Business

26 May 2006 [15:21]

Technical assistance agreement between Azerbaijan and ADB on alternative energy production

The Ministry of Industry and Energetics (MIE) has signed technical assistance agreement with Asian Development Bank (ADB) with the aim of discovering energy production potential and finding new ways.
26 May 2006 [14:31]

Addax B.V. wins seventh 2006 Azeri Light tender

he Swiss company Addax B.V. has won a tender called by the State Oil Company of the Azerbaijani Republic (SOCAR) for the seventh consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year, a source at SOCAR told Interfax.
26 May 2006 [13:51]

No rise of Russian gas prices expected until late 2006

Russia will not push up gas prices for Azerbaijan until late 2006, president of Azerigas joint-stock company Alikhan Melikov said.
26 May 2006 [13:24]

National Bank new proposals on mortgage disbursements and term

Azerbaijan National Bank (ANB) proposes to soften mortgage conditions on preliminary disbursement and term.
26 May 2006 [13:17]

Azerbaijani military expenditures increased by $60 million

Expenditures for military industry, border guarding, and emergency situations preventing has been increased in Azerbaijan as a result of amendments to the State Budget Law 2006.
26 May 2006 [11:50]

Turkey-Greece pipeline to transmit Azeri gas by end of year

Turkey-Greece natural gas pipeline transmitting Azeri natural gas would be in operation by the end of 2006, Energy and Natural Resources Minister Hilmi Guler said on Thursday.
26 May 2006 [10:14]

Another increase of $60 million in defense expenses of state budget

Expenses to defense sector, frontier defense and emergency expenses of Azerbaijan have been increased as a result of changes and regulations to Law on 2006 State Budget.
26 May 2006 [09:55]

JSCB Gunaybank AZN4,5 million stock issue prospectus registered

The State Committee for Securities (SCS) registered the issue prospectus of JSCB Gunaybank ordinary registered stocks. The volume of the issue is AZN4,5 million, the face value per stock AZN4 thousand.
26 May 2006 [09:24]

Agricultural development strategy for 2007-2015

The Ministry of Agriculture will make 2007-2015 strategy for the solution of agricultural problems and for development of this field.
26 May 2006 [09:06]

Azerbaijan joined ADB's Trade Finance Facilitation Program

Asian Development Bank yesterday signed trade finance facilitation agreements with two Azeri banks - AzeriGazBank and Respublika Bank - in the amount of US$4 million for each bank, respectively.
26 May 2006 [09:05]

Heydar Babayev to represent Azerbaijan at IDB annual meeting

Islamic Development Bank (IDB) 31st annual meeting will be organized in Kuwait May, 30-31. Azerbaijani delegation will be represented at the Head of Heydar Babayev, Economic Development Minister.
26 May 2006 [08:59]

Saribay, Kazakhstan, to start corn export to Azerbaijan

Saribay, Kazakh company, will export corn to Azerbaijan.
26 May 2006 [08:55]

Technical cooperation memorandum signed between Azerbaijan Mortgage Fund and ACDI/VOCA

Azerbaijan Mortgage Fund (AMF) and ACDI/VOCA, which has activities in Azerbaijan, have signed a technical cooperation memorandum with the aim of encouraging mortgaging development in Azerbaijan.
25 May 2006 [13:39]

The International Bank of Azerbaijan extends new type of unique services

The press-cutting service of the International bank of Azerbaijan announced that during 15th May 2005 bank started to render a new unique service to its customers. "Card Transfer" service is money transfer systems which allows to IBA's clients send or receive money from one plastic card to other card. IBA’s clients who use ATM and web kiosk services received new service which will complete service-basket of the bank.
25 May 2006 [13:33]

Azerbaijan to attend International Machinery Exhibition

Azeri delegation comprising of 20 businesspersons will attend May 31-June 4 the XXIII international textile machinery exhibition, in Istanbul, National Confederation of Entrepreneurs /Employers/ Organizations of Azerbaijan said.
25 May 2006 [12:42]

Turkish Daily News: "Happy ending nears in Baku-Tbilisi-Ceyhan pipeline project"

Advancing only 2.5 meters per hour, the crude oil in the pipeline is expected to arrive in Ceyhan on May 27.
25 May 2006 [12:36]

First Black Sea and Caspian Telecommunication Conference

Telecommunication Agency will host the "First Black Sea and Caspian Telecommunication Conference" in Istanbul between May 25th and May 27th, 2006.
25 May 2006 [12:15]

Russia favours changing principle of payment of CIS dues

Russia supports the idea of changing the principle of the payment of dues for the maintenance of the Commonwealth of Independent States (CIS) bodies.
25 May 2006 [09:38]

Huseyn Arabul: "I am the second biggest taxpayer in Azerbaijan"

LLC Barmek-Azerbaijan Energy Network paid taxes of $2,7 million in 2002, $8,8 million in 2003, $8,8 million in 2004 and $16,2 million in 2005.
25 May 2006 [09:11]

Currency transactions at BICEX shows no changes in the rate of manat against dollar

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 0,9002/$1.
25 May 2006 [09:05]

National Bank's AZN10 million short-term notes placement

Baku Stock Exchange (BSE) hosted the auction on Azerbaijan National Bank’s (ANB) short-term note placement with the state registration number 50102112S. The volume of submitted orders by 9 investors was AZN11497,8 million.
25 May 2006 [09:00]

Iran Khodro to open Samand car factory in Azerbaijan

Managing Director of IranKhodro auto manufacturing Group Manouchehr Manteqi announced here Wednesday the opening on May 31 of that firm's first overseas branch in Azerbaijan.
25 May 2006 [08:12]

European Commission: "Natural gas resources of Azerbaijan provoke great interest of Europe"

"Natural gas resources of Azerbaijan provoke great interest in Europe," Fauzzi Bensarsa, European Commission representative for Energy Security, has stated in his interview, being on Brussels mission.
24 May 2006 [22:47]

Oil prices fall after U.S. data shows rising gasoline supply

Oil prices fell Wednesday after weekly government data showed rising supplies of gasoline, though the declines appeared to be kept in check by falling crude-oil inventories.
24 May 2006 [20:58]

XII Azerbaijan International Food Industry Exhibition launched

XII Azerbaijan International Food Industry Exhibition has today started in Baku and will be carried out till May, 26. The organizer is Iteca Caspian, the exclusive partner of British Exhibition Company ITE Group in the Caucasus.
24 May 2006 [20:52]

Barmek's suit against Taxes Ministry disclaimed in court

Suit against The Ministry of Taxes by LLC Barmek-Azerbaijan Energy Network is disclaimed in local Court of Economic Cases #2 with presidency of Azer Huseynov, a judge.
24 May 2006 [20:27]

Turkish Ambassador: "Azerbaijan owes Turkey $55 million for electrical energy"

"Turkey black and white addressed to Azerbaijan, requesting to pay for electrical energy, supplied to Nakhichevan," Turkish Ambassador to Azerbaijan Turan Morali stated on Wednesday.
24 May 2006 [19:05]

Bank of New York appointed by State Oil Fund of Azerbaijan as global custodian

The Bank of New York, a global leader in securitiesservicing, has been appointed by The State Oil Fund of Azerbaijan(SOFAZ) as global custodian following an eight-way competitive pitch.
24 May 2006 [13:33]

Tripartite seminar to be held in Kyrgyzstan

International Labour Organization (ILO) will hold Tripartite seminar on youth employment in Caucasus and Central Asia countries. The seminar will be held from 29 to 2 June in Issyk Kul city, Kyrgyzstan.
24 May 2006 [10:33]

Number of inactive wells of SOCAR reduced

SOCAR petroleum and gas extracting administrations had 6632 wells in their balances May 1 this year, 4903 of which are now active.
24 May 2006 [09:50]

Today volume of currency transactions in BICEX totaled $1,7 mln

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 0,9002/$1.
24 May 2006 [09:42]

XII International Food Industry Exhibition to be held in Baku today

XII International Food Industry Exhibition will be carried out in Baku from May 24 to May 26.
24 May 2006 [09:35]

Gas delivery to Ganja city might be cut off

If the payment percent for the gas decreases, the volume of the gas delivery to Ganja might be reduced or cut off.
24 May 2006 [09:29]

Barmek to sue against those who spread false information about it

"Barmek owes nothing to Azerenergy and Taxes Ministry. We have paid $18 million tax commitments during 5 months this year and $5 million only during this month off," said Huseyn Arabul, LLC Barmek Azerbaijan Energy Network President.
24 May 2006 [09:20]

Armenia not to close nuclear power plant

"Armenia may not close Metsamorskaya NPP without an alternative of equal value, because considerable finances are necessary for that," Armenian Prime Minister Andranik Margaryan stated.
24 May 2006 [09:01]

President of Kazakhstan signs law on free trade with Azerbaijan

Nursultan Nazarbayev, President of Kazakhstan, signed the law "On ratification of the Protocol on changes and amendments in the agreement between the government of the Republic of Kazakhstan and the government of the Republic of Azerbaijan on free trade as of 10 June, 1997," yesterday, May 23.
24 May 2006 [08:46]

AZN330,6 thousand T-bills placed in BSE

Baku Stock Exchange (BSE) hosted the auction on Ministry of Finance T-bills placement with the state registration number 10501113S.
24 May 2006 [08:23]

The International Bank of Azerbaijan expands its network of immediate transfers for natural persons

From May 19, 2006 the International Bank of Azerbaijan starts its operations in CONTACT system of immediate money transfers for natural persons without account.
24 May 2006 [08:15]

III Microfinance Conference to be held in Baku May 26-27

Azerbaijan Microfinance Association (AMFA) will organize III Azerbaijan Microfinance Conference on Common Finance Sector Development in Azerbaijan in Baku May 26-27.
23 May 2006 [21:11]

Ukraine, Azerbaijan, Georgia, Moldova sign free trade protocol

At today's GUAM summit in Kyiv, the Presidents of Ukraine, Azerbaijan, Georgia, and Moldova have signed a free trade protocol, Ukranian President's press office reported.
23 May 2006 [20:43]

Azerbaijan does not expect higher prices on Russian gas

Azerbaijan thinks that charges on natural gas supplied by Russia's Gazexport Company will not change until the end of this year, Azerigaz State Company President Alikhan Melikov said on Tuesday.
23 May 2006 [20:40]

Minister says Russia to increase energy export prices for all consumers

Russia plans to increase the price of its energy exports "to world levels" for all consumers, Russian Economic Development and Trade Minister German Gref said Tuesday during a lecture at the Russian Academy for Foreign Trade.
23 May 2006 [14:45]

Azerbaijan may buy Korean bullet trains

Korean high-speed trains may run through the United Arab Emirates and Azerbaijan, the Ministry of Construction and Transportation said on Monday.
23 May 2006 [14:29]

Azerbaijani-German trade hits $250 mln in 2005

Trade between Azerbaijan and Germany increased 24% year on year in 2005 to reach $250 million, Azerbaijan's deputy economics minister said Tuesday.
23 May 2006 [13:53]

"Quality Management systems" training held

Training course on "Quality Management Systems" funded by International Financial Corporation and Bp-Azerbaijan company took place at Azerbaijan Bank Training Center /ABTC/.
23 May 2006 [12:28]

Azerbaijan seeks 2nd sovereign rating, eyes eurobonds

Azerbaijan plans to start talks on a debut eurobond issue this autumn, but first needs to secure a second sovereign rating, which it hopes to get from Moody's, the country's economic development minister said.
23 May 2006 [10:41]

Aluminum producer to build plant in Ganja

The aluminum producer Azerbaijan Aluminum JSC (Azeral) will build a new plant with the annual output capacity of 100,000 tons in the country's second largest city, Ganja, next year.
23 May 2006 [09:22]

Government to fund several ecology projects

The government of Azerbaijan will fund implementation of several ecology-related projects.
23 May 2006 [09:20]

EBRD plans major shift in regional activities

European Bank for Reconstruction and Development (EBRD) had its annual meeting and business-forum in London on May, 21-22.
23 May 2006 [08:58]

Azerdemiryolbank to open Shamakhi branch by late May

Joint Stock Bank (JSB) Azerdemiryolbank aims to open branch in Shamakhi by late May this year.
23 May 2006 [08:53]

National technical standards for transport safety prepared in Azerbaijan

Azerbaijan's Transport Ministry drafts national technical standards in transport safety.
23 May 2006 [08:26]

Turan Morali: "Turkish Embassy does not interfere in problem around Barmek"

"Problem around Barmek is company's own business and Turkish Embassy does not interfere in this," said Turan Morali, Turkish Ambassador to Azerbaijan.
23 May 2006 [08:21]

Volume of currency transactions implemented in BICEX totaled $4,018 mln

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 0,9003/$1.
23 May 2006 [08:13]

Barmek transferred $18 million into state budget in January-May

Limited Liability Company (LLC) Barmek Azerbaijan Energy Network transferred AZN16 259 121 ($US17 985 753) into state budget in January-May.
23 May 2006 [08:08]

$2 million credit agreement signed between UniBank and EBRD

New, 6th credit agreement of $2 million has recently been signed between Commercial Bank (CB) UniBank and European Bank for Reconstruction and Development (EBRD). It will be directed to finance average and small enterprising projects in Azerbaijan.
23 May 2006 [01:30]

Oil prices climb above $69 a barrel

Crude oil prices rose Monday as the front-month contract expired, forcing traders who had anticipated lower prices at this point to become buyers to cover their bets.
23 May 2006 [01:19]

GUAM countries to set up Energy Council

Georgia, Ukraine, Azerbaijan, and Moldova, which are members of the GUAM regional organisation, plan to set up an Energy Council.
23 May 2006 [00:31]

SOCAR calls seventh 2006 Azeri light tender

Azeri state oil company SOCAR announced a tender for the seventh consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
22 May 2006 [20:20]

China Southern announces more new international routes - press release

Nation's largest airline increases service to Singapore & Baku
22 May 2006 [19:23]

Construction of 22.5 km long section of Iran-Armenia pipeline to be completed by August

The ArmRosgazprom Company intends to complete construction of 22.5 km of the first 47 km long section of the Iran-Armenia pipeline, ArmRosgazprom Director General Karen Karapetyan announced at a meeting with the press on May 22.
22 May 2006 [17:18]

BP Vice President: "Commissioning of the BTC will release a burden on Turkey’s straights"

"We spent more funds on the construction of the Baku-Tbilisi-Ceyhan main export oil pipeline, as we knew that in 2009 4% of all world oil will be delivered to the world oil markets via Turkey – through the BTC and the Bosporus and Dardanelle," BP Vice President Ian Palliser told.
22 May 2006 [13:29]

Asia Crude-India Hindustan makes rare Azeri purchase

India's state-run refiner Hindustan Petroleum Corp (HPCL) has bought 1 million barrels of Azerbaijan's Azeri Light crude in a tender for July loading.
22 May 2006 [13:25]

Azeri oil revenues to be placed in foreign banks to avoid loss

The funds acquired from oil profits will be placed in foreign banks starting this year to eliminate the loss incurred due to the differences in currency exchange rates.
22 May 2006 [12:59]

The International Bank of Azerbaijan increases interest rates on deposits

From June 1, 2006 the International Bank of Azerbaijan increases interest rates on US dollar and Euro deposits.
22 May 2006 [07:32]

Tariff Council to reconsider paid medical services tariffs

The Tariff Council of Azerbaijan plans to reconsider the tariffs of paid medical services in the country soon.
21 May 2006 [22:12]

Draft Treaty on Kazakhstan's entry into BTC pipeline discussed

Government of Kazakhstan keeps on debating the draft Treaty on the country's accession to Baku-Tbilisi-Ceyhan pipeline system, PM's press service reports.
21 May 2006 [22:05]

Russia and Kazakhstan agreed on the joint development of gas fields in North Caspian Sea

President of the Russian Federation Vladimir Putin and President of Kazakhstan Nursultan Nazarbayev discussed a wide array of bilateral relations in economics and politics during the meeting they held in Sochi on May 20.
21 May 2006 [18:03]

Turkish President approves, Samsun-Ceyhan pipeline set for 2008

Turkish President Ahmed Necdet Sezer approved the cabinet decree regarding the nomination of Calik Energy to build the Samsun-Ceyhan Crude Oil Pipeline, which will transfer Russian and Caspian oil via Turkey.
21 May 2006 [17:17]

RussNeft intends to purchase oil assets in Azerbaijan

Russian oil holding company RussNeft intends to complete the acquisition of new assets abroad before the end of 2006, the company's president said Sunday.
21 May 2006 [17:15]

EBRD sees ex-Soviet bloc growing 5.3 pct in 2006

Economic growth in the former Soviet bloc will ease in 2006, with a mild upturn in central and southeast Europe offset by a slow-down in Russia and former Soviet republics, the region's development bank said on Sunday.
21 May 2006 [14:04]

Azerbaijan to import gas from Iran

Experts have already completed the feasibility study of the project allowing Azerbaijan to get 1 billion cubic meters of gas from Iran, press service of the AzeriGaz announced.
20 May 2006 [20:42]

Bank Standart, Tekhnikabank and Mortgage Fund to refinance mortgage loan

Mortgage Fund has carried out the first operation to refinance mortgage loan together with the Bank Standard and Tekhnikabank.
20 May 2006 [11:25]

Ahmad Ahmadzadeh: "90-95% of irrigation water is paid for"

Ahmad Ahmadzadeh, Director OJSC Melioration and Water Economy, has today held a press conference on current activity and future plans of their organization.
20 May 2006 [10:33]

Bank of Baku opening two Express service stations

Bank of Baku Joint Stock Commercial Bank (JSCB) has opened its first two Bank of Baku-Express service stations in Baku.