Business

12 December 2008 [16:45]

Price of electricity not expected to rise in 2009

"We did not address the Council of Tariffs to increase the price of electricity", President of Azerenergy JSC Etibar Pirverdiyev told journalists, APA reports.
12 December 2008 [13:43]

Fuel price not to drop in Azerbaijan

12 December 2008 [12:55]

Economic Development Minister: "Inflation rate will drop to 16-17% in Azerbaijan by the end of the year"

Inflation rate in Azerbaijan will drop to 16-17% by the end of this year, said Economic Development Minister Shahin Mustafayev, according to Novosti-Azerbaijan.
12 December 2008 [10:17]

Deputy Nazim Mamedov: "Azerbaijani banks should not borrow credits from foreign investors, as they have their strategic goals"

If there is a need for funds on the internal market of Azerbaijan, I think this need must be met from internal reserves and not attract foreign investments, said member of the parliamentary commission on economic policy Nazim Mamedov.
11 December 2008 [18:50]

Water supply to be cut to Baku and Sumgayit

On December 18 water supply will be fully cut to the pumping stations of Azersu water supply company, said the press service for Sumgayitelektrikshebeke.
11 December 2008 [11:47]

President of Azerbaijan ratifies cost of living for 2009

President of Azerbaijan Ilham Aliyev has signed a decree to ratify the cost of living for 2009, reports Day.Az with reference to AzerTac.
11 December 2008 [11:20]

About 55-60% of trade in Azerbaijan is beyond official control

About 55-60% of trade in Azerbaijan is hidden from official control ("gray trade"), said chairman of the Association of Businessmen and Producers Sevgim Rahmanov, commenting on the situation in the sphere of trade.
10 December 2008 [14:42]

Azerbaijan gets right for duty-free import of goods to EU

The European Commission allowed 16 developing states to carry out a duty-free export of several thousands types of goods to EU.
10 December 2008 [10:53]

World economic crisis affects Azerbaijan

The world economic crisis has started to influence Azerbaijan.
10 December 2008 [10:03]

Another small step for Nabucco

By Alexander Jackson, Caucasian Review of International Affairs (www.cria-online.org)
10 December 2008 [09:50]

Russian Vneshtorgbank purchases control shares of Azerbaijani AF-Bank

Russian VTB has finished a deal on purchase of 51% shares in AF-Bank in Azerbaijan, said sources from the bank.
06 December 2008 [12:15]

Baku-Nakhchivan-Istanbul flight to be launched from Dec. 23

A Baku-Nakhchivan-Istanbul flight will be launched from Dec. 23, Nakhchivan Central Booking Office told APA local bureau.
04 December 2008 [11:12]

Turkish Transport Minister arrives in Azerbaijan

Turkish Transport Minister Binali Yildirim arrived in Baku yesterday, reports Day.Az with reference to OTV channel.
03 December 2008 [10:09]

Deputy Camil Hasanly: "Prices in Azerbaijan do not fall due to monopolization of the entire sphere of import to the country"

Today, no country in the world can rival Azerbaijan in high prices, said deputy Camil Hasanly.
02 December 2008 [17:37]

Baku-Novorossiysk pipeline exports 1.114 mln tons of oil in January-November

The SOCAR Department of Marketing and Economic Operations exported 82,715 tons of oil in November of 2008.
02 December 2008 [14:46]

Kazakh ambassador to Azerbaijan: "The Baku-Supsa pipeline is profitable for Kazakhstan"

The oil pumping by the Baku-Supsa pipeline is profitable for Azerbaijan, said Kazakh ambassador to Azerbaijan Serik Primbetov.
02 December 2008 [10:17]

EBRD to make decision about a credit for Azerbaijan Azer-Yod LLC company in December

The European Bank for Reconstruction and Development is going to allocate a credit of $15 mln to Azerbaijani Azer-Yod LLC, dealing with iodine production in Neftchala.
01 December 2008 [17:55]

IMF mission to arrive in Azerbaijan

The budget mission of the International Monetary Fund will be visiting Azerbaijan on December 10-17, reports Day.Az with reference to AzerTac.
01 December 2008 [14:17]

Turkish vessel attracted to cleaning Azerbaijani sector of the Caspian Sea

SOCAR Caspmornefteflot's towing vessel Ilgar Poluyev left for Astrakhan to tow the Turkish cargo ship Bedirmax Ana in Baku.
01 December 2008 [13:35]

Sumato Energy Group Limited purchases first oil shipment of 2009 from Azerbaijan

SOCAR Department of Marketing and Economic Operations has declared a purchase of 1,000,000 barrels of Azeri Light oil.
28 November 2008 [18:50]

WB: "Azerbaijan is prepared for the world financial crisis better than other countries with transition economy"

"Azerbaijan does not need help to overcome the consequences of the world financial crisis", said head of WB representative office in Azerbaijan Gregori Yeceychak in Baku today.
28 November 2008 [17:14]

World Bank allocates credit of $26.7 mln for project of social protection development

A credit agreement has been signed today between the World Bank and Ministry of Labor and Social Protection on the project "Development of social protection" in Baku today.
28 November 2008 [16:17]

French people consume Azerbaijani snails

People of France consume Azerbaijani snails, exported to this country by our company Solenguard.
28 November 2008 [15:16]

Osman Gunduz: "Cost of internet in Azerbaijan is 20-40 times higher than in neighbor states"

The cost of Internet in Azerbaijan is 20-40 times higher in Azerbaijan as compared to other countries, said president of the Internet forum of Azerbaijan Osman Gunduz, regarding the situation on the Internet services market.
28 November 2008 [12:55]

Azerbaijani Finance ministry and USAID discuss prospects of cooperation

Azerbaijani Foreign Minister Samir Sharifov received in Baku USAID administrator and US director on foreign assistance Henrietta Fore, said the press service for the Azerbaijani Finance Minister.
28 November 2008 [12:29]

Azerbaijan will increase focus on the development of non-oil sector and regions

With a view to developing the economy of the country in 2009, Azerbaijan will be carrying out a number of activities, said Shahin Mustafayev, Minister of Economic Development.
28 November 2008 [11:32]

Mubariz Gurbanly: "Azerbaijan's economy is secured from the world economic crisis"

"The world economic crisis will not have a significant influence in Azerbaijan", said Mubariz Gurbanly, executive secretary of the Yeni Azerbaijan party and Milli Medjlis deputy.
27 November 2008 [16:58]

A new bridge to communicate Azerbaijan and Dagestan

An opening ceremony of a new bridge over the Samur river was held in Meherremkent region of Dagestan.
27 November 2008 [16:20]

Gulamhuseyn Alibeyli: "The world financial crisis is already recorded in Azerbaijan"

"The world financial crisis is already observed in Azerbaijan and it has an impact on economy", said former presidential candidate and chairman of the steering committee of the Aydinlar party Gulamhuseyn Alibeyli.
26 November 2008 [13:52]

Ilham Shaban: "$10 reduction in the cost of a barrel of oil on the world market reduces Azerbaijan's revenues in the amount of $3 bln"

"The internal factors of national economy (reduction of VAT or income tax) do not play a special role in the state budget formation, said head of the Center of Oil Researches Ilham Shaban.
26 November 2008 [11:02]

SOCAR specialists to share experience with Libyan oil workers

SOCAR president Rovnag Abdullayev received Mohamed Omar Al-Barrani, Lian co-chair of the Libya-Azerbaijan intergovernmental commission, secretary on Asian and Australian affairs of the Libyan National Committee on External Ties and International Cooperation.
26 November 2008 [10:40]

Sumato Energy purchases 1,000,000 barrels of oil from Azerbaijan

The SOCAR Department of Marketing and Economic Operations has declared the purchaser of 1,000,000 barrels of Azeri Light Oil.
26 November 2008 [10:32]

USAID and NBA to finance Azerbaijan financial sector stability program

USAID and National Bank of Azerbaijan have signed an agreement on joint financing in the framework of the financial sector stability program, implemented under USAID support.
26 November 2008 [10:19]

Rovnag Abdullayev: "In the future Azerbaijan will play a significant role in provision of energy security of Europe"

SOCAR president Rovnag Abdullayev received a delegation led by Henrietta Fore, USAID administrator and US foreign assistance director.
25 November 2008 [16:34]

Meeting with USAID administrator held in SOFAR

SOCAR chief executive Shahmar Novruzov received USAID administrator and US assistance director Henriette Fore, said sources from SOFAR.
25 November 2008 [14:50]

Parliament approves state budget of Azerbaijan for 2009

On November 25 Milli Medjlis approved the state budget of Azerbaijan and a package of budget laws for 2009.
25 November 2008 [12:16]

Azerbaijan-Turkey Business Forum to take place Baku today

Azerbaijan’s Confederation of Entrepreneurs (ACE) and Turkey’s Independent Industrialists & Businessmen Association (MUSIAD) will be holding Azeri-Turkish Business Forum in Baku on Nov. 25.
25 November 2008 [11:54]

Latif Gandilov: "Support of the territorial integrity of the states is among the priorities of external policy of Kazakhstan"

Day.Az interview with ambassador extraordinary and plenipotentiary of Azerbaijan to Kazakhstan Latif Gandilov.
25 November 2008 [10:12]

ADB to finance projects in the sphere of infrastructure and institutional development

Asian Development Bank plans to allocate $200,000,000 for infrastructural projects to Azerbaijan every year.
24 November 2008 [16:44]

Azerbaijani-Turkish business forum to be held in Baku

Baku will host the Azerbaijani-Turkish business forum, arranged by the confederation of entrepreneurs of Azerbaijan and Turkish Industrialists and Businessmen Association (MUSAID).
24 November 2008 [13:52]

WB vice president: "The world financial crisis will not have a serious impact on Azerbaijan"

The world financial crisis may reduce the budget spendings of Azerbaijan, said WB vice president Shigeo Catsu.
24 November 2008 [11:56]

Presidents of Azerbaijan, Turkey and Turkmenistan to discuss prospects of energy cooperation

President of Turkey Abdullah Gul will arrive in Turkmenbashi city on November 28.
22 November 2008 [13:56]

IBA entering market of countries of Persian gulf

According to the press service for the Bank, the first regional representative office of the International Bank of Azerbaijan has opened in the United Arab Emirates.
22 November 2008 [12:40]

Gudrat Hasanquliyev: "The global economic crisis already has a negative influence on Azerbaijan"

"The global financial crisis already affects Azerbaijan", said chairman of the United popular front party of Azerbaijan Gudrat Hasanquliyev.
22 November 2008 [10:30]

$1 bln to be invested into electricity and gas distribution spheres of Azerbaijan

$1 bln will be invested into the electricity and gas distribution sectors of Azerbaijan in the framework of the program of Central-Asian regional cooperation by 2017, said vice president of Asian Development Bank Siaoyu Zhao.
22 November 2008 [10:12]

NBA bans activity of MoneyGram in Azerbaijan

In early November Day.Az has posted a material "MoneyGram monetary transfers system again assists to Nagorno Karabakh separatists even more intensively, thus deceiving Azerbaijan" in which we stressed the pro-Armenian nature of MoneyGram.
21 November 2008 [17:31]

15th session of Coordination bureau of CIS tax services held in Baku

Baku hosted the 15th session of the Coordination bureau of the heads of the CIS tax services.
21 November 2008 [12:17]

Ministerial conference on Central-Asian regional economic cooperation starts in Baku

The seventh ministerial conference on Central-Asian regional economic cooperation (CAREC) has kicked off in Baku.
21 November 2008 [11:01]

BTC pipeline pumps 17,400 tons of Kazakh oil

First Kazakh oil was pumped by the BTC pipeline in October.
20 November 2008 [18:45]

People withdraw deposits from banks in Azerbaijan

As of November 1, the amount of deposits held in banks by individuals reached AZN 1 784 million, up 22.2% on early this year and up 34.3% on a year ago, said the National Bank of Azerbaijan.
20 November 2008 [16:05]

President of Azerbaijan receives ADB president

President of Azerbaijan Ilham Aliyev has received a delegation, led with ADB president Haruhiko Kuroda, reports Day.Az with reference to the official website of the President of Azerbaijan.
20 November 2008 [11:06]

ADB President arrives in Azerbaijan

The President of the Asian Development Bank, Mr. Haruhiko Kuroda, has arrived in Azerbaijan.
20 November 2008 [10:31]

Azerbaijani Economic Development Minister discuss prospects of cooperation with WB vice president

Azerbaijani Economic Development Minister Shahin Mustafayev received WB vice president on the European and Central Asian region Shigeo Catsu, visiting Baku.