Business

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.
16 June 2006 [14:43]

IFC extends trade finance line to AGBank

The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to purchase up to a 17.5 percent stake in AGBank and to extend a $1 million trade finance line.
16 June 2006 [13:43]

Azerbaijani company to sue Armenia

The Azerbaijan International Mining Operations Company will sue several foreign companies for exploiting gold deposits in Azerbaijan's occupied territories. It will also sue Armenia for authorizing the exploitation.
16 June 2006 [11:52]

Insurance Code proposed in Milli Majlis

Parliament of Azerbaijan, Milli Majlis, proposed Insurance Code to relevant state authorities.
16 June 2006 [11:46]

Bank Standard joins the Auerbach Grayson broker network

Auerbach Grayson & Company, a New York-based brokerage firm that specializes in international securities trading for U.S. institutional investors, recently announced that Bank Standard has agreed to become its exclusive local broker partner in Azerbaijan.
15 June 2006 [22:05]

Turkey to officially inaugurate BTC pipeline on July 13

Turkey is preparing an elaborate ceremony to inaugurate the strategic Baku-Tbilisi-Ceyhan (BTC) oil pipeline on July 13, the event's organisers said Thursday.
15 June 2006 [15:37]

AzerEnergy VP to visit China

The delegation of Azerenergy joint-stock company led by its vice-president Marlen Asgarov will be visiting People's Republic of China on June 16-24 to become familiar with the state-of-the-art technologies applied in electric power stations of Beijing, Urumqi and other cities of China.
15 June 2006 [15:33]

Azercell expands network, government to sell stake by end 2006

Azercell, the dominant cellco in Azerbaijan, has revealed that it has installed 61 base stations in rural areas in the first five months of 2006. Population coverage of Azercell's network stands at over 95%.
15 June 2006 [15:31]

Azerbaijan-Turkey business forum to take place in Baku

The Azerbaijan-Turkey business forum will be held June 22 in Baku, Azerbaijan National Confederation of Entrepreneurs' Organizations announced.
15 June 2006 [13:32]

Harnessing regional potential: Baku business forum faces the future with optimism

Economically the Black Sea region is the fastest growing region in the world after East Asia and has a lot of prospects lying ahead: this was the main message of the June 12 business conference in Baku.
15 June 2006 [01:55]

Bulgarian cable operator CableTEL to invest in Azerbaijan

CableTEL, the Bulgarian cable TV, Internet and voice company, sad it will deploy a cable TV network in Azerbaijan.
15 June 2006 [01:54]

Azerbaijan considers Iran as its primary partner in electricity sector

Azerbaijan's State Electricity Company 'AzerEnergy' quoting informed sources in a bulletin said here Iran is Azerbaijan's partner in the electricity sector.
15 June 2006 [01:12]

BSE: "The rate of corporate sector in Azeri stock market will come to 15% by this year"

The volume of transactions in stock market of Azerbaijan reached AZN517,5 million last year increasing more than 5 times.
15 June 2006 [01:09]

SOCAR Marketing and Economic Transactions Department is prepared for the application of international standards

Marketing and Economic Transactions Department (METD) of State Oil Company of the Azerbaijan Republic (SOCAR) began the arrangements for the adaptation of ISO 9001:200 international standards in the Department.
15 June 2006 [01:06]

Bank Standard winning campaign ends

The final stage of the April 1 to May 31 winning campaign, a lottery, run by CJSC Bank Standard will be finished on Thursday.
15 June 2006 [01:05]

Another high debit oil reservoir put in operation in Guneshli reservoir platform

A high debit 73rd well in Guneshli reservoir platform 19 within the sector of Azerbaijan in the Caspian Sea was given to 28 May Oil and Gas Operation Unit (OGPU) of State Oil Company of Azerbaijan (SOCAR).
15 June 2006 [01:04]

60% decrease in natural gas production occurred in Binagadi

Binagadi Oil Operation Company produced 2 635 thousand cubic meters natural gas in Binagadi land block in Azerbaijan during January-May this year.
15 June 2006 [01:02]

Project Agreement on Kazakhstan's joining to BTC is considered by President Aliyev

"Project Agreement on Kazakhstan's joining to Baku-Ceyhan Pipeline is ready and it is under the consideration of the President of Azerbaijan," Natig Aliyev, Industry and Energetics Minister of Azerbaijan, has told reporters about.
15 June 2006 [00:58]

Bank Respublika granted regional mortgage

Joint-Stock Commercial Bank (JSCB) Respublika granted 7 mortgages after the process of mortgaging financed by state budget started in Azerbaijan.
14 June 2006 [20:38]

Azerbaijan to purchase new short-range aircrafts

AZAL holds talks aimed at purchasing six French ATER 42-500 and ATER 72-500 type passenger aircrafts.
14 June 2006 [19:12]

Hussein Arabul: "We have given 258,435-page-answer to questions on Barmek's activity"

The lawyers for the Barmek-Azerbaijan Electricity Distribution LLC are having talks with the government on further activity of the company.
14 June 2006 [19:04]

U.S. plans significant contribution to new Black Sea Fund

The United States plans to make a substantial contribution to the Black Sea Trust, a new multimillion-dollar fund promoting democracy and cooperation among nine countries in southeast Europe, President Bush's deputy national security adviser says.
14 June 2006 [19:02]

Elman Rustamov meets NBG President

Elman Rustamov, President of the National Bank of Azerbaijan met Roman Gotsiridze, President of the National Bank of Georgia, in Baku.
14 June 2006 [16:16]

President of SOCAR meets ITOCHU delegation

President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnaq Abdullayev met June 13 with delegation of the energy and mineral resources division of ITOCHU Corporation of Japan led by Yoichi Kobayashi.
14 June 2006 [15:22]

SOCAR President meets Halliburton officials

President of the State Oil Company of Azerbaijan (SOCAR) Rovnaq Abdullayev met June 13 with David Lesar, Chairman, President, and Chief Executive Officer of Halliburton Energy Services.