Business

01 July 2006 [21:06]

Bank Standard opens one more branch

Bank Standard has opened one more branch office in the Azerbaijani capital of Baku.
01 July 2006 [20:57]

Iran unable to export gas to Europe

Iran will not be able to meet the natural gas needs in both the peace pipeline and the European Union's Nabucco project concurrently unless the demand for gas in both pipelines are lowered, said an Iranian Oil Ministry official Saturday.
01 July 2006 [10:32]

Economic Development Ministry sues Barmek company

Azerbaijani Economic Development Ministry sued the Barmek-Azerbaijan Electricity Distribution LLC.
01 July 2006 [09:48]

BICEX trades totaled $9.192 mln

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX), USD/AZN average weighted rate was AZN 0.8950/$1.
01 July 2006 [09:41]

Azerbaijani population spends 2.5% of their income on alcoholic beverage and tobacco goods

Analyses of the household activity of Azerbaijani population by Azerbaijani State Statistical Committee showed that 54% of people's income came from employment and self-employment, 17% from agricultural activities, 1.4% from property and leasing, 12.3% from pensions and social allowances, 15.3% from other spheres in first quarter of 2006.
01 July 2006 [09:12]

VII meeting of heads of CIS countries Supreme Finance Supervisory Bodies to be held in Minsk

Chairman of Azerbaijan Calculation Chamber, Namig Nasrullayev, will attend VII meeting of heads of CIS countries Supreme Finance Supervisory Bodies to be held in Minsk on September 3-5.
01 July 2006 [08:52]

Armenians extract tons of gold from the occupied Azerbaijani region every year

Armenians extract nearly 3 tons of gold from the "Soyudlu" gold deposit in the occupied Azerbaijani region of Kalbajar every year.
30 June 2006 [21:23]

Azerbaijan transfers $500 thousand to OIC budget as chairing state

Azerbaijani Deputy Foreign Minister Vagif Sadikhov held a press conference on the 33rd session of the Islamic Conference of Foreign Ministers which took place in the Azerbaijani capital of Baku from June 19 to 21, 2006.
30 June 2006 [21:16]

"Funda" medical center in Azerbaijan to be suspended from July 3

Azerbaijani Health Minister will suspend the Funda medical center of "Illac" LLC from July 3, 2006, Deputy Health Minister Elsevar Aghayev told.
30 June 2006 [16:01]

Barmek officially stops functioning in Azerbaijan from today

The Barmek-Azerbaijan Electricity Distribution LLC has officially stopped its activity in Azerbaijan from today.
30 June 2006 [10:06]

Delegation of Southern Korean companies to visit Azerbaijan in August

Yesterday Azerbaijani Industry and Energy Ministry officials met with Southern Korean Industry, Trade and Energy Ministry delegation.
30 June 2006 [09:11]

Cisco Systems to open its office in Azerbaijan

President of Cisco Systems, one of the world leading IT companies, John Chambers is on his visit to Azerbaijan.
30 June 2006 [09:04]

BICEX deals totaled $48mn

According to the results of the trading sessions in the currency section of the Baku Interbank Currency Exchange (BICEX) yesterday, USD/AZN average weighted rate was AZN 0.8951/$1.
30 June 2006 [08:46]

Azerbaijan International Bank to open its offices in Dubai, Turkey, Ukraine and Luxemburg

Azerbaijan International Bank (AIB) plans to open its offices in Dubai, Turkey, Ukraine and Luxemburg in near future.
30 June 2006 [08:44]

Azerbaijan National Bank may issue 1-2-week notes

Azerbaijan National Bank plans to issue short-term notes from second half of this year. These notes will be one or two week notes.
30 June 2006 [08:27]

Energy ministers of 5 states signed agreement on Caspian Sea gas

Bulgaria and Romania will participate in transference of Caspian Sea gas to Europe.
29 June 2006 [18:59]

Chevron JV to start Baku-Ceyhan exports in mid-2007

A Chevron-led venture developing Kazakhstan's giant Tengiz field will start exporting oil via the Baku-Ceyhan pipeline in mid-2007, Azerbaijan's Deputy Transport Minister Musa Panakhov said on Thursday.
29 June 2006 [13:17]

Prosecutor's Office carries out inspections in Barmek company

Azerbaijani Prosecutor's Office Deparment to Combat Corruption keeps carrying out inspections in the Barmek-Azerbaijan Electricity Distribution LLC.
29 June 2006 [09:11]

Deals signed in BICEX totaled $7mn

According to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) yesterday, USD/AZN average weighted rate was AZN 0.8954/$1.
29 June 2006 [09:03]

Azerbaijan State Committee for Securities will attend Riga Bond Congress

June 29-30 2006 the Bond Congress of CIS and Baltic will be arranged in Riga (Latvia) by Cbonds, Russian Information Agency.
29 June 2006 [08:34]

SOFAZ announces tender on provision of medical insurance for its staff

State Oil Fund of Azerbaijan Republic (SOFAZ) has announced a tender on insurance for its employees.
29 June 2006 [08:25]

Parliament to consider mortgage policy at fall session

Azerbaijani government will send new proposals on mortgage policy to Milli Majlis.
29 June 2006 [08:17]

30 artesian wells to be drilled to solve water supply problem in Terter

30 artesian wells are planned to be drilled in Terter region of Azerbaijan by 2008 to solve the region’s water supply problem.
29 June 2006 [08:12]

Osman Goksel: "We had to postpone the BTC construction for Posof partridge to lay eggs"

The reason of the delay in the construction of the Turkey section of the Baku-Tbilisi-Ceyhan main export oil pipeline has been announced.
28 June 2006 [21:25]

Health Ministry stopped activity of Diamed private medical enterprise

Ministry of Health has decided to stop the activity of Diamed private medical enterprise.
28 June 2006 [21:13]

New Head of Association of Azerbaijani Banks elected

Qafqaz Development Bank Observation Council Chairman Eldar Ismayilov was elected President of Association of Azerbaijani Banks at yesterday conference.
28 June 2006 [21:06]

Check-ups in Barmek stopped

Check-ups held by General Prosecutor's Office in Barmek–Azerbaijan Electricity Network Limited Liability Company has been stopped.
28 June 2006 [20:39]

Armenian FM says they should seek alternative gas suppliers

Armenia's foreign minister said Wednesday that the South Caucasus country should seek to diversify its natural gas suppliers, following Georgia's example.
28 June 2006 [15:56]

Vahid Alekperov elected LUKoil president for 5 years

Annual general meeting of Russian LUKoil OJSC took place in Moscow today.
28 June 2006 [15:03]

Official inauguration of BTC to take place in Ceyhan port in Turkey July 13

The official inauguration ceremony of the Baku-Tbilisi-Ceyhan (BTC) Main Export Oil Pipeline will take place in Ceyhan port of the Turkish province of Adana July 13, 2006.
28 June 2006 [14:35]

Date set for closing arguments in Kozeny extradition case

The end of the saga for embattled Czech-born financier Viktor Kozeny may be in sight, even though he was remanded to Her Majesty's Prison for yet another week on Tuesday.
28 June 2006 [14:30]

BTC security on the agenda in Baku

Representatives of Azerbaijan, Turkey and Georgia and BP to meet on Wednesday in Baku to discuss the security of the Baku-Tbilisi-Ceyhan pipeline (BTC).
28 June 2006 [10:27]

World Bank will implement project in the amount of 20 mln USD

World Bank will implement project in the amount of 20 mln dollar to cleanse oil polluted area in the territory of Absheron peninsula. Minister of Ecology and Natural Resources, Huseyn Bagirov has told.
28 June 2006 [10:15]

18 enterprises of Ministry of Economic Development privatized illegally

As a result of check-ups implemented by prosecutor-General of Azerbaijan it was found out that 18 enterprises of Ministry of Economic Development (MED) were privatized illegally, Prosecutor-general Zakir Garalov stated.
28 June 2006 [10:08]

Commission on improvement of payment system meets for the first time

First meeting of commission on improvement of payment system under finance ministry took place yesterday.
28 June 2006 [09:52]

SOCAR announces tender on oil products

SOCAR Marketing and Economic Operations Department has announced marketing action.
28 June 2006 [09:48]

Azerbaijani Mortgage Fund plans to set up branch network

Azerbaijani Mortgage Fund intends to establish branches throughout the country and the aim is to convey its service to all regions.
28 June 2006 [09:42]

Ziyad Samadzade: "Strengthening of manat and inflation will go on by this year's end"

Strengthening of Azerbaijani national currency (manat) will continue by this year's end and this tendency can cause some problems in Azerbaijani economy.
28 June 2006 [09:34]

US Cisco Systems company president to visit Azerbaijan June 29

June 29 US Cisco Systems Company President, John Chambers will pay a one-day visit to Azerbaijan.
28 June 2006 [09:09]

License of some wine making and importing enterprises suspended

Agriculture Minister Ismat Abbasov said in his interview with journalists that license of a number of enterprises making and importing wine was suspended in Azerbaijan.
28 June 2006 [08:54]

Afshar Suleymani: "Azsamand automobile plant in Shamakhi will be opened shortly"

Iranian Ambassador to Azerbaijan Afshar Suleymani told journalists that official opening ceremony of Azsamand car factory in Shamakhi will take place and Azerbaijani president Ilham Aliyev is expected to attend the ceremony as well.
28 June 2006 [08:40]

SOCAR announces tender to sell fuel of 308,000 tons

SOCAR Marketing and Economic Operations Department has announced marketing action.
28 June 2006 [00:47]

Georgian, Armenian ministers comment on Baku-Kars railway

Georgian Foreign Minister Gela Bezhuashvili said after talks with his visiting Armenian counterpart Vardan Oskanian on June 27 that feasibility study of the Baku-Tbilisi-Kars railway project is currently underway to find out whether the project is financially profitable or not.
27 June 2006 [22:41]

Azerbaijani Emergencies Minister: "No one will purchase buildings built without expert opinion"

"We have written to several building companies constructing buildings without expert opinion. Thus, some businessmen engaged in building activity ignore important issues," Azerbaijani Minister for Emergency Situations Kamaladdin Heydarov told journalists.
27 June 2006 [22:20]

Tariff Council fixed tuition fees

The Tariff Council will reconsider fixing of tuition fees of higher schools in Azerbaijan in its next sitting.
27 June 2006 [09:52]

Georgia to receive additional natural gas from Shah-Deniz

On July 13 the Georgian government will hold the next round of negotiations for receiving additional natural gas from the South Caucasus (also known as the Baku-Tbilisi-Erzerum) gas pipeline.
27 June 2006 [00:00]

Oil jumps $1 as US, China demand holds strong

Oil jumped $1 Monday to nearly $72 a barrel on signs demand from the United States and China remained strong despite soaring energy costs.
26 June 2006 [21:09]

UPI Energy: "Azerbaijan eyes the West"

This month's completion of the Baku-Tbilisi-Ceyhan oil pipeline from Azerbaijan to the Mediterranean Sea was celebrated like a debutante ball in the Azerbaijani capital, Baku.
26 June 2006 [20:17]

Bushehr NPP in Iran to be built as planned

Russia will continue building the Bushehr nuclear power plant in Iran as scheduled, the country's top nuclear official said Monday.
26 June 2006 [20:15]

Gazprom, Iran mull joint oil and gas projects

Gazprom (RTS:GAZP) and Iran have agreed to study the possibility of forming a joint enterprise to develop oil and gas deposits, the Russian energy giant said Monday.
26 June 2006 [20:11]

EU supports new Caspian gas pipeline bypassing Russia

European governments underlined their support Monday for a privately funded gas pipeline from Central Asia to Western Europe that would bypass Russia.
26 June 2006 [17:54]

President Aliyev received SPECA Secretary General

On June 26, President of Azerbaijan Ilham Aliyev received at the Presidential Palace Secretary General of United Nations Conference on Trade and Development Supachai Panitchpakdi.
26 June 2006 [17:52]

SPECA forum opens in Baku

An economic Forum of the United Nations Special Program for the Economies of Central Asia organized by the UN Economic Commission for Europe (UNECE), UN Economic and Social Commission for Asia (UNESCAP) and the Government of Azerbaijan was held on June 26 at Park Inn-Azerbaijan hotel in Baku.
25 June 2006 [13:01]

Nabucco pipeline to win political backing Monday

The pipeline, set to supply gas to Europe directly from the Caspian region, bypassing Russia, is in line with an EU commitment to make the diversification of energy routes a priority after Russia turned off the taps to Ukraine in a row over gas prices in January.
24 June 2006 [10:17]

USD rate forecasted to constitute 4,000 manat/$1 by this year

Strengthening of national currency will continue till this year's end and in connection with the changes were made to the state budget in May, revaluation is forecasted to be two-digit.
24 June 2006 [09:39]

Transactions implemented in BICEX totaled $6.95

According to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0.8954/$1.
24 June 2006 [09:31]

Unibank assets rise 47% to AZN 95.4mn from early this year

As of June 1 the assets of the Unibank Commercial Bank rose by 87.68% in comparison with May 2005 and reached AZN 95.43 mn being 47.4% up in early this year.
24 June 2006 [09:23]

Azerbaijan won't reduce import tariffs due to membership to WTO

Azerbaijan won't reduce import tariffs and will keep the tariff in the level of 15% in connection with membership to World Trade Organization.
23 June 2006 [22:15]

Iran to halt gasoline imports, impose rationing

Iran will halt its massive gasoline imports from Sept. 23 and impose fuel rationing, the oil minister said on Friday - a political gamble in a country where subsidised fuel is viewed as a national right.
23 June 2006 [10:21]

Volume of BICEX currency transactions totaled $6.95

Pursuant to the results of the trading sessions held in the currency section of the Baku Interbank Currency Exchange (BICEX) today, USD/AZN average weighted rate was AZN 0.8954/$1.
23 June 2006 [09:39]

Ministry of Education and Microsoft Company signed memorandum

Yesterday Ministry of Education Microsoft Company signed mutual memorandum "Cooperation on development field of modern information technologies system".
23 June 2006 [09:31]

Volume of cargo carried by Azerbaijani transport rises 10% within January-May

Within January-May of the current year Azerbaijani transport carried 54.1mln tons of cargo and this figure is 9.8% more than that of respective period of 2005.
23 June 2006 [09:05]

Construction of new road junction starts in Karl Marks Circle, Baku

Construction of eighth road intersection in crossing of Azadlig prospect and Ziya Bunyadov Street started.
23 June 2006 [08:59]

U.S. welcomes Kazakh-Azerbaijani pipeline deal

The United States has welcomed an agreement allowing Kazakhstan to pump its oil through a U.S.-backed pipeline running from Azerbaijan to Turkey.
23 June 2006 [08:58]

Azerbaijani and Georgian railway officers discuss issues on transit of oil and oil products

SOCAR Marketing and Economic Operations Department officers attended conference held in Baku by Azerbaijani and Georgian railway officers.
23 June 2006 [08:52]

Average salary rise constitutes 20% within January-May

Average monthly salary of Azerbaijani economy employees comprised AZN133.7 and this indicator is 20.3% more than that of previous year’s respective period.
23 June 2006 [08:50]

National savings in banks rise 35% in Azerbaijan

As of May 1 national savings in bank-credit structures constituted AZN568.3mln and this figure is 35% more than that of last year's respective period.
23 June 2006 [08:43]

Construction of one more pedestrian tunnel starts in Baku

Construction of pedestrian tunnel in the intersection of Bulbul Street and Fuzuli Street has started yesterday.
22 June 2006 [15:11]

Ministry of Taxes completed check-ups in ANS Commerce Company

Ministry of Taxes completed check-ups in ANS Commerce Company, it is on the eve of drawing up a statement.
22 June 2006 [13:55]

Baku Mayor's Office allowed motion of phaetons

Baku City Executive Power has liquidated prohibition of motion of phaetons in different places of the city.
22 June 2006 [13:49]

Azerbaijan-Turkey Business Forum takes place in Baku

Azerbaijan-Turkey Business Forum took place in Baku today.
22 June 2006 [11:16]

World Bank predicts Armenian economic growth will slow

Armenian economic growth will slow in the next few years, the World Bank said in a report on Eastern Europe and Central Asia.
22 June 2006 [09:37]

Dutch court summons Azerbaijan in connection with FIM Bank row

Dutch court has sent a letter to Azerbaijani Communications and Information technologies Ministry in connection with a row between Azerbaijani government and FIM Bank of Malta. The letter summons Azerbaijan as a witness.
22 June 2006 [09:12]

Shares of Siazan Industry Equipment put in investment competition

Azerbaijani State Committee for Management of State property announces investment competition on stocks of Siazan Senaye Gihaz (industry Equipment) OJSC. 99.7% of its stocks as well as 14.7%-portion of workforce were put into competition.