Business

14 September 2006 [09:43]

Taxes Ministry imposed penalties of AZN 2 083 741 on 22 933 trade facilities

Taxes Ministry Operational Control Department have to date examined 96 967 various kinds of trade facilities and found serious irregularities in 22 933 of them.
14 September 2006 [09:38]

Glencore Energy UK Ltd win tender on exportation of Azeri Light Crude Oil

The tender announced by SOCAR Marketing and Business Operations Department has ended.
14 September 2006 [09:29]

Barmek officers deny charges in the trial

Grave Crimes Court today started a hearing of former six officers of Barmek-Azerbaijan Electricity Distribution LLC.
14 September 2006 [09:06]

4 899 tonnes of agricultural goods sold at eight-week fairs

4899.25 tonnes of agrarian goods were sold at fairs held in Baku from July 12 through September 11.
14 September 2006 [08:59]

Business workshop on Azerbaijan's investment potential takes part in Warsaw

Business workshop on the investment potential of Azerbaijan was held within the meeting of Polish-Azerbaijani intergovernmental commission on economic cooperation.
13 September 2006 [15:41]

Iran eyes new Armenian pipeline

Iran wants to build a second natural gas pipeline to energy-strapped neighbor Armenia, the Islamic republic's parliament speaker Gholam-Ali Hadad-Adel said Monday.
13 September 2006 [14:08]

McDermott 800 Azerbaijani workers expected to be fired

800 Azerbaijani workers of McDermott Company are expected to be reduced soon. 15-20 workers have already been dismissed.
13 September 2006 [13:13]

AMF submits Government proposals on amendments to mortgage terms

Azerbaijan Mortgage Fund has already submitted the Government amendments to mortgage terms.
13 September 2006 [09:58]

Deals of $1mn closed at BICEX, Sep.12

The weighted average exchange price made up 0.8789 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
13 September 2006 [09:53]

Taxes Ministry imposed penalties of AZN 2 059 541 on trade facilities

Taxes Ministry Operational Control Department have to date examined 94 984 various kinds of trade facilities and found serious irregularities in 22 763 of them.
13 September 2006 [09:46]

Azerphone gives a trial

Azerphone, the third mobile operator-to-be of Azerbaijan has started a trial, Deputy Minister of communications and Information Technologies Iltimas Mammadov said.
13 September 2006 [09:17]

Rovnag Abdullayev: "Ecology department should be established at SOCAR"

State Oil Company of Azerbaijan (SOCAR) President Rovnag Abdullayev received yesterday Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA).
13 September 2006 [09:08]

SOFAZ Executive Director receives US TDA official

Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on September 11, 2006 Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA).
12 September 2006 [20:19]

SAIC'S VACIS(R) Cargo, Vehicle and Contraband Inspection Systems to be installed in Azerbaijan

Science Applications International Corporation (SAIC) announced on Tuesday that Azerbaijan Customs has ordered additional VACIS(R) cargo, vehicle and contraband inspection systems to support its border security program.
12 September 2006 [20:10]

Polish economy minister: "Azerbaijan a key energy partner for Poland"

The southern Caucasus state of Azerbaijan is a key energy partner for European Union newcomer Poland, Polish Economy Minister Piotr Wozniak said Tuesday following talks in Warsaw with a senior Azeri government official.
12 September 2006 [15:20]

OPEC concerned over oil production rise in Azerbaijan

Oil prices fell to their lowest point since April, to $65.30 per barrel of crude, as the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna on Monday, reporting it would keep its pumping crude unchanged at 28 million barrels per day.
12 September 2006 [10:38]

Iran proposes plans to boost tourism ties among Islamic states

The Islamic Republic of Iran on Monday put forward a number of proposals to boost tourism cooperation among Islamic countries.
12 September 2006 [10:20]

Auction on placement of T-bills held at BSE Sep. 11

An auction on placement of T-bills with the state registration number 10202613S was held at Baku Stock Exchange on Monday.
12 September 2006 [10:18]

Trades at BICEX

The weighted average exchange price made up 0.8786 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Monday.
12 September 2006 [09:38]

Azerbaijan takes 14th place in Eastern Europe for economy

Azerbaijan takes the 14th place for its economy among Eastern European countries.
12 September 2006 [09:35]

Two pipelines to deliver offshore gas to Azerigas and Sangachal

Two pipelines with 4.1 MPa and 9 MPa working pressure are planned to be built to deliver offshore natural gas of Azeri-Chirag-Guneshli and Shahdeniz to Azerigas CJSC and Sangachal Terminal.
12 September 2006 [09:32]

Talks on Russian gas import to Azerbaijan to start in November

Negotiation on the natural gas importation between Azerbaijan and Russia are intended to be stared in late November.
12 September 2006 [09:29]

CIS Economic Council to meet in Moscow on Sep.15

CIS Economic Council will meet in Moscow on September 15, Azerbaijani Cabinet of Ministers told APA.
12 September 2006 [09:23]

Azerbaijan Credit Unions Association to hold 2nd conference

Azerbaijan Credit Unions Association (ACUA) will hold the 2nd conference on October 26.
12 September 2006 [09:22]

Telephone numbers with 499 initial to be replaced with 596

Baku Telephone Unity has started reconstruction of telephone exchanges in Baku in order to replace telephone numbers with 499 initial with 596.
12 September 2006 [09:21]

Palmali's first dry-cargo vessel launched in Russia

On Monday in Nijni Novgorod the Krasnoye Sormovo Shipyard launched Mirzagha Khalilov dry-cargo vessel built on the order of Palmali Group of Companies.
12 September 2006 [09:19]

Cisco Systems VPs to visit Azerbaijan

A delegation of Cisco Systems, one of the world's leading ICT companies, is expected to visit Azerbaijan in early October.
12 September 2006 [09:18]

Turkey-US trade to grow three fold

Turkish Foreign Trade Minister Kursad Tuzmen and a delegation of 100 businessmen are heading to the U.S to enhance the economic ties between the two countries.
12 September 2006 [09:16]

AzPromo representatives leave for China

A delegation of Azerbaijan Export and Investment Promotion Foundation (AzPromo) left Baku for China to attend the business meeting of the trade and investment promotion organizations of the Asian Countries to be held in China on September 11-12.
12 September 2006 [09:15]

Preliminary trial on ANS's lawsuit against Taxes Ministry put off to Sep.22

Preliminary trial on the lawsuit the ANS Group of Company brought against Taxes Ministry had been scheduled for today was adjourned for September 22.
11 September 2006 [19:41]

Oil falls $1

Oil dropped $1 on Monday as OPEC looked set to keep pumping at high rates to ensure world consumers were well-supplied despite a 20 percent fall in prices since mid-July.
11 September 2006 [19:36]

Government to raise license price for TV channels

The price of license for TV channels broadcasted in Azerbaijan will be raised.
11 September 2006 [12:26]

Agroleasing to purchase 550 more farm machines

By this year's end Agroleasing JSC of Azerbaijan will have bought 300 tractors and 250 combine harvesters.
11 September 2006 [12:21]

Russia's Economics and Trade Minister to visit Azerbaijan

Economic Development and Trade Minister of Russia, German Gref is expected to pay a visit to Azerbaijan in October this year within Russian Year in Azerbaijan.
11 September 2006 [10:21]

One sues Binagadi Oil for violation of property rights

Resident of Binagadi District, Rahila Mammadova claims that her land was squatted and she was unable to use her own land.
10 September 2006 [19:00]

Azeri businessmen to attend Istanbul Int'l Conference

Turkish Industrialists' and Businessmen's Association will host Foreign Trade Bridge between Turkey and Eurasia Conference eon September 17-18 in Istanbul.
10 September 2006 [13:43]

Azeri ship grounded in Asov Sea

Workers in the Krasnodar territory used a dredger to try to free a second ship that ran aground in Russia's Sea of Asov in as many days.
09 September 2006 [13:42]

Round table on WTO entrance held in Baku

A round table devoted to questions of membership in the World Trade Organization (WTO) took place in Baku, September 6-8.
09 September 2006 [13:40]

Imishli sugar Refinery awarded with international quality certificate

Sugar Refinery in Imishli province has been awarded with ISO 9001:2000 quality certificate.
09 September 2006 [13:38]

Azerbaijan-Poland intergovernmental commision's sitting to be held

The first sitting of Azerbaijan-Poland Intergovernmental Commission for Economic Cooperation will take place September 11-12 in Warsaw, press-service of the Ministry of Economic Development said.
09 September 2006 [13:27]

Azerbaijan, Uzbekistan and Kyrgyzstan to use KazSat satellite

Chairman of the Agency of Communications and Information of Kazakhstan Askar Zhumagaliyev at session of parliament of the country (Majlis) has declared that Azerbaijan, Uzbekistan and Kyrgyzstan are going to use opportunities of KazSat satellite.
09 September 2006 [10:00]

Huseyn Arabul: "Commission found neither exaggerated investment nor use of old transformers"

Hand-over test in Barmek Azerbaijan ca be completed in second half of September, Barmek Azerbaijan LLC President Huseyn Arabul told.
09 September 2006 [09:58]

Bill on "Refund of Soviet-period savings" likely to be discussed at fall session

Draft Law on "the refund of Soviet-period savings" is expected to be discussed at the fall session of Parliament, Chairman of Parliament standing commission on economic policy, Ziyad Samadzade, stated.
09 September 2006 [09:30]

Deals of $1.15 mn concluded at BICEX, September 8

The weighted average exchange price made up 0.8794 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
09 September 2006 [08:56]

LUKoil advances in Top 250 Energy Companies ranking

Platts has today released its annual 2006 Top 250 Global Energy Companies rankings, recognizing the industry's top-performing companies around the world.
08 September 2006 [22:33]

Trade turnover between Armenia and Turkey makes up $100 million

The absence of diplomatic relations between Armenia and Turkey does not impede a Turkish company to officially register and freely act on the territory of Armenia.
08 September 2006 [22:20]

U.S. assists Azeri government to develop health sector

A two day seminar "Communication Strategy Workshop," a part of "Primary Health Care Strengthening Project in Azerbaijan" (PHC Project, $5 mln ) began September 7 in Park Inn Azerbaijan Hotel.
08 September 2006 [21:53]

Ukrainian President visits Sangachal Terminal

Ukrainian guests toured the terminal by bus.
08 September 2006 [21:51]

Yuschenko denies discussing oil price with Azeri president

Ukrainian President Viktor Yuschenko says he did not discuss with Azerbaijani President Ilkham Aliyev the price of oil supplies to Ukraine.
08 September 2006 [21:37]

Yushchenko reveals Ukraine's gas plans

Speaking to students and professors of Slavic University of Baku on Friday, Victor Yushchenko said his talks with President Ilham Aliyev of Azerbaijan had resulted in the decision to create a special group that would consider ways to transport gas from the Caspian Sea to Europe via the Caucasus and Ukraine, according to the President's press-office.
08 September 2006 [14:06]

Oil exports from Azerbaijan up 71% in 8 mths

Oil exports from Azerbaijan in January- August 2006 amounted to 13.361 million tonnes, up 71.5% year-on-year.
08 September 2006 [10:07]

Heydar Babayev meets with IMF mission visiting Baku

Economic Development Minister, Heydar Babayev, has met with International Currency Fund's mission composed of leading economist on South Caucasus Vitali Kramarenko, Manager for Azerbaijan Bazil Zavoyko and other experts.
08 September 2006 [10:07]

Trades at BICEX

The weighted average exchange price made up 0.8790 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Thursday.
08 September 2006 [10:05]

EBRD and UniBank sign syndicated loan agreement

EBRD and UniBank signed the second agreement on allowance of a syndicated loan (A/B loan-II).
08 September 2006 [10:03]

World Bank mission to visit Baku

A World Bank mission for sewerage and water supply improvement project will visit Baku on September 19.
08 September 2006 [10:02]

Trial on ANS's lawsuit against Taxes Ministry starts Sep 11

Preliminary trial on the lawsuit the ANS Group of Company brought against Taxes Ministry will take place on September 11.
08 September 2006 [09:51]

Bonds of Bank Standard to be placed at BSE

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry bonds of Bank Standard CJSC CB.
08 September 2006 [09:50]

NBA gives chance to banks lacking authorized capital

National Bank of Azerbaijan has given extra time to 3-4 banks which authorized capital is under AZN 6.4mn.
08 September 2006 [09:47]

Government subsidizes US $25mn to local authorities in 6 years

The government donated 110bn manats (US $23-25mn) to local authorities in 2000-2005 after 1999 first local elections.
08 September 2006 [09:37]

Azerbaijan ready to participate in Odesa-Brody-Plotsk pipeline

Azerbaijan is ready to participate in the Odesa-Brody-Plotsk oil pipeline project.
08 September 2006 [09:34]

Ukraine president courts Caspian oil in Azerbaijan

Azerbaijan Ukrainian President Viktor Yushchenko on Thursday urged oil-rich Azerbaijan to send Caspian Sea crude for delivery through a Ukrainian pipeline that has been the subject of geopolitical jostling in the former Soviet Union.
07 September 2006 [20:49]

Azerbaijan, Belarus expand ICT cooperation

Ali Abbasov, the Minister of Communications and Information Technologies of Azerbaijan has met with the newly appointed Belarus ambassador to Azerbaijan Nickolay Pastkevic.
07 September 2006 [20:47]

SOCAR's President meets with JBIC delegation

Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR) met September 7 with visiting delegation of Japan Bank for International Cooperation (JBIC).
07 September 2006 [20:44]

Azeri MPs to attend Ural industrial exhibition

Elton Mammadov, Deputy Chairman of the standing commission for natural resources, energy and ecology left for Russian city of Nizhny Tagil to attend the first Ural industrial exhibition-fair.
07 September 2006 [14:31]

Azerbaijan to buy only 300mn KW/h electricity from Russia next year

Late October Azerenergy JSC will start negotiating with Russian RAO EES on the purchase of electricity from Russia for 2007.
07 September 2006 [11:37]

Kars-Akhalkalaki railway construction set to start in 2007

The construction of the Kars-Akhalkalaki-Tbilisi-Baku railway has been hailed by the Georgian government as its latest 'flagship project'. Construction is due to begin in 2007, according to Minister of Economic Development Irakli Chogovadze.
07 September 2006 [09:30]

Daily gas production to rise to 3.5mn cu m

Azneft Oil Production Unit extracted 677 700 tonnes of oil during August, having implemented the forecast by 104.5 percent. The extracted oil was a 26 830 tonnes rise on the same period last year.
07 September 2006 [09:29]

Arcadia Petroleum wins Azeri Light Crude tender

The tender on the export of Azeri Light Crude Oil announced by the SOCAR's Marketing and Business Operation Department has come to an end.
07 September 2006 [09:20]

Oil boom overheating Azerbaijani economy

The rapidly expanding economy of oil-rich Azerbaijan risks increased inflation if government spending is not reined in, the International Monetary Fund warned on Wednesday.
07 September 2006 [09:12]

Azerbaijan ranks 99th ease of doing business

Azerbaijan took the 99th place on doing business, according to the results of 2005/06, as it is reported by the World Bank on September, 6.
07 September 2006 [09:08]

Trades at BICEX

The weighted average exchange price made up 0.8795 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Wednesday.
07 September 2006 [08:58]

Fitch names Azerbaijan as "the most vulnerable to potential economic shocks"

Rapid credit growth and strengthening exchange rates have increased the systemic risk in Romania and Ukraine, according to a new report yesterday from Fitch Ratings.
06 September 2006 [22:43]

Investments into development of Kazakh Caspian sector to reach $16.8 billion in 2011-2015

The volume of investments into the development of the Kazakhstani sector of the Caspian Sea in 2011-2015 is expected at the level of $16.8 billion.
06 September 2006 [10:54]

AMF authorized banks lend 82 mortgages

82 persons have to date taken out a mortgage from the authorized banks of the Azerbaijani Mortgage Fund.
06 September 2006 [10:07]

Transeuro Energy begins seismic acquisition in Armenia

Transeuro Energy Corp. has begun acquiring seismic data in its Block 2 license area in Armenia.