Business

25 September 2006 [21:34]

Draft State Budget 2007 submitted to President after discussion

Today the Cabinet of Ministers met to discuss the Draft State Budget for 2007 submitted by the Finance Ministry.
25 September 2006 [21:21]

Iranian company participates in Khachmaz power plant

Iranian Sun Energy Company will participate in implementing a power plant project in the Azeri city of Khachmaz situated 160 kms to the north of capital Baku.
25 September 2006 [15:05]

Some 2 100 small state enterprises privatized in Azerbaijan

2 100 small state enterprises and facilities have been privatized since early year.
25 September 2006 [12:45]

Azerenergy warns 18 regions

Azerenergy OJSC warned 18 regions that they hadn't paid the gas bill completely.
25 September 2006 [11:24]

Foreign companies do not comply with their commitments

"The oil companies and other strategic enterprises operating in Ali Bayramli do not pay tax to the local budget but pay taxes in centralized form which results in the city’s needing subsidy from the center," saud MP Azay Guliyev.
25 September 2006 [11:19]

Georgia purposely delays Kars-Akhalkalaki-Tbilisi-Baku railway construction

"Georgia purposely delays the construction of the Kars-Akhalkalaki-Tbilisi-Baku railway line," said Turkish Foreign Ministry high ranking official.
25 September 2006 [09:20]

Oil slumps below $60

Oil prices fell to a six-month low under $60 a barrel on Monday as BP's move to restore output at Prudhoe Bay earlier than expected added to a sense of healthy, secure supplies, while demand growth questions loomed large.
25 September 2006 [08:56]

U.S. Senate panel blocks US funding for Turk-Azeri railroad

Backed by US Armenians, measure bans US Export-Import Bank loans for Kars-Tbilisi-Baku railway bypassing Armenia.
24 September 2006 [16:23]

SOCAR reps participated in oil exhibition Tabriz

Representatives of the State Oil Company attended the "Oil, gas and oil products" exhibition in Tabriz, Iran.
24 September 2006 [15:01]

Iran, Kazakhstan explore new avenues for developing bilateral ties

Bilateral trade, economic and cultural relations between Iran and Kazakhstan are dynamically developing.
24 September 2006 [12:53]

Azerbaijan's Parliament discussing customs deal to be signed with Moldova

The Milli Majlis is now discussing the customs agreement to be signed between Azerbaijan and Moldova.
23 September 2006 [11:58]

LG to explore Kazakh oilfield

South Korean trading house LG International will begin exploring an oilfield in Kazakhstan next month, the company said in a regulatory filing.
23 September 2006 [11:28]

Electricity of Lenkeran likely to be cut off

"Electricity supply to Lenkeran may be cut off unless any improvement is made in collection of bills," said Lenkeran Electricity Supply Department Director Gilman Rzayev.
23 September 2006 [01:34]

Wartsila supports Azeri wrestlers

Participation of Azerbaijani national team on in the European Championship held in Germany was possible thanks to the support of Baku Bureau of Finnish Vartsila Company, the Azerenergy SC said.
23 September 2006 [01:14]

U.S. expert: "Those playing Caspian Basin energy game may suffer from 'irrational exuberance'"

Policymakers are suffering from "irrational exuberance" when it comes to Caspian Basin energy issues, a US expert on the region says.
23 September 2006 [01:04]

President Aliyev: "Azerbaijan key to European energy security"

"Azerbaijan has turned into a major oil producer and this is of great importance for European energy security," President Ilham Aliyev told the International Bertelsmann Forum in Berlin, Germany on Friday.
23 September 2006 [01:01]

Azeri state oil company to invest in Georgia

Azerbaijan's state oil company SOCAR plans to implement new investment projects soon, a source from the company said.
23 September 2006 [00:59]

SOCAR to tap Caspian field on its own

Azerbaijan's state oil company SOCAR plans to tackle development of the Karabakh field in the Caspian Sea at its own expense, oil executives say.
23 September 2006 [00:48]

State oil company reports on 2005 financial performance

SOCAR made a profit of 1.2bn new manats ($1.36bn) in 2005, says its financial report for 2005 covering its profit, budgetary contributions, debt and other indicators.
22 September 2006 [16:46]

Sabir Aliyev: "That European States banned Azeri nut exports is false"

Information that European Countries banned walnut and hazelnut exports of Azerbaijan is false.
22 September 2006 [15:42]

Securities Committee chairman gives media briefing on January-August

Today chairman of Azerbaijan's State Committee on Securities, Gunduz Mammadov, gave a press conference on the activities carried out during January-August.
22 September 2006 [15:39]

Oil leaks into Shirvan water collection in Ali Bayramli

Oil leaked from the pipeline crossing Ali Bayramli into Shirvan water collection, Huseynov Khaligverdi, Ali Bayramli Ecology and Natural Resources department chief told.
22 September 2006 [15:31]

Some Azerbaijani drugstores sell medicine smuggled from Georgia

Azerbaijani Health Ministry's Innovation and Procurement Center raided drugstores in Tovuz, Agstafa and Gazakh regions.
22 September 2006 [11:25]

Zarifa Aliyeva Vessel to be launched Sep. 26

The seventh dry-cargo vessel built in Volgograd Shipyard on the order of PALMALI Group of Companies will be launched on September 26.
22 September 2006 [11:21]

Trades at BICEX

The weighted average exchange price made up 0.8760 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
22 September 2006 [11:16]

U.S. Department of State and Azerbaijani MCIT conclude preliminary MOU

Preliminary Memorandum of Understanding was signed between U.S. Department of State and Azerbaijani Ministry of Communication and Information Technologies (MCIT).
22 September 2006 [10:16]

1H06 profits of enterprises rose by 39% in Azerbaijan

Enterprises and institutions (excluding agricultural ones) operating in Azerbaijan have gained an income of AZN 1323.8mn and have had a deficit of AZN 155.6 mn in the first half of this year.
22 September 2006 [10:07]

Incomes and expenditures of the State Budget of Azerbaijan increase by 88.5% and 66.2% respectively

The incomes of the State Budget of Azerbaijan increased by 88.5% during January-July as against the same period last year and equaled AZN 2 077.7 mn.
22 September 2006 [09:52]

SOCAR announces tender for export of REBCO crude oil

SOCAR Marketing and Business Operations Department has announced a tender on the export of 1mn barrel of REBCO crude oil through Novorossiysk port.
22 September 2006 [09:44]

Communications services increased by 25% in Azerbaijan

Communications services of AZN 345.9mn were provided for the legal entities and individuals in Azerbaijan during January-August.
21 September 2006 [15:32]

Registration fee of domain names to be decreased by 1.5 times

Registration fee for the Internet Address (domain names) will be decreased by 1.5 times, Intrans Provider director general Faig Farmanov said.
21 September 2006 [13:59]

New banknotes constitute 90% in circulation in Azerbaijan

New banknotes make 90 percent in the circulation in Azerbaijan now.
21 September 2006 [09:58]

EurasiaNet: Whither Azerbaijan's oil profits?

Today marks the 12th anniversary of the signing of the "deal of the century" that brought the Baku-Tbilisi-Ceyhan pipeline into being.
21 September 2006 [09:49]

Azercell's chief meets with volleyball club's players

Azercell Telecom JV Director General Halim Atesh met with Rabita volleyball club's players.
21 September 2006 [09:47]

Auction on placement of NBA's notes held at BSE

Auction on placement of short-term notes of National Bank of Azerbaijan with the state registration number 50103812S was held at Baku Stock Exchange on Wednesday.
21 September 2006 [09:46]

Azerbaijan to continue cooperation with IMF and WB

Azerbaijan's Finance Minister Samir Sharifov met with IMF's reprehensive Augustine Carstens and World Bank's representative Greyem Weller in Singapore.
21 September 2006 [09:31]

Azersu announces tender

Azersu OJSC has announced a tender for consulting service in Oghuz-Gabala-Baku Water Pipeline Project.
21 September 2006 [09:30]

Capital flow to Azerbaijan increasing

The Azerbaijan SME Support through Financial Sector Development Project held a half-day workshop on USAID's Development Credit Authority (DCA) Guarantee Program.
20 September 2006 [20:12]

Hydrocarbon boom sparks fears of Dutch disease in Azerbaijan

Twelve years ago today, against a background of euphoric predictions of booming national wealth, Azerbaijan signed its first major oil contract with a Western company.
20 September 2006 [19:54]

USAID Caucasus regional mission head replaced

The head of the USAID Caucasus regional mission has been changed.
20 September 2006 [19:48]

Delegation of the US-Azerbaijan Chamber of Commerce to visit Baku

The delegation of the US-Azerbaijan Chamber of Commerce led by its Chairman James Baker will arrive in Baku on October 1, press service of Azerbaijan's Ministry of Economic Development said.
20 September 2006 [19:39]

Trades at BICEX

The weighted average exchange prices made up 0.8762 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 20.
20 September 2006 [16:17]

Economic Development Ministry released economic forecasts of Azerbaijan

The Gross Domestic Product of Azerbaijan is forecasted to be AZN 18.1bn in the end of this year and AZN 22.2bn next year off which 77% and 79% will be produced by the private sector Azerbaijan's Economic Development Ministry said.
20 September 2006 [15:40]

Price of petrol imported by Georgia from Azerbaijan reduced

Union of oil products enterprisers, importers and consumers announced list of filling stations where price of imported petrol is reduced by GEL 0,10-0,15 from Tuesday.
20 September 2006 [15:37]

Azerbaijan's oil output to hit 47 mln tons in 2007

Azerbaijan's crude production will reach 47 million metric tons (345 mln bbl) in 2007, rising about 40% over the next two years, the president of the country's state-run oil company said Wednesday.
20 September 2006 [13:57]

Natig Aliyev: "Azerbaijan won't buy Russian gas unless price is reasonable"

Azerbaijan may refuse to import Russian gas next year if the price isn't satisfactory, Industry and Energy Minister Natig Aliyev said.
20 September 2006 [13:47]

Rovnag Abdullayev: "No gas and gasoline price rise next year"

The price of gasoline and liquid gas won't be raised next year, SOCAR President Rovnag Abdullayev said.
20 September 2006 [10:06]

ADP provides workshop within CAREC Program

Asian Development Bank will hold a workshop within the Central Asia Regional Economic Cooperation (CAREC) Program.
20 September 2006 [10:03]

Azerbaijan, WTO to continue talks

Next round of negotiations between Azerbaijan and the World Trade Organization will take place in Geneva later this year.
20 September 2006 [10:01]

Social protection bodies registered 12.7 percent of foreigners working in Azerbaijan

Foreigners working for BP-Azerbaijan will be attracted to state compulsory social insurance, State Social Protection Foundation chief Salim Muslumov said.
20 September 2006 [10:01]

EU and Azerbaijan to sign energy agreement

Azerbaijan and the European Union can sign an agreement on energy cooperation after the Action Plan was confirmed.
20 September 2006 [10:00]

Auction on placement of T-bills of Finance Ministry held at BSE

The placement of T-bills of Ministry of Finance with the state registration number 10302713S was held at Baku Stock Exchange.
20 September 2006 [09:57]

Fuel filling stations to be checked again

Industry and Energy Ministry will start checkeing of fuel stations in a few days.
20 September 2006 [09:55]

Lenkeran to stay without gas until gas bills paid

Gas supply to Lenkeran and some settlements will be restored after the gas bills are paid.
20 September 2006 [09:27]

Transportation tariff rose by 6.8% in Azerbaijan

Transportation fees have fallen by 0.7 percent as against previous months but rose by 6.8 percent in comparison with December last year.
20 September 2006 [09:23]

Basic pension to rise by 50 % by late 2007

State Social Protection Foundation has coordinated preliminary parameters of the budget for 2007.
20 September 2006 [09:19]

International health and dental exhibition to take place in Baku, Sep. 26-29

BIHE-2006 – 12th Azerbaijan International Health Exhibition and Dental Azerbaijan 2006 – 1st Azerbaijan International Dental Exhibition will take place in Heydar Aliyev Sport and Concert Palace on September 26.
20 September 2006 [09:13]

Armenians extract about 30 tonnes of gold in Azerbaijani occupied region

Armenians have extracted nearly 30 tonnes of gold from Soyudlu gold deposit in the occupied Azerbaijani region of Kalbajar.
20 September 2006 [09:01]

WB mission visits Azerbaijan

World Bank Mission on the project of support for railway transport and trade has visited Baku.
20 September 2006 [08:59]

Assets of UniBank CB rise by 69%

UniBank CB has done the financial summary of the first eight months of 2006 indicating the material growth over all the key financial parameters as against the same period, 2005, on average 1.7-2 times.
20 September 2006 [08:56]

NBA to announce auction on placement of short-term notes Sep. 20

Auction on placement of notes of National Bank will be held at BSE on September 20.
19 September 2006 [22:10]

Trades at BICEX

The weighted average exchange prices made up 0.8768 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 19.
19 September 2006 [14:27]

Salim Muslumov: "Pension database allows preventing fraud"

Today Caspian Integration Business Club members met with Salim Muslumov, chair of State Social Protection Fund.
19 September 2006 [14:06]

Huseyn Arabul concerned over trial delay

Barmek is pleased with hand-over test with Economic Development Ministry, Barmek Azerbaijan Electricity LLC President Huseyn Arabul stated.
19 September 2006 [13:09]

Natig Aliyev discusses Azebaijan-Moldova economic relations

Natig Aliyev, Minister of Industry and Energy of Azerbaijan met with Constantin Mihailescu, Moldova’s Minister for Natural Resources and Ecology.
19 September 2006 [11:37]

Ziyad Samadzadeh: "Budget expenditures must be increased"

According to Ziyad Samadzadeh, Milli Majlis economic policy standing commission chief, Azerbaijan government has to increase the budget expenditures in 2007.
19 September 2006 [10:25]

Azerbaijan's and Russia's Accounting Chambers meet in Baku

Informal meeting of Azerbaijani and Russian Accounting Chambers took place in Baku yesterday.
19 September 2006 [10:14]

Azerbaijan and Turkey agree on unemployment benefits

Azerbaijani citizen can receive unemployment benefits in Turkey and Turkish citizens in Azerbaijan.
19 September 2006 [09:46]

SOCAR completes jet fuel delivery to Roc Oil

State Oil Company of Azerbaijan (SOCAR) has completed jet fuel delivery to Roc Oil of Australia.
19 September 2006 [09:44]

Gas supply to Lenkeran cut off

Azerigas cut off natural gas supply to Lenkeran and its some settlements.
19 September 2006 [09:40]

120 companies to attend international ICT Exhibition in Baku

12th Azerbaijan International Telecommunications and Information Technologies Exhibition-BakuTel will take place in October 3-6 in Baku.
19 September 2006 [09:35]

Taxes Ministry imposed penalties of AZN 2 157 342 on 23 746 trade facilities

Taxes Ministry Operational Control Department have to date examined 101 684 various kinds of trade facilities and found serious irregularities in 23 746 of them.
19 September 2006 [09:18]

MegaFon Telecom eyes Azerbaijan for expansion

Russian telecoms firms are vying with each other for market share in neighboring countries as the domestic mobile market reaches saturation point.
19 September 2006 [09:14]

Kozeny extradition case put off again

The Bahamas magistrate presiding over the Viktor Kozeny extradition matter is now expected to deliver a ruling on September 28, in another delay of proceedings in the high-profile matter.