Business

28 June 2006 [09:34]

US Cisco Systems company president to visit Azerbaijan June 29

June 29 US Cisco Systems Company President, John Chambers will pay a one-day visit to Azerbaijan.
28 June 2006 [09:09]

License of some wine making and importing enterprises suspended

Agriculture Minister Ismat Abbasov said in his interview with journalists that license of a number of enterprises making and importing wine was suspended in Azerbaijan.
28 June 2006 [08:54]

Afshar Suleymani: "Azsamand automobile plant in Shamakhi will be opened shortly"

Iranian Ambassador to Azerbaijan Afshar Suleymani told journalists that official opening ceremony of Azsamand car factory in Shamakhi will take place and Azerbaijani president Ilham Aliyev is expected to attend the ceremony as well.
28 June 2006 [08:40]

SOCAR announces tender to sell fuel of 308,000 tons

SOCAR Marketing and Economic Operations Department has announced marketing action.
28 June 2006 [00:47]

Georgian, Armenian ministers comment on Baku-Kars railway

Georgian Foreign Minister Gela Bezhuashvili said after talks with his visiting Armenian counterpart Vardan Oskanian on June 27 that feasibility study of the Baku-Tbilisi-Kars railway project is currently underway to find out whether the project is financially profitable or not.
27 June 2006 [22:41]

Azerbaijani Emergencies Minister: "No one will purchase buildings built without expert opinion"

"We have written to several building companies constructing buildings without expert opinion. Thus, some businessmen engaged in building activity ignore important issues," Azerbaijani Minister for Emergency Situations Kamaladdin Heydarov told journalists.
27 June 2006 [22:20]

Tariff Council fixed tuition fees

The Tariff Council will reconsider fixing of tuition fees of higher schools in Azerbaijan in its next sitting.
27 June 2006 [09:52]

Georgia to receive additional natural gas from Shah-Deniz

On July 13 the Georgian government will hold the next round of negotiations for receiving additional natural gas from the South Caucasus (also known as the Baku-Tbilisi-Erzerum) gas pipeline.
27 June 2006 [00:00]

Oil jumps $1 as US, China demand holds strong

Oil jumped $1 Monday to nearly $72 a barrel on signs demand from the United States and China remained strong despite soaring energy costs.
26 June 2006 [21:09]

UPI Energy: "Azerbaijan eyes the West"

This month's completion of the Baku-Tbilisi-Ceyhan oil pipeline from Azerbaijan to the Mediterranean Sea was celebrated like a debutante ball in the Azerbaijani capital, Baku.
26 June 2006 [20:17]

Bushehr NPP in Iran to be built as planned

Russia will continue building the Bushehr nuclear power plant in Iran as scheduled, the country's top nuclear official said Monday.
26 June 2006 [20:15]

Gazprom, Iran mull joint oil and gas projects

Gazprom (RTS:GAZP) and Iran have agreed to study the possibility of forming a joint enterprise to develop oil and gas deposits, the Russian energy giant said Monday.
26 June 2006 [20:11]

EU supports new Caspian gas pipeline bypassing Russia

European governments underlined their support Monday for a privately funded gas pipeline from Central Asia to Western Europe that would bypass Russia.
26 June 2006 [17:54]

President Aliyev received SPECA Secretary General

On June 26, President of Azerbaijan Ilham Aliyev received at the Presidential Palace Secretary General of United Nations Conference on Trade and Development Supachai Panitchpakdi.
26 June 2006 [17:52]

SPECA forum opens in Baku

An economic Forum of the United Nations Special Program for the Economies of Central Asia organized by the UN Economic Commission for Europe (UNECE), UN Economic and Social Commission for Asia (UNESCAP) and the Government of Azerbaijan was held on June 26 at Park Inn-Azerbaijan hotel in Baku.
25 June 2006 [13:01]

Nabucco pipeline to win political backing Monday

The pipeline, set to supply gas to Europe directly from the Caspian region, bypassing Russia, is in line with an EU commitment to make the diversification of energy routes a priority after Russia turned off the taps to Ukraine in a row over gas prices in January.
24 June 2006 [10:17]

USD rate forecasted to constitute 4,000 manat/$1 by this year

Strengthening of national currency will continue till this year's end and in connection with the changes were made to the state budget in May, revaluation is forecasted to be two-digit.
24 June 2006 [09:39]

Transactions implemented in BICEX totaled $6.95

According to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0.8954/$1.
24 June 2006 [09:31]

Unibank assets rise 47% to AZN 95.4mn from early this year

As of June 1 the assets of the Unibank Commercial Bank rose by 87.68% in comparison with May 2005 and reached AZN 95.43 mn being 47.4% up in early this year.
24 June 2006 [09:23]

Azerbaijan won't reduce import tariffs due to membership to WTO

Azerbaijan won't reduce import tariffs and will keep the tariff in the level of 15% in connection with membership to World Trade Organization.
23 June 2006 [22:15]

Iran to halt gasoline imports, impose rationing

Iran will halt its massive gasoline imports from Sept. 23 and impose fuel rationing, the oil minister said on Friday - a political gamble in a country where subsidised fuel is viewed as a national right.
23 June 2006 [10:21]

Volume of BICEX currency transactions totaled $6.95

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0.8954/$1.
23 June 2006 [09:39]

Ministry of Education and Microsoft Company signed memorandum

Yesterday Ministry of Education Microsoft Company signed mutual memorandum "Cooperation on development field of modern information technologies system".
23 June 2006 [09:31]

Volume of cargo carried by Azerbaijani transport rises 10% within January-May

Within January-May of the current year Azerbaijani transport carried 54.1mln tons of cargo and this figure is 9.8% more than that of respective period of 2005.
23 June 2006 [09:05]

Construction of new road junction starts in Karl Marks Circle, Baku

Construction of eighth road intersection in crossing of Azadlig prospect and Ziya Bunyadov Street started.
23 June 2006 [08:59]

U.S. welcomes Kazakh-Azerbaijani pipeline deal

The United States has welcomed an agreement allowing Kazakhstan to pump its oil through a U.S.-backed pipeline running from Azerbaijan to Turkey.
23 June 2006 [08:58]

Azerbaijani and Georgian railway officers discuss issues on transit of oil and oil products

SOCAR Marketing and Economic Operations Department officers attended conference held in Baku by Azerbaijani and Georgian railway officers.
23 June 2006 [08:52]

Average salary rise constitutes 20% within January-May

Average monthly salary of Azerbaijani economy employees comprised AZN133.7 and this indicator is 20.3% more than that of previous year’s respective period.
23 June 2006 [08:50]

National savings in banks rise 35% in Azerbaijan

As of May 1 national savings in bank-credit structures constituted AZN568.3mln and this figure is 35% more than that of last year's respective period.
23 June 2006 [08:43]

Construction of one more pedestrian tunnel starts in Baku

Construction of pedestrian tunnel in the intersection of Bulbul Street and Fuzuli Street has started yesterday.
22 June 2006 [15:11]

Ministry of Taxes completed check-ups in ANS Commerce Company

Ministry of Taxes completed check-ups in ANS Commerce Company, it is on the eve of drawing up a statement.
22 June 2006 [13:55]

Baku Mayor's Office allowed motion of phaetons

Baku City Executive Power has liquidated prohibition of motion of phaetons in different places of the city.
22 June 2006 [13:49]

Azerbaijan-Turkey Business Forum takes place in Baku

Azerbaijan-Turkey Business Forum took place in Baku today.
22 June 2006 [11:16]

World Bank predicts Armenian economic growth will slow

Armenian economic growth will slow in the next few years, the World Bank said in a report on Eastern Europe and Central Asia.
22 June 2006 [09:37]

Dutch court summons Azerbaijan in connection with FIM Bank row

Dutch court has sent a letter to Azerbaijani Communications and Information technologies Ministry in connection with a row between Azerbaijani government and FIM Bank of Malta. The letter summons Azerbaijan as a witness.
22 June 2006 [09:12]

Shares of Siazan Industry Equipment put in investment competition

Azerbaijani State Committee for Management of State property announces investment competition on stocks of Siazan Senaye Gihaz (industry Equipment) OJSC. 99.7% of its stocks as well as 14.7%-portion of workforce were put into competition.
22 June 2006 [09:07]

Reconstruction of Airport Road to start in a month

By July 20 reconstruction of 2.3-km-long Airport Road (from Azizbayov circle to Sabunchu circle) will be started.
22 June 2006 [08:58]

Azerbaijani National Bank made $16.7mln influence to the currency market

In January-March Azerbaijani National Bank made influence on rate of manat by regulating supply and demand in the currency market.
22 June 2006 [08:55]

SOFAZ 2005 audit is completed

Ernst &Young Holdings (CIS) B.V. Audit Company has completed audit of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the year ended December 31, 2005.
22 June 2006 [08:51]

Islamic Countries' Trade Chamber chair meets Azerbaijani businessmen

Islamic Countries' Trade Chamber chairman Sheikh Saleh ibn Abdullah Kamal has today met with Azerbaijani businessmen in Baku.
22 June 2006 [08:46]

Transport of goods rises 12.3% in Azerbaijani part of TRACECA corridor

In January-April cargo transport rose 12.3% in comparison with last year's respective period to 16mln ton on Azerbaijani part of TRACECA (Transport Corridor Europe Caucasus Asia).
22 June 2006 [08:39]

BICE Chairman reelected to International Association of Exchanges of CIS countries' Managing Staff

On decision of general meeting of International Association of Exchanges of CIS countries (IAE CIS), Farhad Amirbayov, Baku Interbank Currency Exchange (BIBA) Chairman, was reelected to the Managing Staff of the Association.
22 June 2006 [08:34]

Islamic Trade Chamber plans to set up bank

Establishment of International Development Bank has taken a start at initiative of Islamic Countries' Trade Chamber.
22 June 2006 [01:44]

Official says British company to develop telecom services in Azerbaijan

Little-known U.K. company Polton Vencars plans to develop telecommunications services in Azerbaijan, a spokesman for Azerbaijan's property committee said Wednesday.
21 June 2006 [21:07]

Turkey plans to build 3 nuclear plants

Turkey's prime minister announced plans Tuesday to build three nuclear power plants by 2015 to meet the country's growing energy needs.
21 June 2006 [20:08]

Zaman: "Ceyhan to be an energy supermarket"

The government initiated the Samsun-Ceyhan pipeline project, transferring Caspian and Russian oil from Samsun to Ceyhan, to protect Turkey's straits from the dangerous oil tanker traffic that threatens Istanbul.
21 June 2006 [19:33]

Oil tanker shipments - The shortest-term default for Trans-Caspian oil

The agreement to connect Kazakhstan with the Baku-Tbilisi-Ceyhan oil transport system, signed by the Kazakh and Azeri presidents on June 19, brings the Caspian basin's eastern shore into the East-West energy corridor.
21 June 2006 [17:09]

Turkey, Azerbaijan discuss Armenian participation in railway project

Turkish Foreign Minister Abdullah Gul had consultations on Monday with Azerbaijani President Ilham Aliyev in Baku to discuss Armenian participation in the Kars-Akhalkalaki-Tbilisi-Baku railway project.
21 June 2006 [14:50]

Citigroup awards the International Bank of Azerbaijan as the best clearing bank of the country

It is the second year successively Citigroup awards the International Bank of Azerbaijan with the "Quality Recognition Award" in nomination "U.S. Dollar Clearing", for the premier level in realization of payments in US dollars through automatic mode, depending on results of the year 2005.
21 June 2006 [09:54]

Azerbaijani pipelines to be ready for Shahdeniz gas

Azerbaijani gas transport system will be ready for Shahdeniz gas from the third quarter of 2006.
21 June 2006 [09:25]

Payment of gas fees reaches 40% in Azerbaijan

Gas fees have been paid by 40% in May. Azerigas Closed Company President Alikhan Malikov said in an interview with journalists.
21 June 2006 [09:20]

Azerbaijan-Turkey business forum will be held June 22 in Baku

June 22 in Baku Business Center Azerbaijan–Turkey Business Forum will be held by the organization of Azerbaijan Entrepreneurs Organization (AEC) National Confederation.
21 June 2006 [09:01]

Vahid Mustafayev: "ANS Group of Companies operates illegally"

"Today ANS Group of Companies operates illegaly. Because, Milly Majlis television and Radio Council refuses to give a license to ANS. We can not get license since 2003. It is already 3 years that we have been waiting to get our license."
21 June 2006 [08:44]

GDP increases 38% within January-May

Gross Domestic Product worth AZN5853.9mln has been produced in Azerbaijani Economy within January-May of the current year and this figure is 38% more than that of respective period of last year. Part of GDP per capita has risen 36.5% to AZN702.2 or $771.8.
21 June 2006 [08:28]

AIOC increases oil extraction and produce more than twice

Within January-May, 8 222 thousand ton of oil was extracted from Azeri-Chirag-Guneshlioil-fields by Azerbaijan International Operating Company (AIOC). This indicator is 2.1 times more than that of the first 5 months of the last year.
21 June 2006 [08:18]

Applicants for Master's Degree in Great Britain to be selected shortly

Selection process on SOCAR/BC Scholarship Program for staff qualification abroad sponsored by the State Oil Company of Azerbaijan Republic (SOCAR) and British Council is about to come to end.
20 June 2006 [15:11]

Georgia pushes for Trans-Caspian pipe at energy conference

Speaking at an international conference on Eurasian Energy Security in Tbilisi on June 20, President Saakashvili called for an active development of the new energy transit routes.
20 June 2006 [09:25]

President Ilham Aliyev signed awarded Azerigaz CJSC associates Shohret order and Tereggi medal

President Ilham Aliyev has signed an order on awarding Azerigaz Closed Joint Stock Company (CJSC) associates Shohret order and Tereggi medal for their services in the development of gas economy.
20 June 2006 [09:02]

BP Azerbaijan company shown Baku Deep Foundation Plant to media

Yesterday BP Azerbaijan Oil Company has organized meeting of media representatives to Baku Deep Foundation Plant named After Heydar Aliyev.
20 June 2006 [08:56]

Bank Standard selected by Auerbach Grayson&Compnay Inc. as exclusive partner

Bank Standard CJSC has been selected exclusive partner of prestigious Auerbach Grayson&Compnay Inc. broker companies in Azerbaijan.
20 June 2006 [08:22]

Re-construction of Sheki Hydro Electric Station to be complete

At present two of 8 hydro electric stations operating in Azerbaijan, Sheki and Muganli Hydro Electric Station (HES) produce electricity in Azerbaijan.
19 June 2006 [21:57]

Lottery Company winners of Bank Standard met journalists

Winners of Lotetry Company organized by Bank Standard CJSC from April to May 31, met with journalists.
19 June 2006 [21:15]

ANS Group of Companies: "ANS questions some nuances regarding Taxes Ministry's inspections"

The Ministry of Taxes has started inspections in all the structures of the ANS since June 14.
19 June 2006 [14:26]

Belarus sold 19 tanks to Azerbaijan in 2005

Belarus sold 19 T-72 tanks to Azerbaijan last year. This is stated in the report on sale of ordinary weapons in the world weapon market that Belarus presented to the UN.
19 June 2006 [13:07]

Huseyn Arabul: "Barmek activity to be stopped"

Barmek President Huseyn Arabul confirmed that he was called to Interior Ministry Main Office.
19 June 2006 [11:57]

Peugeot's new model to be brought in next three months

Within three months, FNC Motors Company of Azerbaijan intends to bring new model of Peugeot 206 to Azerbaijan.
19 June 2006 [09:15]

Industrial production and services increased by 43.8%

Industrial products and services at the cost of 4.9 billion manats or 43.8% more in comparison with the corresponding period of last year were produced and provided in Azerbaijan's industry in January-May this year.
17 June 2006 [08:51]

Emergencies Ministry's newspaper issued

The first issue of Emergencies Ministry's weekly newspaper has been published.
17 June 2006 [08:31]

Reorganization before privatization of public enterprises

State Committee of Azerbaijan for Public Property Management (SCPPM) will make Restructure and Reorganization Program for the purposes of reorganization and restructuring of public properties before the privatization process, as well as for providing support for privatized enterprises.
17 June 2006 [08:25]

Azerbaijan to attend IT summit in Malaysia

Ali Abbasov, Communications and Information Technologies Minister of Azerbaijan, will act as a chief speaker in the first inauguration summit of Global Alliance for Information and Communication Technologies and Development in Kuala Lumpur, Malaysia, June 18-21.
17 June 2006 [08:20]

Transport Ministry canceled bridge construction's project

Construction project of a new bridge and a tunnel nearby Excelsior Hotel at Heydar Aliyev Avenue, Baku, is under development.
17 June 2006 [08:08]

Insurance Code proposed in Milli Majlis

The Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [22:03]

Two senior officials of Barmek imprisoned

"Barmek-Azerbaijan Electric network" Limited Liability Company's two more senior officials were detained, Main Prosecutor's Office informs.
16 June 2006 [21:59]

Azerbaijan to produce gold next year

The Azerbaijan International Mining Operations Company will end the prospecting of the gold deposits in Gadabay region by the end of August.
16 June 2006 [15:34]

Kazakh, Azeri Leaders signed agreement on Kazakh oil's delivery via BTC

On Friday Kazakhstan President Nursultan Nazarbayev has received Azerbaijan Leader Ilham Aliyev.