32]

Azerbaijan imported 3309.5mn c.m of gas from Russia in January-September

SOCAR purchased 324mn cubic meters of natural gas from Russian Gasexport Company in September to supply for power stations.
03 October 2006 [09:21]

Daewoo Telecom claims damages of $9.5mn to Azerbaijani Government

Korea Daewoo Telecom claims damages of $9.5mn to Azerbaijani Government, Communications and Information Technologies Minister Ali Abbasov said.
03 October 2006 [09:13]

Low-quality products sold in Lenkeran

The Central Market in Azerbaijani southern region of Lenkeran sells old and harmful products for health, Habil Sadigov, Lenkeran Hygienic and Epidemiology Center (HEC) director told.
02 October 2006 [21:52]

Iran warns Japanese to act on oil deal soon

Iran's government said Monday that the Japanese company Inpex had a day or two to express its commitment in negotiations over a project to develop an oil field or Iran would turn to other companies.
02 October 2006 [21:40]

Chinese cars' assembling launched in Azerbaijan

According to Khanlar Fathiyev, head of Ganja Motor Works the first component parts for assembling of Chinese 'Changan' model have been delivered to the Ganja Motor Assembling Works.
02 October 2006 [21:24]

Trades at BICEX

The weighted average exchange prices made up 0,8747 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 2.
02 October 2006 [14:49]

Economic Development Ministry blames Barmek for delay of hand-over test

The Economic Development Ministry of Azerbaijan blames Barmek for the delay of the hand-over test.
02 October 2006 [14:47]

US-Azeri Business-Forum takes place in Baku

On Monday US-Azerbaijani Business-Forum has been held in Baku by United States-Azerbaijan Chamber of Commerce (USACC), AzPromo and American Chamber of Commerce (AmCham) and Azerbaijan Export and Investment Promotion Foundation (AzPromo).
02 October 2006 [13:15]

Gold deposits' exploration in Ordubad fails

Gold deposit exploration in Ordubad by Azerbaijan International Extractive Industry Operating Company was unproductive.
02 October 2006 [12:58]

Gas supply to some Baku districts cut off

Gas supply to some districts of Baku has been cut off.
01 October 2006 [15:13]

Milk processing factory to be build in Shaki

Under the terms of ?7,28 mln loan agreement signed between the International Bank of Azerbaijan /IBA/ and Netherlands's Robobank, Shaki Agro Industry Ltd has started building a milk processing factory in Orta Zerzid village of Shaki region.
01 October 2006 [15:09]

Georgian Energy Minister speaks of diversified energy supplies

Georgian Energy Minister Nika Gilauri said on September 30 that in 'case of necessity' Georgia will import electricity from Turkey, Armenia, Azerbaijan and Iran during winter.
01 October 2006 [15:06]

Caspian Moods exhibition at Kapellhaus

'Caspian Moods' exhibition was held September 30 at the Kapellhaus Germany-Azerbaijan Cultural Center.
01 October 2006 [15:02]

Israel and the regional oil axes

The United States has always tried, for strategic reasons, to build gas pipelines, excluding Russia's participation, in order to prevent Europe from depending on Russian gas, which currently covers one third of its total needs of gas.
01 October 2006 [12:19]

Iran says backs OPEC push for "acceptable" oil price

Iran will support any OPEC move to bring crude oil prices back to acceptable levels following a recent slide, Iran's OPEC Governor Hossein Kazempour Ardebili said on Sunday.
01 October 2006 [12:14]

Iran, Armenia to finalize Araz Dam contract

Iranian Energy Minister Parviz Fattah said Iran would finalize a contract with Armenia to construct a dam in Araz by the end of the current Iranian year, falling on March 20, 2007.
01 October 2006 [12:10]

Ankara determined to move Turkish-Georgian-Azeri rail project forward

"The three countries, Turkey, Georgia and Azerbaijan, are firm on carrying out this project with their own financial resources; they have enough funds to finance the railway's construction in one way or another," says a Turkish diplomat.
30 September 2006 [16:39]

Turkish Transportation Minister to leave for Baku on Sunday

Turkish Transportation Minister Binali Yildirim will leave for the Azeri capital of Baku on Sunday to participate in the Global Alliance for Information and Communication Technologies and Development (GAID) meeting.
30 September 2006 [14:18]

Japan may block loans for Iran oil project

Japan's government will refrain from extending loans or guaranteeing debts for development of Iran's giant Azadegan oil field by Japan's biggest oil developer if the United Nations Security Council imposes economic sanctions on Tehran.
30 September 2006 [14:05]

Turkey to buy $2.9 bln worth of F-16 Fighting Falcons

The Pentagon said on Friday Turkey may buy $2.9 billion worth of F-16 airplanes, while South Korea may purchase $1.5 billion in Patriot missile system equipment.
30 September 2006 [13:40]

Turkish company to build US$ 42 million sturgeon breeding complex in Turkmenistan

Turkmen President Saparmurat Niyazov has approved the decision of the tender commission of the State Committee for Fisheries and the conclusion of the expert commission on announcing the Turkish "AVKA Yapi Sanayi we Dis Tijaret Limited Sirketi" a winner of the international tender.
30 September 2006 [12:49]

Riga to host Azerbaijan-Lithuania business forum

The Azerbaijan-Lithuania business forum is to be held October 5 in Riga.
30 September 2006 [12:46]

SOCAR transfers money to AFFA's account

The recent problem between the State Oil Company of Azerbaijan Republic (SOCAR) and AFFA has been solved.
30 September 2006 [12:38]

Azercell to start BonusPay campaign next month

Azercell telecom will start a new campaign - BonusPay.
30 September 2006 [11:57]

Tariff Council rises public transportation tariffs

Azerbaijan's Tariff Council considered intraurban and suburban as well as Baku-Sumgayit passenger transportation tariffs.
30 September 2006 [10:31]

Trades at BICEX

The weighted average exchange price made up 0.8750 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
30 September 2006 [10:23]

Latvian-Azerbaijani business-forum to take place

Latvian-Azerbaijani business-forum will be held in Latvia on October 5.
30 September 2006 [09:36]

16 drowned ships lifted from Baku Bay

16 drowned ships were lifted from Baku Bay in the past two years, Letife Huseynova, Ecology and Natural Resources Ministry Monitoring Office chairwoman told.
29 September 2006 [19:14]

CAREC hosts seminar in Baku

Trade Policy Coordinating Committee of the Central Asia Regional Economic Cooperation Program (CAPEC) held a seminar at Hyatt Conference Center on September 28.
29 September 2006 [18:57]

CAREC conference to take place in Urumqi

In Urumqi (XUAR, China) the solemn opening of the 5th ministerial conference of Central Asian Regional Economic Cooperation (CAREC) will be held on October 20, Kazinform refers to press release of the Asian Development Bank.
29 September 2006 [16:49]

Huseyn Arabul: "I will take Barmek's skillful specialists to Turkey if they want"

Barmek-Azerbaijan President Huseyn Arabul will take most of the skilful engineers to Turkey after hand-over test finishes.
29 September 2006 [13:44]

President Aliyev confirms Azerbaijan-France economic commission

Azerbaijan's President Ilham Aliyev issued an executive order on confirmation of new composition of the Azerbaijan-France Economic Commission.
29 September 2006 [13:40]

GDP growth to hit 26.3% in 2007

The foreign trade turnover of Azerbaijan will hit $19.7bn next year.
29 September 2006 [10:29]

Memorandum on the Black Sea ring road signed

Memorandum on Ukraine's participation in the construction of a ring road the Black Sea has been signed at the Sochi meeting of Transportation Ministers of the Black Sea Economic Cooperation Organization (BSECO) member states.
29 September 2006 [10:25]

RAO EES delegation to visit Baku to discuss price and volume of electricity

RAO EES delegation will visit Baku on October 15. Azerenergy OJSC chief engineer Saleh Mammadov told that the delegation of the Unified Energy System of Russia will submit Baku the proposal on the price and volume of the energy to be provided for Azerbaijan.
29 September 2006 [10:07]

Kozeny ordered extradited from Bahamas

An investment promoter indicted in New York City on bribery charges was ordered extradited to the United States by a Bahamian judge on Thursday.
29 September 2006 [09:50]

Defense expenditure to reach US $900mn in 2007

Azerbaijan's defense expenditure is expected to be raised by 26, 7 percent on average in 2007.
29 September 2006 [09:34]

Trades at BICEX

The weighted average exchange price made up 0.8748 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
29 September 2006 [09:30]

Taxes Ministry finds irregularities in 25 908 trade facilities

Taxes Ministry Operational Control Department have to date examined 110 839 various kinds of trade facilities and found serious irregularities in 25 908 of them.
29 September 2006 [09:10]

CAREC workshop held in Baku

Yesterday workshop has been held in Baku within ADB-supported the Central Asia Regional Economic Cooperation.
29 September 2006 [09:05]

Azerbaijan exported 4 659 231.4 tonnes of crude oil in January-August

Azerbaijan has exported 4 659 231.4 tonnes of crude oil of $1.8968 503bn during January-August of the year.
29 September 2006 [09:02]

Property Management Committee sues 500 organizations

State Committee for the Management of the State Property brought a lawsuit against 500 organizations in Azerbaijan.
29 September 2006 [08:36]

Anne E. Derse: "Having commissioning BTC pipeline is an extraordinary achievement"

SOCAR President Rovnag Abdullayev has today received Anne E. Derse, US ambassador to Azerbaijan.
29 September 2006 [08:28]

AZN 5mn delivered to State Budget through investment competitions for privatization

AZN 5mn has been delivered to the State Budget from privatization through investment competitions since early this year and over 12 000 new jobs have been created in the privatized enterprises.
29 September 2006 [08:23]

Azerenergy staff doubled

Azerenergy OJSC has increased the number of employees by twice this year.
28 September 2006 [16:26]

Armenian State Budget to be one-fourth of Azerbaijan's

Armenian Government has approved the Draft State Budget for 2007 and submitted it to the Parliament. The incomes and expenditures of the State Budget are forecasted to be $1.545bn and $1.725bn respectively.
28 September 2006 [16:03]

Azerbaijan and Iran negotiating on construction of hydroelectric power station

Azerenergy is studying the hydroelectric potential of the Mountain Rivers.
28 September 2006 [13:37]

Iranian energy minister expected in Armenia

Energy Minister Parviz Fattah is to begin a visit to Armenia on Thursday to participate in the Iran-Armenia-Georgia trilateral meeting as well as follow up joint border projects and a bilateral agreement for supply of electricity to Armenia.
28 September 2006 [13:18]

All wineries banned in Baku

Ramiz Hasanov: "Examinations proved that at least 10% of the electric meters of Barmek are non-standard"
28 September 2006 [09:56]

Shell to transport Kazakh oil to BTC pipeline

Royal Dutch Shell wants to take part in the development of the Samsun-Ceyhan oil pipeline.
28 September 2006 [09:52]

900, 000 tourists came to Azerbaijan in the first half of the year

Over 1, 200 000 foreigners came to Azerbaijan in the first half of the year. 900,000 of them were tourists, Culture and Tourism Ministry told.
28 September 2006 [09:48]

Investment expenditures rise by 20% for next year in Azerbaijan

AZN 1.8bn is planned in the State Budget of 2007 for investment. Ogtay Hagverdiyev, chairman of finance and credit sector of the Cabinet of Ministers, told that funds for the investment projects will be a 20 % rise as against that of 2006.
28 September 2006 [09:29]

Taxes Ministry finds irregularities in 25 659 trade facilities

Taxes Ministry Operational Control Department have to date examined 109 828 various kinds of trade facilities and found serious irregularities in 25 659 of them.
28 September 2006 [09:26]

Favorable balance of trade with CIS made $784mn in Azerbaijan

Azerbaijan's trade with faraway country yielded favorable balance of $1 096.563mn and trade with CIS member states resulted in unfavorable balance of $784.2883mn during January-August of the year.
28 September 2006 [09:24]

Ban on black caviar and Caspian sturgeon exports to be lifted

2The ban on black caviar and Caspian sturgeon exports of Azerbaijan may be lifted at the meeting of the permanent secretariat of CITES (the Convention on International Trade in Endangered Species of Wild Fauna and Flora.).
28 September 2006 [00:45]

Russian pipeline poses dilemma for Turkey

Russian plans for a new natural gas pipeline are placing Turkey in a tough position.
28 September 2006 [00:27]

CIBC company-members meet with Energy Minister

The companies-members of the Caspian Integration Business Club (CIBC) today met with Natig Aliyev, the Minister of Energy and Industry, the acting co-chairman in CIBC from the side of Azerbaijan.
28 September 2006 [00:23]

Trades at BICEX

The weighted average exchange prices made up 0,8752 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 27.
27 September 2006 [23:41]

Iran-Azerbaijan energy transfer to increase

Energy Minister Parviz Fattah said here on Wednesday that with the completion of power lines and ongoing projects, the transfer capacity of electricity between Iran and Azarbaijan Republic will increase to 600 MW.
27 September 2006 [23:14]

Azerenergy supplies electricity for 18 regions with interruptions

As from today, Azerenergy OJSC has begun to supply electricity for 18 regions with interruptions.
27 September 2006 [10:29]

Taxes Ministry finds irregularities in 25 425 trade facilities

Taxes Ministry Operational Control Department have to date examined 108 822 various kinds of trade facilities and found serious irregularities in 25 425 of them.
27 September 2006 [10:26]

Favorable balance of trade constituted $312.2mn in Azerbaijan in January-August

Favorable balance equaled $312 274 700 in exports and imports of Azerbaijan during January-August of the year.
27 September 2006 [09:59]

Shell interested in trans-Turkey pipeline

Royal Dutch Shell said yesterday it had signed a deal with Turkey's Calik Energy and Italy's ENI on its possible participation in a trans-Turkey oil pipeline project.
27 September 2006 [09:45]

Ramiz Hasanov: "Penalties and sanctions for irregularities in foodstuffs production are very soft"

Producers are independent in exporting Azerbaijani-made goods to European market.
27 September 2006 [09:41]

Hand-over test of Barmek to be completed in 15 days

Hand-over test in Barmek by the Government of Azerbaijan is expected to be completed in 15 days, Economic Development Minister Heydar Babayev said.
27 September 2006 [09:00]

Tariff Council may increase fare in public transportation

Tariff Council is going to make decision on the fare of public transportation this week.
26 September 2006 [20:20]

Trades at BICEX

The weighted average exchange prices made up 0.8755 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 26.
26 September 2006 [20:10]

Russians complete takeover of Armenian power grid

After months of negotiations Russia's national electricity company completed late Tuesday its controversial purchase of Armenia's power distribution network that will boost the already strong Russian presence in the Armenian energy sector.
26 September 2006 [19:40]

Dubai Chamber of Commerce and Industry Head meets Azeri Consul

To enhance the bilateral relations between Dubai and Azerbaijan, Abdul Rahman G. Al-Mutaiwee, Dubai Chamber of Commerce and Industry Director General, received Parviz Ismailzadeh, Azeri Consul General to Dubai.