Business

03 November 2006 [16:56]

RussNeft set to invest $100-150 mln in Azerbaijani oil fields

Russian oil company RussNeft and the State Oil Company of Azerbaijan (SOCAR) have signed a production-sharing agreement to develop two oil fields in Azerbaijan, a RIA Novosti correspondent reported Friday.
03 November 2006 [16:28]

PABSEC's 28th plenary to be held in Baku

The 28th Plenary Session of the Parliamentary Assembly of the Black Sea Economic Cooperation organization (PABSEC) will be held in Baku November 21-23, press service of Azerbaijan's Parliament said.
03 November 2006 [16:27]

Standard Bank opens new Sumagait branch

Standard Bank has opened its new branch in Sumgait city of Azerbaijan.
03 November 2006 [13:08]

Niko Lekishvili: "Possible to balance gas price on account of gas supplies from Azerbaijan"

Georgian leadership considers Gazprom's more than doubling gas prices not to be a "tragedy".
03 November 2006 [10:31]

NBA's currency reserve hits $1.6bn

The official currency reserve of the National Bank of Azerbaijan has grown $961.71m (66.38%) to US $ 1.6bn.
03 November 2006 [10:30]

Insurance law expected to be protracted

Adoption of the Insurance Law may be protracted by spring next year.
03 November 2006 [10:29]

Collection of water and sewerage bills 58.3% in Jan-Sep

As of November 1, Azersu OJSC installed 134 464 water meters, of which 79 791 were fixed in October.
03 November 2006 [10:20]

Azerbaijani businessmen to attend TITAF 2006 international exhibition

The 4th Tehran International Transportation Fair-TITAF 2006 will be held from Dec. 19 - 22, 2006 at the Tehran International Permanent Fairground of Tehran, Iran.
03 November 2006 [10:19]

Azerbaijan, Russian and Iran railway officials to meet in Tehran

Azerbaijan, Russian and Iran railway structure heads will come together in Tehran on November 20 to discuss North-South corridor project.
03 November 2006 [10:17]

37-storied hotel to replace Moscow Hotel

Azunko Holding LLC has won the tender, for the sale of Moscow Hotel in Baku, announced by State Committee for Management of the Public Property.
03 November 2006 [10:16]

Transport Minister visits South Korea

Azerbaijani Transport Minister Ziya Mammadov has visited South Korea.
03 November 2006 [10:10]

Foreign credits make 9.7% of GDP in Azerbaijan Jan-Sep

The volume of foreign credits attracted to Azerbaijan's economy in January-September made $1 9157m, of which 9.7% of the Gross Domestic Product.
03 November 2006 [10:09]

CATEL receives ISO 9001

CATEL Joint Venture has received ISO certificate.
03 November 2006 [10:02]

Fire in oil supply base in Lenkeran put out

A great fire broke out at 16.45 in the Oil products supply base in Lenkeran.
02 November 2006 [22:37]

Azerfon entry delays

Cellular provider Azerfon with partial foreign capital that was expected to start providing cellular services in Azerbaijan soon will put off its entry to the country.
02 November 2006 [21:08]

Taxes to increase in Azerbaijan

Azerbaijani government intends to raise taxes for industrial, commercial and construction objects. Land tax for people will be also increased.
02 November 2006 [21:06]

EBRD allocates credit for reconstruction of Power Station in Mingachevir

The European Bank for Reconstruction and Development allocated USD 115 million credits for Azerenergy Joint-Stock Company to reconstruct the State Region Power Station in Mingachevir.
02 November 2006 [20:46]

President Aliyev receives members of the Caspian Development Advisory Panel

On November 2, President of Azerbaijan Ilham Aliyev received members of the Caspian Development Advisory Panel.
02 November 2006 [20:44]

President Aliyev meets BP VP Andrew Inglis

On November 2, President of Azerbaijan Ilham Aliyev welcomed BP Executive Vice President Andrew Inglis.
02 November 2006 [20:42]

Trades at BICEX

The weighted average exchange prices made up 0.8724 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 2.
02 November 2006 [19:45]

Fire in oil supply base in Lenkeran

A great fire broke out at 16.45 in the oil products supply base in Lenkeran.
02 November 2006 [16:37]

Grain price to cut bread weight in Azerbaijan

The rise of grain price is not expected to result in bread price rise but cut of its weight, Agriculture Ministry's Grain Reserve Officer Mammad Huseynov stated.
02 November 2006 [16:16]

Russia could double gas price for Georgia in 2007

he price for Russian natural gas for Georgia could rise from the current $110 to $230 per 1,000 cubic meters in 2007, the state-controlled energy giant Gazprom said Thursday.
02 November 2006 [16:14]

Turnover at BICEX hits highest level

The Baku Interbank Currency Exchange (BICEX) has identified the leading operators of foreign currency exchange market in October 2006.
02 November 2006 [11:21]

First profit from BTC operations to amount to $15 million

The first profit from Baku-Tbilisi-Ceyhan (BTC) operations is going to amount to $15 million, Shakhmar Movsumov, head of the State Oil Fund of Azerbaijan (SOFAR) told journalists.
02 November 2006 [11:16]

Tax privilege for banks and credit organizations expires

The Law on tax privilege for investment securities and interests of people’s savings in banks and credit organizations will be ineffective January 1, 2007.
02 November 2006 [11:15]

Azerbaijan is third among CIS states in ICT development and application

The Global Information Technology Report, using the Networked Readiness Index (NRI), covering a total of 115 economies in 2005-2006, to measure the degree of preparation of a nation or community to participate in and benefit from ICT development and application, has been released.
02 November 2006 [11:12]

Petrodollars to peak in 2009-2011

The oil revenues of Azerbaijan is expected to hit the highest point in 2009-2011, SOFAZ Executive Director Shahmar Movsumov stated.
02 November 2006 [10:59]

Trades at BICEX

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 1.
02 November 2006 [10:57]

Bank Standard becomes principal member of VISA International

Bank Standard has become a principal member of Visa International, the world’s leading credit card.
02 November 2006 [10:56]

Azercell installs 23 more stations in October

Azercell Telecom continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
02 November 2006 [10:52]

ACE and Social Protection Ministry develop Deserving Labor Program

Azerbaijan National Confederation of the Entrepreneurs and Ministry of Labor and Social Protection are developing Deserving Labor State Program.
02 November 2006 [10:49]

Real Estate Registration Service registers over 6 000 mortgages in March-October

Real Estate Registration Service registered over 6 000 mortgages during the period of March-October, Service chairman Arif Garashov said.
02 November 2006 [10:48]

National Depositary Center signs 8 contracts in October

National Depositary Center registered eight contracts on keeping and registration of the stocks of joint stock companies.
02 November 2006 [10:47]

Azerbaijan, Kazakhstan and Russia prepare for auditing Caspian bioresources

Preparation for parallel audit of the Caspian bioresources by Azerbaijani, Kazakh and Russian Accounting Chambers will be completed in November, Azerbaijan Accounting Chamber international cooperation and information technologies officer Fuad Ibrahimov stated.
02 November 2006 [10:38]

SOFAZ spends AZN 46.8m on improvement of conditions of IDP and refugees

During the period of January-September expenditures of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in the amount of AZN 46.8m were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socioeconomic condition of refugees and internally displaced persons, SOFAZ Executive Director Shahmar Movsumov said.
01 November 2006 [18:56]

Mortgage terms amended

The Cabinet considered Draft Mortgage and Social Mortgage Amendments proposed by Azerbaijan Mortgage Fund.
01 November 2006 [18:53]

Kemaladdin Heydarov participates in the assembly held through CE in Morocco

The delegation headed by the Azerbaijani Emergencies Minister colonel-general Kemaladdin Heydarov participates in the 11th assembly of Emergencies Ministers of CE member states and Mediterranean countries on protection of population from natural and man-caused emergency cases through CE in Morocco, Emergencies Ministry Press Service Department told.
01 November 2006 [14:18]

SOFAZ revenues and expenditures reach AZN 730.7m and 606.8m

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2006 reached AZN 730.7m, while budget expenditures constituted AZN 606.8m, SOFAZ Executive Director Shahmar Movsumov stated at media briefing today.
01 November 2006 [10:28]

Azerbaijani natural gas price to increase

According to representative of Azergaz, Alikhan Melikov, it's probable that the price of Azerbaijani natural gas will increase in 2007.
01 November 2006 [10:23]

IMF forecasts 12% inflation rate in Azerbaijan

International Monetary Fund forecasts that inflation rate will reach 12% in Azerbaijan in 2006, head of IMF Office in Azerbaijan, Bazil Zavoyko, said.
01 November 2006 [10:22]

State Customs Committee asks Government to prevent old auto imports

Most of the imported automobiles are old and the State Customs Committee made a number of proposals to the Government for prevention of old car imports, said State Customs Committee chair Aydin Aliyev.
01 November 2006 [10:20]

US provides grant support to farmers in southern Azerbaijan

The Azerbaijan Business Assistance and Development (ABAD) program, supported by the U.S. Agency for International Development (USAID), and implemented by the International Rescue Committee (IRC), will hold an opening ceremony for a vegetable cold storage facility on Wednesday.
01 November 2006 [10:19]

UniBank receives additional tranche of GAF SME on-lending facility

UniBank has received an additional tranche of the German-Azeri Fund's SME on-lending facility.
01 November 2006 [10:11]

Converting to digital systems to be compulsory for TV broadcasters

Converting to digital system will be compulsory for privately-owned TV broadcasters.
01 November 2006 [10:09]

Baku-Tbilisi-Akhalkalaki-Kars project tender completed

A tender for construction of the Georgian part of the Baku-Tbilisi-Akhalkalaki-Kars railway project has been completed.
01 November 2006 [10:08]

New Customs Code ready

The preliminary version of Azerbaijan's Customs Code is ready.
01 November 2006 [10:07]

Pakistani businessmen to visit Azerbaijan

A 15-member delegation composed of medicine-making companies of Pakistan will pay a business visit to Azerbaijan on November 9.
01 November 2006 [10:05]

NIKoil Bank opens branch in Ganja

NIKoil Bank has opened an office in Ganja.
01 November 2006 [10:04]

Social subsistence allowance mechanism discussed

Economic Research Center held the final event on 'Increasing awareness on social subsistence allowance mechanism.'
01 November 2006 [09:57]

Arif Garashov: "Illegal land selling rose up after creation of municipalities"

Binagadi and Sabayel municipalities sell oil-polluted lands illegally, Baku land Department chair Natig Malikov said.
01 November 2006 [09:56]

Amendments to be made to real estate appraisal

Some amendments will be made to the law on real estate appraisal, Real Estate Registration Service chair Arif Garashov said.
01 November 2006 [09:55]

Tender to be announced for building youth town

Youth and Sport Ministry applied to a designing institute for the project of youth town will be completed for provision of young families with flats on preferential conditions.
01 November 2006 [09:53]

Garib Mammadov: "Municipalities and executive powers not interested in selling lands through auctions"

Workshop examining problems of local authorities has been organized by Real Estate Registration Service, State Land and Cartography Committee and Justice Ministry department on work with local authorities.
01 November 2006 [03:14]

Russia's Gazprom to buy Iran-Armenia gas pipeline

New details emerged on Tuesday of the latest Russian-Armenia energy deal that will give Russia's state-run Gazprom monopoly a commanding share in Armenia's natural gas distribution network and, most probably, the incoming gas pipeline from Iran.
01 November 2006 [00:39]

Microsoft to unveil Azeri version of Windows Vista OS by mid-2007

Microsoft will unveil an Azeri language version of Microsoft Windows Vista OS by the summer of 2007, Islam Akhmedov, general director of Sinam Ltd., Microsoft's official partner in Azerbaijan, said at a Monday presentation.
01 November 2006 [00:37]

Azerbaijan Oil Fund, BONY sign depositary agreement

The State Oil Fund of Azerbaijan has signed an agreement with the Bank of New York for depositary services, the Oil Fund said in an official statement.
31 October 2006 [21:37]

Tehran-Baku first joint transport management session held

Senior Iranian and Azeri transportation managers held their first joint meeting in Astara on Monday night.
31 October 2006 [20:53]

Trades at BICEX

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 31.
31 October 2006 [20:41]

Discrepancy between Canada's "First Dynasty Mines" company and Armenian Government

There is a discrepancy between Armenian Government and "First Dynasty Mines" (FDM) Company of Canada extracting gold in Soyudlu gold deposit in Kalbajar, the occupied Azerbaijan region.
31 October 2006 [20:39]

Barmek demands AZN 291m payment of damages from Azeri Government

Barmek-Azerbaijan will demand damages of AZN 291m from the Government of Azerbaijan in International Center for Settlement of the Investment Disputes (ICSID).
31 October 2006 [20:14]

Next talks between Azerbaijan and Venice Commission to be held on November 9-10

The problem concerning Azerbaijan was discussed at the last plenary session of Venice Commission.
31 October 2006 [10:35]

Nakhchivan Module Plant construction continues

Nakhchivan Module Plant construction has continued to progress.
31 October 2006 [10:34]

Taxes Ministry cancels VAT registration of 4 890 taxpayers

As of October 30, Taxes Ministry has deregistered 4 890 taxpayers for VAT.
31 October 2006 [10:32]

Favorable balance of trade makes 1.069m in Azerbaijan in Jan-Sept

As of October 1, favorable balance reached $1 068 804 600 in exports and imports of Azerbaijan during the period of January-September. Residents and nonresidents carried out trade operations of $8 626.126m with 134 countries during this period.
31 October 2006 [10:26]

Israel's Tadiran Communications wins $42m military order from Azerbaijan

The order is the final part of an earlier $55 million order for the supply of tactical communications equipment.
31 October 2006 [10:26]

World Bank mission to visit Azerbaijan

World Bank mission for water supply and drainage project will pay a visit to Azerbaijan from November 13 to 18.
31 October 2006 [10:24]

Trades at BICEX

The weighted average exchange prices made up 0,8723 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 30.
31 October 2006 [10:22]

Some technical failures expected in Azercell's SMS service

Some technical failures are expected to appear in SMS service of Azercell Telecom between November 1 and 3.
31 October 2006 [10:22]

Phase 3 facilities at STEP expected to be completed by end of 2007

The Sangachal Terminal Expansion Programme (STEP) - The ACG Phase 3 is the next important phase of construction at STEP.
31 October 2006 [10:21]

Cargo transit falls in Azerbaijan

The volume of goods in transit transported through Azerbaijan fell by 1.2174m tonnes year-on-year, in January-September, to 18.7461 tonnes.
31 October 2006 [10:20]

Ganja Automobile Plant begins to sell autos

Starting from this week, Ganja Automobile Plant is going to sell automobiles assembled in Chinese technology.
31 October 2006 [10:13]

Huseyn Arabul: "Energy supply problems inevitable in winter"

Barmek is dissatisfied with the Economic development Ministry's lack of interest in completion of the hand-over test.
31 October 2006 [10:12]

JBIC delegation meets Industry and Energy Ministry

Japan Bank for International Cooperation officers Kenichiro Khayashi and Yoshikhiro Kumagai were received at Industry and Energy Ministry of Azerbaijan.
31 October 2006 [10:11]

World Bank's Khristos Kostopulos visits Azerbaijan

World Bank's leading economist Khristos Kostopulos is visiting Azerbaijan.