Business

20 August 2005 [08:56]

Azerbaijani Micro Finance Bank starts utilization of IFC loan

The Azerbaijani Micro Finance Bank (AMFB) has started utilization of the $3m credit of the International Finance Corporation (IFC) allotted for the term of 5 years for financing micro and small credits.
19 August 2005 [10:09]

Yield of tobacco in Azerbaijan in 2005 is forecasted as 8,000 tons

Yield of tobacco leaves in Azerbaijan in 2005 is forecasted in the volume of about 8,000 tons, which is for 1300 tons more of the 2004 figure.
19 August 2005 [09:59]

For 2005-2006 Catel to invest over $10 million in communications sphere

The Azerbaijnai –American Joint Venture (JV) Catel (Caspian American Telecommunications, LLC) plans to invest over $10 million in the communications sphere of Azerbaijan.
19 August 2005 [09:44]

259,952 new jobs opened in Azerbaijan since Oct 2003

In the second quarter of 2005 a total of 42,447 jobs were registered in Azerbaijan, including 22,078 permanent jobs.
19 August 2005 [08:40]

Azeri tourism to be presented in Vienna

A presentation titled “Azerbaijan. Tourism of the God of fire country” will be held in Vienna, Austria, in Cobencel Castle on 24 August.
19 August 2005 [08:12]

Bank Turanalem opens its representtaive office in Azerbaijan

The second large bank of Kazakhstan TuranAlem (BTA) will open its representative office in Baku on 24 August and plans to buy a local bank.
09 August 2005 [10:09]

Ministry of communications invested about $10 million in it-sphere of Azerbaijan

For seven months of the current year the Ministry of Communications and Information Technologies (MCIT) invested 47 billion, 172 million manats ($9,9 million) in the telecommunications sphere of Azerbaijan.
09 August 2005 [09:27]

Georgian oil products importers suggest to wait technical re-eqipment of Azerbaijani oil refineries

(NA "Novosti - Gruziya") – The Union of oil goods producers, importers and consumers is in favour of Azerbaijan to be also in future the main supplier of motor fuel to Georgia.
09 August 2005 [09:11]

1st bonds placement of leasing company planned

The 1st auction of bonds emitted by leasing company is planned to be held at the Azerbaijan stock market next month.
09 August 2005 [09:01]

Barmek expects problems with energy supply in winter

Problems with energy supply may arise in Azerbaijan in winter, head of the Barmek Azerbaijan Ltd. Huseyn Arabul said, Trend reports.
09 August 2005 [08:50]

Ministry of Economic Development extended two investment competitions

The Department for State Property Management and Privatization (DSPM) under the Ministry of Economic Development (MED) announced extending of the investment competitions on sale of shares of the Baku Electrical Founding Plant (Baki Elektriktokme Joint Stock Company (JSC) and Mingyachevir Weaving Mill Open Joint Stock Company (OJSC Mingecevir-Toxucu).
09 August 2005 [08:36]

Farhad Aliyev: “Such sharp strengthening of manat will not go on in future”

"Sharp decline of US dollar rate towards manat is a negative factor in production and affects negatively export stimulation.
08 August 2005 [08:56]

Representatives of Azerbaijan to take part in international workshop on vegetable-growing

Representatives of Azerbaijan will take part in the international workshop, dedicated to the experimenting on perspective vegetable grades.
08 August 2005 [08:50]

OPIC allocated funds to Catel for extending wireless communication in regions of Azerbaijan

Overseas Private Investment Corporation (OPIC) – a USA government agency, in charge of support of private American investments, approved allocation of $10 million to the joint Azerbaijani-American enterprise (JV) Catel (Caspian American Telecommunications, LLC).
06 August 2005 [11:32]

Gas reserves in South Caspian basin may increase in future

The gas reserves in the South Caspian basin in future as compared to the oil reserves may considerably increase. In the basin, where Azerbaijan, Turkmenistan and Iran are parts, there are about 40 gas fields.
06 August 2005 [11:15]

AIOC sets to drilling of producing well at Chirag

The Azerbaijan International Operating Company (AIOC) started drilling of next producing well with 4,400 meters project depth at the Chirag field.
06 August 2005 [11:11]

Azerenerji to pay on loans some $35 million in 2005

During the last 3,5 years the Joint Stock Company (JSC) Azerenerji paid on loans, allocated by he international financial institutions some $100 million, head of Azerenerji Etibar Pirverdiyev stated on 5 August at the news conference.
06 August 2005 [09:38]

RV Investment intersted in developing gold fields in Dashkesan

RV Investment Services Grou? LLC is interested in developing gold bearing fields in Dashkesan, the company’s head Riza Vesari told on 5 August.
06 August 2005 [09:33]

New gold fields are planned to be commissioned in ? 2007 in Azerbaijan

New gold fields are planned to commission in the III quarter of 2007, the operations director of the Azerbaijan International Mining Company Dgerard Filipps told on 5 August.
06 August 2005 [09:10]

Etibar Pirverdiyev: “Barmek” and “Bayva” do not fulfill obligations”

The president of the “Azerenergy” Open Stock Company (OSC) Etibar Pirverdiyev held a press-conference in the headquarters of the Yeni Azerbaijan Party yesterday.
05 August 2005 [08:39]

1 902,800 grain harvest gathered in Azerbaijan

In accordance with the operative data, grain harvest was gathered in 769,900 hectares sowing area, or in 96.8% of sowing areas.
05 August 2005 [08:36]

Azerbaijan carried out export-import transactions in amount of $3.4bn over first half-year

Azerbaijan maintained trade relations with 124 countries of the world over first half-year. Foreign goods turnover reached $3.4 billion with $1.3 billion export and $2.1 billion import.
05 August 2005 [08:30]

?IOC to ship over 560,000 tons Azeri Light from Supsa in August

The Azerbaijan International Operational Company (?IOC) plans to ship in August from the Black Sea port Supsa 656,000 tons of the Azeri Light oil, produced at the Azeri-Chirag-Gyuneshli (ACG) oil field. 135,000 tons of oil will be shipped on 6-7 August by the State Oil Company of Azerbaijan (SOCAR), which sold this consignment to the Select Energy trader at the tender.
05 August 2005 [08:26]

Agreement on Kazakhstan’s joining BTC project to be signed in October 2005

The intergovernmental agreement on the Kazakhstan’s joining Baku-Tbilisi-Ceyhan (BTC) project will be signed in October 2005, Vladimir Shkolnik, the Energy and Mineral Resources Minister, said to a meeting in Aktau.
05 August 2005 [08:20]

bp eager to increase expenditure with azeri JEs, state companies

British-U.S. BP intends to increase the expenditure with the Azerbaijani joint enterprises (JE) and state companies in 5 years.
04 August 2005 [11:17]

Gas delivery to Azerbaijan from Russia restored after 4.5 hours of break

Terror act in Mahackala section of Mozdok-Gazimammed gas pipeline was prevented.
04 August 2005 [10:41]

?IOC suspended Baku-Supsa pipeline operation

The Azerbaijan International Operation Company (AIOC) suspended yesterday the operation of the Baku-Supsa pipeline (”the western route”) according to the schedule.
04 August 2005 [09:48]

1.902.799 tons of grain produced this year

Reaping process has ended in the 97% of the cornfields so far.769.833 acres of field was planted with grain in Azerbaijan in 2005, 744.866 hectares of field was reaped.
04 August 2005 [09:11]

?li Huseynov: “Anti-corruption legal defense centres to be of interest for international practice study”

Opening of the anti-corruption legal defense centers in Azerbaijan (ALDC) is an integral part of the international exchange of experience in the corruption fighting sphere.
04 August 2005 [08:40]

Star company to complete construction of two appliances plants till late 2005

The Turkish Star group of companies will complete the construction of the two plants on production of automobiles and domestic appliances till late 2005.
04 August 2005 [08:37]

AIOC and Transneft discuss oil transportation through Baku-Novorossiysk

The Russian Transneft Company permitted the Azerbaijan International Operating Company (AIOC) to transport 388,000 tons oil through the Baku-Novorossiysk pipeline in September 2005.
03 August 2005 [10:32]

GDP to comprise 70.5 bn manats in 2006, economic development minister

In accordance with the forecast of the Economic Development Ministry, GDP of Azerbaijan will make up 70.5 billion manats in 2006 with 30.5% economic growth.
03 August 2005 [09:59]

Iran not determined new composition of commission on economic cooperation with Azerbaijan

Iran has not determined a new composition of the bilateral commission on economic cooperation with Azerbaijan due to non-formation of new government after the election of the new President.
03 August 2005 [09:37]

Enterprise producing refrigerators opened in Shamakhi

Enterprise producing refrigerators has been opened in Shamakhi.
03 August 2005 [08:58]

Azerbaijan paid 4,2 million USD for half year for membership in international organizations

For the first half year Azerbaijan paid 4,2 million USD for membership in international organizations.
03 August 2005 [08:56]

Memorandum signed between Economic development Ministry and Asian Bank for Development

An Understanding Memorandum was signed with the Asian Bank for Development (ABD) on realization of the new joint technical aid project in the Economic Development Ministry (EDM) yesterday.
03 August 2005 [08:53]

?zerbaijan will increase oil price forecasts in budget up to record–breaking level

The Ministry of Economic Development (MED) of Azerbaijan submitted the macro-economic forecast for 2006 to the Cabinet of Ministers, the Minister of Economic Development Farhad Aliyev told journalists.
03 August 2005 [08:47]

?zerbaijan banned import of meat products from some countries

The Ministry of Agriculture (MA) of Azerbaijan has banned officially import of meat and other food products to the country, particularly, chicken, eggs and various poultry from Kazakhstan, China, Japan, Pakistan and a number of Asian countries.
03 August 2005 [08:42]

Huseyn Arabul: “Misunderstanding occurred with the Taxes Ministry will be solved recently”

The reason of dismissing some of the associates working in the local departments of the “Barmek-Azerbaijan electric Net” LTD is that they could not fulfill instructed tasks”.
03 August 2005 [08:41]

Presentation of project “Corruption in Azerbaijan. How to fight it? ” took place in Baku

Presentation of the project “Corruption in Azerbaijan. How to fight it?”, being implemented by the “Constitution” Research Foundation under the support of the Eurasia Foundation and the Open Society Institute took place on 2 August in Baku.
02 August 2005 [11:33]

New hotel opens in Baku

The Excelcior hotel will open in Baku on Monday, Trend reports.
02 August 2005 [11:24]

Ganja automobile plant receives first sets for assembly of UAZ cars

On Monday the Ganja Automobile Plant received the first sets of spare parts for the assembly of automobiles under the contract concluded with the Ulyanov.
02 August 2005 [09:43]

State program for IT development in Azerbaijan to be adopted

The state program for the development of the information and communications technologies in Azerbaijan (2005-2008) is expected to be adopted this week, Ali Abbasov.
02 August 2005 [09:40]

Local phone calls in Azerbaijan to be payable by end 2005

The local telephone talks will be payable in Azerbaijan by the end of the year.
02 August 2005 [09:32]

AIOC interrupts work in Supsa terminal

On Monday the Azerbaijan International Oil Company (AIOC) interrupted work in the Georgian terminal in accordance with schedule.
01 August 2005 [10:18]

Gyanja car factory discusses issues of first export delivery

The Gyanja car factory coordinates the issue of the first export delivery of its output.
01 August 2005 [10:05]

Akbar Noman plans to arrive in Baku on 2 Aug

Akbar Noman, the ex-manager of the World Bank (WB) on Azerbaijan, plans to arrive in Baku anew on 2 August.
01 August 2005 [10:00]

Gas delivery form Russia to Azerbaijan resumed

The Gazeksport Ltd, the daughter company of the Gasprom Joint Stock Company (JSC), resumed the gas export to Azerbaijan in the night from 29 to 30 July, the Azerigaz JSC told Trend.
30 July 2005 [11:15]

Goods turnover between Azerbaijan and Turkey comprises $237,5m

The goods turnover between Azerbaijan and Turkey has made up $237.5 million since early 2005. Turkey exported to Azerbaijan goods in the amount of $157.2 million or 7.5% of total import of the country, the State Customs Committee (SCC) told Trend.
30 July 2005 [11:03]

16090 physical entities registered in country during January-June 2005

16090 physical entities have been registered in the country during January-June 2005.
30 July 2005 [09:49]

Labor ministry to select consulting company to provide for training under targeted social aid

The Ministry of Labor and Social Security is going to define a consulting company for training targeted social aid in the social security centers throughout the country, including the Nakhcivan Autonomous Republic.
30 July 2005 [09:24]

New asphalt plant opened in Gazakh

New asphalt plant has been opened in Gazakh.
30 July 2005 [09:07]

$1 billion 385 million of $2 billion 311 million substantial expenditure planned for 2005 spent on Azeri-Chirag-Guneshli project

$1 billion 385 million of $2 billion 311 million substantial expenditure planned for 2005 were spent on Azeri-Chirag-Guneshli (ACG) project during the first 6 months.
30 July 2005 [08:56]

97% of building of upper modules of Western Azeri platform completed

Building of the upper modules of the Western Azerbaijan platform is conducted according to the schedule.
30 July 2005 [08:38]

Azerbaijan will launch its own space satellite by 2010

The working out of conception of cosmic multistage conductor system has launched in Azerbaijan.
30 July 2005 [08:35]

Northern Cyprus offers Azerbaijan construction of hotels

Dervish Deniz, the Northern Cyprus Minister for Economy and Tourism, offered the Azerbaijani companies the construction of hotels as more attractive spheres of economy.
30 July 2005 [08:28]

Azerbaijan might become a transit country for Northern Cyprus products

Azerbaijan might become a transit country for export of the products to the Central Asia, Ferdi S.Soyer, the Prime Minister of the Turkish Republic of Northern Cyprus, told the journalists.
30 July 2005 [08:21]

Lukoil to ensure guarantee for EBRD credit under construction of facilities for Shah-Deniz

EBRD credit allocated for LUKOIL Overseas will be ensured by a guarantee in the initial stage of construction of production facilities under the project on the construction of Shah-Deniz project, the company announced.
29 July 2005 [09:18]

Azerbaijan’s arrears to reach $1.6bn in 2005

Azerbaijan’s public arrears will comprise approximately 15% of the GDP late 2005. Azerbaijan will not borrow big funds in 2005, the Cabinet of Ministers told Trend.
29 July 2005 [09:01]

Second Azeri delegation visits Northern Cyprus

The second Azerbaijani delegation of entrepreneurs arrived in the Northern Cyprus on Thursday.
29 July 2005 [08:43]

World Bank to open Common Economical Education Center for the Caucasus region

Minister for education Misir Mardanov received World Bank chief specialist on education for Europe and Central Asia Kent Luis on 27 July.
29 July 2005 [08:39]

Azeri government and World Bank will sign agreements in Aug

The Azerbaijani government plans to sign agreements with the World Bank (WB) in August 2005.
29 July 2005 [08:27]

Stage 1 of Shah-Daniz project complete 63%

Stage 1 construction under the Shah Deniz gas and condensate development project is currently 63% complete overall.
29 July 2005 [08:19]

BTC Co pumps 1m barrels of Azeri Light to BTC

The first 1 million barrels of Azeri Light oil, produced from the Azeri-Chirag-Gunashli (ACG) field, has been pumped to the Baku-Tbilisi-Ceyhan main export oil pipeline.
29 July 2005 [08:17]

Azerbaijan is free of paying $ 150 million fine

A press-conference dedicated to abolishing the pretension in the amount of $ 150 million against the Azerbaijan Republic, Caspian Shipping Office and “Caspian Specialized Basin Accident-Rescue” Open Stock Company (OSC) was held in the Economic Development Ministry yesterday.
29 July 2005 [08:14]

EBRD, LUKOIL to ink credit agreements on Azeri project

The European Bank for Reconstruction and Development (EBRD) and Lukoil Overseas Holding Limited will sign in Moscow on Thursday a $100m credit agreement on financing a part of expenses under the project on development of gas-condensate field Shah-Daniz.
28 July 2005 [09:05]

Minister of Economic Development: “GDP in Azerbaijan will rise more than 30%”

The Cabinet of Ministers will submit the forecast macroeconomic figures for 2006 on 15 September, Farhad Aliyev, the Minister of Economic Development, told journalists.
28 July 2005 [08:53]

SOCAR has difficulties in oil exporting via Novorossiysk

The State Oil Company of Azerbaijan (SOCAR) wants to apply to the head of the Russia’s Transneft Company, Semen Veinstock with an official letter stating the unfavorable situation around the export of the Azerbaijan’s oil through the Novorossiysk port, SOCAR told Trend.
28 July 2005 [08:51]

Russia not to permit the returning of Azerbaijan’s ships

Russia does not permit the returning of the ships “Maestro Niyazi” ,”Natavan” and “Rasul Rza” belonging to Azerbaijan for the time being.
28 July 2005 [08:43]

Barmek Azerbaijan intends to invest in development of electric network in baku over $19m

Barmek Azerbaijan, the operator of the energy distribution network in Baku and Sumgayit, intends to invest 89,499m manats (over $19m) in the development of the electric network of Baku in 2005.
27 July 2005 [12:03]

Premium of insurance companies in Azerbaijan grew by 11,9%

Premium of insurance companies of Azerbaijan on the results f the first half of the current year grew by 11,9% as compared to the first half-year of the last year.
27 July 2005 [09:49]

Construction of new sugar plant starts in Salyan

The small enterprise ‘Anar-93’ started the construction of a sugar plant near the Baku-Astara motor highway in Salyan.
27 July 2005 [09:09]

President Ilham Aliyev visited Khachmaz region

The president Ilham Aliyev visited Khachmaz region yesterday.
27 July 2005 [09:03]

Azerbaijan to be included in list of countries recommended for tourist trips

Azerbaijan will be shortly included in the list of countries recommended for tourist trips by the government of China. The accord between Azerbaijan and China on including Azerbaijan in the list of countries, recommended for traveling was achieved in the previous year during the visit of the Minister of Youth, Sport and Tourism Abulfaz Karayev to China.
27 July 2005 [08:38]

Etibar Pirverdiyev: “Debt of Barmek company for unfulfilled commitments is 160 billion manats”

The Barmek-Azerbaijan Company does not fulfill its obligations on some clauses of the agreement, signed with the government of Azerbaijan for delivery in asset management of the energy distribution networks of Baku and Sumgayit, the Open Joint Stock Company (OJSC) Azerenerji head, Etibar Pirverdiyev told journalists on 26 July.