Business

21 April 2006 [08:57]

93.1% of taxpayers presented tax returns

The Ministry of Taxes completed reception of profit and income tax returns.
21 April 2006 [08:18]

Volume of cargo traffic in transport sector of Azerbaijan in 1st quarter increased by 10.7%

In January-March of the current year enterprises and physical persons operating in the transport sector of Azerbaijan transported 30.7 mn tons (10.7% more in comparison with the relevant period of 2005) of cargo.
20 April 2006 [22:35]

SOCAR assets grew on 4% this year

The State Oil Fund (SOFAR) incomes reached this year 221. 4m AZM and expenditures - 168.7m AZM. 209. 9m AZM came from the oil agreements, 207. 3m AZM - from profit oil sale, 2. 6m AZM from the oil transit payments via Baku - Supsa pipeline.
20 April 2006 [16:35]

Abid Sharifov: "Too early to talk about signing BTC treaty with Kazakhstan"

Not all issues have yet been discussed on the inter-governmental agreement about joint oil transportation via Baku-Tbilisi-Ceyhan (BTC) pipeline.
20 April 2006 [14:35]

Tax Ministry finished receiving declarations

The Ministry of Tax finished receiving declarations on profit and income tax, news release of the Ministry of Tax says.
20 April 2006 [13:01]

Caspian Oil & Gas Exhibition to grow by 20% in 2006

Caspian Oil & Gas and 13th "Oil and Gas, Caspian Oil Processing and Chemistry" Exhibitions get enlarged by 20% in 2006.
20 April 2006 [12:00]

U.S. National Public Radio: "Pipeline faces delays, complaints in Turkey"

Turkey hosts the longest stretch of a new transnational pipeline that will carry oil from the Caspian Sea to the Mediterranean.
20 April 2006 [11:51]

Shahdaniz Stage-1 construction close to completion

The construction operations on Azerbaijan's major offshore Shahdaniz gas-condensate field within Stage-1 are almost complete.
20 April 2006 [09:40]

Communication services increased by 28.8% in Q1

In January-March of the current year communication enterprises provided AZN 109.3 mn of communication services to legal and physical persons (or exceeding the analogous indicator of the last year's relevant period by 28.8%)
20 April 2006 [09:37]

Last year Azerbaijan obtained $77.7m of income from tourism

Last year 1 million 177 thousand 277 foreign citizens visited Azerbaijan and 865 thousand 255 of them traveled to the country as tourists.
20 April 2006 [09:26]

International tourism and travel exhibition starts in Baku

The 5th Anniversary Azerbaijan International Travel and Tourism Exhibition (AITF-2006) is starts in Baku on Thursday.
20 April 2006 [08:58]

Volume of loans grew by 32.8%

By March 1 of the current year, volume of loans supplied in Azerbaijan by financial-credit organizations grew by 32.8% in comparison with the same period of the preceding year and made up AZN 1,352.2m.
20 April 2006 [08:56]

Ministry of Ecology and Natural Resources holds tender

Competition Committee at the Ministry has already started admitting articles and television topics.
20 April 2006 [08:54]

Turkish Interior Minister to hold meeting in TUSIAD

The Interior Minister of Turkey Abdulkadir Aksu will have a meeting in TUSIAD during his official visit to Azerbaijan.
20 April 2006 [08:53]

Hilton hotel to be built in Azerbaijan soon

The famous Hilton International hotel of Great Britain will build its new hotel in Azerbaijan in the nearest future.
20 April 2006 [08:49]

US-Azerbaijan business-forum to be held in Washington April 27

The United States - Azerbaijan Chamber of Commerce (USACC) will hold 6th Business and Investment Conference "U.S. - Azerbaijan Strategic Relations: Political and Commercial Priorities" in Washington April 27.
20 April 2006 [08:44]

Agreement for cooperation in tourism field to be signed by Azerbaijan and Russia

This year new events are expected to take place in the field of tourism between Azerbaijan and Russia.
20 April 2006 [08:30]

WB's health mission visits Azerbaijan

The health mission of the World Bank (WB) came on a visit to Azerbaijan.
20 April 2006 [08:28]

Kamaladdin Heydarov: "Initial investigation shows construction of new buildings without expert opinion"

Functions of Construction and Architecture Committee related to building are in the responsibility of Ministry for Emergencies.
20 April 2006 [08:20]

Meeting of CIS Railway Transport Council to be held in November

Next meeting of the Railway Transport Council of the CIS and Baltic countries will be held in Novemeber of 2006.
20 April 2006 [08:10]

Bill "On banks" to be discussed in parliament next week

The bill "On Banks" is expected to the discussed by the standing committee for economic policy of Milli Majlis next week.
19 April 2006 [22:51]

Final cost of BTC to be known as soon as construction's complete

As of preliminary estimations, the cost of the construction of the Baku-Tbilisi-Ceyhan (BTC) grew 30% as compared to its initial budget set as $2.95bn at the moment of sanctioning.
19 April 2006 [15:44]

Kazakh PM to take part in ECO summit

Kazakh delegation headed by the PM, Daniel Akhmedov will take part in the Economic Cooperation Organization (ECO) summit May 4-5 in Baku, the Kazakh Embassy's in Baku advisor, Erjan Mukash infotms.
19 April 2006 [14:41]

IIC launches new project on car insurance

The International Insurance Company (IIC) is launching new project on car insurance with respect to expand the client-base.
19 April 2006 [12:50]

U.S. National Public Radio: "Georgia hopes for boost from Caspian pipeline"

Starting this summer, a new $4 billion pipeline is expected to begin pumping crude oil from the former Soviet Republic of Azerbaijan to a Turkish port on the Mediterranean Sea.
19 April 2006 [10:41]

Press-conference on visit of IMF mission held

Today press-conference on the results of the visit of the Head of the Central Asia and East Department of the International Monetary Fund (IMF) Vitali Kramarenko to Azerbaijan was held.
19 April 2006 [10:02]

Hussein Arabul forwarded written application to Azerbaijani Government

"Barmek Azerbaijan Electricity Network" LTD president Huseyn Arabul has forwarded written appeal to Azerbaijani Government with regard to problems he has faced during the check-ups.
19 April 2006 [09:55]

TUSIAD: "Azerbaijani-Turkish economic relations are not at desired level"

Meeting between Turkish Council for Foreign Economic Relations (TCFER) and Turkish businessmen was held in the Turkish Industrialists' and Businessmen's Association (TUSIAD) yesterday.
19 April 2006 [09:06]

Suit by Barmek against Ministry of Taxes reviewed

The Court of Economy today reviewed the suit brought by the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) against the Ministry of Taxes.
19 April 2006 [08:54]

Import of Armenia-made poisoned products to Azerbaijan prevented

Food products made in Armenia, which were brought to Azerbaijan from Vladimir province of Russia was prevented in Samur border checkpoint.
19 April 2006 [08:37]

Bank Standard intends to increase authorized capital by 50%

In II quarter of the current year, the Bank Standard Close Joint-Stock Company (CJSC) intends to increase its authorized capital by 50% to AZN 15 million.
19 April 2006 [08:20]

Chair of Ukrainian Accounts Chamber to visit Azerbaijan May 3

Delegation led by the Chair of the Chamber of Account of Ukraine Valentin Simonenko will visit Azerbaijan May 3-7.
19 April 2006 [08:11]

World Bank allocated $34 thousand grant for Azeri NGOs

Agreement of allocation of $34 thousand grant was signed between the World Bank Baku Office and Azerbaijan Community Development Researches, Training and Resource Centre (ACDRTRC).
18 April 2006 [13:52]

USACC announces its 6th Business and Investment Conference

His Excellency, Ilham Aliyev, President of the Republic of Azerbaijan, plans to open this major event which will feature exceptional access to a wide range of senior government officials and business leaders from both the U.S. and Azerbaijan.
18 April 2006 [13:44]

Azerbaijan declines IBRD finances for agricultural project

The World Bank mission headed by the agriculture expert, Frauke Youngblood will continue evaluating the second phase of the adapted program of development and crediting of agriculture in Azerbaijan.
18 April 2006 [12:36]

Agreement on Kazakh oil transit through BTC to be ready by May 10

The draft intergovernmental agreement on the transportation of Kazakh oil by the Baku-Tbilisi-Ceyhan (BTC) pipeline will be finalised by the second decade of May.
18 April 2006 [12:31]

Azerbaijan's Q1 GDP rockets 39.5% year on year to over $3.5 bln

Azerbaijan's state statistics agency said Monday the country's GDP had risen 39.5% in the first three months of 2006 against the same period last year, to about $3.545 billion.
18 April 2006 [12:26]

Vitol wins fifth 2006 Azeri Light tender

Vitol has won a tender called by Azeri state oil company SOCAR for the fifth consignment of Azeri Light crude oil produced at Azerbaijan's Azeri-Chirag-Gunashli (ACG) fields this year.
18 April 2006 [11:36]

U.S. National Public Radio: "With new pipeline, Azerbaijan on verge of oil boom"

The tiny former Soviet Republic of Azerbaijan is on the verge of an oil boom.
18 April 2006 [10:59]

SCC Chair Aydin Aliyev received IMF mission

April 17 the Chairman of the State Customs Committee (SCC) Aydin Aliyev received the mission of the International Monetary Fund (IMF).
18 April 2006 [10:29]

Bank Standard attracted $350 thousand within new prize winning action

"Bank Standard" CJSC is holding a new prize winning action for its clients.
18 April 2006 [10:04]

Bank Standard increased it assets by 16% in 1st quarter of current year

Press-conference dedicated to the results of the financial activity of the Bank Standard Close Joint-Stock Company (CJSC) in January-March of 2006 was held in the Bank's Head Office yesterday.
18 April 2006 [09:46]

Transparency in activity of microfinance organizations examined

The Azerbaijan Microfinance Association (AMFA) started examination of transparency in activity of microfinance organizations under the Comparative Analysis Project.
18 April 2006 [09:32]

AtaInsurance Company increased volume of insurance premiums by 92.5%

Volume of insurance premiums collected by the AtaInsurance Company in January-March of the current year totaled AZN 859.207 thousand and it exceeds the same indicator of the last year's relevant period by 92.5%.
18 April 2006 [09:02]

Forecast on income and profit tax returns fulfilled 96.4%

By April 1 of the current year, over 17380 income and profit tax returns were submitted to the Ministry of Taxes by physical and legal persons.
18 April 2006 [08:47]

Changes to Tax Code on reduction of indirect taxes prepared

The Ministry of Taxes is preparing new changes to the Tax Code on reduction of indirect tax rates.
18 April 2006 [08:30]

Action plan on POS machines installation prepared

The National Bank of Azerbaijan (NBA) and Ministry of Taxes prepared joint action plan on installation of POS machines in large store and service units of the republic.
18 April 2006 [08:13]

Azerbaijan expected to be admitted to SIPP

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) applied to the Swiss government for Azerbaijan's admission to SIPP (Swiss Investment Promotion Programmer).
17 April 2006 [22:45]

President defined Azeri team for Azerbaijani-Polish economic cooperation commission

The Azerbaijani President, Ilham Aliyev has defined composition of the Azerbaijani team for Azerbaijani-Polish commission on economic cooperation.
17 April 2006 [14:31]

SOCAR steps up extraction at Muradkhanli field

The oil extraction has increased on 72 tons at the onshore Muradkhanli field as a result of 13 technical operations implemented by the Azneft production association, SOCAR informs.
17 April 2006 [13:02]

Eurasian Financial Workshop has completed its work

The International Bank of Azerbaijan expands its partnership abroad.
16 April 2006 [22:02]

Shipping in seaports increase 8.8%

As compared to the same period last year, the shipping operations in the Azerbaijani seaports increased by 8.8% in January-March 2006 to 1.8 million tons.
16 April 2006 [21:58]

NB Chairman meets with IMF mission

Chairman of the National Bank's Board Elman Rustamov with the IMF delegation led by head of the Middle East and Central Asia Department V. Kramarenko.
16 April 2006 [21:52]

5th Azerbaijan International Tourism Fair to open in Baku

Great Britain ITE Group plc and its partner in the Caucasus Iteca Caspian will organize the 5th Azerbaijan International Tourism Fair at the Heydar Aliyev Sport and Concert Complex April 20.
15 April 2006 [16:00]

Many issues will be discussed at ECO summit

Many issues will be discussed at the Economic Cooperation Organization (ECO) summit in Baku, the President's Office Foreign Affairs Head, Novruz Mammedov stated.
15 April 2006 [10:57]

Huseyn Arabul refutes information on his detention in airport

The President of the Barmek Azerbaijan Electricity Network Limited Liability Company (LLC) Huseyn Arabul was not permitted to leave Azerbaijan yesterday morning.
15 April 2006 [10:51]

Kerem Hesenov: "Sale of stocks of privatized companies through exchange is not expedient at the present moment"

More than half of state privatization cheques are still in circulation. According to the Chair of the State Committee for State Property Management Kerem Hesenov informing journalists about it, cheques will be used by January 1, 2008: "Several strategic enterprises are planned to be privatized with cheques. Those enterprises include communication, air transport, water transport machine-building, chemical industry, oil machine-building enterprises."
15 April 2006 [10:46]

Visit of WB's mission prolonged for one more week

The visit of the Word Bank's senior economists on South Caucasus Christian Petersen and Kristos Kostopulos, director of poverty reduction and economic management sector on Europe and Central Asia Sherol Gray was prolonged for one more week.
15 April 2006 [10:19]

State share in IBA and Capital Bank to be privatized partly

Evaluation works implemented by advisory companies on privatization of the state share in the Joint Venture (JV) Azercell completed.
15 April 2006 [09:53]

SOCAR President received officials of Korean oil, gas and electro-energy corporations

The President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev met with the delegation led by the Korean Ambassador to our country Mun Hayong.
15 April 2006 [09:38]

Document on investment control in post-privatization period developed

"After privatization of state enterprises, problems like changing their profiles and construction of many-stored buildings occur. Because that establishment transmits to property of any company, we have to carefully treat this issue. That is why a project on implementation of the investment controlling mechanism in the post-privatization period is being developed."
15 April 2006 [08:55]

In January-March AZN 113.235 mln spent on pensions and allowances

In January-March of the current year, the State Social Protection Fund (SSPF) utilized AZN 113.235 million for funding of pensions and allowances.
15 April 2006 [08:51]

Finca-Ali Bayramli branch started activity

Ali Bayramli branch of the Finca Azerbaijan non-bank credit organization started its activity.
15 April 2006 [08:46]

CITES prolonged ban on importation of black caviar

The Convention on International Trade in Endangered Species of Wild Flora and Fauna (CITES) approved at its meeting held the other day the quota of caviar exportation of Iran not being more than 45 thousand tons a year.
15 April 2006 [08:43]

"Azerboru" OJSC to sign long-term contract with Russian Oil-Gas Trade House

By the end of April, the Azerboru Open Joint-Stock Company (OJSC) plans to sign long-term contract with the Russian Oil-Gas Trade House to organize sale of its pipes in Russia.
14 April 2006 [17:50]

SOCAR drills prolific well at Guneshli field

SOCAR has put into exploitation new well, drilled at the shallow water part of the Guneshli field, which SOCAR is developing independently.
14 April 2006 [17:40]

Trades at BICEX

The weighted average exchange prices made up 0.9064 AZN for 1 US dollar in the Baku Interbank Currency Exchange April 13.
14 April 2006 [17:06]

Bank of Baku makes 875.000 of revenue this year

The pure revenue of the Bank of Baku made 875.000 AZM this year this is 52% or 299.000 AZM more than in the similar period of the last year.
14 April 2006 [09:16]

Head of IMF's mission on Azerbaijan will start business meetings on Friday

The economists of the International Monetary Fund (IMF) being on a visit to Baku have already held meetings in the Ministries of Finance, Economic Development, Taxes, State Customs Committee and National Bank of Azerbaijan.
14 April 2006 [09:12]

Emission prospectus of bonds of AZEL Company in the amount of $1 million registered

The State Committee for Securities (SCS) registered emission prospectus of registered interest-bearing bonds of the Azerbaijan Electronics (AZEL) Open Joint-Stock Company (OJSC).
14 April 2006 [09:10]

Communication to be developed at territories free from occupation

The Ministry of Communication and Information Technologies is ready to develop rehabilitate communication in the Azerbaijan's territories to be released from occupation.
14 April 2006 [09:09]

Trial between FIM bank and government of Azerbaijan postponed

Trial on a financial scandal between the FIM bank of Malta and government of Azerbaijan appointed on April 12 was postponed.
14 April 2006 [09:06]

Second pilot company of ACGP determined

The Azerbaijan Corporate Governance Project (ACGP) of the International Finance Corporation (IFC) selected the second pilot company – AZEL Company.
14 April 2006 [08:55]

Bank of Baku increased its total assets by 54%

In January-March of the current year, Bank of Baku obtained AZN 875 thousand of net profit, and it exceeds the same figure of the last year's relevant period by AZN 299 thousand or 52%. In the reporting period Bank' total assets increased by AZN 868 thousand or 54% and came to AZN 2.46 million.