Business

24 July 2005 [08:10]

20,000 tons of tobacco to be produced in 2015

The tobacco production in the country will be increased to 20,000 tons a year in 2015, the Agriculture Ministry told Trend.
24 July 2005 [08:07]

Catel, Azeri-U.S. company to open over 10 express-centers in Azerbaijan by late 2005

Azerbaijan-U.S. joint venture Catel (Caspian American Telecommunications, LLC) plans to open over 10 express-centers in the capital and regions under an agreement signed with Omnitel, a distribution company, on the organization of cleint service network in commucnaition.
24 July 2005 [07:53]

Azerbaijan to participate in exhibition in China

The 9th Chinese International Investment and Trade Exhibition will be held in Siamine, China, from 8 to 10 September, the Fund of Encouragement of Investments and Consultations told Trend.
22 July 2005 [09:12]

Azerbaijan has potential for application of corporate governance standards

Application of corporate standards is a long-term project. An expert of the Saving Bank Foundation for International Cooperation (SBFIC), Rayner Haberkorn, said that the application of such standards will take neither 2 nor 2 years in Azerbaijan.
22 July 2005 [09:07]

Azerbaijan might sell gasoline to African countries

If Georgia refuses to purchase Azerbaijani gasoline, the State Oil Company of Azerbaijan (SOCAR) can find other potential markets from 2006.
22 July 2005 [08:32]

Germany assists Azerbaijan in its admission to World Trade Organization

German expert on World Trade Organization Rudiger Ohst has been making recommendations to Azerbaijan government on all issues concerning admission of our country to the WTO since 18 July.
22 July 2005 [08:30]

International agriculture delegation completes visit to Azerbaijan

A delegation of ICARDA (International Center for Agricultural Research in the Dry Areas) headed by Rajendra Paroda, a coordinator on the Central Asia and South Caucasus, will complete the mission to Azerbaijan on Thursday.
22 July 2005 [08:18]

German Bank to allot 1,185,000 euro for project development

The German government will approve a 1,185,000 euro grant to Azerbaijan.
21 July 2005 [09:48]

Preparations for Azeri-Greek business forum underway

The Ministry of Youth, Sports and Tourism of Azerbaijan sent several proposals to the Greek Tourism Ministry concerning the development of cooperation in the sphere of tourism.
21 July 2005 [09:32]

1-st Finland-Azerbaijan economic forum due

The 1st Finland-Azerbaijan economic forum will be held on September 30, the press-service of the Azerbaijani Entrepreneurs Confederation, the organizer of the forum, told Trend.
21 July 2005 [09:02]

GUAM meeting due in Baku

The meeting of the Virtual center on fighting the organized crime and illegal drug trafficking in the GUAM countries will take place on 23 July in Baku.
21 July 2005 [08:10]

Yield on SOFAR assets management by international managers to make 3%

The average yield from the State Oil Fund of the Azerbaijan Republic (SOFAR) assets management on the results of the first half-year of 2005 is some 3%.
20 July 2005 [10:36]

Zurab Nogaideli: “New standards of motor fuel in Georgia will not affect their import from Azerbaijan”

Introduction of new European Union standards of motor fuels will not affect the import of the Azerbaijani combustive-lubricating materials, the Georgian Prime Minister Zurab Nogaideli told Trend on 19 July.
20 July 2005 [09:54]

Ministry of agriculture applied to Cabinet of Ministers on taking measures on alcoholic beverages illegal trade preventing

The Ministry of Agriculture applied to the Cabinet of Ministers of Azerbaijan for taking measures on preventing the illegal production of alcoholic beverages, the Minister of Agriculture Ismet Abasov told journalists on 19 July.
20 July 2005 [09:18]

Georgia intends to increase the volume of oil products it imports from Azerbaijan

Georgian Prime Minister Zorab Nogaideli who is on a visit to Baku refuted the information that Georgia is not satisfied with the quality of oil products of Azerbaijan.
20 July 2005 [09:16]

AIOC suspended operations of western pipeline and Supsa terminal according to schedule

The Azerbaijan International Operating Company (AIOC) plans to carry out the scheduled suspension of the Georgian Supsa terminal operation, following the suspension of the Baku-Supsa pipeline.
20 July 2005 [09:11]

Azerbaijan started to export milk and milk products to Georgia

Azerbaijan exports milk and milk products to Georgia starting since this month. According to the words of the chairman of the Entrepreneurship Development Department of the Economic Development Ministry Alihuseyn Shaliyev, building materials and plastic goods are also exported from Azerbaijan to Georgia.
20 July 2005 [09:06]

Taxes Ministry publicizes structure of tax incomes over Jan-Jun

The tax income over January-June 2005 comprised 3,223,815,5m manats, or 104.5% of the forecast equal to 3,083,880m manats, Taxes Ministry told Trend.
20 July 2005 [09:02]

Baku-Tbilisi-Batumi air-route to be opened

The “Azerbaijan Airlines” State Company realizes flights everyday of a week in the Baku-Tbilisi-Baku air-route at present.
20 July 2005 [08:55]

Azerbaijan-Georgia business-forum held in Baku

The Azerbaijan-Georgia business-forum was held in Baku Business center yesterday.
19 July 2005 [09:23]

Next sitting of Azerbaijan-Georgia intergovernmental commission held in Ganja

Next sitting of Azerbaijan-Georgia intergovernmental economic commission was held in Ganja yesterday.
19 July 2005 [09:08]

75,000 jobs open in Azerbaijan in 2005

A total of 75,000 jobs opened in Azerbaijan in 2005, including 38,000 permanent jobs, Arif Valiyev, the head of the State Statistics Committee (SSC), said on July 18.
19 July 2005 [08:46]

“Azpetrol” transported 1 million729 thousand 542 tons of oil and oil products to Batumi port during 6 months this year

“Azpetrol” LTD transported 1 million 729 thousand 542 tons of oil and oil products to Batumi port during 6 months of the current year.
19 July 2005 [08:20]

bp interested in privatization of Azerbaijani gas plant

The BP is interested in the privatization of the Azerbaijan Gas Emali joint stock company (JSC, Azerbaijani gas refinery plant).
19 July 2005 [08:18]

Project implemented for improving drinking water supply of populated areas of Absheron

Project for improving drinking water supply of the populated areas of Baku and Sumgayit, as well as Apsheron is implemented on transmitting the subsoil waters in Alazan-Ayrichay (Oguz-Gabala) valley located 315 km apart from Baku, 500 meters higher than the sea level to Sangachal pumping station unit.
19 July 2005 [08:14]

Ganja automobile plant outputs 350 cars

The Ganja automobile plant has manufactured some 350 cars since the reconstruction. Khanlar Fatiyev, the Director of the plant told Trend that this year the output comprised over 300 automobiles.
19 July 2005 [08:10]

“Heydar Aliyev” rig might remain without contracts in Caspian

Participants of the oil production in the Caspian forecast vague prospects on exploitation of ‘Heydar Aliyev’ drilling rig (former LIDER), which belongs to Dutch company Maersk, Trend reports in reference to sources at foreign companies.
18 July 2005 [08:17]

Governmental refutes reports on cancellation of contracts with Barmek and Bayva

The Cabinet of Ministers did not confirm media reports spread on Saturday on the submission of document to Azerbaijani President Ilham Aliyev on the cancellation of contracts with energy network operators Barmek Azerbaijan and Bayva.
18 July 2005 [08:15]

International Bank oh Azerbaijan to install 170 new bank machines

International Bank will install 170 new bank machines in Baku and in other cities and regions soon.
16 July 2005 [09:56]

“Azerdemiryolbank” joined rapid money transferring system

The “Azerdemiryolbank” Stock Bank joined the “Impex Bank” OSC “Bistraya Pochta” (Express mail) rapid money transferring system.
16 July 2005 [09:43]

Building works on “Shahdeniz” project realized 62,4 %

Building works on the “Shahdeniz” project were realized 62,4 %.
16 July 2005 [09:36]

Construction of Shahdeniz section of Sangachal to cost $470 million

The project on Shahdeniz section of Extended Program of Sangachal terminal will be completed in November next year. Project manager Ronald Baker informed about it.
16 July 2005 [09:31]

Japan intends to allocate 300 million yens of grant to Azerbaijan

The government of Japan intends to allocate 300 million yens (approximately 2,8 million USA dollars) of grant recently for the purpose of poverty reduction in Azerbaijan.
16 July 2005 [09:28]

Azeri Communications Ministry presents next documents on case of FIMbank

The Azerbaijani Communications and Information Technologies Ministry presented to the Rotterdam court additional documents on case of Maltese FIM Bank, which brought a suit against the Azerbaijani government on the non-payment of the credit given by the bank to the enterprises of the Communication Ministry under guarantee of the Ministry and ‘Pochtbank’ commercial bank.
16 July 2005 [09:22]

Georgia might receive additional gas volumes under stage 1 of Shah-Daniz project

Georgia is probable to receive additional gas volumes under Stage 1 of Shah-Daniz Project. Mike Skitmor, the head of the project, told a news conference on Friday, the Georgian government appealed to Azerbaijan with request to deliver additional volumes of gas in the amount of 3 billion cu m of gas a year under Stage 1.
16 July 2005 [08:59]

“Excelcior” hotel to open

The Excelcior hotel will open in a solemn ceremony to be staged in Baku on July 22, Trend reports quoting the owner of the hotel, the deputy chairman of the Management Board of Ataholding group of companies, Khakan Ozalpay.
15 July 2005 [09:17]

Azerbaijan achieves highest growth pace of industrial production since 1942

Industrial production in Azerbaijan comprised 18.8 trln manats in the first half of 2005, or 20.1% more than 2004, the State Statistics Committee told Trend. It comes as the first highest indicator since 1942.
15 July 2005 [08:47]

??t?l conducts installation works at new station

The joint Azerbaijani-American Catel (Caspian American Telecommunications, LLC) conducts installation works at a new station, located in the settlement Hovsan of Baku, Trend reports.
14 July 2005 [09:32]

Azerbaijan air company eager to open new airlines with South Asia countries

AZAL state air company pans to open new air flights with the South Asia countries, the company told Trend.
14 July 2005 [09:30]

Business people of Azerbaijan to visit Northern Cyprus

The program of the Azerbaijan’s business people visit to the Turkish Republic of Cyprus on 28-31 July is very intensive, the press service of the visit organizer, Union of business people of Azerbaijan and Turkey (ATIB).
14 July 2005 [09:26]

bp company: “BTC to play significant role in world oil demand growth”

During the next years the world oil prices will not go below $30-40 per barrel, head of the BP group macroeconomics department, Marc Hanstridge told journalists today in Baku.
14 July 2005 [09:04]

EU plans implement 12 projects more in Azerbaijan

The European Union (EU) plans to implement 12 projects more in Azerbaijan, the EU’s Baku Office.
14 July 2005 [08:41]

All working persons to be given social insurance certificates since August

The State Social Protection Fund (SCPF) will start distributing social insurance certificates to all citizens working in Azerbaijan since the middle of August.
14 July 2005 [08:32]

Size of industrial product production and services increased 20.1% in Azerbaijan

Industrial product and services costing 18.8 trillion manats or more than 20.1 % in comparison with the first half of the previous year was produced and rendered in the first half of this year in the industry of the country.
13 July 2005 [09:44]

Inflation for 2005 to be 4,8% in Azerbaijan

The inflation rate was 4,8% in the first half-year of the current year.
13 July 2005 [09:37]

GDP growth for 6 months of current year to make up 16,5% in Azerbaijan

The Ministry of Economic Development (MED) held sitting of the MED collegium on 12 July, dedicated to the results of the economy development for the first 6 months.
13 July 2005 [09:15]

Arbiters’ sentence on court examination between SOCAR, Frontera Resources to be made by late 2005

The issue of sentence on court examination between the State Oil Company of Azerbaijan (SOCAR) and American Frontera Resources, formerly involved into the development of the onshore field ‘Kursangi-Garabagli’, is postponed to late 2005.
13 July 2005 [09:12]

Negotiations between Azerbaijan and Georgia governments took place in Tbilisi

The delegation led by first deputy Prime Minister of Azerbaijan Abbas Abbasov was in an official visit in Tbilisi. The delegation met Georgian Prime minister Zurab Nogaideli.
13 July 2005 [08:57]

Azeri President adopt design of four banknotes

Azerbaijani President adopted the design of 4 banknotes of the would-be denominated manat. Elman Rustamov, the chairman of the Managing Board of the National Bank of Azerbaijan, said that at the moment the design of 4 coins was also ready.
12 July 2005 [08:38]

500,000 barrels of oil to be delivered daily from Kazakhstan to Baku in 2010

By 2010 Eni, Inpex, TotalFinaElf and Conoco-Phillips companies will deliver from Kashagan field in Kazakhstan 500,000 barrels of oil a day (25 million tons a year) to Baku by tankers, Trend reports.
12 July 2005 [08:14]

U.S.-Azeri JV Catel commissions new station in Nabran

The Azerbaijani-U.S. joint venture Catel (Caspian American ?elecommunications, LLC) has commissioned a new telephone station in Nabran, east Azerbaijan.
12 July 2005 [08:08]

“Turan Alem” Bank from Kazakhstan plans to open Baku branch

The National Bank of Azerbaijan received an appeal from the “Turan alem” Bank (BTA) of Kazakhstan.
12 July 2005 [08:02]

Baku branch of Pakistani National Bank is opened

The opening ceremony of a Baku branch of the Pakistani National Bank (NPB) was held on Monday.
11 July 2005 [08:33]

New sugar plant will be opened in Azerbaijan

Every Azerbaijan exports the sugar beet crops to Turkey and Iran for further refinery due to lack of the national refining plants.
11 July 2005 [08:29]

Azerbaijan and Georgia will establish working groups to expand relations in energy sphere

The working groups will be established to expand the relations in the energy sphere, Marlen Asgarov, the chief engineer of the joint stock company, told Trend.
11 July 2005 [08:27]

Action plan on EU-Azerbaijan co-op to be developed by late 2005

An action plan on EU-Azerbaijan cooperation will be ready by the end of the year. Baku Office of the EU told Trend.
09 July 2005 [08:18]

There are 1.7 million mobile phone users in Azerbaijan

"The number of the mobile phone holders in Azerbaijan comprises 1.7 million, or 23 phones per 100 people," Ali Abbasov, the Communication and Information Technologies Minister, told Trend.
09 July 2005 [08:10]

The volume of foreign trade turnover of the country was $2.82 billion in January-May this year

Juridical and physical persons in the country established mutual trade relations with 122 countries during January-May this year.
08 July 2005 [09:02]

EBRD adviser to get familiar with it-companies in Azerbaijan

Frank Khannigan, the adviser of the European Bank of Reconstruction and Development (EBRD), the director of Irish Pathfinder International Partners Ltd., will arrive in Baku on Friday.
08 July 2005 [08:59]

Hearings on Baku Steel Company lawsuit delayed

Hearings on the dispute between the former Glavbakstroy head, the renowned builder of Azerbaijan, Emil Akhundov and the Baku Steel Company were supposed to take place on 7 July in the Sabayil dustrict court, however, the hearings have been delayed for an uncertain period by the decision of the judge on 7 July, the lawyer of the Baku Steel Company, Nazim Aliyev told Trend.
08 July 2005 [08:57]

AIOC increases oil production from ACG in Jan-Jun

In January to June 2005 the Azerbaijan International Operating Company (AIOC), which is involved in the development of Azeri-Chirag-Gunashli offshore fields (ACG), has produced 5,048 million tons of oil of Azeri Light brand, or 1,84 million more than 2004.
08 July 2005 [08:51]

"Gaseksport" resumed gas delivery to Azerbaijan

The 'Gaseksport' Ltd. (the branch enterprise of the 'Gasprom' Ltd.) resumed gas delivery to Azerbaijan after accident in the pipeline 'Shirvanovka-GaziMammad' passing through the territory of Dagestan on Thursday.
07 July 2005 [08:13]

Gazexport suspends gas delivery to Azerbaijan

On Wednesday at 02.00 a.m. Gazexport Llc., a daughter company of Gazprom Joint-Stock Company (JSC), suspended gas delivery to Azerbaijan due to breakdown on the section of the Mozdok-Gazimahommad gas pipeline running via the territory of Dagestan, Russia.
07 July 2005 [08:01]

Local company targets international standardization of petroleum machinery

The state-run petroleum machinery company Azneftkimyamas has launched a project on the receipt of international standards for some products manufactured at four divisions of the company.
06 July 2005 [09:40]

Azerbaijan expects oil production to overpass 80 million tons

The production of a total of 81.55 million tons of crude oil has been expected in Azerbaijan within three years, 2005 through 2007, according to the Government’s socioeconomic development concept and forecasts of major macroeconomic activities for 2004-2007.
06 July 2005 [09:35]

Azerbaijan and Italy to sign a trade & commerce cooperation deal

Azerbaijan’s Chamber of Commerce and Industry will sign a memorandum of cooperation with the Union of Italian Chambers of Commerce & Industry and Agriculture (UICCIA).
06 July 2005 [09:31]

Bagdat Seybattalov: “Iran’s new leadership position on Caspian status not clear”

Kazakhstan has no information on the Iran’s position’s changes on the Caspian Sea status after the presidential elections in the country, the advisor of the Kazakhstan Ambassador to Azerbaijan, Bagdat Seybattalov told Trend.
06 July 2005 [09:04]

Collaboration protocol signed between Azerbaijan and Kazakhstan on expanding economic collaboration

A delegation consisting of the officials and businessmen of Kazakhstan being on a visit in Azerbaijan on June 30-July 2 held several meetings.
06 July 2005 [09:01]

Gobustan Operating Company completes assessment drilling

The Gobustan Operating Company (GOC) has faced a series of complications during the drilling of an assessment well at the onshore Kanizdagh field. So far the drilling has reached a depth of 3,006 meters against the target of 3,800 meters.
05 July 2005 [09:58]

National Bank took a decision on double increase of requirements to the minimal statutory capital of new banks as of 1 January

The National Bank of Azerbaijan (NBA) took a decision on double increase of requirements to the minimal statutory capital of new banks.
05 July 2005 [09:56]

“Shahdeniz” project raised 900 million dollars in price

The rise in prices of construction materials, equipments and transportation expenses cased the rise in price of “Shahdeniz” project.
05 July 2005 [09:50]

Azerbaijan has $ 988,46 million of currency reserves

The currency reserves of Azerbaijan increased 12,73 % during the six month of this year and formed 988.46 million USA dollars.
05 July 2005 [09:47]

On results of 2005, government expects GDP indicator $1275 per capita

The Azerbaijani government expects in 2005 the sustainable growth of the GDP indicator. By the results of the current year the indicator per capita may be $1 275, Trend was told at the Cabinet of Ministers.
05 July 2005 [09:21]

New body established within ministry of economic development

A new service - the Domestic Control Sector – has been established at the Azerbaijani Ministry of Economic Development at the relevant decree by Farhad Aliyev, the Minister for Economic Development.
05 July 2005 [08:42]

Abbas Abbasov: “Azerbaijan completes preparation agreement on BTC with Kazakhstan”

?zerbaijan completes preparation of agreement on joint oil transportation through the Baku-Tbilisi-Ceyhan (BTC) pipeline with Kazakhstan, the first vice-premier of the Azerbaijani government, Abbas Abbasov stated on the results of talks with the leaders of Ukraine in Kiyev, Trend reports.