Business

01 June 2006 [18:33]

Georgia offers to pay Azerbaijani debt

Georgia offered Azerbaijan to pay the debt of electricity this summer.
01 June 2006 [09:15]

FT: "Last step in Caspian oil line to Mediterranean"

The first oil to flow through the Baku-Tbilisi-Ceyhan (BTC) pipeline linking the Caspian and the Mediterranean seas will be loaded on to a tanker in the next few days.
01 June 2006 [08:43]

Azerbaijan to participate World Labor Organization session in Geneva

The World Labor Organization (WLO) will have its 95th session in Geneva June 6-10.
01 June 2006 [08:32]

Chinese D-Link to open office in Azerbaijan

D-Link Co., Chinese leading entity in information technologies sphere, intends to open the Azerbaijani office to strengthen its position in the market here.
01 June 2006 [08:28]

Opening of Iranian automobile factory in Shamakhi postponed for June 3

An automobile factory built by Iran Hodro, Iran in Shamakhi, Azerbaijan will be officially opened June 3.
01 June 2006 [08:19]

Commission to examine Barmek compliance with the contract formed

The Commission to examine Limited Liability Company Barmek-Azerbaijan Energy Network compliance with its contract was formed at Economic Development Ministry.
01 June 2006 [08:01]

Azerbaijan is to limit foreign capital in insurance market

Azerbaijani Government supports the maintenance of foreign capital limitation in local insurance market after 10 years of joining The World Trade Organization (WTO).
01 June 2006 [07:58]

Volume of currency transactions implemented in BICEX totaled $300 thousand

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) yesterday, USD/AZN average weighted rate was AZN 0,8985/$1.
01 June 2006 [07:47]

The WB to state its opinion on Law on Insurance by July

The World Bank experts will say their opinions to Azerbaijani side after a new draft of insurance law is expertized.
31 May 2006 [23:57]

Russia, Turkey expand trade, energy ties

Russia and Turkey signed Tuesday a protocol agreement to increase bilateral trade and expand energy cooperation.
31 May 2006 [22:03]

Azeris look to Total for energy boost

Azerbaijani President Ilham Aliyev began talks with France's Total and Technip to bolster energy ties.
31 May 2006 [10:31]

Turkey to be mediator in Gazprom's struggle for South European natural gas

Turkey will undertake the principal mediator role in Gazprom's struggle for South European natural gas market.
31 May 2006 [10:17]

Azerbaijan sees role in European energy diversification

Azerbaijan plans to increase its natural gas exports to Western Europe, the country's president said Tuesday, in comments aimed at easing concern over the security of the region's energy supply and its over-reliance on Russia.
31 May 2006 [09:07]

SOCAR to fulfill budget commitments by late year

About 70 companies in Azerbaijan have been put out of the Department for Big Taxpayers registration, Taxes Ministry this year.
31 May 2006 [08:44]

Today volume of currency transactions implemented in BICEX totaled $100 thousand

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 0,8992/$1.
31 May 2006 [08:34]

Business forums expected in Baku up to the next year

Business forums including Azerbaijani, Latvian, Romanian and Finnish businessmen will be held in Baku till the end of this year.
31 May 2006 [08:01]

Auction on National Bank's AZN12 million short-term notes takes place

Baku Stock Exchange (BSE) will today host an auction on placement of Azerbaijan National Bank's short-term notes with state registration number 50102212S.
30 May 2006 [20:30]

First oil shipment to tanker will be launched after a tank is filled in Ceyhan up

Though Azerbaijani oil has reached Ceyhan and has been pumped into tanks, the shipping into tankers has not yet started for the reason that one of the tanks is empty in Ceyhan.
30 May 2006 [20:16]

Gold mine manufacturing negotiations with foreign companies

Companies from USA, Canada, Great Britain, Australia, Japan and South Korea are now being negotiated with for the processing of gold mines discovered in Azerbaijan.
30 May 2006 [20:07]

Israeli officials to attend energy conference in Azerbaijan

Israeli officials will participate in energy conferences in China and Azerbaijan in the coming weeks, the Ministry of National Infrastructures said Monday.
30 May 2006 [12:02]

President Aliyev meets with French businessmen

President of Azerbaijan Ilham Aliyev met May 29 with businessmen representing MEDEF (Movement of the French Enterprises) companies in Paris.
30 May 2006 [11:48]

Azerbaijan to discuss gas deliveries to Europe

Azerbaijan's President Ilham Aliyev says he will discuss the possibility of Azerbaijani gas deliveries to Europe when he meets with French President Jacques Chirac on May 30.
30 May 2006 [11:45]

IDB Executives Council approves USD 393.5 million finances

The Islamic Development Bank's (IDB) Executives have approved total USD 393.5 million in funds for overall projects.
30 May 2006 [09:52]

Russia's Gazprom considers new Black Sea gas pipeline to Turkey

OAO Gazprom, the world’s largest natural-gas exporter, may build a second pipeline under the Black Sea to Turkey, alongside an existing line with a capacity of 16 billion cubic meters a year.
30 May 2006 [09:03]

Oil tops $71.50 on Iran concern, ahead of OPEC

Oil prices rose toward $72 on Tuesday, as a dispute between Iran and the West over Tehran's nuclear programme rumbled on and OPEC delegates said the cartel would keep pumping at near maximum rates to soothe market fears.
30 May 2006 [08:41]

Generally military budget of world states was $1025,5 billion in 2005

Stockholm World International Researches Institute has announced the report of world states' allocation for 2005 in military field.
30 May 2006 [08:04]

Sale of "Moscow" hotel shares to employees starts

The State Committee for State Property Management (SCSPM) launched privileged sale of stocks of "Moscow" Hotel Open Joint-Stock Company (OJSC) to employees.
28 May 2006 [23:08]

Zaman: "Dream realized: Caspian oil in Ceyhan"

The Project of the Century Baku-Thbilisi-Ceyhan (BTC) Oil Pipeline experienced a pinnacle moment on Saturday.
28 May 2006 [12:28]

The Guardian: "Terror alert as Caspian oil pipeline opens"

In the foothills of the Caucasus mountains, a long line of broken mud cuts across the meadows. If you go anywhere near it, camouflaged guards carrying automatic weapons emerge from the forest beyond.
27 May 2006 [13:57]

Turkish Daily News: "Ceyhan ready to disgorge historic first shipment"

Only a few days remain for the rich hydrocarbon reserves lying underneath the cold waters of the Caspian Sea to be transported to international energy markets through the Baku-Tblisi-Ceyhan oil pipeline project, branded as 'The Project of the 21st Century'.
27 May 2006 [09:59]

The Parliament confirms law on changes and amendments to state budget

Milli Majlis has confirmed changes and amendments to Law on 2006 State Budget and Social Protection Fund Budget for 2006 in the session yesterday.
27 May 2006 [09:47]

BP presents "Best of Business" awards to 4 partners

BP announced "Best of Business" awards for partners.
26 May 2006 [21:07]

Azeri gas pumped through BTE pipeline

BP Exploration Sah Daniz Ltd. Thursday began pumping gas into the Baku-Tbilisi-Erzurum pipeline.
26 May 2006 [19:25]

BBC: "First cargo from Caspian pipeline"

The first cargo of oil from a $4bn (?2.2bn) pipeline between Azerbaijan and Turkey will be loaded onto a tanker this weekend - a year behind schedule.
26 May 2006 [19:13]

Barmek Company notified on inspection of its activity in 2002-2005

Azerbaijan's State Committee for State Property Management and Economic Development Ministry sent notification to Barmek-Azerbaijan Electricity Distribution LLC that the company’s activity in 2002-2005 will be inspected.
26 May 2006 [16:42]

Exxon buys first Azeri Light cargo from Ceyhan

U.S. oil major ExxonMobil has bought a 2.2 million barrel cargo with Azeri Light crude, the first ever being loaded at the Turkish port of Ceyhan, thus marking the launch of a huge pipeline from Azerbaijan.
26 May 2006 [15:38]

III Azerbaijan Microfinance Conference launched in Baku

Azerbaijan Microfinance Association (AMFA) has launched III Azerbaijan Microfinance Conference today in Baku, which will continue 2 days.
26 May 2006 [15:35]

Azerbaijan to be represented at the textile machinery exhibition in Istanbul

A delegation of 20 Azeri business persons are to attend the 23rd International Textile Machinery Exhibition in Istanbul from May 31 to June 4, informs National Confederation of Entrepreneurs /Employers/ Organizations of Azerbaijan.
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.