Business

25 August 2006 [10:52]

Azerdemiryolbank's shareholders endorsed a co-financing agreement with EBRD

The Azerdemiryolbank's shareholders have approved the agreement with European Bank for Reconstruction & Development on co-financing of large projects, the domestic bank reported.
25 August 2006 [10:47]

Germany is interested to carry energy resources from Azerbaijan to Europe

Germany is interested in transportation of hydrocarbons resources from Azerbaijan to Europe, claimed German ambassador Per Strakin to Azerbaijan during a meeting with State Oil Company of Azerbaijan's president Rovnag Abdullayev.
25 August 2006 [10:45]

Azerbaijan State Electric Company announced a tender for electric meters

Azerenerji (Azerbaijan State Electric Company) has announced a tender for electric meters and equipment facilities in accordance with the presidential decree on population's power supply improvement, installation of meters for all electric consumers until late 2006 and power measuring meters in grids, the Company said.
25 August 2006 [09:39]

Microfinance Bank of Azerbaijan intends to open 3 branches

Microfinance Bank of Azerbaijan intends to open a regional branch in the district of Khachmaz in fall.
25 August 2006 [09:31]

SOCAR announces tender for export of 170 000 tonnes of Urals crude oil

SOCAR Marketing and Business Operations Department has announced a tender on the export of 170 000 tonnes of Urals crude oil through Novorossiysk port.
25 August 2006 [09:19]

Taxes Bodies see irregularities in 25% of trade facilities now

Taxes Ministry Operational Control Department have to date examined 61 849 various kinds of trade facilities, Fariz Samadov, Ministry spokesman said.
25 August 2006 [08:54]

SOCAR President Rovnag Abdullayev visits Azerineftinformatika Computing Center

SOCAR President Rovnag Abdullayev visited Azerineftinformatika Computing Center of Azerneft Production Unit.
24 August 2006 [22:01]

Microsoft, HP, Siemens, Alcatel to attend BakuTel-2006

XII Azerbaijan International Telecommunications and Information Technologies Exhibition - BakuTel will assemble in the country the giants of the ICT sphere such as MICROSOFT, HP, SIEMENS, ALCATEL, CISCO SYSTEMS, HUAWEI, ORACLE and many others.
24 August 2006 [21:39]

Ericsson to grant for creation of Caspian University

Agreement has been signed between Organizing Committee on creation of Caspian International Information Technologies University and Chalmers Information Technologies University of Sweden.
24 August 2006 [21:37]

Azerbaijan, U.S. to sign Memo on ICT

24 August 2006 [21:32]

Azerneftyag increases oil refinary

At first half of year, the balance profits of Azerneftyag Oil Refinery made up 320,6 million AZN.
24 August 2006 [21:30]

President Aliyev received delegation of the Global Steel Holdings

On August 24, President of Azerbaijan Ilham Aliyev received Pramod Mittal, the Chairman of the Global Steel Holdings Ltd. and accompanying delegation.
24 August 2006 [21:28]

Trades at BICEX

The weighted average exchange prices made up 0.8830 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 24.
24 August 2006 [21:21]

Severe penalties to be imposed for not giving receipt at check-outs and evading taxes

Penalties for evading taxes and not giving a receipt to customers at check-out in the shops will have been more severe by this year's end.
24 August 2006 [16:55]

NBA official currency reserve hits USD 1 234.27 mln

Official currency reserve of the National Bank of Azerbaijan reached 1 234.27 mln as of August 1.
24 August 2006 [11:13]

Anglo Asian Mining says further Gedabek drilling results remain 'encouraging'

Anglo Asian Mining PLC said the outcome of further drilling work at the Gedabek copper and gold mine in Azerbaijan has remained 'encouraging'.
24 August 2006 [10:33]

Azerbaijan Aluminum Company announced tender for building materials and uniform

Azeraluminium (Azerbaijan Aluminum Company) has announced a tender procedure for building materials and uniform.
24 August 2006 [10:07]

International conference "The role of financial control over acceleration of socioeconomic development" to take place in Baku

September 16-18, scientific-practical conference on "The role of financial control over acceleration of socioeconomic development" will be held in Baku.
24 August 2006 [09:22]

Auction on placement of NBA notes held at BSE

August 23, an auction on placement of short-term notes of National Bank of Azerbaijan with the state registration number 50103412S was held at Baku Stock Exchange.
24 August 2006 [09:15]

International Monetary Fund mission to visit Azerbaijan

Head of IMT mission for Azerbaijan, Vitali Kramarenko will visit Azerbaijan from August 30 through September 6.
24 August 2006 [08:57]

Taxes Ministry freezes bank account of Baku Conditioner Factory

Business plan on establishment of state-of-the-art production at Baku Conditioner Factory was submitted to the Government of Azerbaijan, Company's management board chief, Vagif Heydarov, stated.
24 August 2006 [08:55]

Auction on placement of T-Bills held at BSE

Placement of T-bills of Ministry of Finance with the state registration number 10302313S was held at Baku Stock Exchange.
24 August 2006 [08:50]

Government works out action plan on the development of non-oil sector

Complex works should be done to restore and revive production in the engineering industry enterprises of Azerbaijan, Natig Aliyev, Minister of Industry and Energy, said.
23 August 2006 [20:22]

BIHE 2006 exhibition to start in Baku

ITECA Caspian LTD, the exclusive partner of the ITE Group - the leading organizer of international trade exhibitions and conferences in South Caucasus will open 12th Azerbaijan International Healthcare Exhibition BIHE 2006 September 26-29 in the Heydar Aliyev Sport and Exhibition Complex.
23 August 2006 [16:34]

Russian guards detained Azerbaijan fishing boat

Today Russian guards detained Azerbaijani fishing vessel in the Dagestan waters in the Caspian Sea.
23 August 2006 [12:07]

Azerbaijan imported oil products for $37.5 million in January-July

In January-July 2006 Azerbaijan imported 60.951 thousand tonnes of oil products for the amount of $37.479 million.
23 August 2006 [10:06]

Natig Aliyev: "State-of-the-art technologies should be applied to revive engineering industry"

Industry and Energy Minister of Azerbaijan, Natig Aliyev, met with engineering company.
23 August 2006 [10:03]

SOCAR pays to SOFAZ

SOCAR has started to transfer money to the State Oil Fund (SOFAZ) according to Article 3 of the Law on 2006 State Budget of the Azerbaijan Republic.
23 August 2006 [09:30]

Refiners fail to benefit from new light oil

New gasoline-rich crude from Azerbaijan and Russia is blunting the impact of oil attacks in Nigeria this year but the relief will be shortlived as the world's available oil becomes ever more sulphurous.
23 August 2006 [09:24]

National Bank of Azerbaijan issues 2005 annual report

The annual report for 2005 of the National Bank of Azerbaijan has been printed.
23 August 2006 [09:20]

SOCAR sold 705 376 tonnes of oil to Petrofarm of Singapore during January-July

State Oil Company of Azerbaijan (SOCAR) has sold 705 376 tonnes of oil to Petrofarm Company of Singapore.
23 August 2006 [08:42]

AIOC to shut down Chirag Platform for 10 days in October

Azerbaijan International Operating Company will shut down Chirag platform for a scheduled repair in October.
23 August 2006 [08:39]

Committee for Management of Public Property found some 150 enterprises and facilities squatted properties

State Committee for Management of Public Property implemented privatization of 240 land properties in 2006.
22 August 2006 [22:50]

Azerigas still leaves six regions without gas

Azerigas restored supply of some regions with gas after the chiefs of 33 Executive Powers sent a letter of guarantee on the collection of gas fees, Azerigas deputy chairman Nazim Samadzade said.
22 August 2006 [15:24]

Ilham Aliyev: "I am confident that Azerbaijan will be gas producer and exporter in near future"

President Ilham Aliyev received BP-Azerbaijan's President David Woodward.
22 August 2006 [14:24]

Four Azerbaijanis injured in Moscow market blast

The committers of the bomb blast in Cherkizovo market in the Russian capital, Moscow, have been identified.
22 August 2006 [13:51]

Gas import from Russia to be suspended

The natural gas importation from Russia to Azerbaijan is expected to be suspended in a few days.
22 August 2006 [13:50]

Rotterdam Court to hear Azeri witnesses in Holland

Rotterdam Court meets FIM Bank's request to hear Azerbaijani witnesses in Holland.
22 August 2006 [10:05]

Turkish pipeline explosion prompts worries over BTC security

The pipeline, carrying Iranian natural gas, runs through the same region as the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, but BP, the operator of the oil pipeline, was quick to rule out any possible danger to the BTC.
22 August 2006 [09:29]

U.S. Chamber of Commerce supports the visit of 15 US companies' representatives

Supported by U.S. Chamber of Commerce, a delegation composed of representatives of 15 US telecommunications companies is expected to pay visit to Azerbaijan in early October.
22 August 2006 [09:11]

Azerbaijani-Korean business forum to take place

Delegation composed of Southern Korean state officials and businessmen will pay a visit to Baku on August 27.
22 August 2006 [09:07]

Taxes Ministry uncovers irregularities in 14 771 trade facilities

Taxes Ministry Operational Control Department have to date examined 55 167 various kinds of trade facilities and found serious irregularities in 14 771 of them.
22 August 2006 [09:03]

UniBank and EBRD signs an additional agreement expanding the TFP credit facility usage

UniBank and the European Bank for Re-construction and Development (EBRD) have signed an agreement expanding the opportunities of using the financial resources that the EBRD had provided UniBank with within the frameworks of the Trade Finance Programme (TFP).
22 August 2006 [08:59]

Huseyn Arabul: "I am not dissatisfied with the hand-over process"

Working group set up by "Barmek Electricity Distribution" LLC will start hand-over process in northern regions, Huseyn Arabul, "Barmek" president stated.
22 August 2006 [08:48]

SOCAR implemented oil processing forecast by 107.5% during January-July

Durign January-July the State Oil Company of Azerbaijan (SOCAR) processed 4 598 260 tonnes of oil by implementing the forecast by 107.5 percent.
22 August 2006 [08:43]

Auction on placement of T-Bills to be held at BSE

According to the contract signed between Baku Stock Exchange and Ministry of Finance of Azerbaijan Republic on July 07, 2005, an auction on placement of T-Bills with the state registration number 10302313S will be held on August 22, 2006.
22 August 2006 [08:41]

SOCAR imported 311 683.876 c.m of gas from Russia in July

SOCAR imported 311 683.876 cubic meters of gas from Russia in July and 2 670 266.895 cubic meters during January-July.
22 August 2006 [00:27]

Oil rises $1 as Iran vows to pursue atomic work

Oil rose more than $1 a barrel on Monday as Iran vowed to pursue its nuclear programme, inviting possible sanctions against the world's fourth largest oil exporter.
21 August 2006 [13:31]

Textile & Furnishings events delayed

Initially the exhibitions 'Baku Furniture' and 'Fashion/ Textile' were scheduled from September 19 to 22, according to Organizers of international exhibitions in Azerbaijan ITE and Iteca Caspian.
21 August 2006 [11:39]

Sumgait's H106 economy grows by 32.8%

Production on main spheres of the economy has grown by 32.8% during the first half of the year as against the same period last year.
21 August 2006 [11:38]

International Insurance Company won a tender

International Insurance Company (IIC) has won a tender announced by European-Tobacco Baku on insurance of its property and liability.
21 August 2006 [11:34]

Russia warms up to BTC project

Azerbaijani Ministry of Industry and Energy Natik Aliyev stated that Russian oil companies are interested in participating in the BTC (Baku-Tbilisi-Ceyhan) oil pipeline project.
21 August 2006 [11:32]

Iran, Azerbaijan begin mutual transfer of electricity

Electricity from Iran started flowing to the Republic of Azerbaijan via the Astara border on Monday in accordance with an agreement entered into by the two countries, the director of public relations of the Gilan Regional Electricity Company said.
21 August 2006 [08:31]

Police help to collect electricity fees in Lenkeran

Lenkeran Electricity Distribution Department has already begun to take severe measures to collect electricity fees.
21 August 2006 [08:23]

AZAL undertakes to pay compensation

51 hectares of lands of 118 residents, 1.2 hectares of lands of municipality and 10 hectares of forest lands in the village of Lay will be used to expand Lenkeran Airport.
20 August 2006 [19:04]

International Bank increases allocations to non-oil sector

Azerbaijan International Bank (AIB) has sealed a 7.28 million Euros credit contract with the 'Rabobank' of the Netherlands.
20 August 2006 [12:00]

Gas pipeline explodes in Turkey, not BTC

An explosion Saturday caused a huge fire on a natural gas pipeline in eastern Turkey, the Energy Minister Bulent Ismen said.
20 August 2006 [02:04]

Iran, Turkey agree on European gas purchase

Iranian Oil Minister Kazim Veziri Hamaneh announced that Turkey and Iran have agreed on a partnership to export Iran's natural gas to Europe via Turkish pipelines.
20 August 2006 [01:57]

Oil delivery via Baku-Supsa pipeline

20 August 2006 [01:55]

Trades at BICEX

The weighted average exchange prices made up 0.8846 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 18.
20 August 2006 [01:44]

Explosion causes fire on BTC

An explosion has caused a huge fire on a newly inaugurated Caspian Sea pipeline to Turkey.
19 August 2006 [15:45]

All Azerbaijani territories to be provided with telephone

A tender will be announced on complete provision of all Azerbaijani territories with modern telephone system, communication and information technologies minister, Ali Abbasov stated.
19 August 2006 [09:19]

$2.1bln invested in Azerbaijani economy

It is estimated that investment of USD 2.1 bln has been made in the economy of Azerbaijan during the first half of the year.
19 August 2006 [09:16]

Taxes Ministry uncovers irregularities in 13 713 trade facilities

Taxes Ministry Operational Control Department have to date examined 50 606 various kinds of trade facilities and found serious irregularities in 13 713 of them.
19 August 2006 [09:13]

State Budget income forecast for implemented by 102.1%

During the first half of this year the income forecast of the state budget of Azerbaijan was implemented by 102.1% that is to say AZN 1547.2 mln against the forecast of AZN 1516.1 mln.
19 August 2006 [08:48]

UniBank CB and DEG signs credit agreement

UniBank CB and DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH (the German Investments Corporation) signed a credit line agreement for $6 mn, which the Bank will on-lent towards SME (small and medium enterprise) projects.
19 August 2006 [08:38]

Diplomats visit Sangachal terminal

Azerbaijani ambassadors, consuls and heads of representative offices to foreign states visited Galagayin displaced-persons camp in Sabirabad in the frames of the meeting held in Baku.
18 August 2006 [23:53]

Oil up, Iran keeps up atomic work as deadlines near

Oil bounced on Friday as major OPEC producer Iran showed no sign of responding favorably to incentives aimed at resolving a nuclear row by a self-imposed Aug. 22 deadline.
18 August 2006 [21:57]

Turkey-Iran gas pipeline talks suspended

Turkey and Iran on Friday broke off talks on the construction of a gas pipeline linking Iranian gas fields to Europe.
18 August 2006 [21:20]

Trades at BICEX

The weighted average exchange prices made up 0.8850 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 17.
18 August 2006 [21:18]

Azerbaijan discloses fourth EITI report

The Committee on Extractive Industries Transparency Initiative (EITI) established by the Government of Azerbaijan to implement its obligations taken at the conference on EITI held in June 2003 in London, on 18th August, 2006, announced the release of the Government's fourth EITI report (Jan-Dec 2005 assertion) audited by Deloitte, the independent Aggregator.
18 August 2006 [21:05]

Regions' gas supply restored

"Heads of executive powers of Agstafa, Gadabay, Samukh and Khanlar regions have not sent a letter of guarantee to Azerigas CJSC with regard to rising the collection of gas bills to 100%.
18 August 2006 [20:56]

Azerbaijan rescheduled Georgia's debt

Georgian and Azerbaijani Finance Ministers, Lexo Alexishvili and Samir Sharifov, respectively, signed an agreement on August 18 to reschedule repayment of Georgia's USD 13,4 million debt.