Business

14 March 2009 [13:54]

SOCAR transfers over 1,000,000 tons of oil for refining this year

In January-February of this year the State Oil Company of Azerbaijan transferred 1,007,820 tons of oil for refining in January-February of this year, according to SOCAR's press service, Novosti-Azerbaijan reports.
14 March 2009 [12:31]

Strong macroeconomic potential created in Azerbaijan: NBA Chairman

In spite of the intensifying of the global crisis since August 2008, the growth rates in the Azerbaijan economy demonstrated two-figure increase, said the Chairman of the Board of the National Bank of Azerbaijan Elman Rustamov on March 13.
14 March 2009 [11:30]

Azerbaijan Tax Ministry suspends exit control through time-keeping

Azerbaijani Tax Ministry suspended the exit tax control through time-keeping with taxpayers engaged in certain activities in order to prevent the possible influence of the financial crisis on the country.
14 March 2009 [10:47]

First Vice Premier: "There is a plan to reduce poverty level of population to the level of economically developed countries by 2015 in Azerbaijan"

"In 2008 GDP of Azerbaijan made AZN 38 bln growing 10.8% as compared to 2007, said first vice premier Yagub Eyubov making a report of the Azerbaijani government by results of the socioeconomic development of the country in 2008.
13 March 2009 [18:19]

Oqtay Asadov: "In 2008 economic growth in Azerbaijan made 11%"

Last year the economic growth in Azerbaijan made 11%, said Milli Medjlis speaker Oqtay Asadov at a plenary session of the parliament on discussion of the report of the Azerbaijani government by results of the socioeconomic development of the country in 2008.
13 March 2009 [14:35]

Azerbaijani, Russian governments to ink agreement to protect and promote mutual investments

The Azerbaijani and Russian governments plan to sign an agreement to protect and promote mutual investments, Russian Ambassador to Azerbaijan Vasiliy Istratov told journalists on March 13.
12 March 2009 [17:53]

Azerbaijan's January external commodity turnover makes $1.2 bln

In January of this year Azerbaijan conducted export and import operations with 92 countries in the amount of $1.2 bln, according to sources in the State Statistical Committee, according to Novosti-Azerbaijan.
12 March 2009 [13:30]

Azerbaijan, Lithuania to discuss energy security

Lithuanian Foreign Minister Vygaudas Ushatskas will discuss energy security cooperation between Azerbaijan and Lithuania in Baku, Lithuanian Ambassador to Azerbaijan Kestutis Kudzmanas told Trend News on March 11.
12 March 2009 [13:26]

Population gets consumer goods of AZN 1.8 bln in Azerbaijan in January-February

Through two months since the beginning of this year Azerbaijani population got consumer goods in the amount of AZN 1.8 bln ($2.2 bln under the exchange rate of AZN 0.805 per dollar), said sources in the State Statistical Committee, according to Novosti-Azerbaijan.
12 March 2009 [13:20]

Laboratory on analysis of genomodified foodstuffs suggested in Azerbaijan

Chairman of the Union of Free Consumers Union Eyub Huseynov considers that it is necessary to open a lab on the analysis of genomodified foodstuffs in Azerbaijan.
12 March 2009 [13:11]

Prices on tourism services cut in Azerbaijan

Fight for tourists has intensified between Azerbaijani hotels due to drop in prices on tourism services, said Minister of Culture and Tourism Abulfaz Garayev at the Baku Information Center Thursday.
12 March 2009 [12:29]

First meeting of Union of Azerbaijani, Ukrainian Presidents to be held in Baku

The first meeting of the Union of Azerbaijani and Ukrainian Presidents will be held in Baku during Ukrainian President Viktor Yushchnko's visit to Azerbaijan.
12 March 2009 [10:07]

Works will be resumed on Baku-Tbilisi-Kars railroad

The restoration of land works in Georgia in the framework of the construction of the Baku-Tbilisi-Kars railroad is expected from March 15.
10 March 2009 [17:37]

Azerbaijan processes over 1 mln tons of oil this year

In January-February of 2009 Azerbaijan processed 1,025,130 tons of oil, said the press service for the State Oil Company of Azerbaijan, according to Novosti-Azerbaijan.
10 March 2009 [14:38]

British FM: "Ukraine, Belarus and Azerbaijan should join efforts to ensure EU energy security"

British Foreign Minister David Miliband delivered a lecture on "European Union in present century" at the London economic school, according to Turkish Cihan news agency.
07 March 2009 [09:48]

Azerbaijani delegation to attended forum on Eurasian economic security in Kazakhstan

On March 11-12 "The Economic club of Eurasian scientists", Ministry of Economic and Budget Planning and Institute of Economic Studies of Kazakhstan will hold the second economic forum on "The Eurasian economic security in the system of global risks" in Astana, according to AzerTac.
06 March 2009 [18:31]

IMF: Economic recession may last until 2010

The world’s rich economies are shrinking at rates not seen since the Second World War and the downturn may last into 2010, justifying unprecedented policy responses, said an International Monetary Fund official said.
06 March 2009 [16:46]

Azerbaijan ranking 4th on minimal pensions among CIS and Baltic states

Azerbaijan is ranking fourth among the CIS and Baltic states by the minimal pension, according to chairman of the State Fund of Social Protection of Azerbaijan Salim Muslimov, reports Novosti-Azerbaijan.
06 March 2009 [11:53]

Davud Mamedov: "The increase in the gas production in the country led to reduction in the black oil demand"

SOCAR Vice President for Refinery, Davud Mammadov, spoke with Trend Capital in an exclusive interview:
05 March 2009 [16:38]

Azerbaijan ranks up in new tourism index

Azerbaijan with a score of 3.84 has moved up three ranks from last year to share 76-77 places with Ukraine among 133 countries, according to the third annual Travel & Tourism Competitiveness Report, published by the World Economic Forum.
05 March 2009 [13:19]

Air communication to open between Saint-Petersburg and Ganja

Second larger cities of Azerbaijan and Russia - Ganja and Saint-Peterburg will be bound with air communication.
05 March 2009 [13:09]

Baku to discuss prospects of cooperation between Azerbaijan and France

Prospects of cooperation between Azerbaijan and France will be discussed at the session of the intergovernmental commission on economic cooperation Azerbaijan-France to be held in Baku on March 19, said French ambassador to Azerbaijan Gabriel Keller, according to Novosti-Azerbaijan.
04 March 2009 [12:11]

Baku-Novorossiysk pipeline exports 385,640 tons of oil

In January-February of this year the Novorossiysk port of Russia exported 385,640 tons of Azerbaijani oil, according to the press service for the State Oil Company of Azerbaijan, Novosti-Azerbaijan reports.
03 March 2009 [16:33]

Non-oil GDP grows 2.8% in Azerbaijan

The non-oil GDP of Azerbaijan grew 2.8% in January, according to sources in the National Bank, Novosti-Azerbaijan reports.
03 March 2009 [10:06]

Session of European Commission of World Tourism Organization to be held in Baku

The next 49th session of the European commission of the World tourism organization will be held in Baku on March 24-26, according to AzerTac.
02 March 2009 [16:01]

Sea cargo transport up 31% in Azerbaijan in January

Cargo shipments via sea saw a 30.8-percent increase in January of this year, having stood at 893,000 tons of goods, according to Azerbaijan`s State Statistical Committee.
02 March 2009 [13:56]

Swiss company purchases next Azeri oil shipment from Novorossiysk

SOCAR Department of Marketing and Economic Operations has completed the marketing poll on expert of REBCO Azeri oil shipment, sixth in 2009, from the port of Novorossiysk (Russia), according to the department, Novosti-Azerbaijan reports.
27 February 2009 [15:47]

Elman Rustamov: "Manat devaluation in Azerbaijan not actual"

The National Bank of Azerbaijan is planning to ensure stability of the national currency rate, said chairman of the National Bank of Azerbaijan at a press conference Friday.
27 February 2009 [14:37]

Elman Rustamov: "Inflation of 5-6% is optimal for Azerbaijan for 2009"

Chairman of the National Bank of Azerbaijan Elman Rustamov considers inflation of 5-6% to be optimal for 2009.
27 February 2009 [13:42]

Investments in Azerbaijan’s oil and gas contracts amount to $30 billion: SOCAR head

Investments in Azerbaijan's 27 oil and gas contracts which were signed with foreign companies amounted to $30 billion, State Oil Company of Azerbaijan Republic (SOCAR) President Rovnag Abdullayev told journalists on Feb. 27, according to Trend Capital.
27 February 2009 [12:48]

Azerbaijan re-imposes VAT on wheat and flour imports from April 1

Azerbaijan will re-impose the Value Added Tax on food wheat and flour imports from April 1 a year after the tax was scrapped, said Ismat Abasov, Minister of Agriculture.
27 February 2009 [12:46]

Program of raising level of gasification of population developed in Azerbaijan

By the end of 2013 Azerigaz plans to raise the level of gas supplies to Azerbaijani population up to 93-95% from current 85%, said deputy chairman of Azerigaz Nazim Samedzade, according to Trend Capital.
26 February 2009 [18:39]

SOFAR budget for 2009 completed

The SOFAR budget for 2009 has already been developed, according to SOFAR chief executive Shahmar Movsumov, Novosti-Azerbaijan reports.
26 February 2009 [14:18]

New air communication between Athens and Baku to open

"Consultations on opening a new air line Athens-Baku to connect the capitals of Azerbaijan and Greece continue by diplomatic channels", said Greek ambassador to Azerbaijan Johannes Metaksas, according to AzerTac.
26 February 2009 [12:04]

Azerbaijan-Greece intergovernmental economic commission to hold a session in Baku

The third session of the intergovernmental economic commission Azerbaijan-Greece will be held in the capital of Azerbaijan - Baku, according to AzerTac.
18 February 2009 [15:40]

Armenian FM: "Azerbaijan is inciting national hatred"

During the visit to Warsaw Armenian FM Edward Nalbadyan visited OSCE/ODIHR where he met with head of the office Yanush Lenrchik.
18 February 2009 [14:54]

National Bank of Ukraine includes Azerbaijan on the list of countries not recommended for business

The National Bank of Ukraine has instructed the local banks to take into account recommendations of UN, FATF, MONEYVAL and other international organizations that influence assessment of risks of the countries and jurisdictions.
17 February 2009 [18:08]

Mortgage lending might be resumed in Azerbaijan

Probably the Azerbaijani Mortgage Foundation will resume mortgage lending this year.
17 February 2009 [17:32]

Investment conference to be held in Azerbaijan

The Azerbaijan Investment Company in cooperation with the US Agency on International Development will hold an investment conference in Sheki on March 3.
17 February 2009 [16:19]

Entrepreneurs from Azerbaijan study experience in the sphere of social dialogue development in Germany

A delegation, led by president of the National organization of entrepreneurs of Azerbaijan Alekper Mamedov is paying a working visit to Germany.
17 February 2009 [15:00]

Drop in prices on real estate property in Baku continues

"Real estate prices continue falling down in the capital city", said Ramil Osmanov, chief executive of the public association "Real estate market participants" speaking about the situation on the real estate market.
17 February 2009 [14:31]

Azerbaijan among top five countries on volumes of investments to Istanbul's economy

Last year the commercial chamber of Istanbul registered 125 companies from Azerbaijan, 451 from Germany, 358 from Netherlands and 170 from Iran.
16 February 2009 [17:00]

Azerbaijan's status in Extractive Industries Transparency Initiative confirmed

An international conference on Extractive Industries Transparency Initiative was launched in Doha (Qatar), said sources in the State Oil Fund of Azerbaijan.
16 February 2009 [16:42]

Sumgayitelektrikshebeke: "An agreement has been attained on payment of two month electricity debt by Azersu company"

Sumgayitelektrikshebeke stock company has made a concession to Azersu company in the issue of repayment of debt for electricity, said spokesman for Sumgayitelektrikshebeke Anar Guliyev.
16 February 2009 [13:31]

Azerbaijani Finance Minister: "World financial crisis has not affected the insurance sector of Azerbaijan"

The global financial crisis has not caused problems in the insurance sector of Azerbaijan, said chief of department of the state insurance control under the Finance Ministry Namik Khalilov.
16 February 2009 [12:00]

SOCAR joins Dinar Standard 100 rating

The research group to study market of the OIC member-states - DinarStandardis has released a rating of 100 best companies of 2008.
13 February 2009 [14:35]

Glencore Energy purchases 1 mln oil barrels from Azerbaijan

SOCAR department of marketing and economic operations of Azerbaijan has declared Glencore Energy UK Ltd (Great Britain) a purchaser of 1 mln Azeri Light oil barrels, according to the SOCAR press service.
13 February 2009 [13:23]

President of Azerbaijan: "Development of the non-oil sector in Azerbaijan was not slower than of the oil sector"

President of Azerbaijan Ilham Aliyev considers it necessary to reduce country's dependence on oil to minimum in the future.
13 February 2009 [12:57]

Governor of Belarus Minsk region to arrive in Azerbaijan

A delegation of the Minsk region of Belarus to be led by governor of this region Leodin Krupets is planning to visit Azerbaijan on February 23-26, according to AzerTac.
13 February 2009 [12:25]

Session of Azerbaijani-Jordan intergovernmental commission to be held in Amman

The first session of the Azerbaijan-Jordan intergovernmental commission on trade-economic and technical cooperation will be held in the capital of Jordan Amman on February 25-26, according to AzerTac.
13 February 2009 [11:12]

President of Azerbaijan inaugurates Baku international bus station complex

Azerbaijan President Ilham Aliyev has today inaugurated the Baku International Bus Station Complex.
13 February 2009 [10:38]

President of Azerbaijan inaugurates tunnel on Khyrdalan circle

President Ilham Aliyev inaugurated a tunnel on the Khyrdalan circle at the 11th km point of the Baku-Guba-Russia border highway.
13 February 2009 [09:59]

President of Azerbaijan inaugurates interchange on 16th km point of Baku-Guba-Russia border highway

President Ilham Aliyev attended an inauguration ceremony of an interchange on the 16th km point of the Baku-Guba-Russia border highway.
12 February 2009 [15:40]

Vahid Ahmedov: "Reduction of basic oil price in the state budget of Azerbaijan for 2009 can be viewed in the parliament in May-June"

"The drop in basic oil price in the state budget for 2009 can be viewed in the Azerbaijani parliament only in May-June", said member of the standing commission of Milli Medjlis on economic policy Vahid Ahmedov.
11 February 2009 [12:51]

Taurus Petroleum Limited purchases Azeri Light oil shipment from Azerbaijan

SOCAR department of marketing and economic operations declared Taurus Petroleum Limited (Switzerland) the purchaser of 600,000 Azeri Light oil barrels.
10 February 2009 [17:38]

Law on combat against money laundering adopted in Azerbaijan

At today's plenary session of Milli Medjlis deputies in the third reading adopted a draft law "On combat against legalization of illegal money or other property and financing terrorism".
10 February 2009 [12:59]

Water to be fully cut to Baku and Sumgayit

Electricity supply to the pumping stations of the objects of water economy of the Azersu stock company, according to the press service for the open stock company Sumgayitelektrikshebeke.
09 February 2009 [10:08]

Azerbaijan to take part in international tourism exhibition in Turkey

The International exhibition of tourism and travels of East Mediterranean - EMITT will be held in Istanbul (Turkey) on February 12-15.
07 February 2009 [13:45]

Eyub Huseynov: "The situation on the foodstuffs market in Azerbaijan is growing worse each year"

The foodstuffs market of Azerbaijan is in a poor state, said chairman of the Union of Free Consumers Eyub Huseynov speaking about the situation on the foodstuffs market of Azerbaijan.
07 February 2009 [10:23]

Sumato Energy purchases next Azeri Light oil shipment from Azerbaijan

SOCAR department of Marketing and Economic Operations declared Sumato Energy Group Limited (New Zealand) the purchaser of 1 mln barrels of AzeriLight oil, according to the press service for SOCAR.
06 February 2009 [17:41]

Forum on cooperation of entrepreneurs of Azerbaijan and South Korea in the sphere of ICT use held in Baku

Azerbaijani Ministry of Economic Development organized a forum on "Cooperation of small and middle enterprises of Azerbaijan and Korea in the sphere of use of advanced information and communication technologies".
06 February 2009 [17:22]

Ismet Abbasov: "Crisis is not dangerous for Azerbaijan as we produce 90% of essential goods"

Azerbaijani Minister of Agriculture Ismet Abbasov is positively assessing the situation in agriculture.
05 February 2009 [18:41]

Azerbaijan exports goods on $47.7 bln last year

In 2008 Azerbaijan conducted import and export transactions with 140 countries of a total of $54.9 bln, said sources from the State Statistical Committee.
05 February 2009 [18:26]

New oil refineries to be built in Baku

Certain corrections have been introduced to the SOCAR project due to the drop in oil prices on the world markets, said SOCAR president Rovnag Abdullayev, according to Novosti-Azerbaijan.