Business

12 September 2006 [09:16]

AzPromo representatives leave for China

A delegation of Azerbaijan Export and Investment Promotion Foundation (AzPromo) left Baku for China to attend the business meeting of the trade and investment promotion organizations of the Asian Countries to be held in China on September 11-12.
12 September 2006 [09:15]

Preliminary trial on ANS's lawsuit against Taxes Ministry put off to Sep.22

Preliminary trial on the lawsuit the ANS Group of Company brought against Taxes Ministry had been scheduled for today was adjourned for September 22.
11 September 2006 [19:41]

Oil falls $1

Oil dropped $1 on Monday as OPEC looked set to keep pumping at high rates to ensure world consumers were well-supplied despite a 20 percent fall in prices since mid-July.
11 September 2006 [19:36]

Government to raise license price for TV channels

The price of license for TV channels broadcasted in Azerbaijan will be raised.
11 September 2006 [12:26]

Agroleasing to purchase 550 more farm machines

By this year's end Agroleasing JSC of Azerbaijan will have bought 300 tractors and 250 combine harvesters.
11 September 2006 [12:21]

Russia's Economics and Trade Minister to visit Azerbaijan

Economic Development and Trade Minister of Russia, German Gref is expected to pay a visit to Azerbaijan in October this year within Russian Year in Azerbaijan.
11 September 2006 [10:21]

One sues Binagadi Oil for violation of property rights

Resident of Binagadi District, Rahila Mammadova claims that her land was squatted and she was unable to use her own land.
10 September 2006 [19:00]

Azeri businessmen to attend Istanbul Int'l Conference

Turkish Industrialists' and Businessmen's Association will host Foreign Trade Bridge between Turkey and Eurasia Conference eon September 17-18 in Istanbul.
10 September 2006 [13:43]

Azeri ship grounded in Asov Sea

Workers in the Krasnodar territory used a dredger to try to free a second ship that ran aground in Russia's Sea of Asov in as many days.
09 September 2006 [13:42]

Round table on WTO entrance held in Baku

A round table devoted to questions of membership in the World Trade Organization (WTO) took place in Baku, September 6-8.
09 September 2006 [13:40]

Imishli sugar Refinery awarded with international quality certificate

Sugar Refinery in Imishli province has been awarded with ISO 9001:2000 quality certificate.
09 September 2006 [13:38]

Azerbaijan-Poland intergovernmental commision's sitting to be held

The first sitting of Azerbaijan-Poland Intergovernmental Commission for Economic Cooperation will take place September 11-12 in Warsaw, press-service of the Ministry of Economic Development said.
09 September 2006 [13:27]

Azerbaijan, Uzbekistan and Kyrgyzstan to use KazSat satellite

Chairman of the Agency of Communications and Information of Kazakhstan Askar Zhumagaliyev at session of parliament of the country (Majlis) has declared that Azerbaijan, Uzbekistan and Kyrgyzstan are going to use opportunities of KazSat satellite.
09 September 2006 [10:00]

Huseyn Arabul: "Commission found neither exaggerated investment nor use of old transformers"

Hand-over test in Barmek Azerbaijan ca be completed in second half of September, Barmek Azerbaijan LLC President Huseyn Arabul told.
09 September 2006 [09:58]

Bill on "Refund of Soviet-period savings" likely to be discussed at fall session

Draft Law on "the refund of Soviet-period savings" is expected to be discussed at the fall session of Parliament, Chairman of Parliament standing commission on economic policy, Ziyad Samadzade, stated.
09 September 2006 [09:30]

Deals of $1.15 mn concluded at BICEX, September 8

The weighted average exchange price made up 0.8794 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
09 September 2006 [08:56]

LUKoil advances in Top 250 Energy Companies ranking

Platts has today released its annual 2006 Top 250 Global Energy Companies rankings, recognizing the industry's top-performing companies around the world.
08 September 2006 [22:33]

Trade turnover between Armenia and Turkey makes up $100 million

The absence of diplomatic relations between Armenia and Turkey does not impede a Turkish company to officially register and freely act on the territory of Armenia.
08 September 2006 [22:20]

U.S. assists Azeri government to develop health sector

A two day seminar "Communication Strategy Workshop," a part of "Primary Health Care Strengthening Project in Azerbaijan" (PHC Project, $5 mln ) began September 7 in Park Inn Azerbaijan Hotel.
08 September 2006 [21:53]

Ukrainian President visits Sangachal Terminal

Ukrainian guests toured the terminal by bus.
08 September 2006 [21:51]

Yuschenko denies discussing oil price with Azeri president

Ukrainian President Viktor Yuschenko says he did not discuss with Azerbaijani President Ilkham Aliyev the price of oil supplies to Ukraine.
08 September 2006 [21:37]

Yushchenko reveals Ukraine's gas plans

Speaking to students and professors of Slavic University of Baku on Friday, Victor Yushchenko said his talks with President Ilham Aliyev of Azerbaijan had resulted in the decision to create a special group that would consider ways to transport gas from the Caspian Sea to Europe via the Caucasus and Ukraine, according to the President's press-office.
08 September 2006 [14:06]

Oil exports from Azerbaijan up 71% in 8 mths

Oil exports from Azerbaijan in January- August 2006 amounted to 13.361 million tonnes, up 71.5% year-on-year.
08 September 2006 [10:07]

Heydar Babayev meets with IMF mission visiting Baku

Economic Development Minister, Heydar Babayev, has met with International Currency Fund's mission composed of leading economist on South Caucasus Vitali Kramarenko, Manager for Azerbaijan Bazil Zavoyko and other experts.
08 September 2006 [10:07]

Trades at BICEX

The weighted average exchange price made up 0.8790 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Thursday.
08 September 2006 [10:05]

EBRD and UniBank sign syndicated loan agreement

EBRD and UniBank signed the second agreement on allowance of a syndicated loan (A/B loan-II).
08 September 2006 [10:03]

World Bank mission to visit Baku

A World Bank mission for sewerage and water supply improvement project will visit Baku on September 19.
08 September 2006 [10:02]

Trial on ANS's lawsuit against Taxes Ministry starts Sep 11

Preliminary trial on the lawsuit the ANS Group of Company brought against Taxes Ministry will take place on September 11.
08 September 2006 [09:51]

Bonds of Bank Standard to be placed at BSE

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry bonds of Bank Standard CJSC CB.
08 September 2006 [09:50]

NBA gives chance to banks lacking authorized capital

National Bank of Azerbaijan has given extra time to 3-4 banks which authorized capital is under AZN 6.4mn.
08 September 2006 [09:47]

Government subsidizes US $25mn to local authorities in 6 years

The government donated 110bn manats (US $23-25mn) to local authorities in 2000-2005 after 1999 first local elections.
08 September 2006 [09:37]

Azerbaijan ready to participate in Odesa-Brody-Plotsk pipeline

Azerbaijan is ready to participate in the Odesa-Brody-Plotsk oil pipeline project.
08 September 2006 [09:34]

Ukraine president courts Caspian oil in Azerbaijan

Azerbaijan Ukrainian President Viktor Yushchenko on Thursday urged oil-rich Azerbaijan to send Caspian Sea crude for delivery through a Ukrainian pipeline that has been the subject of geopolitical jostling in the former Soviet Union.
07 September 2006 [20:49]

Azerbaijan, Belarus expand ICT cooperation

Ali Abbasov, the Minister of Communications and Information Technologies of Azerbaijan has met with the newly appointed Belarus ambassador to Azerbaijan Nickolay Pastkevic.
07 September 2006 [20:47]

SOCAR's President meets with JBIC delegation

Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR) met September 7 with visiting delegation of Japan Bank for International Cooperation (JBIC).
07 September 2006 [20:44]

Azeri MPs to attend Ural industrial exhibition

Elton Mammadov, Deputy Chairman of the standing commission for natural resources, energy and ecology left for Russian city of Nizhny Tagil to attend the first Ural industrial exhibition-fair.
07 September 2006 [14:31]

Azerbaijan to buy only 300mn KW/h electricity from Russia next year

Late October Azerenergy JSC will start negotiating with Russian RAO EES on the purchase of electricity from Russia for 2007.
07 September 2006 [11:37]

Kars-Akhalkalaki railway construction set to start in 2007

The construction of the Kars-Akhalkalaki-Tbilisi-Baku railway has been hailed by the Georgian government as its latest 'flagship project'. Construction is due to begin in 2007, according to Minister of Economic Development Irakli Chogovadze.
07 September 2006 [09:30]

Daily gas production to rise to 3.5mn cu m

Azneft Oil Production Unit extracted 677 700 tonnes of oil during August, having implemented the forecast by 104.5 percent. The extracted oil was a 26 830 tonnes rise on the same period last year.
07 September 2006 [09:29]

Arcadia Petroleum wins Azeri Light Crude tender

The tender on the export of Azeri Light Crude Oil announced by the SOCAR's Marketing and Business Operation Department has come to an end.
07 September 2006 [09:20]

Oil boom overheating Azerbaijani economy

The rapidly expanding economy of oil-rich Azerbaijan risks increased inflation if government spending is not reined in, the International Monetary Fund warned on Wednesday.
07 September 2006 [09:12]

Azerbaijan ranks 99th ease of doing business

Azerbaijan took the 99th place on doing business, according to the results of 2005/06, as it is reported by the World Bank on September, 6.
07 September 2006 [09:08]

Trades at BICEX

The weighted average exchange price made up 0.8795 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Wednesday.
07 September 2006 [08:58]

Fitch names Azerbaijan as "the most vulnerable to potential economic shocks"

Rapid credit growth and strengthening exchange rates have increased the systemic risk in Romania and Ukraine, according to a new report yesterday from Fitch Ratings.
06 September 2006 [22:43]

Investments into development of Kazakh Caspian sector to reach $16.8 billion in 2011-2015

The volume of investments into the development of the Kazakhstani sector of the Caspian Sea in 2011-2015 is expected at the level of $16.8 billion.
06 September 2006 [10:54]

AMF authorized banks lend 82 mortgages

82 persons have to date taken out a mortgage from the authorized banks of the Azerbaijani Mortgage Fund.
06 September 2006 [10:07]

Transeuro Energy begins seismic acquisition in Armenia

Transeuro Energy Corp. has begun acquiring seismic data in its Block 2 license area in Armenia.
06 September 2006 [10:06]

Deals of $550 000 closed at BICEX

The weighted average exchange price made up 0.8804 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
06 September 2006 [09:53]

Taxes Ministry fined 21 187 trade facilities at AZN 1 929 279

Taxes Ministry Operational Control Department have to date examined 84 261 various kinds of trade facilities and found serious irregularities in 21 187 of them.
06 September 2006 [09:44]

ADB representative Juan Miranda to visit Azerbaijan

Juan Miranda, Director General for Central and West Asia Department (CWRD) of the Asian Development Bank, will pay a visit to Azerbaijan.
06 September 2006 [09:37]

International Transaction Systems tops ranking of brokers in August

In August of this year according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) International Transaction Systems headed ranking of brokers with brokerage services in the total amount of AZN 36 598 000 provided to a client.
06 September 2006 [09:28]

Barmek officials' trial to start September 13

Preparatory trial hearing was held today on the case of Barmek-Azerbaijan Electricity Distribution LLC's six officials at the Grave Crimes Court.
06 September 2006 [09:02]

Azerbaijan imports new de-mining machines from Croatia

The Azerbaijan National Agency of Mine Action (ANAMA) plans to have six more de-mining machines till the end of the year, Nazim Ismayilov.
05 September 2006 [20:44]

Regional meeting of GAID Ministers to be held in Baku

Regional meeting of GAID Ministers (Global Alliance for Information and Communication Technologies and Development) will be held October 2 in Baku.
05 September 2006 [20:43]

MFBA inks loan agreement with ADB

Azerbaijan Microfinance Bank (MFBA) has singed a $4-million loan agreement with the Asian Development Bank to develop small-sized enterprises in Azerbaijan.
05 September 2006 [20:42]

Azercell mounted 63 more base stations

05 September 2006 [20:39]

Official meets IMF representative

Chairman of the Milli Majlis standing commission on economic policy Ziyad Samadzade met September 5 with Vitaly Kramarenko, head of the International Monetary Fund’s (IMF) Middle East and Central Asia Department.
05 September 2006 [20:30]

Army Assistance Fund increase funds

The Assistance Fund for Azerbaijani Armed Forces received AZN 2.753.000 and $59,200.
05 September 2006 [16:29]

The number of debtor taxpayer falls to 12 000 in Azerbaijan

As of September 1, the number of the debtor taxpayers fell to 12 000 from 45 000 during the period of January-August.
05 September 2006 [14:55]

Azerbaijan's State Oil Company produces 6 mln tons in 8M06

The State Oil Company of Azerbaijan said Tuesday it produced 5.92 million tons (43.51 million bbl) of oil in January-August 2006, or 0.2% less, year-on-year.
05 September 2006 [09:28]

SOCAR to import 10.7 mn cu m of natural gas from Russia

SOCAR purchased 315.2mn cubic meters of gas from Russian Gasexport for power plants during August.
05 September 2006 [09:25]

Azericard Processing Center installs over 2000 POS terminals

Azericard Processing Center has to date installed over 2000 POS terminals for various banks.
05 September 2006 [09:20]

Auction on placement of National Bank's bonds to be held

An auction on placement of short-term bonds of National Bank with the state registration number 50103612S will be held at Baku Stock Exchange on September 6.
05 September 2006 [09:06]

NBA's currency reserve reached $1,4bn

The official currency reserve of the National Bank of Azerbaijan reached USD 1 397mn which represents a 45.27% or $961.71mn during the eight months of the year.
05 September 2006 [09:04]

Transportation fees to fall after Baku-Tbilisi-Akhalkalaki-Kars operational

Transportation fees will fall by at least 30 percent after the Baku-Tbilisi-Akhalkalaki-Kars railway project is implemented.
05 September 2006 [09:03]

Georgia to finance regional railway project

Georgia will also finance the Baku-Tbilisi-Akhalkalak-Kars railway project.
05 September 2006 [08:51]

Israel wants Azeri crude

Israel is negotiating for oil export from Azerbaijan.
04 September 2006 [20:28]

Putin calls for quick decision on Balkan pipeline

Russian President Vladimir Putin called Monday for an agreement on the construction of an oil pipeline in the Balkans to be signed as soon as possible.
04 September 2006 [20:19]

Trades at BICEX

The weighted average exchange prices made up 0,8803 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 4.
04 September 2006 [19:39]

Azerbaijan is a leader in a GDP growth among CIS countries for the second consecutive year

In terms of economy, CIS stepped up 6 percent from January to July of this year, according to Interstate Statistics Committee of CIS members.
04 September 2006 [16:38]

AtaHolding receives ISO certificate

AtaHolding OJSC has received ISO certificate 199121.
04 September 2006 [16:37]

Draft law on State Control over Agriculture to be conceptualized

Draft law on the State Control over Agriculture is under development.
04 September 2006 [13:05]

Putin seeks to breathe life into stalled Balkan oil pipeline

Seeking to breathe life into an ambitious oil pipeline project stalled for 14 years, Russian President Vladimir Putin flies to Athens Monday for quick tripartite talks on the issue with Greek Prime Minister Costas Karamanlis and Bulgarian President Georgy Parvanov.