Business

24 December 2005 [09:30]

Ministry of Taxes revealed violations of law in “Azpetrol”

The mobile tax inspections conducted by the Ministry of Taxes in the “Azpetrol” Oil Company, “Azpetrol Ltd.”, “Azertrans Ltd.” Limited Liability companies (LLC) on fulfillment of the legislation on taxes and other mandatory payments are continued.
24 December 2005 [09:24]

European Bank for Reconstruction and Development became competent stockholder of “AzerDemiryolBank”

Purchasing of the stocks amounting to of 25 %+1 thousand manats of the “AzerDemiryolBank” Joint-Stock Bank (JSB) by the European Bank for Reconstruction and Development (EBRD) has completed.
24 December 2005 [09:21]

“Ernst & Young” Company conducted audit of activity of Marketing and Economic Operations Department of SOCAR on 2004

According to the order by the Marketing and Economic Operations Department (MEOD) of the State Oil Company of the Azerbaijan Republic (SOCAR), the “Ernst & Young” Company conducted audit of activity of MEOD on 2004.
20 December 2005 [21:48]

Azeri, Iranian presidents honor commencement of Iranian gas delivery to NAR

A solemn ceremony dedicated to the commencement of the Iranian gas delivery to the Nakhchivan Autonomous Republic (NAR) was held in the area of Nakhchivan city gas-exploitation unit on Tuesday.
20 December 2005 [11:01]

Income per person totaled 462.200 manats in Azerbaijan last month

The volume of monetary incomes of population at face-value formed 34.4 trillion manats during 11 months of this year.
20 December 2005 [11:00]

“Transparency International” announced new rating table on level of corruption in world’s countries

The “Transparency International” public organization announced a new rating table on the level of corruption in the world’s countries.
20 December 2005 [10:57]

Court satisfied Ibrahim Mamamdov’s claim against “Azpetrol” and Justice Ministry

Court of Economy on arguments due to international deals satisfied the claim raised by Ibrahim Mammadov, former owner of “Azertrans LTD” against Justice Ministry and Dutch “Allied Meridian Oil and Gas Group B.V” company.
20 December 2005 [10:32]

Japanese government implements three more projects in Azerbaijan

On Thursday the Japanese government and the Azerbaijani nongovernmental organizations will sign 3 grant agreements in the total amount of $277,525,000 in Baku.
20 December 2005 [10:13]

Inspections conducted in “Azpetrol” resulted in halt of several projects implemented by company

Inspections conducted in the “Azpetrol” Group of Companies positively affected the image of the company and several projects implemented were halted.
20 December 2005 [10:09]

Election of president to US-Azerbaijan Chamber of Commerce to be held

Election of a president to the US-Azerbaijan Chamber of Commerce (USACC) will be held in February of 2006.
20 December 2005 [10:03]

Ceremony of signing of contract on EBRD’s giving credit to “Bank Respublika” and “UniBank” held

A ceremony of signing of the contract on lending $ 2 million to “Bank Respublika” and $ 2 million to “UniBank” by the European Bank for Reconstruction and Development (EBRD) was held yesterday.
19 December 2005 [18:13]

"Azernergy" reminds that it can find alternative electricity distributors if Russia insists on higher electricity rates

The vice-president of the "Azerenergy" Open Joint-Stock Company Marlen Asgarov aknowledged yesterday that if Russia insists on rising electric energy in price then Azerbaijani side will undertake alternative variants.
19 December 2005 [17:01]

Azeri oil market: results of the week

From 12 through 16 December URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $53.05 per barrel or rose $1.92 barrel as compared to the last week (5 - 9 Dec.
19 December 2005 [11:46]

Azerbaijan will host 8-th annual sitting of Black Sea Bank of Trade and Development and the Black Sea business forum

President of Azerbaijan Ilham Aliyev signed a decree on holding the 8-th annual sitting of the Black Sea Bank of Trade and Development (BSBTD) and the Black Sea business forum in Baku.
17 December 2005 [16:14]

EBRD lends Bank of Respublika and UniBank $2 million each

The European Bank for Reconstruction and Development (EBRD) is lending $ 2 million to Bank Respublika and $ 2 million to UniBank for on-lending to micro and small enterprise clients. The credit's goal is to further promote the entrepreneurial activities in Azerbaijan.
17 December 2005 [15:35]

International Bank of Azerbaijan will change its automated banking system by January 1, 2006

The International Bank of Azerbaijan plans to switch to a new and more modern automated banking system starting January 1 of the next year.
17 December 2005 [15:17]

TACIS holds seminar on "Modernization of tax deduction system in Azerbaijan"

A seminar on completion of the "Modernization of tax deduction system in Azerbaijan" project funded by the TACIS Program of the European Union (EU) was held yesterday.
17 December 2005 [11:40]

Azerbaijan passes to the second stage of admission talks with WTO

Second stage of the talks on admission of Azerbaijan Republic to the World Trade Organization will be held in February-March months of 2006.
17 December 2005 [11:29]

Azerenergy faces a dilemma of paying back $150 million debt to Turkey

Turkey wants Azerbaijan to clear off its electric energy debt that forms aproximately $150 million.
17 December 2005 [11:20]

Departure of first transport with BTC oil from Ceyhan may be delayed until summer of 2006

Turkish Ambassador to Azerbaijan Turan Morali noted that there is a chance that oil transportation through Baku-Tbilisi-Ceyhan will be delayed until summer of 2006.
16 December 2005 [19:07]

Representatives of Ataholding receive awards for contribution to development of Azeri economy

On Friday Excelsior Hotel hosted a presentation of the "Intelekt-2005" award instituted in 2004 by IT Magazine and Association on Project Management (AzPMA). The award is conferred for succesful implementation of projects in different spheres of the Azerbaijani economy.
16 December 2005 [17:59]

Azerbaijan, Georgia and Turkey will meet in February to finilize discussion on joint railway project

Heads of the railway offices of Azerbaijan, Georgia and Turkey are going to meet in February of 2006 to discuss construction project of the Baku-Tbilisi-Akhalkalaki-Kars railroad.
16 December 2005 [11:20]

"Khazardenizneftdonanma" announces tender for spare parts and equipment for its ships

The "Khazardenizneftdonanma" Office announced a tender on purchasing various equipment and spare parts required for a repair of the of "Athlete-8" and "Shirvan" typed ships.
16 December 2005 [11:14]

IMF voices satisfaction with the level of Azerbaijan's economic development

"Macro-economic stability level and economic development rate in Azerbaijan is high," Julian Barengaut, the Deputy Director of the International Monetary Fund (IMF) Department on Near East and Central Asia, stated at a meeting with Ilham Aliyev, the Azerbaijani President, held on Thursday.
16 December 2005 [10:51]

Azerenergy continues its strugle with RAO EES to avoid significant increase of electricity prices

President of the "Azerenergy" Open Joint-Stock Company Etibar Pirverdiyev is sure that 40% increase of the price for electric energy Azerbaijan purchases from Russia is disadvantageous for the company.
16 December 2005 [10:15]

Tax ministry takes Azpetrol and Justice Ministry to court

Businessman Ibrahim Mammadov who created "Azeritrans" sub-enterprise of "Azpetrol" appealed to court stating that he was forced to sell 95% of his company's shares to Azpetrol.
15 December 2005 [19:24]

"Bank Respublika" joins Privat Money express money transfer system

Today Azerbaijani "Bank Respublika" announced that it has joined the express money transfer system PrivatMoney.
15 December 2005 [19:03]

David Woodward comments results of BP-Azerbaijan in 2005

The president of the "BP-Azerbaijan" company David Woodward held yesterday a press-conferene devoted to the results of 2005.
15 December 2005 [18:29]

Production of gas from Shahdeniz field to be started by end of 3rd term of 2006

Gas production from the Shahdeniz oil field will be started by the end of the 3rd term of 2006 and a part of gas produced from the well in the 4th term will be delivered to the state.
15 December 2005 [18:10]

First oil from Azeri-Chirag-Guneshli will enter terminal in the first quarter of 2006

One of the main works to be carried out on the Azeri-Chirag-Guneshli (ACG) project on the first place in 2006 will be first oil’s entering the terminal from the Western Azeri and completion of modernization of the main block of the "Azerbaijan" crane-barge.
15 December 2005 [17:49]

Long-distance calls from Azerbaijan may become cheaper

Minister of Communication and Information Technologies Ali Abbasov announced that rates for long-distance calls will be affected by amounts of paid taxes.
15 December 2005 [11:15]

Azerbaijan agrees to buy gas from Russian "Gasprom" using European rates

A working meeting of the Gazprom Open Joint Stock Company (OJSC) board chairman Alexey Miller and the first deputy Prime Minister of Azerbaijan Yagub Eyubov took place yesterday at the company’s central office.
15 December 2005 [10:47]

After 11 months of work Azneft and other companies put into operation 104 new oil wells

The State Oil Company of the Azerbaijan Republic along with Joint Enterprises and Operation Companies put 17 wells into exploitation by December 1.
15 December 2005 [10:24]

IMF continues to work with Azerbaijan though its government refused to take further credits

Though Azerbaijan declined credits of the International Monetary Fund (IMF), it is possible that the Fund will participate in funding of some projects in the country.
15 December 2005 [10:14]

Gunaybank's stocks go on sale at Baku Stock Exchange

Placement of ordinary registered undocumented stocks with the state registration number AZ100100016P of "Gunaybank" Open Joint-Stock Company (OJSC) was held at the Baku Stock Exchange yesterday.
15 December 2005 [10:10]

Stocks of "AtaHolding" go on sale at Baku Stock Exchange

Placement of ordinary registered undocumented stocks with the state registration number AZ100100490P of "AtaHolding" Open Joint-Stock Company (OJSC) was held at the Baku Stock Exchange yesterday.
14 December 2005 [16:51]

Azerbaijan Insurance Companies Union merges with Azerbaijan Insurers Union

The Azerbaijan Insurance Companies Union and Azerbaijan Insurers Union will merge next year.
14 December 2005 [16:14]

Azerenergy continues talks with Russian RAO EES to pull down energy price

"Azerbaijan regards rise in the value of the export energy by RAO EES by 40% as inexpedient," said Etibar Pirverdiyev, the President of Azerenergy JSC.
14 December 2005 [16:08]

Auction on short-term notes held at Baku Stock Exchange today

An auction on placement of short-term notes of the National Bank was held at the Baku Stock Exchange (BSE) today.
14 December 2005 [10:34]

"Capital Bank" announces tender for construction firms

The "Capital Bank" announced an open tender for reconstruction of the facade of its building in a modern style. Tender offers will be opened at 15:00 pm on January 27, 2006.
14 December 2005 [10:18]

Talks on price of gas between Gasprom and SOCAR were postponed till next week

Talks between SOCAR and Russian "Gasprom" were postponed till the next week.
13 December 2005 [18:14]

Garadagh Cement will increase salary of its workers by 12 % and invest 7 million in 2006

In 2006 Garadagh Cement joint-stock company plans to invest $7 million in Azerbaijan, Uwe Koehler, said the chairman of Management Board of Garadagh Cement.
13 December 2005 [17:59]

Turkish fishermen take BTC to court

The Turkish fishermen have appealed to a court as a sign of protest against Turkish authorities that prohibited residents of coastal regions of Iskenderun Gulf to fish in the area ranging 3 km from the Black sea port of Ceyhan, where finishes Bakut-Tbilisi-Ceyhan.
13 December 2005 [11:43]

Hard times for exchange booths are about to start in Azerbaijan

The National Bank of Azerbaijan will harden requirements for operation of currency exchange booths. The chairman of the Administrative Board of the National Bank Elman Rustamov stated that the main reason for doing so is an attempt to avoid currency shortage as it was in September.
13 December 2005 [11:26]

Japanese company plans to clean up oil spill areas surrounding Baku

Japanese company built a facility that will help Azerbaijan to get rid of polluted by oil spill areas around Baku. Presentation of "Oil Extractor" facility will be held on December 14.
13 December 2005 [10:32]

Georgia started paying back its electrical debt to Azerbaijan

President of the "Azerenergy" Open Joint-Stock Company (OJSC) Etibar Pirverdiyev announced yesterday that the government of Georgia began paying back its electric energy debt to Azerbaijan.
12 December 2005 [20:18]

Azeri oil market: results of the week

In the period from 5 to 9 December URAL (EX-NOVO) average price, sold by Azerbaijan in Novorossiysk port, was $51.13 per barrel or rose $2.90 barrel as compared to the last week (28 Nov - 2 Dec), Trend reports.
12 December 2005 [19:56]

Bos Shelf surrenders and promises to raise workers' salary on additional 12 percents

The senior management of Bos Shelf, a company owned by Italy’s Saipem and the State Oil Company of Azerbaijan (SOCAR) resolved to increase salaries by 20% from December 2005 and 12% - from January 2006.
12 December 2005 [19:27]

Chairman of "Bakielectroshtamp" and his brother are accused of racketing and arrested

The chair of the "Bakielectroshtamp" Open Joint-Stock Company (OJSC) Nuraddin Zulfugarli and his brothers Loghman and Rovshan Zulfugarlis were detained today.
12 December 2005 [19:05]

During 2005 Baku hosted 14 international exhibitions

"In 2006 Iteca Caspian will hold 14 international exhibitions in Baku," stated on Bahruz Hidayatzade, the Deputy Director on Sales.
12 December 2005 [11:00]

Nokia opens its first salon in Baku and next year plans to do the same in Ganja

Nokia corporation in-cooperation with "ITC Group" run a ceremony of opening of its salon in Baku last week where it was announced that Nokia will start production of phones with Azeri menu.
12 December 2005 [10:26]

Next year will bring changes to insurance market of Azerbaijan

The executive director of Azerbaijan Insurance Society Union Fuad Alakbarov stated that Insurance Consultation Council organized at the Finance Ministry prepared some proposals that will bring serious changes to the insurance market.
10 December 2005 [19:37]

For the last 9 months foreign debt of Azerbaijan formed $ 193,500 per person

The total amount of the credits attracted by Azerbaijan from abroad formed $ 1606,1 thousand on the used credits and credits considered to be the state debt during 9 months of the current year. According to the Ministry of Finance, the percentage of the gross domestic product (GDP) was 14,9 % and foreign debt per person formed $ 193,5 thousand during that period.
10 December 2005 [18:21]

War of Azeri Internet providers ended at 00:30 yesterday

The war of Azeri internet providers temporarily ended after two of the major providers "Adanet" and "Intrans" decided to temporarily break the blockade of "Azeronline" responding to a call of Azerbaijan Internet Forum.
10 December 2005 [18:15]

Azerbaijan completes EC sponsored program on restoration of country's social and technical infrastructure

The government of Azerbaijan finalized the third stage of the "Extraordinary Aid Program of the Republic of Azerbaijan" funded by the European Commission (EC).
10 December 2005 [11:16]

Ilham Aliyev appointed new president of SOCAR

On Friday Azerbaijani President Ilham Aliyev signed a decree on appointment of former head of Heydar Aliyev oil refinery plant Rovnag Abdullayev the President of the State Oil Company of Azerbaijan (SOCAR).
10 December 2005 [10:52]

"Barmek" wants to expand beyond boundaries of Azerbaijan

"Barmek" does not plan to take over electric network of Azerbaijan's districts saying that it is not interested in them and rather wants to invest in Kyrgyzstan or Russia.
10 December 2005 [10:47]

"Barmek" reminds that many state enterprises as well as citizens in Baku owe it money

State enterprises are 354 milliard manats in debt to the "Barmek Azerbaijan" Limited Liability Company.
09 December 2005 [18:49]

Societe Generale appoints new regional representative in Azerbaijan

Societe Generale Corporate & Investment Banking (Societe Generale) announced that Mrs. Teyba Gouliyeva has been appointed as Regional Representative in Azerbaijan, Societe Generale announced.
09 December 2005 [16:54]

Asian Development Bank offers low interest rate on LIBOR-based loans to Azerbaijan

The Azerbaijan Resident Mission of the Asian Development Bank clarified yesterday that its interest charge on non-concessional lending to Azerbaijan is currently set at 0.08% above LIBOR (LIBOR + 0.08%).
09 December 2005 [16:42]

SOCAR ordered construction of a new platform

"Oil Rocks" Oil and Gas Production Office (OGPO)ordered a new platform which is currently constructed at the Baku Deep Foundations Plant.
09 December 2005 [11:43]

"Transparency Azerbaijan" holds presentation of its book "Business Ethics Code for 10 Azerbaijani Companies"

Seminar of acquaintance with Business Ethics Code in Azerbaijan and the presentation of a book "Business Ethics Code for 10 Azerbaijani Companies" published by the "Transparency Azerbaijan" organization was held yesterday with the financial support of the International Trade Department of the US Trade Ministry and Good Management Programme.
09 December 2005 [11:10]

"Bos Shelf" workers intimidate administration to strike again on December 12

The workers of the "Bos Shelf" company will go on strike by December 12 again. The reason of it is not fulfillment of the commitments undertaken by the administration of the company.
09 December 2005 [10:50]

Workers of "McDermott" raise new demands

Local workers of "McDermott" company producing surface covers located at Baku Deep Foundations Plant named after Heydar Aliyev placed new demands before the company's administration.
09 December 2005 [10:32]

Land prices in the central part of Baku shifted up by 2,4 %

The AZER-REI immovable property index decreased by 4,6 points and stayed at 197,1 mark in the estate market of Baku last month.
09 December 2005 [10:25]

Sumgait rubber plant announces tender for purchasing of sulphate acid

The Sumgait Synthesis-caoutchouc plant of the "Azerkimya" State Enterprise announced a tender on purchasing of sulphate acid for 2006.
08 December 2005 [19:23]

Single Cadastre and Registration System of Immovable Property was established in Nakhchivan

The Single Cadastre and Registration System of Immovable Property (SCRS) was formed in the Autonomous Republic of Nakhchivan.
08 December 2005 [18:49]

To fly to Nakhchivan may become more expensive

"AZAL" state Company announced that it has appealed to the Cabinet of Ministers with a request to raise price of air tickets to Nakhchivan.
08 December 2005 [18:40]

"Bayva" leaves "Azerenergy" vast legacy of debts and 6,000 of its staff

While getting out of the business "BAYVA" Joint-Stock Company transfers its debtorst and its staff into posession of new owners of the electrical net - Ali Bayramli and Ganja electric distributor networks under the "Azerenergy" OJSC.
08 December 2005 [10:35]

Russia raises tariffs for electricity and "Azerenergy" has no other way but to call Azerbaijani government to solve the problem

"In 2006 the Russian Federal Tariff Service (FTS) will increase value of energy export for all foreign partners, including Azerenergy JSC," a representative of RAO EES told Trend.
08 December 2005 [10:19]

Azerbaijan manages to pull out another transnational transportation project

"The first container train will be launched via the Poti- Baku -Actau- Almati route from the port of Poti on December 24, 2005," stated officials from the Georgian Railway Ltd.
07 December 2005 [11:04]

Unsecured bonds of "Parabank" go on sale at BSE

Placement of interest-bearing unsecured bonds with the state registration number AZ200100380P belonging to the "Parabank" Open Joint-Stock Company was held in the Baku Stock Exchange (BSE) yesterday.
06 December 2005 [11:04]

Azerbaijani SCC delegation will participate at GUAM's Tbilisi meeting

The delegation of the State Customs Committee headed by its vice-chairman Rafael Mirzayev will participate in the fourth meeting of the Leading Committee for implementation of project on GUAM Trade and Transport Aid.
06 December 2005 [10:59]

International Bank of Azerbaijan will install new ATMs for denominated Manat

Though denomination will be realized by January 1 next year, pensioners will be able to obtain their pensions both in new and old manat from bank-machines of the Azerbaijan International Bank.
06 December 2005 [10:13]

"Azerenergy" takes control over Ganja and Ali-Bayramli electric networks

The president Ilham Aliyev signed a decree on ensuring abolishment of the contracts on the right of administering of the "Ganjaelectrikshebeke" and "Ali Bayramlielectricshebeke" Joint-Stock Companies concluded between the Azerbaijani Ministry of Economic Development and Baki Yuksek Gerginlikli Elektrik Avadanliglari (Bayva-Enerji).