Business

24 March 2006 [13:36]

SOCAR decides to expand platform 11 on Gunashli field

The leadership of the State Oil Company of Azerbaijan and Azneft PA made a resolution to expand deepwater platform 11, located in Shallow-water Gunashli, where the SOCAR lifts gas at own expense. It is planned to drill 6 gas wells with to total debit of 2 million cu m of gas of high pressure.
24 March 2006 [11:35]

Government intends to improve mortgage crediting system

Today officials of the National Bank of Azerbaijan (NBA) and Mortgage Fund (MF) held presentation of "Role of mortgage loans in improvement of living standards of population" report at a meeting of the economic policy standing committee of Milli Majlis.
24 March 2006 [10:56]

IMF's mission to visit Baku April 12-18

Delegation led by the Deputy Chief of the Near East and Central Asia Department of the International Monetary Fund (IMF) Vitaly Kromarenko will visit Baku April 12-18.
24 March 2006 [10:49]

Baku-Delhi flight not possible at present time

Resumption of the Baku-Delhi flights by Indian airlines is impossible at the present moment.
24 March 2006 [10:35]

Fondel Metal to file investment plea in Hague

Major Dutch aluminum producer Fondel Metal Participations BV plans to file a plea against the Azerbaijan government with the investment disputes court in the Hague over what it calls the invalidation of its 25-year agreement with the company to run the country's aluminum assets.
24 March 2006 [10:25]

Volume of cargo transported in January-February increased by 8.9%

In January-February of the current year enterprises and physical persons operating in the transport sector of Azerbaijan transported 19.6 million tons (8.9% more in comparison with the relevant period of 2005) of cargo. 51.5% of cargo was transported by motor transport, 16.9% by pipelines, 21.1% by railway, 10.5% by maritime transport and share of the private sector in cargo traffic formed 54.4%. Cargo turnover in the transport sector increased by 16.7% and was 4.3 billion ton/km.
24 March 2006 [10:04]

In November, Armenia and Iran will be bounded with second highway

Environment defense organizations, which were against construction of the Megri-Shvanidzor-Kapan highway through Shikaogsky reserve, have not kept their word, stated Armenian Transportation and Communication Minister Andranik Manukyan.
24 March 2006 [09:15]

Marlen Asgarov: "Transmission of power distribution networks from Bayva to be completed"

Transmission of the power distribution networks from the Bayva Energy Management Centre to the Azerenergy Open Joint-Stock Company (OJSC) will be completed by the end of March.
24 March 2006 [09:11]

Memorandum of Bank Standard and International Finance Corporation

Memorandum of understanding was signed between the Bank Standard Close Joint-Stock Company (CJSC) and International Finance Corporation's Azerbaijan Leasing Development Project (ALDP).
24 March 2006 [09:09]

January-February volume of GDP increased by 48.1%

In January-February of the current year GDP (Gross Domestic Product) in amount of AZN 2228.9 million was produced in the country and it exceeds the same figure of the last year's relevant period by 48.1%.
23 March 2006 [15:56]

Marta Fabuel Esteve: "Spanish companies arrived in Baku to get partners"

Azerbaijani-Spanish business forum was held in Baku March 23. It was the second business forum between Azerbaijani and Spanish entrepreneurs, the first one was held in Madrid in 2003.
23 March 2006 [13:39]

Government to cover demand for agriculture

The Azerbaijani government is charged to cover all demands for agriculture products in the country, Azerbaijani President Ilham Aliyev, stated at opening ceremony of sugar factory in Imishli District.
23 March 2006 [12:16]

Joint Azerbaijan-Switzerland comission for commercial and economic co-op

The Ministry of Foreign Affairs said the second session of the joint Azerbaijan-Switzerland intergovernmental commission for commercial and economic cooperation was held in Swiss capital, Bern.
23 March 2006 [10:17]

AZAL: "Our flights are as safe as the flights of famous world airlines"

AZAL public affairs office stated that information that AZAL was included in the EU airliner blacklist because of being unsafe is false.
23 March 2006 [10:11]

Business forum to be held in UAE

The first business forum named "Tourism opportunities of Azerbaijan" will be held in the United Arab Emirates April 2-3.
23 March 2006 [09:39]

Opening of Azersun sugar mill to be held in Imishli March 23

Ceremony of sugar mill opening will be held within the framework of the visit of the President Ilham Aliyev to Imishli and Ali Bayramli March 23.
23 March 2006 [09:34]

Ayshan Company sued Defense Ministry and State Vet Service for Zebu meat scandal

Ayshan Company sued the Defense Ministry and the State Vet Service under auspicious of the Ministry of Agriculture in connection with meat scandal.
23 March 2006 [09:02]

January-February volume of income per capita increased by 17.1%

In January-February of the current year volume of income per capita increased by 17.1% in comparison with the same indicator of the relevant period of 2005 and formed AZN 188.9.
23 March 2006 [08:58]

In February average exchange rate of US dollar and Russian ruble decreased

Volume of savings of population in banks increased by AZN 87.4 million or 21.5% in comparison with the same period of the last year and amounted to AZN 494.1 million by February 1, 2006.
23 March 2006 [00:51]

Iran increased amount of energy supply to Azerbaijan

Iran increased amount of energy supply to Azerbaijan, informed press office of Azerenergy Joint Stock Company.
23 March 2006 [00:43]

Azeri oil market: results of week

From 13 through 17 March AZERI LT average price, sold by Azerbaijan in Novorossiysk port, was $63.71 per barrel or $1.70 per barrel down as compared to the previous week.
23 March 2006 [00:35]

Bank Respublika brought number of issued plastic cards up to 10 thousand

The Respublika Joint-Stock Bank brought the number of plastic cards issued so far up to 10 thousand.
23 March 2006 [00:33]

Azerigasbank intends to bring its authorized capital up to AZN 12 million

The Azerigasbank Joint-Stock Bank (JSB) intends to increase its authorized capital two times and bring it up to AZN 12 million.
23 March 2006 [00:06]

Rovnag Abdullayev: "Shah-Deniz platform to be installed on April 1"

Installation work is now in the final stage.
23 March 2006 [00:02]

Fazil Mammedov: "Tax evasion fixed in Barmek Azerbaijan"

There are some facts of tax evasion by Barmek Azerbaijan, however, exact amount is still unknown, Taxes Minister Fazil Mammedov told journalists.
22 March 2006 [17:09]

Four more Barmek empoloyees detained

Four more associates of Barmek-Azerbaijan Electricity Distribution LLC have been detained. Three officers of the company were detained March 17.
22 March 2006 [15:49]

President visits TPG-500 sea platform

President Ilham Aliyev visited building site of TPG-500 sea platform and its underwater foundations on Zykh, within the frames of Shah-Deniz project March 22.
22 March 2006 [14:49]

JICA to take part in assessment report preparation

Japan International Cooperation Agency (JICA) experts will take part in preparing the assessment report for the combined-cycle plant construction in the "Shimal" electric power station.
22 March 2006 [14:30]

Oil production to beat record

This year oil production is expected to hit a high of 30 million tons for the first time in Azerbaijan, State Oil Company of Azerbaijan reported.
22 March 2006 [13:48]

2,500 Chinese cars to be produced this year in Ganja

2,500 cars of Chinese company Lifan will be built this year by the Ganja automobile factory. In compliance with a contract signed this month, passenger cars, minibuses and light trucks (from 1 to 3, 5 tons) will be produced at the factory.
21 March 2006 [20:26]

Double taxation's removal to promote Azerbaijan's investment enviroment

"Removal of double taxation between states is paid special attention in Azerbaijan," the Ministry of Taxes said.
21 March 2006 [20:21]

Armenia fears to be isolated from regional economic projects

"Resumption of Abkhaz part of the railway beneficial not only to Armenia, but also to the region on the whole," expert economist Eduard Aghajanov said.
21 March 2006 [16:51]

10 and 20 AZN banknotes in circulation

New 10 and 20 AZN banknotes have been put into circulation.
21 March 2006 [16:49]

Caspian oil to reach Ceyhan terminal in June

"Pumping of the Baku-Tbilisi-Ceyhan MEP continues," AIOC's spokesman said.
21 March 2006 [16:46]

BP official : "Works successful in Eastern Azeri platform"

Oil production in this platform will start late this year.
21 March 2006 [16:43]

Main construction works complete in Shahdeniz

Construction works on Shahdeniz gas and condensate development project will take 865 million dollars in 2006.
21 March 2006 [12:22]

Georgia tempted by Iran-Armenia gas project

"Georgia is interested in a project to transport natural gas from Iran via Armenia," Georgian Ambassador Extraordinary and Plenipotentiary to Armenia Revaz Gachechiladze said Monday.
18 March 2006 [21:23]

Central and Eastern Azeri platform project to give 0.75 million barrels of oil

Central and Eastern Azeri platform of Azeri-Chiraq-Guneshli project will give 750000 barrels of oil in the second quarter of this year.
18 March 2006 [21:18]

Country's currency reserves to reach $80 billion soon

Azerbaijani government will benefit $100 million from management of strategic currency funds in 2006.
18 March 2006 [12:12]

Swiss companies become more interested in Azerbaijani economy

Second meeting of the Azerbaijan-Switzerland intergovernmental commission for economic cooperation was held in Bern city March 15.
18 March 2006 [11:42]

Ministry of Taxes applied to Ministry of National Security for strengthening ATIS protection

System similar to the Automated Taxes Information System (ATIS) is developed for the Treasury system as well. The Ministry of Finance and national Bank will join this system in 2007.
18 March 2006 [10:13]

Intel Corporation not to participate in techno-fleet project

"At the present the Intel Corporation does not intend to participate in the project of creation of techno-fleets – free economic zones on information technologies in Azerbaijan".
18 March 2006 [09:33]

Chair of NBA Board held press-conference

The Chair of the Board of the National Bank of Azerbaijan (NBA) Elman Rustamov held a press-conference on the results of the last year.
18 March 2006 [08:03]

Joint mission of JICA and JBIC to visit Baku

Experts of the Japanese International Cooperation Agency (JICA) will participate in construction of the first combined-cycle plant (CCP) in the Shimal Power Plant.
17 March 2006 [15:59]

Chevron signs Azeri oil transit contract

American company plans to transport 4-5 million tons of oil a year through Azerbaijan.
17 March 2006 [15:56]

Tax service to have advanced information technologies in CIS and Eastern Europe

February 17 the Azerbaijani Tax Ministry held a presentation of ATIS (automated tax information system) project, which has been applied since 2006, for the government officials.
17 March 2006 [15:19]

Azeri businessmen see corruption as obstacle to growth

Over half of Azeri entrepreneurs believe corruption is a stumbling block to economic development in the country, according to a recent survey.
17 March 2006 [14:36]

Investments in ACG total $7bn

$7bn manats has been invested since the beginning of Azeri-Chirag-Gunashli (ACG) implementation, Nadir Imanov, a spokesman of BP, an operator of ACG, told journalists during briefing at Sangachal Terminal March 17.
17 March 2006 [10:39]

Azerbaijan to participate in "Inturmarket" exhibition in Moscow

The first international tourism exhibition called "Inturmarket" will be held in Moscow March 19-22.
17 March 2006 [10:34]

Azerbaijan to join 40th congress of International Advertising Association

40th congress of International Advertising Association (IAA) will be held in Dubai, city of the United Arabic Emirates March 21-24.
17 March 2006 [10:30]

IEA: "Oil prices may drop below $60 per barrel"

"World oil prices may drop below $60 per barrel in the near future," International Energy Agency Deputy Executive Director William Ramsay.
17 March 2006 [10:30]

New airports to be constructed and new tankers to be purchased

The European Commission assists Azerbaijan with reconstruction of the transport infrastructure, improvement of border-crossing procedures, personnel training, and under cooperation within TRACECA.
17 March 2006 [10:26]

Yamaha to establish training centre

The Yamaha Company of Japan intends to establish service centers in Azerbaijan in near future.
17 March 2006 [10:17]

Azerbaijan Car Dealers Association identified winners on 5 nominations

Today the Azerbaijan Car Dealers Association awarded several participants of the 3rd Azerbaijan International Car Exhibition held in the Heydar Aliyev Sport and Concert Complex on March 15-18.
17 March 2006 [10:14]

Agreement between ADB and Azersu JSC became effective

The law on the project signed between the Asian Development Bank (ADB) and Azersu Joint-Stock Company (JSC) under the Urban water supply and sewerage Project approved by the President Ilham Aliyev has come to force from Thursday.
17 March 2006 [10:10]

Abid Sharifov and Maurizio Pavesi clashed over corruption in transport sector

Head of the OSCE Office in Baku, Ambassador Maurizio Pavesi's statement on existence of corruption in Azerbaijani transport sector outraged vice-premier Abid Sharifov.
17 March 2006 [09:54]

Mercedes Benz's new GL-Class to be presented to Azerbaijani public

The AutoStar Kaukasus Company, the general distributor of the DaimlerChrysler AG Concern in Azerbaijan, will present Mercedes-Benz's new GL-Class to public soon.
17 March 2006 [09:52]

Energy Symposium to be held in Baku

In an initiative of the Ministry of Industry and Energy of Azerbaijan Energy Efficiency and Stable Development Symposium will be held in Baku on March 28-30 by the UN Department of Economic and Social Affairs.
17 March 2006 [09:47]

Aviation-Technical Center announced tender

The Aviation-Technical Centre Limited Liability Company of the Azerbaijan Air Lines State Concern announced tender to identify contractor companies for construction of the Base Inspection-Repair Metrological and Diagnostics laboratories.
17 March 2006 [08:10]

"Credit evaluation" course to be conducted

Course on "Credit evaluation" will be conducted in the Azerbaijan Bank Training Centre (ABTC) March 22-24.
16 March 2006 [18:15]

Azeri-Spanish business forum due in Baku

An Azerbaijani-Spanish business forum will be held in Baku on March 23.
16 March 2006 [16:45]

OSCE conference on transport starts in Baku

The second preparatory "Increase of transport security of the OSCE region" conference dedicated to the 14th economic forum of OSCE.
16 March 2006 [16:10]

GDP grows by about 48.1%

In January to February 2006 the gross domestic product (GDP) of Azerbaijan grew by 48.1% as compared 2005.
16 March 2006 [13:51]

Agreement on Kazakh oil transportation can be signed this year

Intergovermental agreement on Kazakh oil transportation via the BTC can be signed in 2006.
16 March 2006 [11:00]

Georgia, regional states to mull oil and gas cooperation

The Fifth "Oil, Gas, Energy and Infrastructure" annual international conference will be held in the Georgian capital Tbilisi on Thursday and Friday and attended by some 250 representatives from different countries.
16 March 2006 [10:40]

Minister vows to crack down on unlawful gas price surges

The prices on liquid gas have not increased and a surge is not expected, Industry and Energy Minister Natig Aliyev has said, downplaying the recent concerns over a price hike.
16 March 2006 [10:35]

Azeri, Swiss businessmen to gather in Zurich

The Azeri-Swiss investment seminar will be held in Zurich on Thursday.
16 March 2006 [10:30]

Inflation 5% in 2 months

"Inflation made up 5% in Azerbaijan in the first two months of 2006, or more than two times below the same period of last year," State Statistics Committee chairman Arif Valiyev said.
16 March 2006 [10:15]

Caspian Shipping Company to purchase two more tankers

The Caspian Shipping Company (CSC) will purchase two more tankers soon in order to expand its fleet.
16 March 2006 [10:10]

Chinese cars to be assembled in Ganja

The Ganja Car Factory (GCF) is holding negotiations with a number of leading companies of the world in order to further develop the enterprise and increase production.
16 March 2006 [10:05]

Turtle Wax to sale nanoproducts in Azerbaijan

The Turtle Wax Company being the distributor of autocosmetics intends to start sale of nanoproducts in Azerbaijan within the following months.
16 March 2006 [09:35]

APD inspect cellular phone, perfumes and cosmetics markets

Antimonopoly Policy Department of the Ministry of Economic Development is currently inspecting the cellular phone, perfumes and cosmetics markets of the country.
16 March 2006 [09:30]

Production of Russian midget cars to resume in Ganja

Production of "OKA" midhet cars in Azerbaijan can be resumed this year again.
16 March 2006 [09:20]

International coach station to be constructed

New international coach station complex constructed on the Baku-Sumgait highway will be completely ready by the end of this year.
16 March 2006 [09:10]

Barmek to defend its arrested employees

The Barmek-Azerbaijan Electricity Network Limietd Liability Company (LLC) will defend its employees arrested by law-enforcement bodies.