Business

02 November 2006 [21:08]

Taxes to increase in Azerbaijan

Azerbaijani government intends to raise taxes for industrial, commercial and construction objects. Land tax for people will be also increased.
02 November 2006 [21:06]

EBRD allocates credit for reconstruction of Power Station in Mingachevir

The European Bank for Reconstruction and Development allocated USD 115 million credits for Azerenergy Joint-Stock Company to reconstruct the State Region Power Station in Mingachevir.
02 November 2006 [20:46]

President Aliyev receives members of the Caspian Development Advisory Panel

On November 2, President of Azerbaijan Ilham Aliyev received members of the Caspian Development Advisory Panel.
02 November 2006 [20:44]

President Aliyev meets BP VP Andrew Inglis

On November 2, President of Azerbaijan Ilham Aliyev welcomed BP Executive Vice President Andrew Inglis.
02 November 2006 [20:42]

Trades at BICEX

The weighted average exchange prices made up 0.8724 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 2.
02 November 2006 [19:45]

Fire in oil supply base in Lenkeran

A great fire broke out at 16.45 in the oil products supply base in Lenkeran.
02 November 2006 [16:37]

Grain price to cut bread weight in Azerbaijan

The rise of grain price is not expected to result in bread price rise but cut of its weight, Agriculture Ministry's Grain Reserve Officer Mammad Huseynov stated.
02 November 2006 [16:16]

Russia could double gas price for Georgia in 2007

he price for Russian natural gas for Georgia could rise from the current $110 to $230 per 1,000 cubic meters in 2007, the state-controlled energy giant Gazprom said Thursday.
02 November 2006 [16:14]

Turnover at BICEX hits highest level

The Baku Interbank Currency Exchange (BICEX) has identified the leading operators of foreign currency exchange market in October 2006.
02 November 2006 [11:21]

First profit from BTC operations to amount to $15 million

The first profit from Baku-Tbilisi-Ceyhan (BTC) operations is going to amount to $15 million, Shakhmar Movsumov, head of the State Oil Fund of Azerbaijan (SOFAR) told journalists.
02 November 2006 [11:16]

Tax privilege for banks and credit organizations expires

The Law on tax privilege for investment securities and interests of people’s savings in banks and credit organizations will be ineffective January 1, 2007.
02 November 2006 [11:15]

Azerbaijan is third among CIS states in ICT development and application

The Global Information Technology Report, using the Networked Readiness Index (NRI), covering a total of 115 economies in 2005-2006, to measure the degree of preparation of a nation or community to participate in and benefit from ICT development and application, has been released.
02 November 2006 [11:12]

Petrodollars to peak in 2009-2011

The oil revenues of Azerbaijan is expected to hit the highest point in 2009-2011, SOFAZ Executive Director Shahmar Movsumov stated.
02 November 2006 [10:59]

Trades at BICEX

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on November 1.
02 November 2006 [10:57]

Bank Standard becomes principal member of VISA International

Bank Standard has become a principal member of Visa International, the world’s leading credit card.
02 November 2006 [10:56]

Azercell installs 23 more stations in October

Azercell Telecom continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
02 November 2006 [10:52]

ACE and Social Protection Ministry develop Deserving Labor Program

Azerbaijan National Confederation of the Entrepreneurs and Ministry of Labor and Social Protection are developing Deserving Labor State Program.
02 November 2006 [10:49]

Real Estate Registration Service registers over 6 000 mortgages in March-October

Real Estate Registration Service registered over 6 000 mortgages during the period of March-October, Service chairman Arif Garashov said.
02 November 2006 [10:48]

National Depositary Center signs 8 contracts in October

National Depositary Center registered eight contracts on keeping and registration of the stocks of joint stock companies.
02 November 2006 [10:47]

Azerbaijan, Kazakhstan and Russia prepare for auditing Caspian bioresources

Preparation for parallel audit of the Caspian bioresources by Azerbaijani, Kazakh and Russian Accounting Chambers will be completed in November, Azerbaijan Accounting Chamber international cooperation and information technologies officer Fuad Ibrahimov stated.
02 November 2006 [10:38]

SOFAZ spends AZN 46.8m on improvement of conditions of IDP and refugees

During the period of January-September expenditures of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in the amount of AZN 46.8m were directed to finance, as per 2006 budget of the Fund, building of housing and improvement of socioeconomic condition of refugees and internally displaced persons, SOFAZ Executive Director Shahmar Movsumov said.
01 November 2006 [18:56]

Mortgage terms amended

The Cabinet considered Draft Mortgage and Social Mortgage Amendments proposed by Azerbaijan Mortgage Fund.
01 November 2006 [18:53]

Kemaladdin Heydarov participates in the assembly held through CE in Morocco

The delegation headed by the Azerbaijani Emergencies Minister colonel-general Kemaladdin Heydarov participates in the 11th assembly of Emergencies Ministers of CE member states and Mediterranean countries on protection of population from natural and man-caused emergency cases through CE in Morocco, Emergencies Ministry Press Service Department told.
01 November 2006 [14:18]

SOFAZ revenues and expenditures reach AZN 730.7m and 606.8m

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2006 reached AZN 730.7m, while budget expenditures constituted AZN 606.8m, SOFAZ Executive Director Shahmar Movsumov stated at media briefing today.
01 November 2006 [10:28]

Azerbaijani natural gas price to increase

According to representative of Azergaz, Alikhan Melikov, it's probable that the price of Azerbaijani natural gas will increase in 2007.
01 November 2006 [10:23]

IMF forecasts 12% inflation rate in Azerbaijan

International Monetary Fund forecasts that inflation rate will reach 12% in Azerbaijan in 2006, head of IMF Office in Azerbaijan, Bazil Zavoyko, said.
01 November 2006 [10:22]

State Customs Committee asks Government to prevent old auto imports

Most of the imported automobiles are old and the State Customs Committee made a number of proposals to the Government for prevention of old car imports, said State Customs Committee chair Aydin Aliyev.
01 November 2006 [10:20]

US provides grant support to farmers in southern Azerbaijan

The Azerbaijan Business Assistance and Development (ABAD) program, supported by the U.S. Agency for International Development (USAID), and implemented by the International Rescue Committee (IRC), will hold an opening ceremony for a vegetable cold storage facility on Wednesday.
01 November 2006 [10:19]

UniBank receives additional tranche of GAF SME on-lending facility

UniBank has received an additional tranche of the German-Azeri Fund's SME on-lending facility.
01 November 2006 [10:11]

Converting to digital systems to be compulsory for TV broadcasters

Converting to digital system will be compulsory for privately-owned TV broadcasters.
01 November 2006 [10:09]

Baku-Tbilisi-Akhalkalaki-Kars project tender completed

A tender for construction of the Georgian part of the Baku-Tbilisi-Akhalkalaki-Kars railway project has been completed.
01 November 2006 [10:08]

New Customs Code ready

The preliminary version of Azerbaijan's Customs Code is ready.
01 November 2006 [10:07]

Pakistani businessmen to visit Azerbaijan

A 15-member delegation composed of medicine-making companies of Pakistan will pay a business visit to Azerbaijan on November 9.
01 November 2006 [10:05]

NIKoil Bank opens branch in Ganja

NIKoil Bank has opened an office in Ganja.
01 November 2006 [10:04]

Social subsistence allowance mechanism discussed

Economic Research Center held the final event on 'Increasing awareness on social subsistence allowance mechanism.'
01 November 2006 [09:57]

Arif Garashov: "Illegal land selling rose up after creation of municipalities"

Binagadi and Sabayel municipalities sell oil-polluted lands illegally, Baku land Department chair Natig Malikov said.
01 November 2006 [09:56]

Amendments to be made to real estate appraisal

Some amendments will be made to the law on real estate appraisal, Real Estate Registration Service chair Arif Garashov said.
01 November 2006 [09:55]

Tender to be announced for building youth town

Youth and Sport Ministry applied to a designing institute for the project of youth town will be completed for provision of young families with flats on preferential conditions.
01 November 2006 [09:53]

Garib Mammadov: "Municipalities and executive powers not interested in selling lands through auctions"

Workshop examining problems of local authorities has been organized by Real Estate Registration Service, State Land and Cartography Committee and Justice Ministry department on work with local authorities.
01 November 2006 [03:14]

Russia's Gazprom to buy Iran-Armenia gas pipeline

New details emerged on Tuesday of the latest Russian-Armenia energy deal that will give Russia's state-run Gazprom monopoly a commanding share in Armenia's natural gas distribution network and, most probably, the incoming gas pipeline from Iran.
01 November 2006 [00:39]

Microsoft to unveil Azeri version of Windows Vista OS by mid-2007

Microsoft will unveil an Azeri language version of Microsoft Windows Vista OS by the summer of 2007, Islam Akhmedov, general director of Sinam Ltd., Microsoft's official partner in Azerbaijan, said at a Monday presentation.
01 November 2006 [00:37]

Azerbaijan Oil Fund, BONY sign depositary agreement

The State Oil Fund of Azerbaijan has signed an agreement with the Bank of New York for depositary services, the Oil Fund said in an official statement.
31 October 2006 [21:37]

Tehran-Baku first joint transport management session held

Senior Iranian and Azeri transportation managers held their first joint meeting in Astara on Monday night.
31 October 2006 [20:53]

Trades at BICEX

The weighted average exchange prices made up 0.8722 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 31.
31 October 2006 [20:41]

Discrepancy between Canada's "First Dynasty Mines" company and Armenian Government

There is a discrepancy between Armenian Government and "First Dynasty Mines" (FDM) Company of Canada extracting gold in Soyudlu gold deposit in Kalbajar, the occupied Azerbaijan region.
31 October 2006 [20:39]

Barmek demands AZN 291m payment of damages from Azeri Government

Barmek-Azerbaijan will demand damages of AZN 291m from the Government of Azerbaijan in International Center for Settlement of the Investment Disputes (ICSID).
31 October 2006 [20:14]

Next talks between Azerbaijan and Venice Commission to be held on November 9-10

The problem concerning Azerbaijan was discussed at the last plenary session of Venice Commission.
31 October 2006 [10:35]

Nakhchivan Module Plant construction continues

Nakhchivan Module Plant construction has continued to progress.
31 October 2006 [10:34]

Taxes Ministry cancels VAT registration of 4 890 taxpayers

As of October 30, Taxes Ministry has deregistered 4 890 taxpayers for VAT.
31 October 2006 [10:32]

Favorable balance of trade makes 1.069m in Azerbaijan in Jan-Sept

As of October 1, favorable balance reached $1 068 804 600 in exports and imports of Azerbaijan during the period of January-September. Residents and nonresidents carried out trade operations of $8 626.126m with 134 countries during this period.
31 October 2006 [10:26]

Israel's Tadiran Communications wins $42m military order from Azerbaijan

The order is the final part of an earlier $55 million order for the supply of tactical communications equipment.
31 October 2006 [10:26]

World Bank mission to visit Azerbaijan

World Bank mission for water supply and drainage project will pay a visit to Azerbaijan from November 13 to 18.
31 October 2006 [10:24]

Trades at BICEX

The weighted average exchange prices made up 0,8723 AZN for 1 US dollar in the Baku Interbank Currency Exchange on October 30.
31 October 2006 [10:22]

Some technical failures expected in Azercell's SMS service

Some technical failures are expected to appear in SMS service of Azercell Telecom between November 1 and 3.
31 October 2006 [10:22]

Phase 3 facilities at STEP expected to be completed by end of 2007

The Sangachal Terminal Expansion Programme (STEP) - The ACG Phase 3 is the next important phase of construction at STEP.
31 October 2006 [10:21]

Cargo transit falls in Azerbaijan

The volume of goods in transit transported through Azerbaijan fell by 1.2174m tonnes year-on-year, in January-September, to 18.7461 tonnes.
31 October 2006 [10:20]

Ganja Automobile Plant begins to sell autos

Starting from this week, Ganja Automobile Plant is going to sell automobiles assembled in Chinese technology.
31 October 2006 [10:13]

Huseyn Arabul: "Energy supply problems inevitable in winter"

Barmek is dissatisfied with the Economic development Ministry's lack of interest in completion of the hand-over test.
31 October 2006 [10:12]

JBIC delegation meets Industry and Energy Ministry

Japan Bank for International Cooperation officers Kenichiro Khayashi and Yoshikhiro Kumagai were received at Industry and Energy Ministry of Azerbaijan.
31 October 2006 [10:11]

World Bank's Khristos Kostopulos visits Azerbaijan

World Bank's leading economist Khristos Kostopulos is visiting Azerbaijan.
31 October 2006 [10:10]

Azercell concludes roaming agreements with 10 more operators

Azercell Telecom has concluded roaming agreements with 10 more cellular operators.
31 October 2006 [10:09]

AtaBank attends exhibition in Moscow

AtaHolding OJSC attended exhibition "15 years of CIS: Cooperation and Integration" held in Moscow, October 25-28.
31 October 2006 [10:08]

Trial of Barmek officials to start soon

The investigation of the criminal case on Barmek Ltd. officials is about to be completed. The trial is expected to start soon.
31 October 2006 [10:03]

Azerbaijan Architecture and Construction University hosts workshop on State's role in insurance of goods

A workshop examining State's role in insurance of agricultural goods was held at Azerbaijan Architecture and Construction University.
31 October 2006 [09:58]

Rustam Usubov: "Financial intelligence organization at Prosecutor's Office expedient"

"Financial intelligence organizations are set up in four models: at police offices, courts and prosecutor’s offices, National Bank or Finance Ministry or in hybrid form," Rustam Usubov, the first deputy prosecutor general told journalists.
30 October 2006 [22:49]

ICSID to consider Barmek and Azpetrol arbitration claims against Government

Washington-based International Center for Settlement of Investment Disputes made decision October 18 to consider the arbitration claim filed by Barmek-Azerbaijan against the Government of Azerbaijan.
30 October 2006 [16:15]

Financial intelligence organization to be established in Azerbaijan

A seminar "Legal framework of fighting the laundry of dirty money, contribution to terrorism and other financial crimes" organized by the US embassy in Azerbaijan and Council of Europe began in Baku.
30 October 2006 [14:04]

Huseyn Bagirov: "CITES's ban on sturgeon and black caviar export has political aim and no loss for Azerbaijan"

"The place where the Volga joins the Caspian constitutes 75-80% of the Sea pollution"
30 October 2006 [13:52]

Russia ready to control railways of Armenia

The talks of Russia's President Vladimir Putin and his Armenia's counterpart Robert Kocharian begin in Moscow today, October 30, 2006.
30 October 2006 [00:02]

Matthew Bryza: "Europe needed to work more with Azerbaijan, if its dependency on Russian gas were not to soar"

Germany's big gas pipeline deal with Russia has been criticised by a US official, in a sign of Washington's mounting unease about Berlin's ties with Moscow.
29 October 2006 [18:50]

BTC spent $834 million in Jan-Sept 2006

During the first three quarters of the year Baku-Tbilisi-Ceyhan oil pipeline spent $834 million (including the costs of line-fill and financing) in capital expenditure, press service of the BP Azerbaijan said.
29 October 2006 [13:44]

Turkey to host BSEC summit next year

The Black Sea Economic Cooperation (BSEC) will celebrate its 15th anniversary in Istanbul as Turkey will host a BSEC summit of heads of state and government in June 2007, said Ambassador Murat Sungar, first deputy secretary-general of the Istanbul-based organization.
28 October 2006 [15:12]

Communications Minister hold broad meeting in Ali Bayramli

Communications and Information Technologies Minister Ali Abbasov has today visited regions of Sabirabad and Ali Bayramli.
28 October 2006 [12:23]

Oracle to cunduct seminar on IT

Oracle Corporation, world's leader in business-to-business software and services, including Internet-enabled databases, tools, and application products will conduct a technical seminar November 8 in Baku.
28 October 2006 [11:33]

The 5th Republic conference held

The 5th Republic Conference was held about the improvement of internal tourism.