Business

07 April 2006 [09:29]

Internet provider for regions started activity

The Transeurocom provider company started rendering Internet services in the regions of Azerbaijan.
07 April 2006 [09:26]

In March about 110 mln kWh of electricity entered power network of Nakhchivan AR

In March of the current year, about 110 million kWh of electricity entered the power network of the Autonomous Republic of Nakhchivan.
07 April 2006 [09:17]

Samir Sharifov: "The Turkish BOTASH Company must complete the project and should not raise claims"

April 13, meeting of the Board of Directors of the BTC CO. Company will take place in Baku.
06 April 2006 [23:29]

The court did not change verdict about Barmek

The appeal of the Barmek-Azerbaijan Vice President, Omar Gunel to change the court's decision on keeping him in custody was rejected, the presiding judge Alim Namazov told.
06 April 2006 [23:07]

BP to start the third advance bore at Western Azeri

BP has launched the third advance bore at Western Azeri, BP informs. The daily oil extraction debit has reached 60,000 barrels.
06 April 2006 [22:42]

Communication Ministry puts new post office into exploitation

The Ministry of Connection and IT has put new post office into exploitation.
06 April 2006 [14:51]

Azerbaijan offers rules for EITI countries

Azerbaijan has out an issue on selection of minimal standards, which could really distinguish the countries implementing the Extractive Industry Transparency Initiative (EITI) from those which only imitate it, the head of the commission on implementation of the EITI, also the Executive Director of the State Oil Fund of Azerbaijan (SOFAR), stated to a news conference titled "EITI: experience of pilot countries".
06 April 2006 [14:25]

Funds allocating from public budget to Azeri armed forces reaches $600m

The funds allocating from the public budget to the Azerbaijani Armed Forces has increased from $170m to $600m, Khanlar Valiyev, the Military Prosecutor stated at news conference April 6.
06 April 2006 [14:00]

High growth of GDP in Azerbaijan to continue in 2006

Presentation of a report on Perspectives of economic development and Asian region, developed by the leading specialists of Honk-Gong was held at the headquarters of the Asian Development Bank (ADB).
06 April 2006 [12:59]

Conference on Sumgayit enterprises' role in strong industry potential to be held

The conference "Role of Sumgayit enterprises in establishment of strong industry potential" will be held in Sumgayit on April 12 at the initiative of the Azerbaijani Ministry of Industry and Energy and the Sumgayit Executive Power.
06 April 2006 [12:38]

Azeri oil prices change differently

The price for AZERI LT CIF on April 5 was $66.66 per barrel (rose $0.76 per barrel against the previous price). Density of Azeri Light is 34.6 degrees by API, sulphur content is 0.14%.
06 April 2006 [12:08]

Poultry fair to be held in Baku

Poultry product fair will be held in Baku April 9 under the organization of the Azerbaijani Ministry of Economic Development and the Poultry Keeping Society.
06 April 2006 [11:29]

AIOC's gas output more than doubles

The Azerbaijan International Operating Company (AIOC) produced 678.1 million cubic meters of gas from Azerbaijan's major Azeri-Chirag-Gunashli offshore fields in January-March 2006, or 2.6 times over the same period of last year.
06 April 2006 [09:50]

Parliament speaker receives chief inspector and auditor of the British National Audit Office

Azerbaijan's parliament speaker Ogtay Asadov today received the delegation led by John Bourn, the chief inspector and auditor of the British National Audit Office.
06 April 2006 [09:20]

Antimonopoly Policy Department: "We already have the list of substandard cellular phone sellers"

The Antimonopoly Policy Department of the Ministry of Economic Development plans to complete the monitoring of the cellular phone market on April 10.
06 April 2006 [09:07]

In March Azerenergy produced 5% more electricity

In March of the current year, about 2,324 billion kWh of electricity was produced in the Azerenergy system and it exceeds the same indicator of preceding March by 5%.
06 April 2006 [08:54]

In March Ministry of Taxes started 18 criminal cases on tax evasion

The Tax Crimes Preliminary Investigation Department under the Ministry of Taxes started 18 criminal cases on tax evasion and illegal entrepreneurship facts in March.
06 April 2006 [08:31]

Prospects and challenges ahead of Azerbaijan's WTO admission

Prospects for Azerbaijan's joining the World Trade Organization (WTO) and economic development were in focus at the event, "The World Trade Network and Azerbaijan", in Baku on Wednesday.
05 April 2006 [20:44]

President Aliyev receives chief inspector & auditor of British National Audit Office

Ilham Aliyev, the Azerbaijani President, received the delegation led by John Bourn, the chief inspector and auditor of the British National Audit Office.
05 April 2006 [20:26]

Milli Majlis to hear the Accountancy Chamber report

The Accountancy Chamber report will be heard at the Milli Majlis next hearing.
05 April 2006 [20:22]

Azerbaijan produced over 2 mln of oil in Q1 2006

Azerbaijan's State Oil Company said Wednesday it had produced 2.2162 million tons (16.29 million bbl) of oil in the first quarter of 2006, the same as in Q1 2005.
05 April 2006 [16:07]

Natig Aliyev participated in Black Sea Energy Conference

The recently completed Black Sea Energy Conference, hosted in Bucharest by Romania's Chamber of Commerce and Industry, discussed various energy-related themes and presented energy projects for the Black Sea area in the near future, along with existing opportunities and challenges to the Black Sea energy markets.
05 April 2006 [16:03]

Krasnoye Sormovo Plant launches oil tanker "Koroglu"

After launching the tanker will be completed and put under mooring tests. The customer will receive it in summer 2006.
05 April 2006 [15:54]

Kazakhstani Majilis approved draft law ratifying Kazakh-Azerbaijan accord

At today's plenary session of Kazakhstani Majilis (Lower Chamber of Parliament) it approved draft law "On ratification of Protocol on amendments to agreement between governments of the Republic of Kazakhstan and Azerbaijan on free trade as of June 10, 1997".
05 April 2006 [15:51]

Senior Chinese legislator meets Azerbaijani guests

Delegation of Yeni Azerbaijan Party is on the visit to the PRC.
05 April 2006 [15:14]

Samir Sharifov: "Companies joining EITI to grow in number"

The companies involved in the gold mining industry are also expected to join the Extractive Industry Transparency Initiative (EITI) in Azerbaijan, Samir Sharifov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR) told journalists.
05 April 2006 [14:13]

Liberalization of trade regime - one of key terms for Azerbaijan to enter WTO

Presentation "World trading system and Azerbaijan" was held in Baku April 5.
05 April 2006 [13:00]

Manat gains ground against USD

The Baku Interbank Currency Exchange (BICEX) has defined the list of banks - leading operators of foreign currency exchange market in March 2006.
05 April 2006 [10:48]

Azerbaijan delegation visits UAE

A high level business delegation from the Ministry of Culture and Tourism of Azerbaijan held talks with business and industry representatives of Ras Al Khaimah, to consolidate trade and business co-operation between Azerbaijan and RAK, especially in the fields of tourism and industry.
05 April 2006 [09:55]

4th meeting of International consultation group on EITI starts in Baku

The fourth meeting of the International consultation group of the Extractive Industry Transparency Initiative (EITI) started in Baku on Wednesday.
05 April 2006 [08:17]

Azerbaijan intends to discuss financial debt to Turkmenistan

The Ministry of Finance invited the Turkmenian part to Baku for continuation of negotiations on Azerbaijan's debt to Turkmenistan.
05 April 2006 [08:10]

German Development Bank to improve water supply of Ganja

Extraordinary and plenipotentiary Ambassador of Germany to Azerbaijan Detlef Lingemann has started his visit to western regions of Azerbaijan.
05 April 2006 [08:01]

Agricultural mission of WB came for ten-day visit

The agricultural mission of the World Bank (WB) visited Baku yesterday.
05 April 2006 [07:56]

Total volume of bank deposits in Azerbaijan increased by 6.93%

Total volume of savings and deposits attracted by banks operating in Azerbaijan made up AZN 1377.3 million by March 1 of the current year.
05 April 2006 [07:39]

SOCAR's activities in March

In March of the current year, 399 thousand 417 tons of oil was transported by means of the Baku-Novorossiysk pipeline. SOCAR transported 60 thousand 455 tons and AIOC 338 thousand 962 tons.
04 April 2006 [19:21]

Azerbaijan, Turkey and Georgia to take an active part in Kars-Tbilisi-Baku project

"The Azerbaijani-Turkish relationship is on the highest level," President stated after negotiations with Ahmad Nejded Sezer, the Turkish President, who is on official visit to Baku.
04 April 2006 [18:49]

Turkish businessmen put $2.2bn in Azerbaijan

Turkish businessmen have invested $2.2bn in the Azerbaijani economy, Turkish President Ahmet Nejdet Sezer stated April 4.
04 April 2006 [18:34]

Gas turbine power station in Nakhchivan AR to be commissioned in April

Etibar Pirverdiyev, the President of Azerenerji JSC, has visited the Nakhchivan Autonomous Republic (AR) to get familiar with the course of the construction of the 40-MW gas turbine power station and the implementation of the project on construction of the module station in the republic.
04 April 2006 [15:33]

SOCAR commissions 4 new wells

In the 1st quarter Bibieybat OGPU of the State Oil Company of Azerbaijan (SOCAR) produced 31,690 tons of oil with forecasted 30,650 tons of oil.
04 April 2006 [15:30]

Poland's Economy Minister Piotr Wozniak to visit Baku on Wednesday

A large delegation led by the Economy Minister of Poland, head of the Azerbaijan-Poland Intergovernmental Economic Commission, Piotr Wozniak will arrive in Baku tomorrow at the invitation of the Azerbaijani Minister for Economic Development Heydar Babayev.
04 April 2006 [11:24]

Armenian lobby in the USA against Kars-Akhalkalaki railway

The Turkish company Yuksel Domonik has elaborated upon their technical and economic plan for the construction of the Kars-Akhalkalaki railway - a 98 kilometer project which is estimated to cost between USD 350-450 million.
04 April 2006 [09:11]

AtaAcademy reported on works implemented since beginning of year

AtaAcademy operating under the AtaHolding Open Joint-Stock Company staged press-conference.
04 April 2006 [09:06]

MBask Insurance Company refused ineffective portfolio

Evaluation of financial efficiency of each operation has been started to be introduced in the MBask Insurance Company.
04 April 2006 [02:16]

4.9 million hectares kept in state ownership

Last year under the land reforms 4.9 million hectares (56.9%) of the single land supply was kept in state ownership, 2 million hectares (23.5%) transmitted to municipal ownership and 1.7 million hectares (19.6%) privatized.
04 April 2006 [02:06]

Huseyn Arabul to inform Turkish President about problems of Barmek

The President of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) Huseyn Arabul will inform the President of Turkey Ahmad Nejdet Sezer of the problems the Company has been facing recently in Azerbaijan.
04 April 2006 [01:59]

"Management of Borders" project implemented in Azerbaijan

In the nearest two months European Commission will start implementation of the project "Management of Borders" in Azerbaijan.
03 April 2006 [22:58]

Oil being stolen from Baku-Supsa pipeline

Georgian police have discovered the theft of oil from the Baku-Supsa pipeline.
03 April 2006 [15:54]

Czech request for Viktor Kozeny's extradition only follows after U.S.

The Bahamian authorities will only decide about the Czech request to have Irish financier of Czech extraction Viktor Kozeny extradited after they settle the same request by the USA, Justice Minister Pavel Nemec and his deputy Roman Polasek told journalists.
03 April 2006 [15:20]

Azeri energy minister attends BSEC energy conference

Natik Aliyev, the Azerbaijani Minister for Industry and Energy, is currently attending the Black Sea Energy Conference, which started in Bucharest, Romania, on 3 April and will last till 5 April.
03 April 2006 [15:18]

SRD head to participate at the meeting of the railway operators from CIS and Baltic

The head of the State Railroad Department (SRD) of Azerbaijan, Arif Askerov will head the Azerbaijani delegation at the meeting of the 43rd international forum of the Railroad Transport Council of CIS and Baltic countries that is to be held in Tallinn (Estonia).
03 April 2006 [15:10]

Azeri oil market: results of week

From 27 through 31 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $64.38 per barrel or $1.52 per barrel down as compared to the previous week.
03 April 2006 [14:51]

Heydar Babayev: "One-figure infiltration indicator disprove Dutch Syndrome in Azerbaijan"

Next meeting of Tariff Council will be held soon.
03 April 2006 [14:48]

Protest action in front of Azpetrol's headquarter

Dismissed employees of Azertrans, sub-company of Azpetrol Group of Companies, staged a protest outside the headquarters of the company in Icheri Sheher.
03 April 2006 [12:33]

Heydar Babayev: "We will refuse sugar import if Imishli Sugar-Refinery meets the needs"

If Imishli Sugar-Refinery meets the needs, there will be no need to sugar import, Economic Development Minister Heydar Babayev told journalists.
03 April 2006 [11:53]

Barmek forbids its employees to raise electricity payments

Barmek, the company controlling energy supplies in Baku, Sumgayit and Northern districts of Azerbaijan has open its second customer service branch office in Sumgayit.
03 April 2006 [09:12]

Memo between Ministry of Economic Development and US Peace Corps signed

On April 1, in the Baku Business Center, has been signed the Memorandum on mutual understanding between the Ministry of Economic Development of Azerbaijan and the Peace Corps of USA. Minister Heydar Babayev and Peace Corps country director Zoltan Szigethy signed the document.
03 April 2006 [09:01]

BTC construction expenses up

The preliminary estimated expenses for construction of the Turkish part of the Baku-Tbilisi-Ceyhan pipeline have went up by 400 million dollars.
03 April 2006 [08:55]

Admission of Azerbaijan to WTO successfully goes on

As it was earlier informed, the delegation, led by Vice-Chairman of the governmental commission of Azerbaijan on the World Trade Organization (WTO), the Deputy Foreign Minister of Azerbaijan Mahmud Mammadguliyev, is in Geneva to carry out bilateral and multilateral negotiations on admission of Azerbaijan Republic into WTO.
01 April 2006 [15:17]

Talks with Moldova and Georgia on co-op under WTO

Azerbaijan has successfully concluded talks with Moldova and Georgia on the cooperation under the World Trade Organization (WTO) as a result of the bilateral talks between the governments of both countries.
01 April 2006 [14:44]

Samir Sharifov: "State Investment Company to give 5-7 year credits"

Azerbaijan Investment Company's founding capital will be formed by the State Oil Fund of Azerbaijan.
01 April 2006 [14:39]

EBRD to own 20% of Garadag–cement stocks

European Bank for Reconstruction and Development (EBRD) will purchase 20% of the stock packet of Swiss company Holcim, which has privatized Garadag-cement in 1999.
01 April 2006 [10:30]

Hotels in Azerbaijan gained AZN 66.5 million income last year

126 hotels, 21 motels, and 115 establishments of hotel type operated throughout the last year in Azerbaijan.
01 April 2006 [10:02]

Culture and Tourism Minister to visit United Arab Emirates

Business forum "Development of Azerbaijani Tourism" will be held in the United Arab Emirates 2-4 April.
01 April 2006 [09:50]

Bank Standard granted first mortgage loan

The Bank Standard Close Joint-Stock Company (CJSC) granted first mortgage loan through the Mortgage Fund of Azerbaijan (MFA).
01 April 2006 [09:30]

State Agency for Standardization, Metrology and Patents starts inspections

The State Agency for Standardization, Metrology and Patents will start inspections in all petrol-filling stations operating throughout the republic from April 1.
01 April 2006 [08:52]

Action plan on application of new certification standards developed

Application of new certification standards in Azerbaijan is worked out and an action plan was prepared in this connection.
01 April 2006 [08:29]

Agreement signed between National Deposit Centre and Rosbank of Russia

Agreement was signed between the National Deposit Centre (NDC) of Azerbaijan and Rosbank Joint-Stock Commercial Bank (JSCB) of Russia.
01 April 2006 [01:25]

State budget of Azerbaijan to be reconsidered in the second half of year

The state budget of 2006 will be reconsidered in the second half of the current year, Minister of Finance Avaz Alakbarov stated.
31 March 2006 [16:56]

Unibank and Bankgesellschaft Berlin sign credit agreement

Bankgesellschaft Berlin credit line allows UniBank to finance projects of different goods exports from EU and USA to Azerbaijan.
31 March 2006 [14:04]

Aydin Bashirov: "CSC to built tankers in Azerbaijan"

Dede Gorqud - the fifth tanker of the Azerbaijani Caspian Shipping Company (CSC) build on the same model as Heydar Aliyev tanker will be launched in two months, the Head of CSC, Aydin Bashirov told.
31 March 2006 [13:57]

WB searches donors for implementation of projects on afforestation

The Ministry of Ecology and Natural Resources drafted a project on afforestation in the area of 6,000h, which will enable to resolve partially a problem of throwing of carbon gas to air, Huseyn Bagirov, the Azerbaijani Minister for Ecology, told journalists today.
31 March 2006 [10:06]

Azerdemiryolbank joined Travelex system

The Azerdemiryolbank Joint-Stock Bank (JSB) joined the Travelex international money transfer system.
31 March 2006 [09:14]

AtaBank presented 3 new deposit types

AtaBank Open Joint-Stock Company (OJSC) presented "Advance – 13th prize", "Advance – With Bonus", and "Advance – Maximal" deposits to its clients.
31 March 2006 [09:09]

Railway Transport Council of CIS and Baltic countries intends to make changes to time-table of trains

Time-table of trains will be reviewed at the next meeting of the Railway Transport Council of the CIS and Baltic countries in Tallinn late in April.