Business

25 October 2005 [14:33]

SOCAR started drilling of new well on “Govsan” oil field

State Oil Company of Azerbaijan started drilling a new well on the “Govsan” oil field with a designed depth of 3700 meters. About 200 meters have been drilled alreadyby the moment. The daily average drilling speed is 50 meters.
25 October 2005 [14:23]

New tanker “Shah Ismayil” arrived in Baku bay

The “Shah Ismayil” tanker has already reached Baku. It is the third, tanker under a project 19619. Shah Ismayil Khatai was built at the Krasnoye Sormovo shipyard, in the regional city of Nizhniy Novgorod, Russia.
25 October 2005 [13:16]

Bayva Energy threatens to leave if its request will not be answered

“The request made to the Cabinet of Ministers by “Bayva Energy” Management Center on canceling its contract has not been replied yet”, said the chief of press and law service of “Bayva” Tahir Alirzayev.
24 October 2005 [18:39]

War of Azeri Internet providers temporarily is over

Internet Service Providers of Azerbaijan, declaring on October 20 a complete blockade of addresses belonging to Azeronline and stopping e-mail exchange with Azeronline, decided temporarily to stop it due to November 6 elections. They also announced an ultimatum to Azeronline promising to continue the blockade if Azeronline does not change its policy.
24 October 2005 [15:29]

Azeri Gaz Bank prospers with its assets reaching mark of 68,9 billions AZM

“Over the last nine months Azeriqazbank (AGBank) reached considerable increase of financial outputs,” says a press release of the bank. The assets of AGBank grew 69.8 billions manats and comprised 262.7 billions.
24 October 2005 [13:48]

French government ready to finance equipment of Ganja and Nakhchivan airports

The French government has voiced its readiness to finance a purchase of an equipment for airports in Ganja and Nakhchivan through approval of a loan for purchase of navigation devices.
24 October 2005 [13:45]

Flight Baku-Cairo to be established soon

Azerbaijan agreed with the proposal of Egypt on opening of new flight between two countries. The aggrement was achieved as a result of repeated meetings of Yusif Ahmad Al-Sharkavi, the Egyptian Ambassador to Azerbaijan, with the head of AZAL Air Lines Company.
24 October 2005 [11:31]

SOFAR’s funds expected to reach $63.4 billions by 2024

“Azerbaijan soon will turn into a rich country,” Samir Sharifov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR), said during the meeting of the Consultative Commission of the Extractive Industry Transparency Initiatives (EITI) recently held in Washington.
22 October 2005 [14:54]

Kazakh oil from Kashagan Project may flow through BTC by the end of the year

Azerbaijan and Kazakhstan are about to sign an agreement on Kazakhstan pumping its oil through the Baku-Tbilisi-Ceyhan pipeline.
22 October 2005 [13:42]

Some expenses increased in the state budget for the year 2006

“The expenses envisaged in the public budget for 2006 were increased on some spheres,” said Avaz Alakbarov, the Finance Minister on the Parliament’s Friday meeting.
22 October 2005 [13:33]

70 percents of apartments in Ganja city are supplied with new electricity meters

The process of installing new electric-meters in apartments and houses of Ganja inhibitants is implemented on 70 percents.
22 October 2005 [00:56]

Leasing portfolio in Azerbaijan equals $24,5 millions

This information was spread on October 20 in the press release of the Project of Leasing Development in Azerbaijan, implemented by International Finance Corporation (IFC – a group of World Bank)
22 October 2005 [00:27]

Over 100 companies will participate in the XI International Telecommunication and Information Technologies Exhibition

20.10.2005. BAKU. XI International Telecommunication and Information Technologies Exhibition will be held in Baku on October 26-29.
22 October 2005 [00:17]

Azerbaijan is ready to sign credit agreement on construction of Alat - Astara highway

The government of Azerbaijan plans to sign an agreement on Alat-Astara highway project with the International Bank of Reconstruction and Development (IBRD) and the Asian Development Bank in 2005. Azerbaijan plans to bore around $300millions from the World Bank (WB) and $100millions from the ADB.
21 October 2005 [18:33]

Azpetrol informs that none of its accounts have been frozen

Azpetrol rejects incorrect press reports stating that the Company's bank accounts have been frozen.
21 October 2005 [17:04]

50 Azeri businessmen prepare to participate in packing mechanisms exhibiton in Istanbul

Azerbaijan is going to participate in the XI Packaging Industry exhibition that will take place in TUYAP Istanbul Exhibition Center on November 9-13.
21 October 2005 [12:11]

The oil from BTC pipeline will reach Ceyhan without delays

Today general director of the BTC Company and the head of the State Oil Company of Azerbaijan Republic [SOCAR] announced that the BTC Co. will not delay the oil shipment.
20 October 2005 [20:26]

Delegations from Azerbaijan will participate in tourism exhibitions in London and Istanbul

Azerbaijan is going to be represented at "World Travel Market" exhibition in London and "The First Tourist Exhibiton of the Countries of the Organization of Islamic Conference" in Istanbul
20 October 2005 [11:39]

The first cargo of Azeri crude will not be received in Ceyhan,Turkey until the first quarter of the year 2006

David Woodward, the head of BP-Azerbaijan explains that delay was caused by construction difficulties in Turkey. However BP-Azerbaijan plans to catch up with the schedule.
19 October 2005 [21:10]

400,1 million AZM is planned to accumulate on state insurance payments in 2006

Chairman of the State Social Security Fund provides financial forecast at the October 19 session of the Parliament.
19 October 2005 [17:50]

Azerbaijan takes 137 place on the corruption index consisting out of 159 countries

Transparency International published its Corruption Index for the year 2005
19 October 2005 [17:37]

Azerbaijani-Russian business forum on tourism will be held in St. Petersburg

Russian and Azeri businessmen are going to meet in St. Petersburg on November 14-16 and discuss ways of mutual cooperation in tourism sector.
19 October 2005 [15:42]

Azpetrol's president Rafig Aliyev is arrested

The President of Azpetrol Company Rafig Aliyev is arrested by the Ministry of National Security
19 October 2005 [10:46]

Technical inflation awaits newborn Manat

National Parliament meets on October 18, the Day of National Independence, to discuss the project of a budget for the year 2006
19 October 2005 [01:37]

Producer and retailer come to a mutual agreement

"Barmek Azerbaijan" deducts debts of the first category consumers and SOCAR from the amount to be paid to Azerenerji JSC
18 October 2005 [21:02]

Azeri oil market: results of the week

In the period January-November Socar will sell less than it did last year in the same period.
18 October 2005 [14:17]

Baku Build exhibition expands

11th Azerbaijan International Exhibition "Construction and Interiors, Heating and Ventilation" opening on October 19 will include new sectors and 180 participant companies.
18 October 2005 [10:07]

Gross Domestic Product climbes 21,8 percents up

Figures provided by Trend news agency show steady growth in the economy
08 October 2005 [13:59]

Baku declaration on establishment of Eurasian Businessmen’s Union signed

Press conference dedicated to the results of the international meeting “1st Baku meeting for Eurasian Businessmen’s Union” was held in “Excelsior” hotel yesterday.
08 October 2005 [13:54]

Bill “On the state budget of 2006” was recommended to the parliament

The bill “On the state budget of 2006” was discussed with participation of the Economic policy, Agrarian policy, Science and education, Law policy and state construction questions, Social policy and other commissions of Milli Majlis yesterday.
08 October 2005 [13:50]

Political scientist Ilya Zaslavski: “The BTC project will weaken European Union’s dependence on OPEC”

The book entitled “The question of pipe. Baku-Tbilisi-Ceyhan and Kazakhstan’s choice in the Caspian Sea” written by Political scientist Ilya Zaslavski was presented in Moscow.
08 October 2005 [12:04]

International conference on “Privatization and its impact on capital markets development” will take place in Baku

International conference on “Privatization and its impact on capital markets development” will take place in Baku on 11 October.
05 October 2005 [09:44]

“Garadagh Cement” can take the Azeri Ministry of Taxes to the International Court

“If the Appellation and Supreme Courts do not satisfy our complaint, the “Garadagh Cement” Open Joint-Stock Company (OJSC) will take the Ministry of Taxes (MT) to the International Court for the purpose of protecting its rights”.
05 October 2005 [09:26]

It is impossible to clean completely local pollutions in the Apsheron peninsula

“There are local pollutions creating a radioactive source in the Apsheron peninsula. However, these local pollutions create low radiation and that is why don’t affect in the general norm”.
05 October 2005 [08:55]

Mahmud Mammadkuliyev: “It is worth neither haste, nor be slow at negotiations with WTO”

Azerbaijan should not be either hasty or slow at the consultations to join the World Trade Organization (WTO), deputy Foreign Minister of Azerbaijan Mahmud Mammadkuliyev told Trend.
05 October 2005 [08:41]

“Garadagh Cement”: “If a weak earthquake happens in the country, most of newly constructed buildings will tumble down”

“There are serious problems in the building sector of Azerbaijan. If a weak earthquake happens in the country, most of newly constructed buildings will tumble down”.
05 October 2005 [08:40]

Action plan of tourism development in Azerbaijan to be submitted to President

An action plan on development of tourism in Azerbaijan, developed by the US experts with financial support from the Department of State will be submitted to the President shortly.
05 October 2005 [08:35]

New air flight to be opened between Baku and Sofia

New direct air flight may be opened between Baku and Sofia soon.
29 September 2005 [10:09]

Russia not to authorize sailing of Azerbaijan’s ships in interior waters of Russia

The neighbor country still does not authorize the sailing of Azerbaijan’s ships in the interior waters of Russia.
29 September 2005 [09:49]

Pensions to be increased next year

Pensions will be increased next year.
29 September 2005 [08:42]

First 50 thousand insurance certificates to be given to employees recently

The first party of social insurance certificates to be given to citizens working in Azerbaijan was already brought.
29 September 2005 [08:08]

Over $80 million invested in Nakhchevan AR

From January to August 2005, 368336,3 million AZM (over $80 million) were invested in the Nakhchevan Autonomous Republic (NAR), which is for 48,5% more of the same period of 2004. From this amount 311964,4 million AZM (about $68 million) were invested in constructing and mounting works, the growth made up 33,4%.
23 September 2005 [10:06]

William Toll: “International aid to the country should be stopped because of the economical development of Azerbaijan”

The decrease of international humanitarian aid to refugees and internally displaced persons continue parallel with the enrichment of the country.
23 September 2005 [09:21]

First 600,000 barrels of Azeri Light Oil delivered to Ceyhan for testing terminal

The batch of the Azeri Light oil was delivered in the first ten days of September to the Turkish port of Ceyhan from the Georgian Black Sea port Supsa for testing the terminal and filling up the part of the oil pipeline Baku-Tbilisi-Ceyhan.
23 September 2005 [09:11]

Application of CDMA technologies to be expanded in Azerbaijan

The “Huawei” company acting on marketing and analysis researches of the telecommunication market in Azerbaijan since 2001 began installation of the new equipments in “Aztelecom” and Baku Telephone Communication production unions for implementation of application of the new CDMA technologies.
23 September 2005 [08:54]

“Bank of Baku” joined the TRAVELEX money transfer system

“Bank of Baku” has begun serving in the frame of the TRAVELEX urgent money transfer international system since September 20.
23 September 2005 [08:43]

Azerbaijan leads for economic growth in CIS

(ITAR-TASS) – Azerbaijan is an indisputable leader in CIS for the economic growth pace.
23 September 2005 [08:40]

Azerbaijani delegation will visit the Turkish Republic of North Cyprus

Delegation composed of Azerbaijani deputies, intellectuals and cultural figures will visit the Turkish Republic of North Cyprus (TRNC) in early October.
23 September 2005 [08:38]

Garadagh Cement gives up temporarily implementation of its investment program

The Open Joint Stock Company (OJSC) Garadagh Cement refuses temporarily from implementation of its investment program.
20 September 2005 [12:07]

Profits of enterprises in fist half-year grow 16.7%

The balance profits of 72.9% of enterprises and organizations of Azerbaijan made up 4480.1 bn manats in the first half-year of 2005.
20 September 2005 [11:42]

Foreign investors declined developing “Pirallahi” oil field

After studies conducted a number of foreign companies refused from the project on rehabilitation and development of the of the off-shore oil-field “Pirallahi”, which is currently operated by the State Oil Company of Azerbaijan (SOCAR).
20 September 2005 [11:23]

Azeri gov’t takes extreme measures to lift currency crisis

The Azerbaijani government held an irregular meeting in early hours of Monday to lift the crisis which broke out on 17 September as a result of irregular fall in the rates of US dollar in regard to Azerbaijani manat.
20 September 2005 [11:15]

GUAM fms discuss implementation of resolutions of Chisinau Summit in New York

(Novosti-Ukraine) – The tenth session of the GUAM Council of Foreign Misters in New York under the UN Summit 2005.
16 September 2005 [10:26]

Wireless Internet will reach the mass market in Baku

iBurst technology allows to do it without any problem.
14 September 2005 [09:43]

Foreign investors still interested in some Azerbaijani oil fields

Some foreign companies are in consultations with the State Oil Company of Azerbaijan (SOCAR) on the prospective development of onshore and offshore fields of the country.
14 September 2005 [09:06]

McDermott launched construction of underwater pipeline in framework of “Shakh-Deniz” project

The American McDermott launched construction this week of the underwater pipeline in the framework of the «Stage-1» of the project on development of the gas condensate deposit «Shakh- Deniz” in the Azerbaijani sector of the Caspian Sea. McDermott (a BP contractor) started constructing the pipeline for pumping the gas condensate from “Shakh-Deniz”.
13 September 2005 [10:09]

Cotton yield was about 45,000 tons

Since the start of the year the cotton yield in the regions of Azerbaijan was 44 657 tons.
13 September 2005 [10:02]

Turkey plans to receive up to $200 million as direct revenues from BTC project

During the first 16 years of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline operation Turkey expects to receive up to $200 million direct revenues along with the indirect ones, the official site of the Turkish Botas company, engaged in the BTC construction on it’s country’s territory says.
13 September 2005 [09:51]

Plants also will be insured in Azerbaijan

Plants will also be insured in Azerbaijan.
13 September 2005 [09:00]

Government and commercial mission of Oklahoma state is in Baku

A delegation of government and commercial representatives from the U.S. state of Oklahoma is visiting Baku from September 11 to September 16, 2005.
13 September 2005 [08:41]

Ministry of Communications invested about $14 million in it-sphere

The Ministry of Communications and Information Technologies (MCIT) of Azerbaijan invested 62715,7 million AZM ($13,69 million) for the 8 months of the current year.
13 September 2005 [08:33]

Ganja automobile factory to assemble uaz cars of 14 modifications

The Ganja automobile plant (GAP) has set up assembling of cars of different models of the Ulyanovsk Automobile Plant (UAP).
13 September 2005 [08:29]

International conference on liberalization of electric energy market held in Baku

The International Conference on liberalization of energy and Azerbaijani electric energy distribution model was held at Ataturk Center in Baku.
09 September 2005 [10:05]

Azerbaijan and Bulgaria plan to sign agreements in agricultural sphere

During the expected official visit of the Azerbaijan’s President Ilham Aliyev to Bulgaria signing of two agreements in the agricultural sphere is planned. Among the documents is a convention in the veterinary sphere and phyto-sanitation, as well as an agreement on cooperation in the quarantine and protection of plants areas.
09 September 2005 [09:59]

Delegation of executive directors of Asian Bank of Development plans to visit Azerbaijan

Members of the Asian Development Bank's Board of Directors will visit Azerbaijan from 10-14 September 2005.
09 September 2005 [09:32]

Exhibition on domestic tourism to be held in Baku

The exhibition on the domestic tourism in Azerbaijan will be held on 1 October 2005 in Baku.
08 September 2005 [11:12]

Deputy minister Natik Amirov commented on situation with Garadag Cement

"It is the right of any tax payer to apply to the court in case he does not agree with the decision of the tax body.”
08 September 2005 [10:41]

Ilham Aliyev: “Targeted economic policy enabled to implement radical changes in economic development of Azerbaijan”

Radical changes, carried out in Azerbaijan for the last years and the targeted economic policy enabled to implement fundamental changes in the economic development.
08 September 2005 [10:02]

Azerbaijan needs up to 8 billion cubic meters gas a year for meeting its domestic demands

Azerbaijan needs 7-8 billion of cubic meters of gas a year for meeting its domestic demands.
08 September 2005 [10:00]

Old currency bills to be removed from the circulation in Azerbaijan by 1 January 2007

Old currency bills will remain in the circulation for a year, and be removed from the circulation by 1 January 2007.
08 September 2005 [09:34]

Consultations on development of Azerbaijani-Polish relations to take place in Warsaw

A delegation headed by the Vice-Premier of the Azerbaijan’s government Abid Sharifov is in Warsaw now.
08 September 2005 [09:32]

Two prices to be shown on goods in Azerbaijan starting from 1 October

The prices of goods will be shown by both old manat and new manat in all retail shops and purchase and sale objects by 1 October.
08 September 2005 [09:03]

BTC Co board of directors to sit in Ankara

The Board of Directors of ??? ?? will hold a meeting in Ankara, Turkey, on Friday.
08 September 2005 [08:59]

New Polish ambassador intends to develop economic relations with Azerbaijan

“The political relations between Azerbaijan and Poland are in the highest level, but we have good opportunity to develop economic relations, particularly, increase goods turnover.”