Business

20 April 2005 [16:29]

"British Bank" doesn't have intention to restore its activity in Azerbaijan

"British Bank" doesn't have intention to restore its activity in Azerbaijan.
20 April 2005 [16:22]

SOCAR to export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May

State Oil Company of Azerbaijan Republic (SOCAR) will export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May.
20 April 2005 [16:16]

Two agreements on transit of Kazakhstan oil to be signed by end of year

Two agreements on transit of Kazakhstan oil are to be signed between Baku and Astana by end of year, which is to pass via territory of Azerbaijan. The agency Trend reports, the president of State Oil Company of Azerbaijan Republic (SOCAR) Natik Aliyev informed.
19 April 2005 [14:17]

Budget incomes of State Oil Fund was 364.6 billion manats, its budget expenses 221.0 billion manats in the I term of this year

Budget incomes of State Oil Fund of Azerbaijan Republic (SOFAR) was 364.6 billion manats, its budget expenses 221.0 billion manats in January-March of 2005.
19 April 2005 [14:14]

K.K?byldin: BTC to be the priority oil export route for the Kashagan shareholders

Participants of the project for development of Kashagan oil field in Kazakhstan consider several options for the export of oil from the contract area.
19 April 2005 [14:12]

Natik Aliyev: Establishment of transport system Aktau-Baku will require $3 bln

Azerbaijan and Kazakhstan parties started next negotiations about joining of Kazakhstan to the project Baku-Tbilisi-Ceyhan (BTC) and preparation of the text of inter-governmental agreement between both states, 18 April, at Hyatt Regency in Baku.
19 April 2005 [13:38]

22,7% of external turnover of Azerbaijan was in CIS during January- February

Azerbaijan has realized during January-February 2005 ex?ort-im?ort o?erations with 103 countries of the world against 119 countries in 2004 and 124 countries in 2003.
19 April 2005 [13:35]

Program of young specialists is realized within TACIS program

The em?loyees of different institutions of the Ministry of economic develo?ment ?artici?ated at the ?rogram of young s?ecialists from the mid 2004 till beginning of 2005.
16 April 2005 [12:17]

Issue of joining of Kazakhstan to BTC to be discussed in April

The delegation of CSS of OC "Kazmunaygaz" is to arrive to Baku, Sunday.
15 April 2005 [16:44]

Investors in BTC to receive privilege tariff for pumping of condensate on Baku-Ceyhan

Five companies, participants of the project on development of the field "Shah-Deniz", will get privilege tariff on pumping of condensate by pipeline Baku-Tbilisi-Ceyhan (BTC), the agency Trend reports, projects sources informed.
15 April 2005 [16:27]

Ilham Aliyev received the president of AIOC David Woodward

Yesterday President Ilham Aliyev received president of Azerbaijan International Operation Company (AIOC) David Woodward.
15 April 2005 [16:10]

French experts studying opportunities of establishing winter tourism in Azerbaijan

French experts are studying opportunities for establishment of winter tourism in Azerbaijan, the Tourism Department of the Ministry of Youth, Sports and Tourism told Tend.
13 April 2005 [14:47]

Predicted oil price to increase in state budget

Milli Mejlis is to reconsider state budget for 2005, and to increase predicted oil price during its compilation (by $25 dollars per barrel).
13 April 2005 [14:36]

CDMA technology to be introduced during 2005 in Apsheron

CDMA technology is to be introduced during 2005 in Apsheron peninsula.
12 April 2005 [13:47]

Elman Rustamov is appointed as a Board Chairman of National bank of Azerbaijan, Aslan Aslanov as a vice-minister of agriculture

President Ilham Aliyev signed an order today within the appointment of Elman Rustamov to the post of the chief of the Administrative Staff of National Bank.
12 April 2005 [13:22]

Number of oil wells increases

Drilling of 14 wells has been completed with starting of 20 another once, according to Azneft Corporation.
09 April 2005 [17:24]

Azerbaijan and Persian gulf countries plan to sign agreement on free trade

Azerbaijan plans to sign an agreement on frees trade with United Arab Emirates and other countries of the Persian Gulf, Dubai-based newspaper Khaleej Times reports interviewing Elmar Mammadyarov, the Azerbaijani Foreign Minister.
09 April 2005 [17:11]

Last year 122 hotels, 14 motels, and 102 hotel typed objects activated in the country

122 hotel, 14 motel, 102 hotel typed objects activated in the country in 2004. In hotels and hotel typed objects 213, 3 thousand persons or 45, 9% more tourists were placed in comparison with 2003.
09 April 2005 [17:09]

Russian oil company is studying opportunities for oil pumping via BTC

Experts of the Russian company Sibirneft are involved in studying the economy of the project on pumping oil from Russia via the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline.
09 April 2005 [16:35]

EBRD sets up talks with leasing, insurance companies in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) set up development of joint projects with the operators of the financial markets in Azerbaijan, Raymond Konway, the head of the Baku office of the EBRD told Trend.
09 April 2005 [16:30]

70 million dollars allocated to "Excelsior Hotel" in Baku that will start activating in May

70 million dollars allocated to "Excelsior Hotel" that will start activating in May.
09 April 2005 [16:29]

Azerbaijan Airlines purchases new "Boeing", "Airbus" and "AN-140" planes

Azerbaijan Airlines - "AzAL" State Company is going to buy new planes.
09 April 2005 [16:18]

Foreign companies take interests in Azeraluminium JSC

Different companies displaced interests in Azeraluminum JSC, Farhad Aliyev, Minister for Economic Development, told journalists on Friday.
09 April 2005 [15:12]

EBRD allocated first syndicated loan to UniBank

The European Bank for Reconstruction and Development is leading the first international syndicate to lend $5 million to a private bank in Azerbaijan, as part of efforts to encourage the Caspian seaside nation to foster competition in the banking sector and to further diversify the non-oil sector of its economy.
08 April 2005 [16:06]

Azerbaijan plans reaching number of arriving tourists up 3 mln

The ministry of youth, sport and tourism plans reaching number of tourist arriving to the sate up to 3 mln, in the nearest 5-6 years, the agency Trend reports 7 April, the minister of youth, sport and tourism Abulfaz Garayev informed at the opening ceremony of international exhibition "Tourism and travels".
08 April 2005 [14:58]

AIOC increases oil export from Azerbaijan

During the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag- Gunashli (ACG) contract area, exported 1,851 million tons of oil, or 334,000 tons more than 2004.
08 April 2005 [14:50]

AIOC increases oil production from ACG

In the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag-Gunashli (ACG) contract area, produced 2,033 million tons (15,049 million barrels) of Azeri Light oil, the AIOC told Trend.
07 April 2005 [15:14]

Asian Development Bank is optimistic about Azeri economical growth

The Asian Development Bank (ADB) presented a Review on Development of Asia in Baku office of the bank on Wednesday. Attending the ceremony were Mettiew Westfol, ADB County Director and Joseph Zveglich, ADB senior economist on country program, Trend reports.
07 April 2005 [15:04]

IV Azerbaijan International Tourism and Travel Exhibition will start its work

IV Azerbaijan International Tourism and Travel Exhibition will start its work by the organization of "Iteca Caspian" which is an exclusive partner of "Ite Group" of Great Britain in Caucasus.
06 April 2005 [15:18]

ChevronTexaco will become participant of ACG

US oil company ChevronTexaco Corp. will purchase Unocal Corp. at $18bn, ChevronTexaco announced. The deal is paid at the expense of shares (75%) and in cash (25%).
06 April 2005 [14:48]

Transport Ministers of Azerbaijan, Georgia, Turkey to meet in Istanbul

The Transport Ministers of Azerbaijan, Georgia and Turkey will hold a meeting in Istanbul, Turkey, late April - early May.
06 April 2005 [09:00]

Ambassador Reno Harnish will participate in the opening of Marketing Center in Jalilabad

Today Ambassador of USA to Baku Reno Harnish will attend the opening of the first southern region Marketing Center of the Azerbaijan Business Assistance and Development (ABAD) project in Jalilabad.
05 April 2005 [09:25]

Azerbaijan exported $3096.3m worth of oil in 2004

In compliance with the payment balance of Azerbaijan for 2004, in 2004 Azerbaijan exported $3096.3m worth of oil and oil products, which 82.7% of all export ($3743m).
05 April 2005 [09:18]

$4575.5m invested in 2004 in Azerbaijan

In accordance with the 2004 payment balance of Azerbaijan, last year $4575.5m was invested in the country's economy, which 35.7% up as compared to 2003 ($3371m).
03 April 2005 [18:09]

Exhibition on International Transport and Logistics to be held in Baku

Exhibition on International Transport and Logistics will be held in Baku on April 20-22.
03 April 2005 [17:43]

Azerbaijan-Slovenia economical forum held

Yesterday an economical forum with the participation of businessmen representing different spheres of economy was held in the International Business Center.
02 April 2005 [16:41]

Rise in oil prices to enable Azerbaijan to become a participant of world securities market

The world oil prices might reach $100 per barrel shortly, according to Investment bank Goldman Sachs publicized forecasts.
02 April 2005 [16:36]

Foreign specialists participate in development of general plan of Baku

A new general plan of Baku is being developed with close cooperation with the specialists from foreign countries such as Germany, France and Japan, Trend report quoting Akif Abdullayev, the senior architect of Baku.
02 April 2005 [16:11]

Baku Metro in need of funds for full technical security

Every passenger of the metro is under strict control to ensure the security, Tagi Ahmadov, the head of the Baku Metro Production Association told a news conference held on Friday.
01 April 2005 [14:42]

Economic conference on Azerbaijan due in Germany

An economic conference on Azerbaijan will be held in Berlin, Germany, on 31 May 2005, the Secretariat of the Council of Entrepreneurs at the Azerbaijani President told Trend.
01 April 2005 [14:25]

President's fund to be established

An issue on the establishment of the Azerbaijani President's Reserve Fund will be considered during the discussions of the draft law on Budgetary System in a spring session of the Milli Majlis [parliament], Fazil Farajaliyev, the head of the Budget Management Department of the Finance Ministry told Trend.
31 March 2005 [16:18]

Azerbaijan will join World Trade Organization in the nearest few years

In the nearest date the next stage of the talks held for the purpose of the membership of Azerbaijan to World Trade Organization will be held.
31 March 2005 [16:10]

Talks with Thomas De La Rue to start next week

Baku will host consultations on issue of new denominated banknotes next week.
31 March 2005 [15:53]

All the wagons kept in borderline will be let to Georgia till the end of the week

22 wagons are kept in Boyuk Kesik station of Georgia-Azerbaijan border.
31 March 2005 [15:51]

PC assembly started in Ganja

"Ganja Industrial Production" joint-stock company, which produces calculators, children's games, electronic watch, telephones, TV sets and cash registers, has begun assembling the computers.
30 March 2005 [14:05]

Privatization of major mobile operator Azercell due in first half-year of 2005

The privatization of Azercell Joint-Venture is probable in the first year of 2005, Farhad Aliyev, the Minister for Economic Development, told Trend on Tuesday.
30 March 2005 [13:54]

Maximal transparency in gas sector of Azerbaijan, human watchdog

It is necessary to ensure transparency in the production, transportation and distribution of natural gas in Azerbaijan, as well as a process of collection of charges from consumers, Leyla Yunus, the Director of Institute of Peace and Democracy, told the roundtable held on Monday on the problem of gas supply to the country.
30 March 2005 [13:49]

Azerbaijan will face with problem gas insufficiency next winter season

Azerbaijan might face with a problem of insufficiency in gas supply in the winter period of 2005-2006, Etibar Pirverdiyev, the President of Azerenergy JSC, told journalists.
29 March 2005 [15:57]

Azerbaijan will purchase gas from Shah-Daniz

The Azerbaijani government an agreement with a consortium of Shah-Daniz gas project on purchase of natural gas from his field, Majid Karimov, the Minister for Industry and Energy, told Trend.
29 March 2005 [15:53]

Azeri Micro-Financing Bank alloted $23 mln. of credit

The Azerbaijan Micro-Financing Bank (AMFB) allocated $23m worth of credit. The Bank has recently allotted 10-month credit in the amount of $3,000 with 6 months for purchase of cargo automobile.
29 March 2005 [15:09]

Azeri government seeking opportunities to pay indemnity to citizens losing houses due to construction of U.S. Embassy building

The Azerbaijani Finance Ministry considers the compensation payments to people whose houses were raised to ground as a result of construction of the U.S. Embassy building are excessively increased, Avaz Alakbarov, the Azerbaijani Finance Ministry, told Trend.
26 March 2005 [16:17]

Shahdeniz to yearly produce 8,4 bln cubic meters of gas

Construction of 3 underwater pipelines 100 km in length each to pump gas extracted from Shahdeniz field to Sangachal terminal will start in June 2005, according to Azerbaijan International Operating Company.
25 March 2005 [17:21]

U.S. supports Kazakhstan's joining to BTC

The United States backs Kazakhstan's joining to the Baku-Tbilisi-Ceyhan main export oil pipeline, John Ordway, the U.S. Ambassador to Kazakhstan, told a news conference in Almaty.
25 March 2005 [17:12]

According to US state department, Azerbaijan does not face with money laundering problem

Meantime, Azerbaijan does not face with money laundering problem in big scope.
25 March 2005 [17:09]

Railway prepares documents to receive EBRD credit

The Azerbaijan State Railway Department (ASRD) is preparing technical ocuments to receive financing from the European Bank for Reconstruction and Development (EBRD).
24 March 2005 [15:01]

New air-terminal opened in Baku

A new cargo air terminal was opened at the Heydar Aliyev International Airport on Wednesday with Azerbaijani President Ilham Aliyev, Trend reports.
24 March 2005 [14:59]

Expenses for Shahdeniz expected 4.1 billion USD

Three oil wells of preliminary drilling have been bored on 'Shahdeniz' oilfield (Azerbaijani sector of the Caspian) at the length of 40 km from offshore, Azerbaijan International Operating Company (AIOC) reports.
24 March 2005 [14:33]

US company refuses from drilling on Zafar-Mashal field

ExxonMobil, a US company, has refused from drilling the second exploration well on the Zafar-Mashal, Natig Aliyev, the President of the State Oil Company of Azerbaijan (SOCAR) told journalists on Wednesday.
24 March 2005 [14:18]

SOCAR will be unable to pump oil via northern route in Apr-Jun

The State Oil Company of Azerbaijan (SOCAR) wil be unable to pump its oil via the Baku-Novorossiysk oil pipeline in April-June 2005 due to load of Azerbaijani quote with oil of the Azerbaijan International Operating Company (AIOC), Natik Aliyev, the President of SOCAR, told Trend.
22 March 2005 [21:26]

President of Halliburton met with Ilham Aliyev

President of the Azerbaijan Republic Ilham Aliyev on March 21 at the President Palace has received Mr. David Lesar, president of the Halliburton Company of the United States.
22 March 2005 [03:53]

Azerbaijan may consider attracting foreign forces for guarding of BTC

"If for guard of oil BTC ?i?eline the necessity of attracting international ?arty arises, then we may consider this issue".
22 March 2005 [03:49]

SOCAR comissions 8 new wells

The oil and gas ?roducing units (OGPU) of Azneft Production Association of the State Oil Com?any of Azerbaijan (SOCAR) ?ut into ex?loitation 8 wells in January to February, or 1 well less than the target. The wells were commissioned after drilling, Trend re?orts.
19 March 2005 [03:18]

EBRD ready to assist insurance market in Azerbaijan

The Euro?ean Bank for Reconstruction and Develo?ment (EBRD) is ready to consider o??ortunities for assistance in insurance market in Azerbaijan, if requested.
19 March 2005 [02:49]

Iranian Air Company launches new flights in Azerbaijan

Baku Office of Iran Air announced on its ?lans to o?en launch the first regular flight Tebriz-Baku on 28 March, Iranian agency IRNA re?orts.
19 March 2005 [02:47]

Pubic budget revenues implemented 93.4%, expenses 76.7%

The Finance Ministry of Azerbaijan ?ublicized o?erative data on the execution of the Public Budget in January to February 2005.
18 March 2005 [19:09]

Employees of Azerbaijan Airlines to be trained in Egypt

10 em?loyees of technical ?ersonnel of Azerbaijan airlines are to be trained in Egy?t from 7 to 21 A?ril in Cairo.
18 March 2005 [02:12]

Average monthly salary rises by 21.7% in Azerbaijan

In January to February of 2005, average monthly salary in Azerbaijan com?rised 533.000 manats ($108,727), 21.7% u? as com?ared to 2004, the State Statistics Committee told Trend.
18 March 2005 [02:08]

In BoxMore than 670 million dollars were invested to the economy in the first two months of this year

3.3 trillion manats (672.1 million dollars) were invested to the country economy in the first two months of the year, that is 5.2% more in comparison with January-February in 2004.
18 March 2005 [01:47]

Azeri GDP rose 8.5% in January-February 2005

In January to February 2005 the amount of the Gross Domestic Product of Azerbaijan has comprised 7031.8bn manats ($1434.4m at average exchange rate of 4902.2 AzM/USD fixed in January and February.
18 March 2005 [01:42]

Second int'l automobile exhibition started in Baku

The second international exhibition Autoshow opened at the Baku Sports and Exhibition Palace named after Heydar Aliyev on Wednesday, Trend reports.
16 March 2005 [22:40]

Cargo avia-terminal to open in Baku Airport named after Heydar Aliyev

A new cargo avia-terminal will be opened in the Baku international airport named after Heydar Aliyev on 23 March. President was invited honor the ceremony, Trend reports.
16 March 2005 [22:31]

Azerbaijan appeals for assistance of EBRD in insurance sector

The Azerbaijani Finance Ministry is ready to use assistance of the European Bank for Reconstruction and Development (EBRD) in the development insurance in the country.
16 March 2005 [14:06]

German Bank confirms a concept of project on rehabilitation of water supply system in Ganja, Shaki

German bank for development KfW has accorded with Azerbaijan a concept of the project on the rehabilitation of water supply system in Ganja and Shaki.
16 March 2005 [13:51]

Salyan Oil eager to set up exploitation well drilling

Salyan Oil Limited (SOL), an operating company involved in the development of Kursangi-Garabaghly onshore fields in Azerbaijan, plans to set up drilling of exploitation wells with the project depth of 3300-3400 meters in April 2005, Trend reports.
16 March 2005 [00:58]

98% of word processors manufactured on INTEL technologies in Azerbaijan

86% of computers produced in the world and 98% produced in Azerbaijan are based on INTEL technologies.