Business

26 July 2006 [09:45]

Deal of USD 3.7486mn 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 0.8881/USD.
26 July 2006 [09:41]

AtaHolding wants to carry out project of alternative energy sources

AtaHolding Group of Companies intends to carry out a project on alternative energy source.
26 July 2006 [09:03]

Taxes Ministry delivered AZN 1 027 059 300 to the state budget

During January-June Taxes Ministry delivered AZN 1 027 059 300 to the state budget which means beating the forecast with a rise of ZN 41 459 300.
26 July 2006 [09:00]

Seminar "Russia Azerbaijan innovation cooperation, development perspectives" held in Baku

Today in Baku Innovation Technologies Center (BITC) two day seminar "Russia Azerbaijan innovation cooperation, development perspectives" is held in Baku.
26 July 2006 [08:33]

Bank Respublika prolongs the lottery campaign for 6 more months

Bank Respublika JSC has prolonged the monthly lottery campaign for 6 more months and the next winners will be announced August 15.
26 July 2006 [08:30]

Money transfer rises 11 times in Azerdemiryolbank

USD 8.81 was transferred through Azerdemiryolbank JS in the first half of the year which represents an increase of 11 times as against last year respective period.
26 July 2006 [01:23]

International Herald Tribune: "Pipeline from nowhere to somewhere"

For over a decade, its many detractors referred to it mockingly as the "pipeline to nowhere."
25 July 2006 [23:49]

IBAR plans to step into the Georgian banking sector

A leading Azerbaijani bank plans to step into the Georgian banking sector, announcing on Monday that it envisages establishing a daughter company in Georgia.
25 July 2006 [22:13]

Russian natural gas export to Azerbaijan suspended for two days

Natural gas import from Russian to Azerbaijan suspended for two days.
25 July 2006 [10:17]

Deal of USD 3.495mn 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 0.8884/USD.
25 July 2006 [10:10]

Ali Abbasov: "US companies are keen on making investment to Azerbaijan"

The US ICT companies are keen on making investment in Azerbaijan, Minister of Communications and Information technologies Ali Abbasov stated.
25 July 2006 [09:24]

IBA denies recent rumor on problems in the Bank

International Bank of Azerbaijan has no probems in its activities and it continues to work normally.
25 July 2006 [09:19]

Auction on placement of short-term notes of NBA to be held at BSE

The placement of short-term notes of NBA with the state registration number 50103012S will be held at Baku Stock Exchange July 26.
25 July 2006 [09:14]

Azerbaijan and Latvia agree to remove double taxation from January 1

Agreement on removal of double taxation on income and capital reached by Azerbaijan and Latvia will come into the force next year.
25 July 2006 [08:34]

GDP of Azerbaijan will rise by four times in 20 years

GDP of Azerbaijan is forecasted to rise by four times in 20 years. If the GDP is forecasted to be $17bn for 2006, the anticipation will reach $70bn by 2025.
24 July 2006 [22:01]

Baku Taxes Department starts large-scale control measures

Baku Taxes Department started large-scale measures from today, it was said at a press conference in the Taxes Ministry.
24 July 2006 [12:12]

Azeri-Turkish intergovernmental economic commission's meeting to be held

The Azeri-Turkish intergovernmental economic commission will hold its next meeting in Baku July 27-28, according to press service of the Turkish Embassy in Baku.
24 July 2006 [12:06]

Oil production from CA platform to rise

Central Azeri (CA) oil platform is currently producing from ten pre-drilled production wells, according to press service of the BP Azerbaijan.
24 July 2006 [12:03]

Duet Auto refused to become Sound Stream's authorized dealer

Negotiations between Azeri Duet Auto and American Sound Stream Company stopped.
24 July 2006 [11:50]

World Bank to allocate a new credit

The World Bank may allocate the Government of Azerbaijan for development of accounting system. The sides are negotiating on components of the project.
24 July 2006 [08:57]

"Century Contract" oil extraction to reach 1 mln barrels daily by 2009

The extractions from the Merkezi Azeri, Gerbi Azeri and Chirag platforms are more than estimated. President of the BP-Azerbaijan company David Woodward told journalists.
23 July 2006 [13:17]

Azerbaijan, Russia Treasuries conclude cooperation agreement

On Azerbaijan's Finance Ministry Main State Treasury concluded an agreement on technical cooperation with the Russian Federal Treasury.
23 July 2006 [13:11]

Over 20 agricultural trade fairs held in Baku

Trade fairs for sale of agricultural products have been organized in 25 different places in Baku districts on Saturday.
23 July 2006 [12:56]

Economic Development Ministry will consider farmers' problems

It has been recently reported that Azerbaijani farmers and other producers of agricultural products encounter problems in selling their products in the capital Baku.
23 July 2006 [12:31]

Azerbaijan, US to sign MoU on ICT cooperation

Azerbaijan and the United States will sign a Memorandum of Understanding on ICT (Information Communication Technologies) cooperation.
22 July 2006 [12:28]

Caspian Motor Show-2006 put off

Caspian Motor Show-2006 has been postponed.
22 July 2006 [12:26]

Barmek will yield control of the company to the Government by August 3

Economic Development Ministry's task force has already completed inspection of the Barmek Azerbaijan Power Network in the country's capital.
22 July 2006 [12:22]

Underwater pipelines to be prepared to receive Shah Deniz gas in late September

One of the main works to be done concerning the Shah Deniz project is to complete exploitation experiments of Shah Deniz part of the Sangachal terminal.
22 July 2006 [11:20]

Azerbaijan to get more associate gas from Caspian fields

Azerbaijan will receive 2.1bn cubic meters of associate gas from the BP-operated major offshore fields Azeri-Chirag-Gunashli this year.
22 July 2006 [11:13]

BTC oil may be taken to US, India

The oil being transported through the Baku-Tbilisi-Ceyhan (BTC) main export pipeline may be taken to the eastern part of the United States as well as India across the Suez Canal, BP Azerbaijan President David Woodward told a news conference on Friday.
22 July 2006 [09:30]

David Woodward: "Our forecast is that BTC total capital expenditures will amount to $832 mln"

"During the first half of the year BTC spent $735 million (including the costs of line-fill and financing) in capital expenditure. Our forecast is that BTC's total capital expenditures will amount to $832 million for this year," said BP Azerbaijan President David Woodward at a media briefing.
22 July 2006 [09:10]

First Shah Deniz gas to be delivered to the market by October

The Shah Deniz gas and condensate development project has continued to progress according to schedule since the beginning of 2006.
22 July 2006 [09:00]

OPEC crude oil per barrel falls to $68.45 in world market

OPEC crude oil per barrel fell to $68.45 in the world market.
22 July 2006 [08:56]

Block I of Ali Bayramli Thermal Power Station wouldn't start

Newly repaired Energy Block I of Ali Bayramli Thermal Power Station still failed to start.
22 July 2006 [08:46]

Agriculture Ministry tries to cheaper the prices

Agriculture Ministry has initiated to take comprehensive measures to prevent artificial price rise of agricultural goods.
22 July 2006 [08:35]

Azerbaijani Transport Minister to attend meeting in Astana

The international meeting of Transport Ministers will take place in the Kazakh capital of Astana July 27-28.
22 July 2006 [08:32]

Incomes of enterprises rose by 55% in Azerbaijan

Enterprises and institutions (except agricultural ones) operating in Azerbaijan have gained an income of AZN 721.6mn and have had a deficit of AZN 79mn in the first half of this year.
22 July 2006 [02:21]

Azerbaijan, Israel: A Win-Win Oil Transport Deal

Israeli and Azerbaijani energy officials have agreed to increase Israel's oil imports from the Baku-Tbilisi-Ceyhan pipeline.
22 July 2006 [02:17]

Chevron vies to boost Caspian output

San Ramon-based Chevron Corp. (CVX) may pump as much as 75,000 barrels a day through a pipeline from Baku on the Caspian Sea to the Turkish port of Ceyhan on the Mediterranean.
22 July 2006 [02:15]

Caucaz.com: "More gas for a regained independence"

The opening of the gas pipeline Baku-Tbilisi-Erzerum (BTE) scheduled for the end of 2006, could permit Georgia to limit its energy dependence on Russia, as Tbilisi is pressing its Turkish and Azerbaijani partners to obtain more gas at a reduced price via the BTE.
22 July 2006 [01:58]

BP sees energy independence for Georgia, Azerbaijan by 2012

Georgia and Azerbaijan, two former Soviet republics that rely heavily on northern neighbor Russia for energy, could power themselves independently by 2012, energy giant BP said on Friday.
21 July 2006 [23:24]

During first half of 2006 BP Azerbaijani capital expenditure equaled $1, 180 mln

Today BP Azerbaijan President, David Woodward gave a quarterly media briefing.
21 July 2006 [17:30]

Natig Aliyev: "Underwater oil pipeline from Kazakhstan to Azerbaijan requires $1bn"

It requires some $ 1bn to build an underwater oil pipeline from Kazakhstan to Azerbaijan in order to export Kazakh crude to the world market through Baku-Tbilisi-Ceyhan main export pipeline.
21 July 2006 [17:17]

Barmek Insaat Company failed

Claim on Barmek Insaat (construction) Company of Barmek Holding was reviewed at Ankara Economic Court III today.
21 July 2006 [11:11]

2 440 887 tons of oil exported via BTC so far

2 440 887 tons of oil has been exported through Baku-Tbilisi-Ceyhan up to now.
21 July 2006 [11:07]

Income and expenditure of state budget rise 76.2% and 52.2% in January-May respectively

Within January-May the income of the state budget equaled AZN 1 292.3mn and expenditures were AZN 1 118.1mn, a profit of AZN 174.2mn (3% of GDP) was made in execution of the budget.
21 July 2006 [10:26]

Azerbaijan can arouse interest of companies in digital broadcasting system

A number of factors impede establishment of digital television broadcasting network.
21 July 2006 [10:18]

Azerbaijani enterprises and institutions' net income before taxes rose 20.1%

Azerbaijani enterprises and institutions' net profit before taxation equaled AZN 2 133.1mn in 2005 which represents an increase of 20.1% as against 2004.
21 July 2006 [10:06]

Cargo transportation rose 9.2% in January-June in Azerbaijan

Azerbaijani transport companies carried 67.3mn tons of cargo within January-June this year which represents an increase of 9.2% as against last year's respective period.
21 July 2006 [08:45]

Azpetrol filed its request for arbitration against the Government of Azerbaijan

The Dutch company Azpetrol International Holdings B.V. and its Dutch subsidiaries Azpetrol Group B.V. and Azpetrol Oil Services Group B.V. filed their request for arbitration under the Energy Charter Treaty against the Government of Azerbaijan with the International Centre for Settlement of Investment Disputes in Washington D.C. last week.
20 July 2006 [21:17]

Natural gas delivery to Azerbaijan from Russia to be cut off for two days

Kaspiygazprom Open Joint-Stock Company warned about cut off natural gas delivered to Dagestani cities and regions as well as to Azerbaijan from July 25 to 27.
20 July 2006 [15:39]

Meeting on preferential mortgage to be held in the Cabinet of Ministers

Allowance of state budget-funded mortgage by preferential conditions and amendments to the procedure of mortgaging will be discussed in the Cabinet of Ministers next week.
20 July 2006 [12:39]

Armenia approves sale of electricity network to Russia's Interenergo

Armenia's authorities have authorized U.K.-based Midland Resources Holding Ltd. to sell its 100% stake in Armenian Electricity Networks (AEN) to a subsidiary of Russia's Inter UES, the Russian company said.
20 July 2006 [12:11]

Iran to boost gas export to Nakhichevan

Iran's exports of natural gas to Nakhichevan Republic have increased electricity generation in the region, noted the Prime Minster of the Nakhichevan Autonomous Republic.
20 July 2006 [12:08]

Oil production in Azerbaijan exceeds 14.4 million tonnes in 1H 2006

Oil production in Azerbaijan reached 477.2 thousand tonnes in Azerbaijan in the I half of 2006, which is 51.3% more than in 1H 2005, Azerabaijani state statistics committee said.
20 July 2006 [09:37]

Deal of USD 7.29mn 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 0.8889/USD.
20 July 2006 [09:23]

National Fund for Entrepreneurship Development credit conditions to be facilitated

Management of Economic Development Ministry and Azerbaijani National Fund for Entrepreneurship Development (ANFED) met with the authorized credit institutions of the Fund.
20 July 2006 [08:46]

Charter flight may be implemented from Finland to Nakhchivan

Implementation of charter flight from Finland to Nakhchivan is not ruled out and Nakhchivan International Airport has such a potential, Mubariz Bakhshiyev, chief of under-construction module power station in Nakhchivan, stated.
20 July 2006 [08:33]

Credit allocation to Azerbaijani economy rises by 39.6%

As of June 1, credits allocated to the Azerbaijani economy reached AZN 1 556.8mn which represents an increase of 39.6% or AZN 442mn as against last year respective period.
19 July 2006 [22:04]

SBS and ESM monitor fishing vessels in Azerbaijani part of the Caspian Sea

Azerbaijani State Border Service (SBS) and Emergency Situations Ministry monitored the shipping vessels in the Azerbaijani part of the Caspian Sea from July 8 through 16 in order to investigate the situation.
19 July 2006 [15:37]

Accounting Chamber starts auditing Azerenergy

Accounting Chamber of Azerbaijan has started to conduct an audit at Azerenergy JSC today.
19 July 2006 [14:18]

Oil output will boost world supply by 2010

Angola, along with several other non-Opec countries, would be largely responsible for increasing in world oil supply by 2010, said a Deutsche Bank report.
19 July 2006 [12:52]

383 700 apartments privatized in Azerbaijan so far

383 700 apartments of 20.6mn sq m have been privatized in Azerbaijan since the privatization of the state property started.
19 July 2006 [12:44]

Azerbaijan's 1H 06 budget surplus $220 mln, inflation 5.6%

Azerbaijan's budget surplus totaled about $220 million in January-June 2006 and inflation stood at 5.6%, the head of the country's statistics committee said Tuesday.
19 July 2006 [09:22]

Detention period of Barmek employees prolonged for a month

Period of investigation of the case of Barmek employees - Rahib Musayev and Alasgar Huseynov - has been prolonged.
19 July 2006 [08:39]

Cargo transportation rises 11% in Azerbaijani part of TRACECA corridor

Cargo transportation has reached 20.2mn tons in January-June which represents an increase of 11% as against last year’s respective period.
19 July 2006 [08:36]

US dollar has fallen 0.01 and euro has risen 0.02 against AZN

As of June 1, savings of Azerbaijani population in the banks reached AZN 581.4mn which represents an increase of 36.8% as against last year respective period.
19 July 2006 [08:28]

Azerbaijani fishing boat crew face criminal case in Dagestan

July 5, 2006 criminal case was initiated against the crew members of Azerbaijani fishing boat, which was detained in the Caspian Sea waters in Dagestan.
18 July 2006 [18:59]

Government to counter surges in consumer prices

The Azerbaijani government on Monday held a meeting to discuss the recent abrupt increases in prices on agricultural goods, the underlying causes and ways of preventing the surge.
18 July 2006 [18:51]

Azeri investments up in 6 months

Investments in Azerbaijan's economy have increased to exceed 2.6bn new manats ($2.93bn) in January-June, or 7.9% over the same period of last year.
18 July 2006 [18:50]

Mortgage loan terms to change

A number of changes have been made to the terms of mortgage loans aiming to benefit young families and help solve the housing problem in Azerbaijan.
18 July 2006 [18:48]

World Bank offers $500m for Azeri roads

The World Bank is ready to allocate $500m to Azerbaijan to be invested in renovating roads of nationwide importance, Deputy Transport Minister Musa Panahov says.
18 July 2006 [18:47]

WB proposals on better water supplies

The World Bank has developed a general strategy on improving rural water supplies and upgrading the sewer system of Azerbaijan.
18 July 2006 [16:32]

Ministry of Finance has granted license to PASHA Insurance Company

Azerbaijan Ministry of Finance has granted a license to PASHA Insurance Company Closed Joint-Stock Company.
18 July 2006 [13:57]

Arif Valiyev: "GDP rose by 36.2% in Azerbaijan in January-June"

Gross Domestic Product has risen 36.3% to AZN 7.1bn within January-June in Azerbaijan. Production constituted 68.6% of GDP.