Business

25 December 2008 [12:18]

Azerbaijan and Turkey will launch arms joint production

Turkish weapons manufacturer and defense contractor Reketsan and Azerbaijani military scientific and industrial enterprise Iglim has reached an agreement on the joint production of armaments.
24 December 2008 [18:34]

Azerbaijan closes Azalhelikopter aviation company

Azerbaijan’s Cabinet of Ministers has made changes the structure of Azerbaijan Airlines (AzAL).
24 December 2008 [18:04]

Avoidance of double taxation will come into effect between Azerbaijan and five countries from New Year

From January 1, 2009, agreements on avoidance of double taxation between Azerbaijan and Qatar, Tajikistan, Estonia, Bulgaria and South Korea will come effective.
24 December 2008 [17:32]

Ilham Aliyev: "Today Azerbaijan has a strong potential in electric power export"

"Currently Azerbaijan has a strong potential in electric power export", said President of Azerbaijan Ilham Aliyev at the opening ceremony of the Sangachal electric power station.
22 December 2008 [17:32]

Gold prices advance 3 pct in Azerbaijan last week

Despite two straight day decline, gold for February delivery settled $2.1 up at $837 an ounce on the Comex division of the New York Mercantile Exchange.
22 December 2008 [16:23]

SOCAR to build new port in Georgia

SOCAR will build a new port in Georgia.
22 December 2008 [10:09]

President of Azerbaijan inaugurates "Zangazur" tanker

President of Azerbaijan Ilham Aliyev attended Saturday the commissioning ceremony for the Caspian Shipping Company`s "Zangazur" tanker.
19 December 2008 [17:24]

Cost of flats on secondary real estate market hits record, drops to level of early 2008 in Baku

The Public association "Real estate market participants" drew conclusions of the monitoring of situation on the secondary real estate market of Azerbaijan for November of 2008.
19 December 2008 [15:21]

Foreign investments in Azerbaijan make over AZN 2 bln in January-November

In January-November of 2008 foreign investments into Azerbaijan made AZN 2,046,000,000 (12.8% lower as compared to the due period of the last year).
19 December 2008 [15:03]

Azerbaijan extracts 40.9 mln tons of oil and 20.9 bln cubic meters of gas

In January-Azerbaijan Azerbaijan produced 40.9 mln tons of oil and 20.9 bln cubic meters of gas (including, 14.5 bln cubic meters of commodity gas).
19 December 2008 [13:48]

Azerbaijan to complete reconstruction work in the main avenue in Baku next week

Reconstruction work in Heydar Aliyev Avenue in Baku is scheduled for completion next week, said Punhan Mursaliyev, Press Secretary of Azeryolservis.
19 December 2008 [13:10]

Vitol S.A. purchases first Azerbaijani oil shipment from Novorossiysk in 2009

The SOCAR department of marketing and economic operations declared a purchaser of 1,200 barrels of REBCO oil.
18 December 2008 [18:25]

IMF ready to provide technical assistance in improvement of Azerbaijan's tax system

The International Monetary Fund expressed readiness to assist to Azerbaijani government while developing changes to the Tax Code, said head of IMF mission Valeria Fikera in Baku.
18 December 2008 [16:49]

Azerbaijan to purchase new railway locomotives in South Korea

The railway delegation of South Korea has arrived in Baku, Azerbaijan, said spokesman for the Azerbaijan State Railway Company Nadir Azmamedov, according to Day.Az.
18 December 2008 [16:28]

Electricity supply to Ceyranbatan water reservoir fully cut

The electricity supply has been cut to the pumping stations of several water supply objects of Azersu, said spokesman for Sumgayitelektrikshebeke Anar Guliyev, according to Day.Az.
18 December 2008 [14:14]

Income tax and VAT rates to be reduced in Azerbaijan

The reduction in income tax and VAT rates is expected in Azerbaijan, said deputy Minister of Taxes Natik Amirov, according to Novosti-Azerbaijan.
18 December 2008 [10:36]

IMF: "Azerbaijan will experience 12% economic growth and 9% inflation in 2009"

The International Monetary Fund predicts 12% economic growth in Azerbaijan for 2009.
18 December 2008 [10:15]

Sumato Energy Group Limited purchases 2009's second oil shipment from Supsa

The SOCAR Department of Marketing and Economic Operations of Azerbaijan has declared a purchaser of 600,000 Azeri Light oil barrels.
17 December 2008 [13:02]

Natik Aliyev: "Azerbaijan is likely to support OPEC plans to reduce oil production"

Azerbaijan is for the first time taking part in the work of OPEC which is to hold session in Oran (Algeria) on Wednesday.
17 December 2008 [12:00]

Georgia to receive $200,000,000 from Azerbaijan for implementation of the project of Baku-Tbilisi-Kars railroad

The successful implementation of the Baku-Tbilisi-Kars railway is going on.
17 December 2008 [09:48]

Baku-Tbilisi-Ceyhan crude oil transportation drops 50 %

Azeri Light crude premiums to Dated Brent are rising sharply as a result of the smaller loading program next month, trading sources said.
16 December 2008 [11:12]

Igbal Aghazade: "Azerbaijan is unable to reduce prices on energy sources"

"Separate political parties and organizations demand to reduce prices on energy sources. Yet Azerbaijan is unable to take this step", said chairman of the Umid party Igbal Aghazade.
15 December 2008 [16:02]

Next Azerbaijani oil shipment purchased by Sumato Energy Group Limited from Ceyhan

The department of marketing and economic operations of the State Oil Company of Azerbaijan has declared the purchaser 1 mln barrels of Azeri Light oil.
15 December 2008 [14:52]

Association of Tourism Agencies created in Azerbaijan

The Association of the tourism agencies of Azerbaijan was created at Park Inn hotel in Baku on December 15.
15 December 2008 [14:32]

Baku hosts Azerbaijani-Georgian talks on energy issues

Baku hosts the Azerbaijani-Georgian talks on energy issues.
15 December 2008 [14:00]

Azerbaijan invited to OPEC session

OPEC President, Algerian Energy Minister Shakib Helil announced that representatives of Azerbaijan, Russia, Syria and Oman will attend the session of the structure.
15 December 2008 [12:54]

BTC pipeline transports 500,000,000 oil barrels

500,000,000 barrels of Azerbaijani oil were exported from the Ceyhan port to the world market.
15 December 2008 [12:39]

Turkish construction companies invest $849,000,000 to Azerbaijan's economy through the past year

The association of construction companies of Turkey has invested $19,495,500,000 to foreign economy through the past year.
15 December 2008 [11:23]

Finnish ambassador: "There are some problems in energy cooperation with Azerbaijan"

Finland is interested in cooperation with Azerbaijan in energy sphere, reports Day.Az with reference to AzerTac.
15 December 2008 [10:41]

Turkey to export apples to Azerbaijan

This winter Turkey will export apples to Azerbaijan, report Turkish entrepreneurs, Day.Az reports with reference to Turkish news website www.haberler.com.
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.