Business

13 April 2006 [10:02]

Azerbaijan-Lithuania business-forum to be held in Baku April 19

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) will hold an Azerbaijan-Lithuania business-forum in Baku April 19.
13 April 2006 [08:33]

Azerenergy to inspect electricity distribution networks in regions

Specialists of the newly-established Energy Provision Office of the Azerenergy Open Joint-Stock Company (OJSC) next week will visit the regions having the local electricity distribution networks.
13 April 2006 [08:27]

AtaHolding intends to realize investment project for more than $150 mln

AtaHolding Group of Companies intends to realize investment project on development of alternative energy sources next year.
13 April 2006 [08:06]

Ministry of Economic Development monitored 16 shops importing and selling cellular phones

The Anti-Monopoly Policy Department of the Ministry of Economic Development monitored 16 retail and wholesale shops importing and selling cellular phones.
13 April 2006 [07:59]

In January-March volume of cargo transported by railway increased by 36.1%

In 1st quarter of the current year, 5.1 million tons of cargo was conveyed by railways of Azerbaijan and the relevant forecast was fulfilled 121.3%.
12 April 2006 [23:13]

Fazil Mammedov: "Tax revision in Azpetrol is over"

The Tax ministry has finished its audit in the Azpetrol holding, but the results will be known only after the official act will be sent to the holding, the tax Minister, Fazil Mammedov told at the press-conference on April 12.
12 April 2006 [23:01]

New rates for railroad cargo transportation implemented in CIS and Baltic countries

Railroad transport council of CIS and Baltic countries at its 43rd session held today in Tallinn has approved the rates for cargo railroad transportation.
12 April 2006 [14:59]

UN body thaws caviar trade freeze for Iran, but maintained it for Azerbaijan

A United Nations body on Wednesday said that it had given Iran a green light to export caviar from wild sturgeon, but maintained a trade freeze on other Caspian Sea nations that was imposed to protect the endangered fish.
12 April 2006 [13:40]

Russia's Vneshtorgbank to take part in Azeri oil&gas projects

Russia's Vneshtorgbank plans to take part in large joint projects with the State Oil Company of the Azerbaijani Republic (SOCAR) in the oil and gas sector in Azerbaijan, the Russian bank said in a statement.
12 April 2006 [13:13]

Azeri-Lithuanian business forum due in Baku

An Azerbaijani-Lithuanian business forum will be held in Baku within the visit of Valdas Adamkus, the Lithuanian President, on April 19.
12 April 2006 [12:40]

Natik Aliyev: "Serious problems at industrial enterprises of Sumgayit"

Total production of industrial enterprises of Azerbaijan amounted $8.9bn in 2005, showing 33.5% from the level of 2004.
12 April 2006 [01:28]

Azerbaijan to start exporting medicines by the end of May

Within the next month, the Azerfarm Limited Liability Company (LLC) will start exporting its medicines to Uzbekistan.
12 April 2006 [01:26]

Construction of 7 more bridges to start in Baku by July

Construction of 7 road bridges will be started in various places of Baku city by the end of July.
12 April 2006 [01:23]

AzerEnergy: "EBRD wants electricity tariffs to be several times increased"

AzerEnergy management considers credit terms of EBRD to be hard.
12 April 2006 [01:19]

Minister of Economic Development met with BSTDB's mission

The Minister of Economic Development Heydar Babayev met with the mission of the Black Sea Trade and Development Bank (BSTDB) being on a visit to Baku.
12 April 2006 [00:57]

Air France has no interests in Azerbaijan

Air France aviation company of France does not intend to open offices in Azerbaijan and Georgia.
12 April 2006 [00:53]

Jean Lemierre: "Azerbaijani government must accelerate economy's diversification"

Diversification of the economy is very weak in Azerbaijan and the government of the country must speed up this process, stated the EBRD President Jean Lemierre being on a visit to Azerbaijan.
12 April 2006 [00:49]

Cooperation agreement between Turkey and Azerbaijan to be signed

A protocol on economic cooperation promotion between the Small and Medium Industry Development and Support Office (SMIDSO) of the Ministry of Industry and Trade of Turkey and Ministry of Economic Development (MED) of Azerbaijan will signed in Istanbul on April 14.
12 April 2006 [00:44]

Improtex Marine&Sport Facilities Company holds free Riding Schools

The Improtex Marine&Sport Facilities Company, official representative of the Japanese Yamaha brand in Azerbaijan started holding trainings on driving motorcycles and land rovers (Riding Schools).
12 April 2006 [00:41]

Baku Oil Refinery resumed liquefied gas production

Operation of the Q-43/107M catalytic cracking unit stopped for repairs was resumed in the Baku Oil Refinery.
12 April 2006 [00:38]

National Bank to put up AZN 11 million of bonds to next auction

Next auction on placement of short-term bonds of the National Bank of Azerbaijan (NBA) will be held in the Baku Stock Exchange (BSE) on Wednesday.
11 April 2006 [22:54]

EBRD ready to support sole cement producer

The European Bank for Reconstruction and Development (EBRD) is ready to support activity of the Garadah Cement and the issue of crediting the factory is now under discussion, the EBRD president, Jean Lumiere stated.
11 April 2006 [15:18]

Azerbaijan took part at the Intel annual summit

Azerbaijan took part at the annual world summit of Intel Corporation–Intel Solutions Summit, which took place in Greece.
11 April 2006 [14:02]

EBRD President: "Positive changes are taking place in Azerbaijan"

The European Bank for Reconstruction and Development (EBRD) is planning to invest in the implementation of the Azerbaijani projects more than 300 million EURO, the EBRD President, Jean Lemiere stated.
11 April 2006 [13:34]

Social–economic development to be achieved in Sheki–Zakatal district

Decisions on social–economic development in the regions will be made during the visit of the President, Ilham Aliyev to Sheki-Zakatal district from April 11, the Head of the social-political department at the President's Office, Ali Hasanov told.
11 April 2006 [12:21]

EBRD signed an agreement with AGBank

Today the European Bank for Reconstruction and Development (EBRD) signed $4.5 million credit line with a local financial institution, AzeriGazBank, for on-lending to micro- , small- and medium-sized Azerbaijani enterprises.
11 April 2006 [10:26]

President Aliyev to open USACC Sixth Annual Conference in Washington D.C.

Delegation of Cabinet Members, Senior Government Representatives, and Business Leaders from Azerbaijan to participate in the event.
11 April 2006 [09:34]

Azerbaijan-Turkey business forum to be held

About 30 Azeri businessmen left for Turkey today to attend the Azerbaijan-Turkey business forum to be held in Istanbul April 11.
11 April 2006 [09:18]

Azercell signs roaming contract with one more operator

Pursuing its integration into international communication, the Joint Venture (JV) Azercell Telecom signed roaming contract with Mobile cellular communication operator of Oman.
11 April 2006 [09:15]

EBRD may grant loan to ASRO

The European Bank for Reconstruction and Development (EBRD) may grant loan to the Azerbaijan State Railway Office (ASRO) on the Locomotive Fleet Upgrade Project in syndicated form.
11 April 2006 [09:08]

Concreting works implemented in Sheki module power plant

Concreting works are underway in the Sheki module power plant which is currently being constructed.
11 April 2006 [07:58]

Tariff Council instructed state organizations to prepare proposals on energy

The Tariff Council plans to reconsider the energy tariffs.
11 April 2006 [07:55]

Ministry of Communication and Information Technologies completed inspections in post branches

The goal of inspections was to find out the purposes money orders were used for.
11 April 2006 [07:52]

Heydar Babayev: "Strong reforms are necessary in the banking system"

"Commercial banks of Azerbaijan are small and not open to international cooperation", journalists were given this statement by the Minister of Economic Development Heydar Babayev.
11 April 2006 [07:42]

Banks not observing transparency of mortgage loans

No changes are expected to be made to interest rates on mortgage loans of the Mortgage Fund of Azerbaijan (MFA) funded from the state budget.
11 April 2006 [00:44]

BP completed undersea pipelines

BP, Europe's largest oil company, and its partners completed undersea pipelines to the $4.2 billion Shah Deniz field, a Caspian sea project scheduled to start supplying world markets by year's end.
11 April 2006 [00:22]

Amount of transit goods from Azerbaijan and Russia to Iran to increase

There is a search underway for effective ways of using the opportunities at hand for increasing the amount of transit goods transported by motor transport from Azerbaijani and Russian territory to Iran.
11 April 2006 [00:19]

Azerbaijan to enter WTO with status of a developing country

Negotiations with the World Trade Organization are in progress.
11 April 2006 [00:16]

Air France opens regular flights to Armenia

Air France has begun regular flights between Paris and Yerevan.
10 April 2006 [21:20]

Jean Lemierre: "Azerbaijan is a reliable partner of EBRD"

The perspectives of the further development of the bilateral relations and the current state of the cooperation of Azerbaijan with the European Bank of Reconstruction and Development (EBRD) was discussed at the meeting of Heydar Babayev, the Azerbaijani Minister of Economic Development, and Jean Lemierre, the President of EBRD, on Monday.
10 April 2006 [21:14]

BTC Co. prepares to send technical oil to PST-4 in Turkey

BTC Co. completes testing of its third pumping station (PST-3) at the Baku-Tbilisi-Ceyhan pipeline in Turkey.
10 April 2006 [17:16]

Baku Stock exchange shareholders meeting held

The stock exchange activity, development routes and budget in the current year have been adopted at the meeting of the Baku stock exchange shareholders meeting.
10 April 2006 [15:37]

Azeri oil market: results of week

From 3 through 7 March AZERI LT average price, sold by Azerbaijan in Supsa and Novorossiysk port, was $66.86 per barrel or $2.48 per barrel down as compared to the previous week.
10 April 2006 [15:02]

Ministry of Industry and Energy reveals rise in price of liquefied gas

In the course of investigation conducted by the Ministry of Industry and Energy to reveal the illegal increase of liquefied gas prices at the filling stations, it was discovered that some of them sold the gas at 20-24 gepig per 1 liter.
10 April 2006 [14:27]

President Aliyev meets with head of EBRD

On Monday Ilham Aliyev, the Azerbaijani President, has received Jean Lemierre, the President of the European Bank of Reconstruction and Development (EBRD).
10 April 2006 [14:10]

Bulla-Deniz surpasses oil extraction forecasts on 15, 8%

6.786 tons of oil from 38 exploitation wells have been extracted by the oil-gas extracting company Bulla-Deniz this March, this is in 15, 2% more than it was previously forecasted.
10 April 2006 [13:11]

Foundation of new power station in Azerbaijan

The work on foundation carried out at new module power station in the Shaki region.
10 April 2006 [11:16]

Azeronline slashes web costs for Azercell users

Internet provider Azeronline has reduced the cost of its web services provided to the post-paid subscribers of Azerbaijan's leading cellular provider, Azercell Telecom.
10 April 2006 [09:26]

Turan Company signs $200 thousand contract on sale of 5 trucks

Turan Company concluded contract with the Azerbaijani representation of the Murphy International Company of Great Britain on selling two MAZ (Minsk Car Factory) marked trucks to the latter.
10 April 2006 [08:41]

Rovnag Abdullayev receives European Commission Deputy Head of External Affairs

President of State Oil Company of (SOCAR) Rovnag Abdullayev received the delegation led by European Commission Deputy Head of External Affairs Fokion Fotiadis.
10 April 2006 [08:30]

SOCAR President meets with Piotr Wozniak

The State Oil Company of Azerbaijan Republic (SOCAR) President Rovnag Abdullayev received the delegation led by Polish Economy Minister Piotr Wozniak.
09 April 2006 [21:38]

Iran-Armenia gas pipeline to be operational Dec. 2006

The first phase of Iran-Armenia gas export pipeline is expected to kick off in early December 2006, technical and foreign relations director of Armenia Energy Ministry Leon Vartanian announced on Sunday.
08 April 2006 [17:13]

Elmar Mammadyarov: "Azerbaijan plans to offer natural gas on European market"

Azerbaijani Foreign Minister Elmar Mammadyarov said his country planned to enter European natural gas markets in the future.
08 April 2006 [08:55]

Foreign companies working in occupied lands to be taken to international court

"Azerbaijan ensured Canada R.V.Investment Company with rights to operate gold deposits in Azerbaijan. What makes us surprise is that the company has not defended its rights so far. We expected the R.V. Investment to exercise its full rights and appeal to the international courts within a short period of time to prevent illegal exploitation of gold deposits in the occupied territories of Azerbaijan," the Minister of Ecology and Natural Resources Huseyn Baghirov told journalists.
08 April 2006 [07:18]

CATEL installed CDMA station in Mingechevir

The Joint Venture CATEL completed installation of the CDMA (Code Division Multiple Access) wireless communication main station in Mingechevir.
08 April 2006 [07:13]

WB mission in Azerbaijan

The senior economists of the World Bank (WB) Christian Petersen and Christos Kostopulos, and director of the poverty reduction and economic management sector in Europe and Central Asia Sherol Gray visited Baku.
08 April 2006 [07:07]

510.07 million cubic metres of gas surrendered in March

In March of the current year, 510.07 million cubic metres was surrendered to the Azerigas Close Joint-Stock Company (CJSC) instead of 486.68 million cubic metres of the plan and the forecast was overfulfilled 4.8%.
07 April 2006 [16:16]

Azeri-Turkish business forum in Istanbul

Azerbaijani-Turkish business forum will be held in Istanbul April 1 under the organization of the Association of Azerbaijani-Turkish Businessmen (AATB), the Entrepreneurship Development Department of the Azerbaijani Ministry of Economic Development, AzPromo in the cooperation with Istanbul Trade Chamber and Istanbul Industry Chamber.
07 April 2006 [13:44]

Microsoft translates Windows XP into Azeri

Microsoft has announced the beginning of the first stage of the MS Windows XP localization for Azerbaijan.
07 April 2006 [10:59]

Poultry farms to fix same price for fowl and egg sold in the country

Poultry farms in Azerbaijan have agreed to fix same price on fowl and egg sold in the whole country.
07 April 2006 [10:19]

Azeronline Company reduced Internet tariffs for Azercell subscribers

Azeronline Company founded by the Joint Venture (JV) Azercell Telecom reduced the price of the Internet package given to postpaid subscribers of JV.
07 April 2006 [10:08]

Azerbaijani Advertising Union: "The level of advertisement on TV, newspapers is very low"

Today President of Azerbaijani Advertising Union Hajiami Atakishiyev has held a press conference dedicated to 40th congress of International Advertisement Unity.
07 April 2006 [09:54]

Fuzuli Alakbarov: "We have paid all our debts to pensioners"

Ministry of Labor and Social Protection of the Population has paid all the allowance of the people for the past months.
07 April 2006 [09:49]

Last year 114 companies established with participation of Turkish capital

Last year 114 companies were established in Azerbaijan with participation of Turkish capital.
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%.