Business

04 August 2006 [14:27]

Turkish firm applies for $4.9 bln refinery license

Turkey's Calik Energy said on Thursday it has applied with Indian Oil Corp for a license to build a $4.9 billion refinery near the Turkish Mediterranean port of Ceyhan.
04 August 2006 [13:44]

Russian air traffic controllers to stop offering services to Armavia

The Russian Federal Air Navigation Service told Interfax on Friday that it is halting navigation services in Russian air space to Armenian airlines as of August 14, due to growing debts.
04 August 2006 [12:32]

Iran warns oil could reach $200 on sanctions

Global oil prices could hit $200 per barrel if the United States pursues international sanctions against Iran, an Iranian official said on Thursday, although analysts passed the comment off as saber rattling.
04 August 2006 [10:08]

Azerbaijan posts highest H1 industrial output growth in CIS

Azerbaijan posted the highest year-on-year industrial output growth in the CIS in the first half of 2006 at 41.1%, the CIS Interstate Statistics Committee said Thursday.
04 August 2006 [10:06]

Iran to join to 3 neighbors' fiberoptic networks

Iran's negotiations with the United Arab Emirates, Azerbaijan, and Kuwait on connecting to their fiberoptic networks are to be finalized by early October, the managing director of the Telecommunications Company of Iran (TCI) said.
04 August 2006 [09:58]

Delegation of State Customs Committee will visit Estonia

Delegation from the State Customs Committee together with representatives from Presidential Administration, Cabinet of Ministers, Parliament, Ministry of Justice and UNDP will be leaving or a study visit to Estonia Tax and Customs Board (ETCB) August 8-14.
04 August 2006 [09:29]

Deal of 5.27mn closed at BICEX

The weighted average exchange prices made up 0.8869 AZN/USD1 at trading sessions held at the Baku Interbank Currency Exchange yesterday.
04 August 2006 [09:15]

Bank Respublika applies VISA cards

Azerbaijani Bank Respublika JSC has already offered VISA cards to the customers.
04 August 2006 [09:07]

Energy generation rose 6.9% in July

1.7bn kilowatts/h of electrical energy was generated in Azerbaijan in July. This figure represents 6.9 rise on the same period in last year.
04 August 2006 [08:21]

SOCAR implemented drilled 12 442 meters in July

SOCAR implemented drilling works of 12 442 meters except Joint Ventures and Operating Companies.
03 August 2006 [23:25]

RusAl has made no decision to build aluminium smelter in Azerbaijan as of now

In light of statements in various media about the alleged beginning by RusAl of the construction of an aluminium smelter in Azerbaijan, the Company deems it necessary to clarify the current status of the project.
03 August 2006 [11:07]

Taxes Ministry found irregularities in 5 911 miscellaneous facilities

Taxes Ministry Operational Control Department have to date examined 1 7 100 various kinds of facilities and found serious irregularities in 5 911 of them.
03 August 2006 [10:56]

GDP rose by 20.8% in Nakhchivan during January-June

Gross Domestic Product equaled AZN 163 604 400 in Nakhchivan AR during January-June which represents a 20.8% rise on the same period of last year.
03 August 2006 [09:51]

Azerbaijan imported 311.7mn cubic meters of gas from Russia in July

SOCAR purchased 311.7mn cubic meters of natural gas from Russian Gasexport Company in July to supply for power stations.
03 August 2006 [09:47]

USAID implements electrical projects in Azerbaijani regions

The opening ceremonies of two electrical system rehabilitation projects will take place this week in Tasmaly village, Gakh (August 3 at 4.45 p.m.) and Dashuz village, Sheki (August 4 at 11 a.m.).
03 August 2006 [09:38]

Azerbaijani intends to pay debt to Turkey by electrical energy

Azerbaijani national electrical energy network is connected to four neighbouring countries' energy system. Russia and Iran play a vital part in electric power exchange. These countries provides Azerbaijan with electrical energy in winter when Azerbaijani national energy network overloaded.
03 August 2006 [09:17]

Glencore Energy UK Ltd and Select Energy GmbH buy 209 000 tonnes of SOCAR oil

SOCAR Marketing and Economic Operations Department has released the result of the tender on export of 209 000 tonnes of Urals crude oil from Novorossiysk Port.
03 August 2006 [08:52]

Volume of BICEX trades decreased by 8% in July

95 dealings were registered at 42 trading sessions held at currency department of Baku Interbank Currency Exchange (BICEX) during July.
03 August 2006 [08:40]

Gas production of Binagadi Oil falls 40%

Onshore Binagadi Oil produced 3.128 mn cubic meters of natural gas during January-June.
02 August 2006 [21:27]

The World Bank can allow $50mn to cleansing of the polluted territories

The World Bank proposed the Government of Azerbaijan to establish special agency cleansing the polluted territories.
02 August 2006 [21:13]

Barmek will resort to international court

Barmek LLC will start yielding the control of the company to the Government of Azerbaijan and square with it from next week.
02 August 2006 [09:58]

Azerigas intends to collect gas fees 100% by this year's end

Azerigas CJSC plans to develop an action program for addressing problems in the supply of the country with gas, the issue was discussed at Azerigas Board meeting today.
02 August 2006 [09:29]

Deal of 5.03mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) yesterday, USD/AZN weighted average rate was AZN 0.8869/USD.
02 August 2006 [08:53]

Draft Tax Terminal submitted to the Government

The Taxes Ministry has already developed the draft of Tax Terminals to be established in region centers and submitted the draft to the Government.
02 August 2006 [01:00]

Emergencies Minister receives World Bank sector director Peter Thomson

Emergencies Minister, Colonel-General Kamaladdin Heydarov today received Peter Thomson, manager of the World Bank Infrastructure and Energy Sector for Europe and Central Asia.
02 August 2006 [00:47]

Statoil: "First East Azeri oil seen early, by end year"

The first oil production from East Azeri, part of the huge Azeri-Chirag-Guneshli (ACG) group of fields in the Caspian Sea, is expected towards the end of 2006, months ahead of plan, ACG Norwegian partner Statoil said.
02 August 2006 [00:27]

The assets of SOFAZ rose 10.4% to some $1.579bn

Budget revenues of the State Oil Fund in H1 2006 reached AZN 449.4 mn, while budget expenditures constituted AZN 314.4mn, the Fund executive director Shamar Movsumov told at the media briefing on Tuesday
02 August 2006 [00:17]

RusAl studies Azerbaijan

Russian Aluminum, the world's third-largest aluminum producer, will complete a feasibility study into the possible construction of a smelter in Azerbaijan by the end of the year, a company spokeswoman said Tuesday.
01 August 2006 [15:33]

Azerbaijani-Tatar intergovernmental commission meets in Baku

The intergovernmental commission on commercial, economic, scientific-technical and cultural cooperation between Azerbaijan and Tatarstan has met for the first time in Baku today.
01 August 2006 [13:34]

Ministry of Ecology and Natural Resources of Azerbaijan claims 50 mln manat against Shirvan-oil

Ministry of Ecology and Natural Resources (MENR) of Azerbaijan has raised claim in the amount of 50 mln manat for damage to environment against Shirvan-oil Operating Company, which is busy with exploration of Kurovdag deposit.
01 August 2006 [10:12]

SOCAR oil can be transported through BTC

SOCAR has proposed AIOC to transport SOCAR crude oil via Baku-Tbilisi-Ceyhan oil pipeline.
01 August 2006 [09:29]

Mortgage Fund plans to increase the authorized banks in number

Azerbaijani Mortgage Fund intends to increase the number of the authorized banks.
01 August 2006 [09:25]

Deal of USD 800 000 closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN weighted average rate was AZN 0.8871/USD.
01 August 2006 [09:10]

AtaTelecom to cooperate with Ericsson

AtaHolding Group of Companies is negotiating with Swedish Ericsson on development of regional communications service.
31 July 2006 [18:10]

World Bank injects $21m into Azerbaijan judiciary

The World Bank is pumping $21.6m into Azerbaijan's judicial system after it emerged that petroleum multinationals and other international companies have little faith in the local judges.
31 July 2006 [18:06]

Azeri-Israeli energy plans intact

While Israel's energy market has felt temporary effects of the three-week-old conflict with Hezbollah, such as a spike in gasoline prices and reduced operations at the Haifa oil refinery, the country's long-term energy plans remain intact, experts say.
31 July 2006 [15:09]

International Monetary Fund: "US dollar will fall 15-35%"

International Monetary Fund experts forecast that the US economy growth rate will slow and US dollar will fall by 15-35%.
31 July 2006 [12:46]

Suleyman Demirel: "Kars-Akhalkalak-Tbilisi-Baku railway project will be realized no matter in what way"

"Kars-Akhalkalak-Tbilisi is an economic project. An economic project within the time gets over the political obstacles."
30 July 2006 [14:47]

Digital TV equipment to be produced in Azerbaijan

The equipment for the digital television will be produced in Azerbaijan.
30 July 2006 [14:42]

State Customs Committee publishes new statistics

According to the State Customs Committee, of 87,421 cargo customs declarations, 19 277 ones were import declarations while 68 144 one were related to export operations.
30 July 2006 [03:44]

Azerbaijan-Turkey intergovernmental economic commission ends its Baku meeting

Regular meeting of the Azerbaijan-Turkey intergovernmental economic commission ended July 28 in Baku with the signing of the final protocol by co-chairs Deputy Prime Minister of Azerbaijan Abid Sharifov and State Minister of Turkey Mehmet Aydin.
30 July 2006 [03:42]

No problems expected in construction of Kars-Akhalkalaki-Tbili-Baku railway

There will be no problems with construction of the Kars-Akhalkalaki-Tbilisi-Baku railway, deputy Prime Minister Abid Sharifov said.
30 July 2006 [03:40]

President Aliyev visits agricultural fair

President of Azerbaijan Ilham Aliyev today visited Narimanov district in Baku to view the agricultural products trade fair organized here at the warehouse of the Joint Stock Company Baki Takhil.
29 July 2006 [09:10]

Taxes Ministry imposed AZN 282 513 on 3 109 various facilities

Taxes Ministry Operative Control Department found 3109 irregularities in 7100 facilities in the examinations since July 24.
29 July 2006 [09:08]

WB: "No improvement in fighting corruption in Azerbaijan 2002-2005"

The results of an extensive survey, conducted in 2005, based on interviews with tens of thousands of businesspeople throughout Eastern Europe and the former Soviet Union who were asked to assess the scale of corruption, was released by World Bank.
28 July 2006 [20:17]

5* hotel construction to be completed in Ganja

Chirag company is about to complete construction of the five-star hotel in Ganja province.
28 July 2006 [20:09]

Industry and Energy Minister meets European Commission's envoy

Natig Aliyev, Azerbaijani Minister of Industry and Energy met July 26 with Alan Waddams, special envoy of the European Commission to Azerbaijan.
28 July 2006 [20:05]

Trades at BICEX

The weighted average exchange prices made up 0,8882 AZN for 1 US dollar in the Baku Interbank Currency Exchange on July 28.
28 July 2006 [19:27]

Turkey will take part in development of Azeri non-oil sector

A protocol on the results of the meeting Azerbaijani-Turkish intergovernmental commission on economic cooperation was signed on Friday.
28 July 2006 [19:21]

Mehmet Aydin: "I am sure the problem on Barmek will be solved according to law"

A scandal between the Barmek-Azerbaijan Electricity Distribution LLC and the Azerbaijan government was not discussed at the third meeting of the Turkey-Azerbaijan intergovernmental economic commission in Baku, the commission co-chair from Turkish side, state minister Mehmet Aydin said.
28 July 2006 [14:06]

Caspian Motor Show-2006 takes place in Baku

The three-day show has been organized by Azerbaijan Automobile Dealers' Association.
28 July 2006 [01:24]

Deal of USD 2.2mn closed at BICEX

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN weighted average rate was AZN 0.8882/USD.
28 July 2006 [01:23]

Accounts Chamber of Azerbaijan's delegation to visit China

A delegation headed by Accounts Chamber of Azerbaijan, Namiq Nasrullayev will visit China to attend ASOSAI's 10th session.
28 July 2006 [01:18]

Transport Ministry and Tariff Council will discuss illegal fare rise

Transport Ministry is monitoring bus fare in Baku.
28 July 2006 [01:08]

Azerbaijan industry and energy minister meets with BP official

Azerbaijani industry and energy minister, Natig Aliyev has received Mark Henstridge, the Head of the BP's Macroeconomics Department.
28 July 2006 [00:57]

Bank Respublika opens new office in Ganja

Bank Respublika JSC of Azerbaijan has opened its office in Ganja.
28 July 2006 [00:51]

Over $61m to be invested in structures privatized through investment competition

Through investment competitions Azerbaijan Committee on Management of State Property implemented privatization of Oguz Sharab, Siyazan Sharab, Salyan Plastik Kutle Refinery, Khanlar Agrosenaye, Baku Telegraph, Sumgait Production, Ganja Industry Equipment, Azerbaijan Hotel and Mingechevir Isolate.
28 July 2006 [00:46]

Astara intersystem power line capacity to reach 25-30 Megawatts

Azerbaijani and Iranian national energy departments - Azerenergy and Tavanir agreed upon enhancement of bilateral cooperation and mutual relationship in Baku.
27 July 2006 [22:13]

Institute for War & Peace Reporting: "Azerbaijan debates 'Dutch Disease'"

The oil-rich country discusses the economic impact of its sudden new wealth.
27 July 2006 [16:20]

Abid Sharifov: "US Congress decision on Baku-Kars project won't affect implementation of the project"

Governments of Azerbaijan and Turkey are resolute on Baku-Tbilisi-Akhalkalak-Kars-Kars railway.
27 July 2006 [15:17]

Askar Mamin: "Container shipping Poti-Baku-Aktau-Almaty may be resumed"

Container shipping Poti-Baku-Aktau-Almaty up to "Dostyk" station may be resumed in the next few months.
27 July 2006 [10:26]

Favorable balance of trade equaled $1.17bn

Azerbaijani trade with faraway country yielded favorable balance of $1.1699868mn and trade with CIS countries resulted in unfavorable balance of $363.5673mn during the first year of the year.
27 July 2006 [10:23]

Auction on placement of T-Bills of Finance Ministry was considered ineffective

July 24 placement of T-bills of Ministry of Finance with the state registration number 10301913S was held at Baku Stock Exchange.
27 July 2006 [10:16]

Collection of insurance fees fell 0.66% in Azerbaijan

During the first half of the year Azerbaijani insurance institutions could collect insurance fees of AZN 43.6mn which respects a 0.66% decrease as against the same period of last year.
27 July 2006 [09:32]

Koroghlu tanker to be given to Azerbaijan in a few days

Having been built in Krasnoye Sormovo Shipyard in Nijini Novgorod, Russia, Koroghlu Tanker will be delivered to Azerbaijan State Caspian Sea Shipping Company in a few days.
27 July 2006 [09:28]

Calculation mechanism of shadow economy in Azerbaijan will be improved

State Statistical Committee intends to obtain technical assistance from International Monetary Fund in order to improve calculation mechanism of shadow economy in Azerbaijan.
27 July 2006 [09:14]

Favorable balance of trade constituted $806.42mn

Favorable balance equaled US$806.4196 mn in export-import of Azerbaijan during the first half of the year. Residents and nonresidents carried out trade operations of 5 041.6986mn during this period.
27 July 2006 [02:37]

Ukrtransnafta moved closer to reversing Odessa-Brody route to receive Caspian oil

Ukraine's state-owned oil pipeline company, Ukrtransnafta, has paid back a $108 million loan to the Russian-British joint venture TNK-BP ahead of schedule, freeing it of its obligations to transport Russian crude through the geopolitically sensitive Odessa-Brody pipeline in reverse mode and renewing Western hopes of getting Caspian oil to Europe around Russia.
27 July 2006 [02:21]

BP chiefs promise to clean up operation

The top executives of BP, chastened by a string of safety, environmental and legal problems in their American operations, pledged Wednesday to restore credibility by bringing in outside experts, being more transparent and investing more heavily in safety and maintenance.
26 July 2006 [22:53]

Examination in Barmek may take some accountable

The number of those taken accountable during examination in Barmek maw rise, Nazim Abbasov, Head of Department Fighting Corruption of General Public Prosecutor's Office stated.
26 July 2006 [22:27]

Taxes Ministry found 1 564 irregularities in 4 200 taxpaying facilities

Ministry of Taxes Operative Control Department conducted examination in 4 200 facilities and found 1564 irregularities and frauds.
26 July 2006 [21:56]

Barmek invites foreign expert to calculate the investment made in Azerbaijan

"Foreign expert invited by Barmek will soon arrive in Azerbaijan to calculate the investment Barmek has to date made in Azerbaijan," Barmek President Huseyn Arabul stated.
26 July 2006 [13:54]

10 tons of oil stolen from Baku-Tbilisi-Ceyhan pipeline

10 tens of oil has been stolen from the Baku-Tbilisi-Ceyhan main export pipeline section near Ceyhan district of Adana, Turkey.
26 July 2006 [13:50]

Finance Ministry found irregularities in Azerbaijani Embassies in Russia, Saudi Arabia

Finance Ministry conducted examination of efficiency of spending of budget-allocated means for the first half of the year.