Business

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.
20 July 2006 [09:37]

Deal of USD 7.29mn 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 0.8889/USD.
20 July 2006 [09:23]

National Fund for Entrepreneurship Development credit conditions to be facilitated

Management of Economic Development Ministry and Azerbaijani National Fund for Entrepreneurship Development (ANFED) met with the authorized credit institutions of the Fund.
20 July 2006 [08:46]

Charter flight may be implemented from Finland to Nakhchivan

Implementation of charter flight from Finland to Nakhchivan is not ruled out and Nakhchivan International Airport has such a potential, Mubariz Bakhshiyev, chief of under-construction module power station in Nakhchivan, stated.
20 July 2006 [08:33]

Credit allocation to Azerbaijani economy rises by 39.6%

As of June 1, credits allocated to the Azerbaijani economy reached AZN 1 556.8mn which represents an increase of 39.6% or AZN 442mn as against last year respective period.
19 July 2006 [22:04]

SBS and ESM monitor fishing vessels in Azerbaijani part of the Caspian Sea

Azerbaijani State Border Service (SBS) and Emergency Situations Ministry monitored the shipping vessels in the Azerbaijani part of the Caspian Sea from July 8 through 16 in order to investigate the situation.
19 July 2006 [15:37]

Accounting Chamber starts auditing Azerenergy

Accounting Chamber of Azerbaijan has started to conduct an audit at Azerenergy JSC today.
19 July 2006 [14:18]

Oil output will boost world supply by 2010

Angola, along with several other non-Opec countries, would be largely responsible for increasing in world oil supply by 2010, said a Deutsche Bank report.
19 July 2006 [12:52]

383 700 apartments privatized in Azerbaijan so far

383 700 apartments of 20.6mn sq m have been privatized in Azerbaijan since the privatization of the state property started.
19 July 2006 [12:44]

Azerbaijan's 1H 06 budget surplus $220 mln, inflation 5.6%

Azerbaijan's budget surplus totaled about $220 million in January-June 2006 and inflation stood at 5.6%, the head of the country's statistics committee said Tuesday.
19 July 2006 [09:22]

Detention period of Barmek employees prolonged for a month

Period of investigation of the case of Barmek employees - Rahib Musayev and Alasgar Huseynov - has been prolonged.
19 July 2006 [08:39]

Cargo transportation rises 11% in Azerbaijani part of TRACECA corridor

Cargo transportation has reached 20.2mn tons in January-June which represents an increase of 11% as against last year’s respective period.
19 July 2006 [08:36]

US dollar has fallen 0.01 and euro has risen 0.02 against AZN

As of June 1, savings of Azerbaijani population in the banks reached AZN 581.4mn which represents an increase of 36.8% as against last year respective period.
19 July 2006 [08:28]

Azerbaijani fishing boat crew face criminal case in Dagestan

July 5, 2006 criminal case was initiated against the crew members of Azerbaijani fishing boat, which was detained in the Caspian Sea waters in Dagestan.
18 July 2006 [18:59]

Government to counter surges in consumer prices

The Azerbaijani government on Monday held a meeting to discuss the recent abrupt increases in prices on agricultural goods, the underlying causes and ways of preventing the surge.
18 July 2006 [18:51]

Azeri investments up in 6 months

Investments in Azerbaijan's economy have increased to exceed 2.6bn new manats ($2.93bn) in January-June, or 7.9% over the same period of last year.
18 July 2006 [18:50]

Mortgage loan terms to change

A number of changes have been made to the terms of mortgage loans aiming to benefit young families and help solve the housing problem in Azerbaijan.
18 July 2006 [18:48]

World Bank offers $500m for Azeri roads

The World Bank is ready to allocate $500m to Azerbaijan to be invested in renovating roads of nationwide importance, Deputy Transport Minister Musa Panahov says.
18 July 2006 [18:47]

WB proposals on better water supplies

The World Bank has developed a general strategy on improving rural water supplies and upgrading the sewer system of Azerbaijan.
18 July 2006 [16:32]

Ministry of Finance has granted license to PASHA Insurance Company

Azerbaijan Ministry of Finance has granted a license to PASHA Insurance Company Closed Joint-Stock Company.
18 July 2006 [13:57]

Arif Valiyev: "GDP rose by 36.2% in Azerbaijan in January-June"

Gross Domestic Product has risen 36.3% to AZN 7.1bn within January-June in Azerbaijan. Production constituted 68.6% of GDP.
18 July 2006 [13:43]

ISR Capital Investment buys Azerbaijan Hotel

ISR Capital Investment LLC won the competition on selling Azerbaijan Hotel announced by Azerbaijan State Committee for Management of State Property.
18 July 2006 [13:31]

Three normative documents are being developed on licensing hotel activities

The Cabinet of Ministers started to work out three normative documents on licensing activities of hotels in Azerbaijan.
18 July 2006 [08:48]

US-Azerbaijan business forum II took place in California

Azerbaijani Minister of Communications and Information technologies Ali Abbasov has completed his visit to the US.
18 July 2006 [08:39]

26 issues of short-term notes of AZN 279mln registered in January-June

The State Committee for Securities registered 26 issues of short-term notes of AZN 279mln in January-June this year.
18 July 2006 [08:28]

Nominal incomes of Azerbaijani population rise by 20%

In January-June the nominal incomes of Azerbaijani population reached AZN 4.8bn which represents an increase of 19.6% or AZN 793.7mn as against last year’s respective period.
17 July 2006 [21:30]

Initial figure of phone numbers to be changed in Baku in a month

Initial figure of most of the phone numbers will be placed with 5 in Baku in a month.
17 July 2006 [19:49]

Trades at BICEX

The weighted average exchange prices made up 0,8896 AZN for 1 US dollar in the Baku Interbank Currency Exchange on July 17.
17 July 2006 [19:46]

Russian official strongly opposes Kazakh oil delivery via Caspian

A Russian environmental official warned Monday of potential ecological disaster in the Caspian Sea if aging oil tankers are used to transport crude from Kazakhstan to Azerbaijan for pumping through a pipeline that bypasses Russia.
17 July 2006 [14:30]

State Committee on Securities Chairman gives press conference

Today Azerbaijani State Committee on Securities chairman, Gunduz Mammadov, gave press conference on the first half of the current year.
17 July 2006 [13:38]

National Bank of Azerbaijan provided Millicard Processing Center

Millicart (National cards) Processing Center gave a conference to established new juridical persons with participation of 18 commercial banks in the form of LLC with authorized capital of AZN 4mn.
17 July 2006 [13:35]

Russia's MTS approaches Azerbaijan

Russia's top mobile phone operator, Mobile TeleSystems (MTS) (MBT.N: Quote, Profile, Research), has acquired a 75 percent stake in Dagtelecom, a GSM-operator in the Caucasus, MTS said in a regulatory document on Monday.
17 July 2006 [13:06]

New project offers online transactions for card holders

The local Bank of Baku, jointly with the Baku Electronics company, has tackled implementation of the one-of-the-kind project in Azerbaijan enabling holders of plastic cards to buy and sell goods and services via the Internet.
17 July 2006 [13:04]

Baku Bay shipyards to be relocated

The shipyards in the Baku Bay on the Caspian coast are to be relocated due to their causing extreme pollution of the Sea, an official from the Azerbaijan Ministry of Ecology and Natural Resources, Latifa Huseynova, has said.
16 July 2006 [16:18]

Azerbaijan-Egypt economic forum to be held in Baku

The Azerbaijan-Egypt economic forum is due to take place October in Baku.
16 July 2006 [16:16]

Transports Ministers to meet in Astana

Azerbaijani, Turkish, Georgian and Chinese official to visit Kazakh capital.
16 July 2006 [16:14]

Sangachal terminal dispatched 60m of crude

Oil export from Sangachal terminal made up 1.8 million tons in June.
16 July 2006 [02:39]

Turkish contractors of BTC pipeline await $200 mln payments

Turkish contracting companies which carried out works and completed successfully at recently launched Baku-Tbilisi-Ceyhan (BTC) oil pipeline, press their employer BOTAS, the state oil&natural gas pipelines and natural gas imports company, for approximately $200 million payments.
16 July 2006 [02:35]

Georgia to import Azeri natural gas from 2007

Georgia may get a new source of natural gas as an alternative to supplies from Russia, according to a political agreement on Azerbaijani gas deliveries to the country starting next year.
15 July 2006 [14:16]

Trades at BICEX

The weighted average exchange prices made up 0.8905 AZN for 1 US dollar in the Baku Interbank Currency Exchange on July 14.
15 July 2006 [09:29]

Azerbaijani State Customs Committee found 2 415 irregularities

Azerbaijani State Customs Committee found 2 415 irregularities in January-June. 77 of which is of crime and 71 people were detained as suspicious.
15 July 2006 [08:50]

Bush praises BTC opening

The Baku-Tbilisi-Ceyhan (BTC) main export pipeline is a major step in the development of Caspian energy resources, US President George W. Bush wrote in a letter sent to the BTC opening ceremony in Ceyhan, Turkey, on Thursday.
15 July 2006 [08:15]

Income forecast of SSPF implemented by 100.4%

In January-June the incomes of the State Social Protection Fund constituted AZN 266.235mn which represents an increase of AZN 32.296mn or 13.3 percent as against last year's respective period.
14 July 2006 [10:15]

Saakashvili: "We created new space of cooperation"

Georgian president Mikheil Saakashvili spoke at the Baku-Tbilisi-Ceihan oil pipeline opening ceremony held in Turkey, emphasizing the influence of the project on international relations and the global changes in the Caucasus and post-soviet space.
14 July 2006 [09:57]

National Bank of Georgia issued a coin dedicated to BTC

On July 13 the Georgian National Bank held a presentation ceremony for a coin minted in commemoration of the official opening of the Baku-Tbilisi-Ceyhan oil pipeline.
14 July 2006 [01:39]

Bank Respublika's summary for Q2

As of July 1, the total assets of the Bank Standard equaled AZN 80 696 000 which represents an increase by 38.5% in January-June.
14 July 2006 [01:38]

Deal of USD 1 395 000 closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8911/$1.
14 July 2006 [01:34]

Baku subway announces tender

Baku subway has announced a tender on purchase of 3 escalators for 28 May Station.
14 July 2006 [01:32]

World oil prices strike a record $75.86 per barrel

World oil prices struck fresh historic records today.
14 July 2006 [01:27]

AZN makes 75% from total amonut of banknotes

AZN (new manats) constitutes 75% in the current circulation.
14 July 2006 [01:24]

Seminar on Transition to International Financial Reporting Standards held

Azerbaijani Auditors Chamber and Baku Office of Pricewaterhouse Coopers organized a seminar on International Financial Reporting Standards (IFRS).
14 July 2006 [01:05]

Budget to be examined in six municipalities

Accounts Chamber is examining execution of funds allocated from the state budget in 6 municipalities including Khatai District.
13 July 2006 [17:55]

BTC oil pipeline inaugurated in Turkey - UPDATED

The presidents of Turkey, Azerbaijan and Georgia formally opened a pipeline Thursday designed to bypass Russia and bring Caspian oil to Europe, a route that President Bush said would bolster global energy security.
13 July 2006 [11:28]

The Washington Times: "Caspian pipeline to bring oil, relief for West"

"The new Silk Road," "a vital East-West energy corridor," "Europe's second Rotterdam."
13 July 2006 [11:01]

Oil at $75 a barrel makes BTC a fast success

Warnings from critics 10 years ago against project's cost, difficulty have now dried up.
13 July 2006 [10:12]

IMF mission to visit Baku

The International Monetary Fund representatives are due to hold talks with Azeri officials in Baku.
13 July 2006 [10:10]

Inflation contained at single-digits in 2006

Inflation made up 6% in Azerbaijan in the first half of 2006, the State Statistics Committee chairman Arif Valiyev says.
13 July 2006 [10:06]

Azercell's evaluation to complete by year-end

The evaluation of Azerbaijan's leading cellular communications provider, Azercell Telecom JV, for its further privatization is scheduled to complete by the year-end, according to the chairman of the State Committee on Property Management, Karam Hasanov.