Business

23 August 2006 [09:20]

SOCAR sold 705 376 tonnes of oil to Petrofarm of Singapore during January-July

State Oil Company of Azerbaijan (SOCAR) has sold 705 376 tonnes of oil to Petrofarm Company of Singapore.
23 August 2006 [08:42]

AIOC to shut down Chirag Platform for 10 days in October

Azerbaijan International Operating Company will shut down Chirag platform for a scheduled repair in October.
23 August 2006 [08:39]

Committee for Management of Public Property found some 150 enterprises and facilities squatted properties

State Committee for Management of Public Property implemented privatization of 240 land properties in 2006.
22 August 2006 [22:50]

Azerigas still leaves six regions without gas

Azerigas restored supply of some regions with gas after the chiefs of 33 Executive Powers sent a letter of guarantee on the collection of gas fees, Azerigas deputy chairman Nazim Samadzade said.
22 August 2006 [15:24]

Ilham Aliyev: "I am confident that Azerbaijan will be gas producer and exporter in near future"

President Ilham Aliyev received BP-Azerbaijan's President David Woodward.
22 August 2006 [14:24]

Four Azerbaijanis injured in Moscow market blast

The committers of the bomb blast in Cherkizovo market in the Russian capital, Moscow, have been identified.
22 August 2006 [13:51]

Gas import from Russia to be suspended

The natural gas importation from Russia to Azerbaijan is expected to be suspended in a few days.
22 August 2006 [13:50]

Rotterdam Court to hear Azeri witnesses in Holland

Rotterdam Court meets FIM Bank's request to hear Azerbaijani witnesses in Holland.
22 August 2006 [10:05]

Turkish pipeline explosion prompts worries over BTC security

The pipeline, carrying Iranian natural gas, runs through the same region as the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, but BP, the operator of the oil pipeline, was quick to rule out any possible danger to the BTC.
22 August 2006 [09:29]

U.S. Chamber of Commerce supports the visit of 15 US companies' representatives

Supported by U.S. Chamber of Commerce, a delegation composed of representatives of 15 US telecommunications companies is expected to pay visit to Azerbaijan in early October.
22 August 2006 [09:11]

Azerbaijani-Korean business forum to take place

Delegation composed of Southern Korean state officials and businessmen will pay a visit to Baku on August 27.
22 August 2006 [09:07]

Taxes Ministry uncovers irregularities in 14 771 trade facilities

Taxes Ministry Operational Control Department have to date examined 55 167 various kinds of trade facilities and found serious irregularities in 14 771 of them.
22 August 2006 [09:03]

UniBank and EBRD signs an additional agreement expanding the TFP credit facility usage

UniBank and the European Bank for Re-construction and Development (EBRD) have signed an agreement expanding the opportunities of using the financial resources that the EBRD had provided UniBank with within the frameworks of the Trade Finance Programme (TFP).
22 August 2006 [08:59]

Huseyn Arabul: "I am not dissatisfied with the hand-over process"

Working group set up by "Barmek Electricity Distribution" LLC will start hand-over process in northern regions, Huseyn Arabul, "Barmek" president stated.
22 August 2006 [08:48]

SOCAR implemented oil processing forecast by 107.5% during January-July

Durign January-July the State Oil Company of Azerbaijan (SOCAR) processed 4 598 260 tonnes of oil by implementing the forecast by 107.5 percent.
22 August 2006 [08:43]

Auction on placement of T-Bills to be held at BSE

According to the contract signed between Baku Stock Exchange and Ministry of Finance of Azerbaijan Republic on July 07, 2005, an auction on placement of T-Bills with the state registration number 10302313S will be held on August 22, 2006.
22 August 2006 [08:41]

SOCAR imported 311 683.876 c.m of gas from Russia in July

SOCAR imported 311 683.876 cubic meters of gas from Russia in July and 2 670 266.895 cubic meters during January-July.
22 August 2006 [00:27]

Oil rises $1 as Iran vows to pursue atomic work

Oil rose more than $1 a barrel on Monday as Iran vowed to pursue its nuclear programme, inviting possible sanctions against the world's fourth largest oil exporter.
21 August 2006 [13:31]

Textile & Furnishings events delayed

Initially the exhibitions 'Baku Furniture' and 'Fashion/ Textile' were scheduled from September 19 to 22, according to Organizers of international exhibitions in Azerbaijan ITE and Iteca Caspian.
21 August 2006 [11:39]

Sumgait's H106 economy grows by 32.8%

Production on main spheres of the economy has grown by 32.8% during the first half of the year as against the same period last year.
21 August 2006 [11:38]

International Insurance Company won a tender

International Insurance Company (IIC) has won a tender announced by European-Tobacco Baku on insurance of its property and liability.
21 August 2006 [11:34]

Russia warms up to BTC project

Azerbaijani Ministry of Industry and Energy Natik Aliyev stated that Russian oil companies are interested in participating in the BTC (Baku-Tbilisi-Ceyhan) oil pipeline project.
21 August 2006 [11:32]

Iran, Azerbaijan begin mutual transfer of electricity

Electricity from Iran started flowing to the Republic of Azerbaijan via the Astara border on Monday in accordance with an agreement entered into by the two countries, the director of public relations of the Gilan Regional Electricity Company said.
21 August 2006 [08:31]

Police help to collect electricity fees in Lenkeran

Lenkeran Electricity Distribution Department has already begun to take severe measures to collect electricity fees.
21 August 2006 [08:23]

AZAL undertakes to pay compensation

51 hectares of lands of 118 residents, 1.2 hectares of lands of municipality and 10 hectares of forest lands in the village of Lay will be used to expand Lenkeran Airport.
20 August 2006 [19:04]

International Bank increases allocations to non-oil sector

Azerbaijan International Bank (AIB) has sealed a 7.28 million Euros credit contract with the 'Rabobank' of the Netherlands.
20 August 2006 [12:00]

Gas pipeline explodes in Turkey, not BTC

An explosion Saturday caused a huge fire on a natural gas pipeline in eastern Turkey, the Energy Minister Bulent Ismen said.
20 August 2006 [02:04]

Iran, Turkey agree on European gas purchase

Iranian Oil Minister Kazim Veziri Hamaneh announced that Turkey and Iran have agreed on a partnership to export Iran's natural gas to Europe via Turkish pipelines.
20 August 2006 [01:57]

Oil delivery via Baku-Supsa pipeline

20 August 2006 [01:55]

Trades at BICEX

The weighted average exchange prices made up 0.8846 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 18.
20 August 2006 [01:44]

Explosion causes fire on BTC

An explosion has caused a huge fire on a newly inaugurated Caspian Sea pipeline to Turkey.
19 August 2006 [15:45]

All Azerbaijani territories to be provided with telephone

A tender will be announced on complete provision of all Azerbaijani territories with modern telephone system, communication and information technologies minister, Ali Abbasov stated.
19 August 2006 [09:19]

$2.1bln invested in Azerbaijani economy

It is estimated that investment of USD 2.1 bln has been made in the economy of Azerbaijan during the first half of the year.
19 August 2006 [09:16]

Taxes Ministry uncovers irregularities in 13 713 trade facilities

Taxes Ministry Operational Control Department have to date examined 50 606 various kinds of trade facilities and found serious irregularities in 13 713 of them.
19 August 2006 [09:13]

State Budget income forecast for implemented by 102.1%

During the first half of this year the income forecast of the state budget of Azerbaijan was implemented by 102.1% that is to say AZN 1547.2 mln against the forecast of AZN 1516.1 mln.
19 August 2006 [08:48]

UniBank CB and DEG signs credit agreement

UniBank CB and DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH (the German Investments Corporation) signed a credit line agreement for $6 mn, which the Bank will on-lent towards SME (small and medium enterprise) projects.
19 August 2006 [08:38]

Diplomats visit Sangachal terminal

Azerbaijani ambassadors, consuls and heads of representative offices to foreign states visited Galagayin displaced-persons camp in Sabirabad in the frames of the meeting held in Baku.
18 August 2006 [23:53]

Oil up, Iran keeps up atomic work as deadlines near

Oil bounced on Friday as major OPEC producer Iran showed no sign of responding favorably to incentives aimed at resolving a nuclear row by a self-imposed Aug. 22 deadline.
18 August 2006 [21:57]

Turkey-Iran gas pipeline talks suspended

Turkey and Iran on Friday broke off talks on the construction of a gas pipeline linking Iranian gas fields to Europe.
18 August 2006 [21:20]

Trades at BICEX

The weighted average exchange prices made up 0.8850 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 17.
18 August 2006 [21:18]

Azerbaijan discloses fourth EITI report

The Committee on Extractive Industries Transparency Initiative (EITI) established by the Government of Azerbaijan to implement its obligations taken at the conference on EITI held in June 2003 in London, on 18th August, 2006, announced the release of the Government's fourth EITI report (Jan-Dec 2005 assertion) audited by Deloitte, the independent Aggregator.
18 August 2006 [21:05]

Regions' gas supply restored

"Heads of executive powers of Agstafa, Gadabay, Samukh and Khanlar regions have not sent a letter of guarantee to Azerigas CJSC with regard to rising the collection of gas bills to 100%.
18 August 2006 [20:56]

Azerbaijan rescheduled Georgia's debt

Georgian and Azerbaijani Finance Ministers, Lexo Alexishvili and Samir Sharifov, respectively, signed an agreement on August 18 to reschedule repayment of Georgia's USD 13,4 million debt.
18 August 2006 [17:01]

Barda officials fail to pay electricity supply bills

Regional meeting dedicated to collection of fees for electricity, gas and other public utilities and removing shortfall in this field was held in Ganja city executive power.
18 August 2006 [16:56]

Criminal group stolen oil from Baku-Novorossiysk pipeline

Special operation was conducted to catch criminal gang having secretly stolen oil from Baku-Novorossiysk pipeline regularly.
18 August 2006 [09:44]

Azerbaijan-India business forum to be held in Baku

Azerbaijan-India business forum will be held in Baku on September 20-21, Tamerlan Garayev, extraordinary and plenipotentiary Ambassador informed.
18 August 2006 [09:42]

Maximum level of oil transportation via BTC will continue till 2013

Information was given by Rashid Javanshir, BTC Co. Executive Director.
18 August 2006 [09:35]

EBRD to allocate credit for energy station reconstruction

Azerenergy Joint-Stock Company will sign a credit agreement with European Bank for Reconstruction and Development to reconstruct thermoelectric station in Mingachevir.
18 August 2006 [09:33]

Taxes Ministry uncovers irregularities in 13 126 trade facilities

Taxes Ministry Operational Control Department have to date examined 48 130 various kinds of trade facilities and found serious irregularities in 13 126 of them.
18 August 2006 [09:29]

Leasing public properties brought some $2 mln to the State Budget

During January-July the State Committee for management of Public Property transferred AZN 1,8mn to the State Budget.
18 August 2006 [09:11]

SOCAR president meets with new postgraduates

State Oil Company of Azerbaijan (SOCAR) president Rovnag Abdullayev and the company future staff qualification commission members met with students who gained highest score (over 80 points) in examination and will be able to get master's degree abroad within Scholarship Program.
18 August 2006 [09:07]

Indian Trade Minister to visit Azerbaijan

Indian Trade Minister will visit Azerbaijan in September this year, Azerbaijani Ambassador to India Tamerlan Garayev informs.
17 August 2006 [21:40]

Trades at BICEX

The weighted average exchange prices made up 0.8852 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 16.
17 August 2006 [21:34]

Azerbaijan, Georgia held economic forum in Batumi

The Azerbaijan-Georgia business forum was held August 17 in Batumi with Prime Ministers Artur Rasizade of Azerbaijan and Zurab Nogaideli of Georgia in attendance.
17 August 2006 [21:09]

Azerbaijan's roads require $5 bn and 15 years

Azerbaijan is behind Armenia of the length of primary roads, Transport Ministry's Traffic Service Department chief Javid Gurbanov said at the media briefing.
17 August 2006 [14:35]

Emergencies Ministry to bring fire equipment to Azerbaijan

"Fire-engines as well as fire fighting appliances and special uniforms will be brought to Azerbaijan by mid September," deputy Emergencies Minister Faig Taghizadeh told journalists.
17 August 2006 [14:22]

Trades at BICEX

The weighted average exchange prices made up 0.8848 AZN for 1 US dollar in the Baku Interbank Currency Exchange on August 15.
17 August 2006 [14:05]

Azerbaijan's external debt beats $1.8bn

As of July 1, the external debt of Azerbaijan constituted USD 1 806.3 mn and that is to say per capita foreign debt equaled $212.9. As of July, credit agreements of $3 534.1 mn have been concluded.
17 August 2006 [11:08]

11 million barrels of oil transported over BTC

It is reported that 11 million barrels of crude oil have been transported to the Haydar Aliyev Sea Terminal in the Ceyhan district of Adana via the Baku-Tbilisi-Ceyhan (BTC) Crude Oil Pipeline which supplies the Azeri oil to the world markets.
17 August 2006 [10:24]

USACC to host U.S. Trade Mission to Azerbaijan on October 1-4

On October 1-4, 2006, the United States-Azerbaijan Chamber of Commerce (USACC) will host a trade mission to the Republic of Azerbaijan for leading U.S. firms specializing in Information and Communications Technologies (ICT).
17 August 2006 [10:17]

Taxes Ministry imposed monetary penalties of $1.3mln

Taxes Ministry Operational Control Department have to date examined 45 633 various kinds of trade facilities and found serious irregularities in 12 548 of them.
17 August 2006 [09:57]

Salyan Oil gas production falls 27% in July

Salyan Oil, which is developing Kursengi-Garabaghli field, produced 22 998 000 cubic meters of gas during January-July.
17 August 2006 [09:28]

SOCAR to shut down noncommercial wells

SOCAR has developed an action plan to study the ecological situation with the onshore oilfields, SOCAR vice-president Khoshbekht Yusifzade told journalists.
16 August 2006 [22:06]

Germany to authorize loan of ?9mn and grant of ?5mn to Azerbaijan

Azerbaijani-German intergovernmental talks started in Bonn. Azerbaijan is represented at the negotiations by economic development minister Heydar Babayev.
16 August 2006 [16:04]

AIOC to stop oil's export through Baku-Novorossiysk pipeline from September

Azerbaijan International Operating Company (AIOC) will discontinue exporting oil through Baku-Novorossiysk oil pipeline from September this year, AIOC informs that the reason is that BTC has already come on line.
16 August 2006 [13:17]

Iran may deliver oil and gas to world market via Azerbaijan

Technical efficiency of delivery of Iranian oil through Baku-Tbilisi-Ceyhan (BTC) pipeline may be considered in near future, Iranian ambassador to Azerbaijan, Afshar Suleymani said.
16 August 2006 [09:04]

Austria and Azerbaijan negotiate to develop tourism ties

Austria and Azerbaijan are having negotiations to develop relations in tourism sector, Fuad Ismayilov, Extraordinary and Plenipotentiary Ambassador to Austria stated.
16 August 2006 [08:38]

Schedule of T-bills issue changed

Some changes were made to the schedule of issue of T-bills by Ministry of Finance of the Azerbaijan Republic in 2006.
16 August 2006 [08:29]

Aggregate assets of banks rose by 52% in Azerbaijan

As of July 1, the aggregate assets of banks reached AZN 2 806.5mn which represents a 52% rise on the same month last year.
15 August 2006 [22:21]

Natig Aliyev: "Number of Russian oil companies are keen on BTC"

Oil production will hit 50mn tonnes per day in 2008 in Azerbaijan. The production will be 30.5 mn tonnes this year and it will reach 47 mn tonnes next year, Natig Aliyev, Industry and Energy Minister, said.
15 August 2006 [22:02]

Azerbaijani economy grew by 35.1% during January-July

Gross Domestic Product constituted AZN 8 803.5mn during January-July and this figure represents a 35.1% increase on the same period last year.
15 August 2006 [21:15]

Iran, Georgia review expansion of economic cooperation

Iran's Deputy Foreign Minister for Asia-Pacific affairs Mehdi Safari conferred in Tbilisi on Tuesday with Georgian Prime Minister Zurab Noghaideli on issues of mutual interests.
15 August 2006 [20:39]

Putin, Kocharian: "Russian-Armenian trade turnover growing"

The Russian and Armenian presidents agreed that trade between the two countries is growing and expressed their hope for good prospects in bilateral relations.
15 August 2006 [14:42]

Azerbaijan imports 10.7 m cu m of gas per day from Russia

SOCAR is currently importing about 10.7 million cubic meters of gas per day average from Russian gas company Gazeksport.