Business

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.
14 April 2006 [08:40]

Debt of Azerbaijan Railways decreased by 50% last year

Last year volume of the debt of the Azerbaijan State Railway Office to foreign states for purchased goods and services decreased by 6.5 million Swiss francs or 50% and was 6.5 million Swiss francs by January 1, 2006.
14 April 2006 [08:15]

Targol to present its last report on Azerboru to government soon

The State Committee for State Property Management (SCSPM) is currently investigating execution of the investment program by the Targol Investment Company (Great Britain) on the Azerboru Open Joint-Stock Company (OJSC).
14 April 2006 [08:10]

Transport minister to attend ECO conference

Azerbaijani delegation led by the Minister of Transport Ziya Mammadov will attend the conference of the transport ministers of the states being members of the Economic Cooperation organization (ECO) to be held in Tehran on April 24-26.
14 April 2006 [08:05]

Duet Auto Company intends to attract new brands to Azeri market

The Duet Auto Company concluded a $4 thousand contract with the European representation of the Japanese Kenwood Company (Kenwood Electronics Europe VV, Holland).
14 April 2006 [08:00]

Musa Panahov: "Tension of US-Iran relations may delay the North-South transport project"

Russia examining the Gezvin-Resht-Anzali-Astara railroad project prepared by the Ministry of Transport of Iran under the North-South project issued several remarks concerning the project.
14 April 2006 [07:55]

New 50 and 100 manat banknotes to be brought to country

New 50 and 100 manat banknotes will be brought to Azerbaijan in the last decade of April.
13 April 2006 [20:36]

Azeri-Lithuanian business-forum postponed to some uncertain period

Due to postponement of visit of Lithuanian president Valdas Adamkus to Azerbaijan, Azeri-Lithuanian business-forum scheduled to take place April 19 in Baku has been postponed to some uncertain period.
13 April 2006 [20:35]

Techno-parks to be created in Azerbaijan

The issue of creation of techno-parks in Azerbaijan is to be discussed by the government and the process of recommendations and opinions collection from state agencies is about to complete.
13 April 2006 [20:30]

UniBank CB summarised Q1 financials

UniBank CB has summarised the financials of the first quarter of 2006, to find that the key parameters had the increases by 1.5 to 2 times in comparison with the first quarter of 2005.
13 April 2006 [16:06]

Azerphone to launch the first base station before August

The new Azerbaijani mobile operator - Azerphone is currently building the infrastructure to start serving the customers, the Azerbaijani Minister of communication and IT, Ali Abbasov told.
13 April 2006 [15:57]

Government has no plans to increase fuel prices

There will be no increase in domestic prices on fuel in Azerbaijan and there are no discussions on that matter, the Finance ministry states.
13 April 2006 [14:39]

Anglo Asian Mining appoints Gordon Lewis as CEO

Anglo Asian Mining PLC, the gold and copper development company with projects in Azerbaijan confirms that, Mr Gordon Lewis has agreed terms with Anglo Asian to take up the position of Chief Executive on 1 July 2006.
13 April 2006 [14:33]

Trades at BICEX

The weighted average exchange prices made up 0.9074 AZN for 1 US dollar in the Baku Interbank Currency Exchange April 12.
13 April 2006 [13:56]

Ilham Aliyev: "Development of small and medium business assumes paramount importance for Azerbaijan"

"The development of small and medium business assumes paramount importance for Azerbaijan," Azerbaijani President Ilham Aliyev stated at regional business forum organized April 13 at the Sports-Olympic Complex in Shaki.
13 April 2006 [13:43]

MFBA signs new credit contract with Blue Orchard

April 11, 2006 Micro Finance Bank of Azerbaijan (MFBA) has signed credit contract with the Swiss company BlueOrchard Microfinance Security, in the amount of USD 4 million.
13 April 2006 [12:13]

Government to crack down on tax-dodgers

The Ministry of Taxes intends to conduct a lottery to encourage people to demand receipts from shop assistants and has already approached the AzerLottery state company.
13 April 2006 [12:10]

Prosecutor's Office to probe Turkish power company

The criminal case started against Turkish electric power supplier Barmek-Azerbaijan has been forwarded to the Prosecutor's Office, Minister of Taxes Fazil Mammadov said Wednesday.
13 April 2006 [11:01]

Sumgait Superphosphate plant may run into serious problems soon

Preparatory works on privatization of the Sumgait Superphosphate Plant under the Mid-Term State Investment Program are underway.
13 April 2006 [10:25]

5th Travel and Tourism Exhibition to be held in Baku next week

The ITECA Caspian, exclusive partner in Caucasus of the ITE Group plc, will hold the 5th Anniversary Azerbaijan International Travel and Tourism Exhibition (AITF-2006) in Baku April 20-22.
13 April 2006 [10:13]

Caspian Shipping Company increased volume of freight traffic by 1.7% in 1st quarter

In 1st quarter of the current year, the Caspian Shipping Company (CSC) transported 3.289 million tons of freight, and it exceeds the same figure of the preceding year’s relevant period by 54 thosuand tons or 1.7%.
13 April 2006 [10:07]

Operation of Shimal Power Plant stopped for prophylactic purposes

Azerenergy OJSC again stopped operation of the Shimal Power Plant and examination works are implemented mainly on the tank and power units related with the tank.
13 April 2006 [10:02]

Azerbaijan-Lithuania business-forum to be held in Baku April 19

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) will hold an Azerbaijan-Lithuania business-forum in Baku April 19.
13 April 2006 [08:33]

Azerenergy to inspect electricity distribution networks in regions

Specialists of the newly-established Energy Provision Office of the Azerenergy Open Joint-Stock Company (OJSC) next week will visit the regions having the local electricity distribution networks.
13 April 2006 [08:27]

AtaHolding intends to realize investment project for more than $150 mln

AtaHolding Group of Companies intends to realize investment project on development of alternative energy sources next year.
13 April 2006 [08:06]

Ministry of Economic Development monitored 16 shops importing and selling cellular phones

The Anti-Monopoly Policy Department of the Ministry of Economic Development monitored 16 retail and wholesale shops importing and selling cellular phones.
13 April 2006 [07:59]

In January-March volume of cargo transported by railway increased by 36.1%

In 1st quarter of the current year, 5.1 million tons of cargo was conveyed by railways of Azerbaijan and the relevant forecast was fulfilled 121.3%.
12 April 2006 [23:13]

Fazil Mammedov: "Tax revision in Azpetrol is over"

The Tax ministry has finished its audit in the Azpetrol holding, but the results will be known only after the official act will be sent to the holding, the tax Minister, Fazil Mammedov told at the press-conference on April 12.
12 April 2006 [23:01]

New rates for railroad cargo transportation implemented in CIS and Baltic countries

Railroad transport council of CIS and Baltic countries at its 43rd session held today in Tallinn has approved the rates for cargo railroad transportation.
12 April 2006 [14:59]

UN body thaws caviar trade freeze for Iran, but maintained it for Azerbaijan

A United Nations body on Wednesday said that it had given Iran a green light to export caviar from wild sturgeon, but maintained a trade freeze on other Caspian Sea nations that was imposed to protect the endangered fish.
12 April 2006 [13:40]

Russia's Vneshtorgbank to take part in Azeri oil&gas projects

Russia's Vneshtorgbank plans to take part in large joint projects with the State Oil Company of the Azerbaijani Republic (SOCAR) in the oil and gas sector in Azerbaijan, the Russian bank said in a statement.
12 April 2006 [13:13]

Azeri-Lithuanian business forum due in Baku

An Azerbaijani-Lithuanian business forum will be held in Baku within the visit of Valdas Adamkus, the Lithuanian President, on April 19.
12 April 2006 [12:40]

Natik Aliyev: "Serious problems at industrial enterprises of Sumgayit"

Total production of industrial enterprises of Azerbaijan amounted $8.9bn in 2005, showing 33.5% from the level of 2004.
12 April 2006 [01:28]

Azerbaijan to start exporting medicines by the end of May

Within the next month, the Azerfarm Limited Liability Company (LLC) will start exporting its medicines to Uzbekistan.
12 April 2006 [01:26]

Construction of 7 more bridges to start in Baku by July

Construction of 7 road bridges will be started in various places of Baku city by the end of July.
12 April 2006 [01:23]

AzerEnergy: "EBRD wants electricity tariffs to be several times increased"

AzerEnergy management considers credit terms of EBRD to be hard.
12 April 2006 [01:19]

Minister of Economic Development met with BSTDB's mission

The Minister of Economic Development Heydar Babayev met with the mission of the Black Sea Trade and Development Bank (BSTDB) being on a visit to Baku.
12 April 2006 [00:57]

Air France has no interests in Azerbaijan

Air France aviation company of France does not intend to open offices in Azerbaijan and Georgia.
12 April 2006 [00:53]

Jean Lemierre: "Azerbaijani government must accelerate economy's diversification"

Diversification of the economy is very weak in Azerbaijan and the government of the country must speed up this process, stated the EBRD President Jean Lemierre being on a visit to Azerbaijan.