Business

31 March 2006 [09:05]

New equipment to be brought from Holland to Nakhchivan

New equipment regulating gas supply is expected from Holland to Nakhchivan gas-turbine power plant these days.
31 March 2006 [08:53]

Natig Aliyev says losses in oil and gas extraction industry exceed norms

"Holding the symposium on Energy Efficiency and Sustainable Development in Baku has a great significance for Azerbaijan."
31 March 2006 [08:49]

Azercell signed roaming contracts with Orange and CelTel

The Joint Venture Azercell Telecom concluded roaming contracts with the Orange operator of France and CelTel operator of Malawi.
31 March 2006 [08:36]

Loan for State Railway Office to be discussed at EBRD meeting in May

The issue on lending $50 million credit to the Azerbaijan State Railway Office (ASRO) will be reviewed at the meeting of the Directors' Board of the European Bank for Reconstruction and Development (EBRD).
31 March 2006 [00:45]

President establishes Investment Company

The Azerbaijan Investment Company JSC was established by decree on additional measures on facilitating of investment activities, signed by President Ilham Aliyev.
30 March 2006 [23:35]

SCSA holds entrance exam to SPMC

On April 1 the Azerbaijani State Commission on Student Admission (SCSA) will hold entrance exam on admission to work to the State Property Management Committee (SPMC), SCSA informs.
30 March 2006 [22:54]

SPMC signs contract on privatization of "Oguz sharab"

The Azerbaijani State Property Management Committee (SPMC) concluded a contract with RRC Ltd on purchase and sale of shares of "Oguz sharab" (wine) JSC.
30 March 2006 [13:45]

Natig Aliyev: "Turkish Botash claims BTC Co. $400m"

Construction works to build Baku-Tbilisi-Ceyhan (BTC) main export pipeline are conducted with an aim to finish all the construction works by May 27.
30 March 2006 [12:52]

President signs decree on export and import of ozone-destructive substances

Azerbaijani President Ilham Aliyev signed decree on state regulation of in the sphere of import and export of ozone-destructive substances.
30 March 2006 [10:27]

Chair of SCC met with BP Azerbaijan Vice President

The chair of the State Customs Committee (SCC) Aydin Aliyev today received the Vice President of BP Azerbaijan, Mr.Phil Hom.
30 March 2006 [10:10]

Last year over 620 intellectual property objects passed state registration

Last year over 620 intellectual property objects and about 60 contracts on 110 objects passed the state registration in Azerbaijan, certificates were presented to more than 150 copyright owners and electron base for protection of musical compositions and folklore samples abroad was expanded up to 5 thousand.
30 March 2006 [09:53]

Natig Aliyev: "Deficiency of liquid gas will be eliminated these days"

Deficiency of liquid gas in the republic will be eliminated these days.
30 March 2006 [09:47]

Destruction of railroads occupied by Armenia will be discussed

Destruction of the railroad infrastructure in the occupied Azerbaijani territories will be discussed at a conference of the directors general of the Organization for Cooperation of Railways to be held in Baku April 24-28.
30 March 2006 [09:25]

Foreign citizens must pay social insurance tax from this year

From this year on, foreign businessmen in Azerbaijan must pay social security tax according to the law "On social insurance".
30 March 2006 [08:49]

Huseyn Arabul systematically informs PM of events in Barmek

The management of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) systematically informs the Prime Minister about the events taking place in the Company.
30 March 2006 [08:38]

UniBank considers charges of EKA Dish Tijaret Ltd. Company to be groundless

Charges preferred by the management of the EKA Dish Tijaret Ltd. Company against the Unibank Joint-Stock Commercial Bank on Bank's misappropriating property pawned the Company are groundless.
29 March 2006 [18:14]

Trans-Caspian gas project discussed in Azerbaijan

The issue was discussed at the meeting of the Azerbaijani Foreign Minister, Elmar Mammadyarov and the Delegation of the US Trade and Development Agency, with Daniel Stain in charge.
29 March 2006 [16:31]

Heydar Babayev: "Azerbaijan has completed the first stage of negotiations with the RusAl"

The first stage of negotiations between the Ministry of Economic Development and Russian Aluminum on the building of aluminum factory in Azerbaijan has completed.
29 March 2006 [16:28]

Companies from 15 countries to take part at the AITF 2006 tourist exhibition

More than 50 companies from 15 countries will take part at the 5th AITF-2006 tourist exhibition that is to take place at the Heydar Aliyev Sport-Concert complex April 20-22.
29 March 2006 [12:55]

State Committee suggests to evaluate the privatized State Property

State Committee for the State Property management has offered new legislative projects to bring the privatized State Property in accordance with the market price.
29 March 2006 [12:49]

EuroBank representative in Baku discussed the credits for AzGRES

6.3 billion of AZM were invested in the Azerbaijani economy from all the sources in 2005. It is in 12, 7% more than in the previous year. The Azerbaijani Minister of Economic Development, Heydar Babayev told that at the meeting with Director of the Energy and Communal Services Department of the European Bank for Reconstruction and Development (EBRD), Anthony Marsh.
29 March 2006 [10:51]

Several power plants to be repaired this week

The 7th power unit in the Azerbaijan Thermal Power Plant (TPP) will be stopped for prophylactic purposes for 4-5 days.
29 March 2006 [10:49]

Soon volume of leasing operations expected to reach $400 million in Azerbaijan

By January 1 of the current year, the number of leasing operations implemented in Azerbaijan was 365, and leasing portfolio totaled $34.008 million.
29 March 2006 [10:44]

AIOC to bring volume of oil gas handed over to Azerbaijan up to 3 b cu metres

Azerbaijan may hand over about 3 billion cubic metres of oil gas to the Azerbaijani side this year.
29 March 2006 [09:50]

Conference on direct foreign investments to be held in Baku

On March 31 a conference "Direct Foreign Investments and Development" will be held in Baku under organization of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and with the support of the TACIS Program.
29 March 2006 [09:48]

Azerenergy received no legal document on abolition of Bayva

The Azerenergy Open Joint-Stock Company (OJSC) is implementing structural reforms in the Bayva Energy Management Centre.
29 March 2006 [08:43]

Global Finance magazine: "The International Bank of Azerbaijan is one of the best banks of Asia"

Since 2002 IBA has been awarded with this prize 5 years running.
29 March 2006 [08:08]

Republic bank to fund trade operations with EU countries

$5 million credit agreement was signed between Bankgesellschaft Berlin of Germany and Republic Bank.
29 March 2006 [01:58]

Russia tries to scuttle proposed Trans-Caspian pipeline

In an attempt to preserve control over energy exports out of the Central Asia, Russia is taking a two-track approach to opposing the possible construction of Trans-Caspian Sea pipelines.
29 March 2006 [01:44]

Natig Aliyev calls for pipeline from Turkmenistan

Azerbaijan's energy minister revived calls Tuesday for a Caspian Sea pipeline to export natural gas westward from energy-rich Turkmenistan, saying it could be an alternative source for European countries wary of relying on Russian supplies.
28 March 2006 [23:02]

Communications Minister to visit US

Ali Abbasov, the Communications and Information Technologies Minister, received Rino Harnish, the U.S. Ambassador to Azerbaijan, in relation to completion of his diplomatic tenure in the country.
28 March 2006 [22:37]

British Airways unveils business plan for 2006-2008

British Airways company has unveiled two-year program to drive down costs and strengthen customer service.
28 March 2006 [22:26]

Rauf Rzayev: "CapitalBank signs contract with the I-flex"

State CapitalBank has signed a contract with the Indian company I-flex for the bank program delivery, the Bank's chairman, Rauf Rzayev inormed.
28 March 2006 [22:18]

WTO can assist organization of next meeting of OIC tourism ministers

The World Trade Organization (WTO) can render technical assistance in organization of the next meeting of the Organization of Islamic Conference tourism ministers in Baku, the Azerbaijani Culture and Tourism Ministry informs.
28 March 2006 [17:05]

International symposium on energy supply starts in Baku

UN Commission symposium on energy supplies consequential development, industry development, environment pollution and climate change started in Baku on March 28.
28 March 2006 [15:32]

Bulgaria seeks alternatives to Russia's gas imports

Bulgaria wants to sign contracts with several countries - suppliers of natural gas to become an alternative to the Russian supplies, the head of the "Natural resources and concessions" department with the Economy and Energy Ministry said.
28 March 2006 [15:12]

Russia might increase natural gas prices for CIS in future

"I have no doubts that Russia might increase the natural gas prices for CIS countries in future," Azerbaijani Minister of Industry and Energy, Natik Aliyev stated.
28 March 2006 [15:01]

RusAl in talks with Azerbaijan on plant construction

Azerbaijan's economics ministry and Russian metals giant RusAl have started talks on the construction of an aluminum plant in the Caucasus republic, the economics minister said Tuesday.
28 March 2006 [13:18]

Heydar Babayev: "Azerbaijani Tariff Council's next meeting to be held by the end of this week"

Azerbaijani Tariff Council's next meeting to discuss the problems of privatization, standardization, connection and customs fares will be held by the end of the week, Azerbaijani Minister of the Economic Development, Heydar Babayev announced.
28 March 2006 [13:13]

AMD: "Azerbaijani market is developing dynamically"

Advanced Micro Devices (AMD) has announced its official partner in Azerbaijan March 28.
28 March 2006 [09:27]

EKA Dish Tijaret Ltd. Company: "UniBank illegally occupied property pawned by its client"

Abdulla Teymurlu, the Head of the EKA Dish Tijaret Ltd. Company headquartered in Turkey held a press-conference today on a scandal between his Company and UniBank Joint-Stock Commercial Bank (JSCB).
28 March 2006 [09:19]

Ministry of Finance approved plan of inspections-2006

The Ministry of Finance approved the work plan on inspections to be implemented by the end of the current year.
28 March 2006 [08:28]

Azerbaijan ranks first in CIS for growth of industrial production and goods transportation

The Commonwealth of Independent States (CIS) Statistical Committee announced latest rates on the volume of industrial production of CIS states for January.
28 March 2006 [08:21]

BP Company opened new Internet site on its projects

The BP Company opened a new Internet site to inform the public about the Azer-Chirag-Guneshli (ACG) and Shahdeniz Production Share Agreements, Baku-Tbilisi-Ceyhan (BTC) oil and Baku-Tbilisi-Erzurum (BTE) gas pipelines.
28 March 2006 [08:19]

Protocol of recommendations adopted in Istanbul

International conference on "Small and medium entrepreneurship: reality and a look to the future" was held in Permanent Secretariat of the Organization of Black Sea Economic Cooperation (OBSEC).
27 March 2006 [17:54]

President of Barmek Huseyn Arabul appealed to MNS

The president of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) Huseyn Arabul appealed to the Ministry of National Security.
27 March 2006 [17:50]

Aydin Veliyev: "Azerbaijani broiler factory's production is safe for consumption"

A conference on the Bird Flu virus was held at the 21 Azerbaijani poultry factory, which is a member of the Republican Poultry Society.
27 March 2006 [17:47]

New oil-loading tanker launched by the Red Sormovo factory

'Koroglu' oil–loading tanker, build by an order from Azerbaijan State Caspian Shipping (KASPAR) was launched by the Red Sormovo factory, part of the MNP group.
27 March 2006 [17:39]

Azerbaijan to expand in 1,7 times gasoline exports to Georgia in April

SOCAR is planning to expand gasoline exports to Georgia up to 5.000 tons a week on the base of several contracts with the Georgian companies, after the catalytic cracking device will resume its work at the Oil Producing Factory from the April 1.
27 March 2006 [17:35]

GDP volume will increase by 30% in 2006

GDP is forecasted to increase by 30% to AZN 16.3 billion in 2006 and by 31.3% to AZN 21.4 billion in 2007 in Azerbaijan.
27 March 2006 [17:32]

German bank to allocate ?2,5 million for a national park project

KFW, a German bank will allocate 2,550,000 euros for South Caucasus for the project in the establishment of a National Park Samur-Yalama, under the program on protection of eco-regional nature.
27 March 2006 [16:39]

Akif Musayev: "Beneficial tax system to stimulate foreign investments"

Tax benefits might be introduced at the state level to develop certain sectors of economy and attract foreign investments to Azerbaijan, head of the Tax Ministry Chief Department on tax policy and strategic studies, Akif Musayev said.
27 March 2006 [16:34]

Azerenerji holds negotiations with IDI on crediting projects

Azerenerji holds negotiations with international finance institutes on crediting of some important projects, particularly, projects on reforming of energy distribution structure.
27 March 2006 [13:54]

IMF offers "Stand by" program to Azerbaijan

The form of the future cooperation between the International Monetary Fund and Azerbaijan has not been defined yet.
27 March 2006 [13:45]

Azerbaijan took part at the SMB international conference

"Small and medium business: reality and glance into future" international conference was held in Istanbul at the Organization of the Black sea Economic Cooperation (OBEC) permanent secretariat.
27 March 2006 [13:40]

Azeri oil market: results of week

From 20 through 24 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $62.86 per barrel or $0.85 per barrel down as compared to the previous week.
27 March 2006 [13:35]

Platform for vacant gas production can be built under "Contract of Century"

A new platform can be built while production of vacant gas from the Azeri-Chirag-Gunashli (ACG) fields.
27 March 2006 [13:33]

Ganja car factory signs new contracts with China

Ganja car factory (GCF) signs new contracts with the Chinese businessmen.
27 March 2006 [03:18]

Baku Telegraph on investment competition

The State Committee on Management of the State Property (SCMSP) announced an investment competition to sell 98% (85% + 13, 8% of workforces) stocks of Baku Telegraph Open Joint-Stock Company (OJSC).
27 March 2006 [02:59]

Armenia denies agreement with Russia on weapons sell discount

Despite of increase in the price of gas delivered to Armenia, Russia will not sell weapons to this country at a discounted price.
27 March 2006 [02:30]

3rd Azerbaijan-Spain business forum to be held this year

The next business forum with participation of Azerbaijan and Spain businessmen is planned to be held in September-October in Madrid.
27 March 2006 [02:22]

Azerbaijan and Russia sign transport protocol

A meeting was held in Baku between Azerbaijan's and Russia's Transport Ministries representatives on automobile transportation.
26 March 2006 [22:02]

AIOC to pump 1.2 mln tonnes of oil to Novorossiisk

AIOC and SOCAR transported 4.34 million tonnes of oil through the Baku-Novorossiisk pipeline in 2005.
26 March 2006 [21:34]

China after old oil wells in Azerbaijan

Azerbaijani Ambassador to China held a press conference.
26 March 2006 [17:07]

Azeri company to construct South Caucasus pipeline in Georgia

Khazardenizneftgastikinti has won a tender announced by the BP to construct 12-km Georgian stretch of the South Caucasus export pipeline.
26 March 2006 [03:32]

Expensive russian gas to be compensated by cheap arms for Armenia?

The situation with Russian gas supplies to Armenia seems to be solved.
25 March 2006 [16:26]

Six banks were unprofitable last year

Total net profit of bank credit organizations in Azerbaijan increased 46.5% in 2005 and reached AZN 57.04 million manats early this year.
25 March 2006 [16:00]

McDermott Caspian Contractors awards the best suppliers

McDermott Caspian Contractors, inc. (MCCI) has held the first forum of the supplier companies.
25 March 2006 [10:24]

Savings banked in USSR period reviewed in Executive Office of President

Documents concerning returning of population's savings banked in the USSR period are reviewed in the Executive Office of President.
25 March 2006 [10:04]

National Bank prepared bill on housing-savings banks

Specialists of the National Bank of Azerbaijan (NBA) prepared a bill on housing-savings banks.
25 March 2006 [09:33]

Issue on raising transport tariffs to be reconsidered

The institutions subordinated to the Ministry of Transport will submit their proposals on raising transportation tariffs to the Tariff Council.
25 March 2006 [09:19]

AMFA to hold international microfinance conference in Baku

International microfinance conference will be held in Baku May 11-12.
25 March 2006 [00:10]

Azeri Culture and Tourism Minister to visit UAE

Abulfaz Garayev, the Azerbaijani Culture and Tourism Minister, will pay a visit to the United Arab Emirates on April 1.
24 March 2006 [23:49]

SOCAR signs agreement on approval of $750m credit under ACG

Approval of $750m credit for the State Oil Company of Azerbaijan (SOCAR) under the Azeri-Chirag-Gunashli (ACG) allows SOCAR restore its right for big volumes of profit in compliance with the PSA, Rovnag Abdullayev, the President of the SOCAR stated.
24 March 2006 [15:24]

Azerigaz started turning off gas to non-payers

Azerigaz will start suspending gas supplies to clients failing to pay for the services in March of this year, Azerigaz first vice chairman, Nazim Samedzade told.