Business

30 October 2008 [10:33]

US Commerce Deputy Secretary: "SOCAR has gained wide influence throughout the world"

SOCAR President Rovnag Abdullayev received a delegation, led by US Commerce Deputy Secretary John Sullivan on October 29.
30 October 2008 [10:13]

Azerbaijan covers electricity debt to Iran

Azerbaijan has completely covered its electricity arrears owed to Iran, said AzerEnerji.
29 October 2008 [14:48]

President of Azerbaijan receives US Commerce Deputy Secretary

President of Azerbaijan Ilham Aliyev received a delegation led by John Sullivan, US Commerce Deputy Secretary, reports Day.Az with reference to AzerTac.
29 October 2008 [13:55]

Real effective exchange rate of the manat climbs 15.1%

The real effective exchange rate (REER) of the manat (national currency) climbed 15.1% during January-September, an eight-year high since 2000, said the National Bank of Azerbaijan.
29 October 2008 [10:29]

Saipem wins contract for maintenance of BP offshore facilities in Azerbaijan

Saipem, Europe's biggest oil-field services contractor by market value, won a contract in Azerbaijan.
29 October 2008 [10:26]

Azerbaijan, Iran to discuss gas export next week

Azerbaijan and Iran will explore the possibility of a proposed gas deal in Tehran on November 3, ISNA reported.
28 October 2008 [18:00]

Georgian President to attend fourth energy summit in Baku

President of Georgia Mikhail Saakashvili will attend the fourth energy summit to be held in Baku on November 14.
28 October 2008 [17:06]

US Commerce Deputy Secretary arrives in Azerbaijan

US Commerce Deputy Secretary John Sullivan will arrive in Azerbaijan on Wednesday, US ambassador to Azerbaijan Anne Derse told journalists, APA reports.
27 October 2008 [15:54]

Azerbaijan raises passenger car import by 51%

In January-September of 2008 Azerbaijan imported 62,942 passenger cars.
27 October 2008 [14:35]

Session of railway administrations of CIS and Baltic states held in Baku

A two-week session of the railway administrations of the CIS and Baltic states started in Baku.
27 October 2008 [14:29]

Azerbaijani Railway Company predicting transportation of 35 mln tons of cargo in 2009

The Azerbaijan Railway Company is predicting transportation of 35 mln tons of cargo for 2009, according to sources from the company.
27 October 2008 [13:59]

Presentation of export catalogue of Azerbaijan to be held in Baku

The Azerbaijan Export and Investments Encouragement Foundation will hold a presentation of the export catalogue of Azerbaijan, prepared by Azerbaijani Marketing Sкаталогociety, on October 27.
27 October 2008 [12:07]

Gubad Ibadoghlu: "Oil price drop showed that Azerbaijan's dependence on oil prices is too dangerous for the country"

Day.Az interview with Gubad Ibadoghlu, famous economist and head of the Economic Research Center.
27 October 2008 [10:51]

Azad Javadov: "Bank depositors in Azerbaijan do not have to worry"

Azerbaijan has sufficient monetary reserves ($17 bln) to resist a situation when crisis would lead to bankruptcy of Azerbaijani banks", said chief executive of the Azerbaijan Deposits Insurance Foundation Azad Javadov.
27 October 2008 [10:22]

Price of Azerbaijani gas not to increase for Georgia

Price of Azerbaijani gas will not be increased for Georgia, reports Rustavi 2 TV company, speaking of results of the meeting of the presidents of Georgia and Azerbaijan in Baku.
27 October 2008 [10:13]

IBA planning to allocate AZN 10,000,000 for its mortgage lending program

The International Bank of Azerbaijan is planning to allocate mortgage loans in the amount of AZN 10 mln in 2009, said chairman of the board of the International Bank of Azerbaijan Cahangir Hajiyev.
25 October 2008 [09:34]

Inglab Ahmedov: "Economic perspectives of Azerbaijan seem gloomy"

Day.Az interview with famous economic expert Inglab Ahmedov.
24 October 2008 [13:59]

New highways to be put in service in Azerbaijani regions by the end of the year

Akkord Inshaat Senaye plans to put into service highways in the regions of Azerbaijan, said sources from the company’s architecture and design department.
24 October 2008 [13:39]

Elman Rustamov: "Azerbaijan has passed to the most conservative model of country's monetary reserves management"

Azerbaijan has passed to the most conservative model of country's monetary reserves management, said chairman of the board of the National Bank of Azerbaijan Elman Rustamov.
24 October 2008 [12:14]

Elman Rustamov: "We will spare no efforts for the world financial crisis to bypass us"

Azerbaijan has no fundamental grounds for the world economic crisis to influence it, said chairman of NBA directors' board Elman Rustamov.
24 October 2008 [11:50]

Ilham Shaban: "Azerbaijan Economic Development Ministry has made an unreal forecast"

The Ministry of Economic Development has developed an unreal forecast for 2009, said Ilham Shaban, head of the center of oil studies.
24 October 2008 [11:04]

Oqtay Ahverdiyev: "The world financial crisis has affected Azerbaijan only partially"

It is possible to say that Azerbaijan has not sustained losses from the world financial crisis, said famous political economist Oqtay Ahverdiyev.
24 October 2008 [09:56]

General director of CIS Financial and Banking council: "Azerbaijan can become a participant of the CIS united payment system"

Azerbaijan, Russia, Kazakhstan and, perhaps, Ukraine and Belarus can become members of the united payment system of the CIS states, considers Pavel Nefidov, general director of the CIS Financial and Banking council.
24 October 2008 [09:47]

Azerbaijan may become one of the financial centers of CIS

Azerbaijan may become one of the financial centers of the CIS due to its rapid economic growth and stably developing banking sector, said chairman of the IBA-Moscow board Fuad Abdullayev at a press conference in Baku.
23 October 2008 [15:08]

Romanian-Azerbaijani business forum held in Bucharest

Romanian-Azerbaijani business forum was held in Bucharest on October 20-23, reported sources from the Azerbaijani embassy to Romania.
23 October 2008 [14:18]

Baku-Kars air flights to be suspended

Azerbaijani Turan Air will suspend Baku-Kars flights from October 24 of this year, sources from Turan Air told APA.
22 October 2008 [17:30]

Several new bridges to open in Azerbaijan this year

A number of bridges, pedestrian crossings and tunnels will be opened for use in Baku and Khirdalan by the end of this year.
22 October 2008 [16:31]

Nazim Mamedov: "Over 95% of privatized enterprises are idle in Azerbaijan"

Over 95% of privatized enterprises are idle in Azerbaijan, said Nazim Mamedov, member of the permanent parliamentary commission on economic policy.
22 October 2008 [13:17]

Newly erected buildings continue growing expensive

Public association "Real estate market participants" has drawn conclusions of the monitoring of the state of the primary residence market in the Azerbaijani capital for September of 2008.
21 October 2008 [15:49]

Romanian-Azerbaijani business forum starts in Bucharest

The Romanian-Azerbaijani business-forum started in Bucharest on October 21 under steering support of the Azerbaijani Entrepreneurs Confederation and German Technical Cooperation Society.
21 October 2008 [14:53]

Foreign investments in Azerbaijan make AZN 100,000,000 in September

In January-September of 2008 Azerbaijan received investments of AZN 1,727,600,000 (11.8% lower as compared to the same period of the last year and AZN 100,000,000 that in January-August).
20 October 2008 [17:13]

Azerbaijan generates 14,910,400,000 KW-Hs of electric power through 9 months

Through 9 months of 2008 Azerbaijan generated 14,910,400,000 KW-Hs of electric power, which is 1.6% lower over the last year.
20 October 2008 [16:05]

Cost of a square meter of nonresidential objects makes $3,661 in Baku

The public association "Real estate market participants" has drawn conclusions of the monitoring of the state of the market of nonresidential areas in the capital of Azerbaijan in September of 2008.
20 October 2008 [15:39]

Volume of industrial production of Azerbaijan makes AZN 24.2 bln within 9 months of this year

In January-September of 2008 Azerbaijan produced industrial goods and provided services in the amount of AZN 24.2 bln, which is 12% higher over the past year.
20 October 2008 [15:19]

Azerbaijan to cut military spending

Azerbaijan has cut defense and security spending outlook by 10.3% in the 2009 state budget blueprint, compared to the approved forecast for 2008.
20 October 2008 [12:27]

EUR 300 mln to be invested to reconstruction of concrete plant in Garadagh

Swiss Holcim, which is a main owner of Garadagh-cement, plans to invest EUR 300 mln to the reconstruction of the plant by 2011, said general manager of the plant Horia Adrian.
20 October 2008 [12:01]

National Bank of Azerbaijan rebuts information about bankruptcy of leading banks of Azerbaijan

The National Bank of Azerbaijan (NBA) is refuting the information about the bankruptcy of the leading banks of the country.
18 October 2008 [09:39]

Number of mobile communication users in Azerbaijan grows 1,200,000 through 9 months

In January-September of this year the volume of services, provided by communication enterprises to individuals and legal entities, made AZN 661,000,000, which is 30.2% higher over the previous year.
18 October 2008 [09:07]

Cost of most expensive hundreds part of land makes $425,000 in Baku

The public association "Real estate market participants" drew conclusions of the monitoring of the state of the market of lands in the capital of Azerbaijan for September of 2008.
17 October 2008 [17:10]

Pension financing requires AZN 120,000,000 per month in Azerbaijan

In January-September of 2008 the profits of the state fund of social protection of Azerbaijan made AZN 959,000,000, which is 34% higher over the past year and 0,1% over the forecast.
17 October 2008 [15:49]

Ukrainian buses to be assembled in Baku

17 October 2008 [12:53]

Supplies of Azerbaijani gas to Dagestan negotiated

The State oil company of Azerbaijan and Gazprom are negotiating on supplies of Azerbaijani gas to Dagestan on the basis of direct sales or swap.
17 October 2008 [09:09]

Azerbaijani GDP makes AZN 30.4 bln through 9 months

In January-September of 2008 Azerbaijani GDP made AZN 30.4 bln, which is 15% rise, as compared to the same period of the last year.
16 October 2008 [15:26]

Third Novaya Armada tanker delivered to Palmali company

An act on the third tanker of a new project RST22, named Bashir Safaroglu and ordered by Palmali, has been signed at Krasnoye Sormovo plant.
16 October 2008 [10:12]

Has the Armenian Central Bank demanded to check the activity of Western Union in Russia?

The story concerning the work of Western Union in Nagorno-Karabakh has aroused the interest of the Bank of Russia, reports Vedomosti newspaper.
15 October 2008 [09:04]

Kasmornefteflot's vessels fulfilling orders of Caspian littoral states

The Heydar Aliyev facility will be delivered to the Yalama field on the north of the Caspian Sea by means of the vessels Andoga, Nercha and Vadim Seidov of Kasmornefteflot.
14 October 2008 [13:26]

Delegation of German businessmen to arrive in Azerbaijan

Representatives of seven enterprises of German land of Northern Rein-Westphalia, as well as the commercial-industrial chamver of Dortmund will be visiting Azerbaijan on October 20-24, reported sources in the German embassy to Azerbaijan.
14 October 2008 [12:17]

NBA reduces refinancing rate to annual 12% to ensure financial stability of banking system

The board of the National Bank of Azerbaijan decided to reduce the refinancing rate from annual 15% down to 12% and the maximum limit of the cap and floor from 20% to 17%, according to the press service for NBA.
13 October 2008 [13:48]

AZN 2 bln to be allocated for railway development in Azerbaijan

The state program for development of Azerbaijani railway has been worked out for 2009-2012.
13 October 2008 [09:58]

Kazakhstan oil pumping by BTC to start in late October

Pumping Kazakh oil to the BTC pipeline will start in the second half of October, sources from BP-Azerbaijan told Interfax-Azerbaijan.
13 October 2008 [09:43]

First passenger aircraft lands in Lenkoran

The first passenger aircraft operating by Baku-Lenkoran landed in Lenkoran Saturday.
11 October 2008 [12:41]

Mirvari Gahramanly: "Azerbaijani workers receive an insignificant part of the oil pie as compared to foreigners"

The rights of workers are violated not only in foreign companies but also in SOCAR", said Mirvari Gahramanly, chairman of the committee of protection of oil workers rights and famous human rights activist.
11 October 2008 [11:18]

IMF says Azerbaijan leading on GDP among CIS states in 2008-2009

The International Monetary Fund has released the World Economic Outlook.
11 October 2008 [10:57]

Jalilabad-Yardimli highway is being laid

The highway, connecting the regional centers of Jalilabad and Yardimli regions of Azerbaijan is being reconstructed.
11 October 2008 [10:20]

Serik Primbetov: "Azerbaijan and Kazakhstan will cope with the role of alternative energy suppliers for Europe"

Day.Az interview with ambassador extraordinary and plenipotentiary of Kazakhstan to Azerbaijan Serik Primbetov.
11 October 2008 [09:30]

IMF says inflation rate will make 22.4% in Azerbaijan in 2008

The International Monetary Fund has released the first two chapters of World Economic Outlook in Washington.
10 October 2008 [16:29]

SOCAR's fund of production wells makes 6,053

The fund of production wells of the State Oil Company (except for joint ventures and operating companies) makes 6,053 as of October 1 of this year.
10 October 2008 [14:03]

Oil production from Western Azeri platform resumed

BP-Azerbaijan has resumed oil production from Western Azeri platform, said spokesman for the company Tamam Bayatli, according to Interfax-Azerbaijan.
10 October 2008 [13:11]

41 new underground stations to be constructed in Azerbaijani capital in the next 17 years

The construction of 41 metro stations is planned for the next 17 years.
10 October 2008 [12:20]

Azerbaijani lift vessel participates in Turkmen oil fields development

The lift vessel Ramiz Hajiyev of the Caspian maritime oil fleet of SOCAR has been participating in the development of the Turkmen oil fields for already six months.
10 October 2008 [12:12]

Azerbaijan’s oil output to drop sharply in a decade

Oil output is expected to drop to nearly 45 - 50 million tonnes in 2018 after a peak of production, State Oil Company of Azerbaijan said.
10 October 2008 [10:27]

Nikolae Ureke: "Events in Georgia accelerated the Europe's search of new energy sources"

Day.Az interview with Romanian ambassador extraordinary and plenipotentiary to Azerbaijan Nikolae Ureke.
10 October 2008 [09:00]

President of Azerbaijan inaugurates Jabber Hashimov tanker

President of Azerbaijan Ilham Aliyev attended a commissioning ceremony for a new oil tanker bearing the name of Jabbar Hashimov at the Baku Sea Port on Thursday.