Business

11 January 2008 [14:05]

Fund of assistance to Azerbaijani Armed Forces accumulates about AZN 3.4 million and $78 thousand.

The banking account of the Fund of Assistance to Azerbaijani Armed Forces accounted for 3,469,000 AZN as of January 11, 2008.
11 January 2008 [13:33]

Nadir Azmamedov: "Azerbaijani railroads remain closed for Armenia"

Azerbaijani Railroads remain closed for Armenia, spokesman for the Azerbaijan Railroad Department Nadir Azmamedov said.
11 January 2008 [12:16]

Lars Nyberg: "We invest in Azerbaijan, because we believe in its successful economic future"

“We invest in Azerbaijan, because we believe in its successful economic future” said Lars Nyberg, President of TeliaSonera, at a meeting with Minister of Communication and Information Technologies of Azerbaijan Ali Abbasov in Baku, the Ministry said.
11 January 2008 [10:48]

Azerbaijan-Lithuania business forum to be held in Azerbaijan

A delegation led by the Prime Minister of Lithuania Gediminos Kirkepas will visit Azerbaijan on January 28-29.
11 January 2008 [10:32]

Washington to host session of Commission on US-Azerbaijan Economic Partnership

The second session of the Commission on US-Azerbaijan Economic Partnership will be held in Washington in February of 2008.
10 January 2008 [18:46]

WB team in Baku to inspect construction of Alat-Astara highway

World Bank’s team designing the Alat-Astara Second Highway Project headed by Olivier Le Ber are now in Baku to inspect upgrading of some sections of the Alat-Astara-Iranian border highway and discuss with government officials the prospects of construction of the third highway.
10 January 2008 [14:16]

Tax collections rise by 67.2% in Azerbaijan

In 2007 the state budget of Azerbaijan received over 4.54 billion AZN (over $5.37 billion by current exchange rate) of taxes, which is 67.2% higher, as compared to 2006, according to the Taxes Ministry of Azerbaijan.
10 January 2008 [13:03]

Azerbaijani entrepreneurs to visit China

The Confederation of Entrepreneurs of Azerbaijan in cooperation with the Association of Entrepreneurs of Sintzan Uygur Autonomous Region of China will arrange a visit of Azerbaijani businessmen to Urumchi.
10 January 2008 [10:57]

Azerbaijan's Economic Development Minister to visit Estonia

The official visit of the Minister of Economic Development of Azerbaijan Heydar Babayev to Estonia starts from January 21.
09 January 2008 [14:02]

Shahdeniz to produce 8 billion cubic meters of natural gas this year

According to the State Oil Company of Azerbaijan, it is planned to produce 8 billion cubic meters of natural gas from the Shahdeniz field this year.
09 January 2008 [10:10]

Transition to electronic telephone exchange system is 70% complete in Azerbaijan

Aztelecom PU of Azerbaijan’s Ministry of Communications and Information Technologies has completed transition to electronic telephone exchange system by 70%.
08 January 2008 [18:41]

Azerbaijan receives humanitarian and technical aid of $58.4 million in January-November of 2007

The external trade turnover of Azerbaijan made up $10,461,300 in January-November of 2007, as reported by the State Statistical Committee of Azerbaijan.
08 January 2008 [16:22]

Azerbaijan's 2007 power generation by 10% lower compared to 2006

The power system of Azerbaijan generated more than 21.4 billion KWH of electric power in 2007, which is by 2.4 billion KWH lower as compared to 2006.
08 January 2008 [15:53]

Baku airport resumes international flights

Several international flights canceled yesterday due to bad weather conditions in Baku were gradually resumed on January 8.
08 January 2008 [14:49]

Azerbaijan to invest $240 million in air transportation in 2008

1.6 million passengers were transported by Azerbaijan’s air transportation system and the passenger turnover made 1.02 billion passengers/kilometer in 2007.
08 January 2008 [13:22]

Azerbaijan's surplus balance of import and export transactions totals $461,900,000

Azerbaijan carried out import and export transactions in the amount of $10.5 billion with 135 countries within 11 months of 2007, according to the State Statistical Committee.
08 January 2008 [13:13]

Department for combat with cybercrimes created under Azerbaijan's Ministry of Internal Affairs

The Department for combat with cybercrimes has been established under the Ministry of Internal Affairs of Azerbaijan, as reported by major-general Vilayat Eyvazov, first deputy Minister of Internal Affairs of Azerbaijan.
08 January 2008 [12:54]

Investments into Azerbaijan's railway system top $15 million in 2007

Azerbaijan channeled AZN 13 million ($15.3 million) in investment into upgrading of the railway system in 2007, according to the State Railway Company (ADDY).
08 January 2008 [12:26]

Baku-Moscow air flight put off

The passenger air flight Baku-Moscow, scheduled for 10:40 a.m. has been put off due to bad weather conditions.
08 January 2008 [11:40]

Inflation rate throughout CIS expected to be highest in Azerbaijan

Rise in prices will be the highest in Azerbaijan among all CIS countries in 2008.
08 January 2008 [11:36]

SOCAR declares forecasts on oil products for 2008

Baku oil refineries intend to deepen oil refining by 9% bringing it to 75.2% in 2008.
08 January 2008 [10:31]

Monetary reserves of Azerbaijan's National Bank exceed $4 billion

The monetary reserves of the National Bank of Azerbaijan reached $4,015,600,000 last year.
08 January 2008 [10:16]

Functions of control over construction separated between Azerbaijan's Emergency Situations Ministry and State Committee for Town-building and Architecture

The Cabinet of Ministers of Azerbaijan has introduced alterations to the rules of control of the State Committee for Town-building and Architecture of Azerbaijan.
08 January 2008 [10:08]

Azerbaijani Government approves revised text of VAT-free imports

The Cabinet of Ministers has approved a new text of VAT-free imports.
07 January 2008 [17:28]

IAEA manager on Azerbaijan to visit Baku

The general manager of the International Atomic Energy Agency on Azerbaijan will pay a visit to Baku.
07 January 2008 [15:03]

Azerbaijan to take part in session of BSEC Foreign Ministers' Council in Kiev

A joint session of the Council of Ministers of Foreign Affairs under the Black Sea Economic Cooperation and European Union will be held in Kiev on February 14.
07 January 2008 [14:54]

Baku oil refineries fail to meet plan on oil products in 2007

In 2007 the oil refineries of Azerbaijan underfulfilled the production plan by 5.84%, producing only 7,504,170 tons of oil products in place of the planned 7,970,000 tons.
07 January 2008 [13:59]

Crop capacity may rise by 20-30% owing to snow

Owing to snowfall, agricultural crops may rise by 20-30% this year, according to Sabir Veliyev, chief of department under Azerbaijan's Ministry of Agriculture.
07 January 2008 [11:37]

State Oil Company of Azerbaijan hits oil production target of 2007

The State Oil Company of Azerbaijan (SOCAR) produced a total of 8,800,880 tons of oil in 2007 (oil and gas producing department -7, 595,750 tons and joint ventures and operating companies-1,194,130 tons).
07 January 2008 [11:02]

Azerbaijan orders electric transformers from India

Indian Bharat Heavy Electricals Ltd (BHEL) will supply Azerbaijan with transformers in the amount of 400 million rupees ($10 million).
30 December 2007 [17:25]

President of Azerbaijan inaugurates new road in Baku

President of Azerbaijan Ilham Aliyev has today attended the inauguration of a new road on the Nasib bey Yusifbeyli Street.
30 December 2007 [15:01]

Egypt to set up pharmaceutical factory in Azerbaijan

Azerbaijan and Egypt have reached an agreement on the project of construction of a pharmaceutical factory in Azerbaijan.
30 December 2007 [14:50]

Madrid to host Spain-Azerbaijan business-forum

The meeting of businessmen of Azerbaijan and Spain will take place in early 2008.
30 December 2007 [13:56]

Azerbaijan to start liquidation of energy debt to Iran

Azerbaijan will start liquidation of energy debt to Iran in spring of 2008, as reported by the vice president of Azerenerji Marlen Askerov.
30 December 2007 [10:29]

Azerbaijan, Egypt sign documents on cooperation

Azerbaijan-Egypt Intergovernmental Commission signed a final protocol of the third meeting in Baku.
29 December 2007 [16:18]

France-Azerbaijan business-forum to be held in 2008

Meeting of Azerbaijani and French businessmen will be held early 2008.
29 December 2007 [14:45]

Azerbaijan's Agriculture Minister: "We will apply administrative sanctions to combat overpricing in 2008"

Prices on the agricultural fairs in Baku are lower by 40-50% average, as reported by Azerbaijan's Minister of Agriculture, Ismet Abbasov.
29 December 2007 [13:45]

New State Program for Development of Communication and Informational Technologies to be worked out in Azerbaijan

Azerbaijan's Ministry of Communication and Informational Technologies is to work a out a draft new State Program for development of communication and informational technologies in the country.
29 December 2007 [11:23]

Azerbaijan's GDP rises by 25.4%, Jan-Nov

The rise in the gross domestic product of Azerbaijan (GDP) from the beginning of the year until late November made up AZN 20.818 billion (over $24.6 billion), which is 25.4% higher as compared to the same period of 2006.
29 December 2007 [10:32]

French Societe Generale wins tender on international financial consultant for Azerbaijan's Azerkimya

The French bank Societe Generale was declared winner of the tender on selection of an international financial consultant conducted by Azerkimya state company, as reported by the press service for Azerkimya.
28 December 2007 [19:03]

Azerbaijan’s construction companies take great interest in Russian market

Azerbaijan-based companies have been invited to join construction projects in Russia, Emil Majidov, President of Azerbaijan Export and Investment Promotion Foundation (AzPromo), said.
28 December 2007 [18:48]

Azerbaijani and Kazakh enterprises expected to sign new contracts

Representation of Azerbaijan Export and Investments Encouragement Fund (AZPROMO) in Kazakhstan has attracted 4-5 Azerbaijan construction companies to Kazakh market, as reported by the President of the Fund Emil Medjidov.
28 December 2007 [17:55]

Turkey's Minister of Agriculture arrives in Azerbaijan-UPDATED

Turkish Minister of Agriculture and Rural Affairs Mehmet Mehdi Eker has arrived in Azerbaijan today.
28 December 2007 [16:38]

Azerbaijan, Egypt have prospects of ICT cooperation

Azerbaijan's Minister of Communication and Information Technologies Ali Abbasov received Egyptian Minister of International Cooperation Faiza Abu al-Hadj.
28 December 2007 [15:51]

Armenia reserves right to accept or reject Azerbaijan's proposal to participate in TRACECA Summit in Baku

Armenia reserves a right to accept or reject Azerbaijan's proposal to participate in TRACECA Summit in Baku, as reported by a source from Armenian government.
28 December 2007 [15:42]

30,000 foreign-made medicines officially sold in Azerbaijan

“Import of foreign-made medicines to Azerbaijan has never been prohibited,” Health Minister Ogtay Shireliyev said.
28 December 2007 [13:15]

Turkey suspends resolution on sale of Petkim oil enterprise

Execution of a resolution on the sale of Petkim (Perokimya Holding), one of the biggest enterprises of Turkey to a consortium, comprising SOCAR, Turcas and Infaz, has been suspended.
28 December 2007 [11:28]

Korean SDX offering to build vessels of up to 60,000 tons displacement in Baku

A project on construction of the Caspian Shipyard in Azerbaijan will be presented by Korean STX late Jan-early Feb.
28 December 2007 [10:41]

Employers to be fined for illegal hiring of foreigners in Azerbaijan

Employers will be imposed a fine from AZN 33,000 to AZN 38,500 for employment of foreigners or stateless persons having no permit for work in Azerbaijan.
28 December 2007 [10:14]

Azerbaijan to apply e-medical cards first in Eurasia

Azerbaijan’s Ministry of Health has held a presentation of a system of e-medical cards to be applied in the country.
27 December 2007 [17:22]

Baku hosts Azerbaijan-Egypt business-forum

A business-forum with participation of business circles of Azerbaijan and Egypt was held in the framework of the third session of the Azerbaijan-Egypt intergovernmental commission on economic cooperation in Baku.
27 December 2007 [16:40]

Ilham Aliyev signs regulation on alterations to law "On Currency Regulation"

President of Azerbaijan Ilham Aliyev signed a regulation to bring revised Law on Currency Regulation into effect.
27 December 2007 [11:57]

New Armenian President to be invited to Baku

The President of Armenia will be invited to Baku following the forthcoming presidential elections in this country, as reported by Akif Mustafayev, national secretary, representing Azerbaijan under the TRASECA permanent intergovernmental commission, announced.
27 December 2007 [11:43]

Commodity aid to Azerbaijan making up $58 million Jan-Nov

The volume of free technical aid and humanitarian cargo received from foreign countries and governments and international organizations in January-November of 2007 exceeded $58.4 million, as reported by the State Customs Committee.
27 December 2007 [11:35]

Turkey's Agriculture Minister to arrive in Azerbaijan

A delegation of the Turkish Ministry of Agriculture, led by Agriculture Minister Mehmet Mehti Eker will arrive in Baku tomorrow, as reported by the press service for the Azerbaijan Ministry of Agriculture.
26 December 2007 [18:54]

Oil transportation accounting for greater share in Azerbaijan's export

Crude oil and oil products made up 80.6% of Azerbaijani export within 11 months of 2007.
26 December 2007 [18:08]

Caspian Shipping Company obtains new ferryboat

A ferryboat, built in the Pula City (Croatia), has been delivered to Baku, as reported from the State Caspian Shipping Company of Azerbaijan.
26 December 2007 [12:59]

Soci?t? G?n?rale intending to acquire a bank in Azerbaijan

France’s Soci?t? G?n?rale has applied to the National Bank of Azerbaijan for acquisition or establishment of a bank in the country.
26 December 2007 [12:18]

Domestic airfare goes up in Azerbaijan

The Tariff Council of Azerbaijan (State Price Regulator) has reconsidered proposals on domestic airfares, prices of transportation and storage of radioactive substances, and customs laboratory examination.
26 December 2007 [12:07]

Law "On Insurance Activities" adopted in Azerbaijan

The law "On Insurance Activities" was adopted at the plenary session of Azerbaijani parliament.
26 December 2007 [11:44]

Baku to host Azerbaijan-Egypt business forum

The Azerbaijan-Egypt business forum is planned to be held in Baku on December 27, as reported by the press service of the Azerbaijan Export and Investments Encouragement Fund (AZPROMO).
26 December 2007 [10:57]

Elman Rustamov: "Inflation rate will near 12% in Azerbaijan next year"

Inflation rate will near 12% in Azerbaijan in 2008, as reported by Elman Rustamov, chairman of the Directors' Board of the National Bank of Azerbaijan.
26 December 2007 [10:42]

Azerbaijan to launch new mortgage lending mechanism

Azerbaijan plans to make significant improvements in the mortgage lending mechanism next year, Elman Rustamov, Chairman of the Directors' Board of the National Bank of Azerbaijan, said.
25 December 2007 [17:43]

Seventh report on Extractive Industries Transparency Initiative issued in Azerbaijan

The Commission on Extractive Industries Transparency Initiative (EITI) in cooperation with the Coalition of Intergovernmental Organizations on EITI and oil companies, operating in Azerbaijan, has issued the seventh report of Azerbaijan on EITI.
25 December 2007 [17:22]

First footbridge to open in Baku

The first footbridge will open at Heydar Aliyev Avenue in Baku in a few days.
25 December 2007 [17:03]

Deputies grudge against frequent temporary blackouts in Baku districts

Today's session of the parliament discussed electricity supply to the population, and its debts.
25 December 2007 [16:30]

Baku to host third congress of credit unions of Eastern Europe

The third congress of credit unions of Eastern Europe will be held in Baku in Autumn of 2009.
25 December 2007 [15:13]

Azerbaijan to adopt agro-industrial development strategy

Azerbaijan will adopt a strategy of the development of agro-industrial complex in the near future, sources from the Azerbaijani Ministry of Agriculture reported.
25 December 2007 [15:04]

Morocco inviting Azerbaijani companies for implementation of tourism projects

Confederation of Entrepreneurs of Azerbaijan has received a letter from Afro American Services Group Morocco (AAS-Group) company, operating in Morocco.
25 December 2007 [14:54]

Session of Azerbaijan-Japan intergovernmental commission to be held in Tokyo

A regular session of the Azerbaijan-Japan intergovernmental commission will be held in Tokyo in February of 2008, as reported by Japanese Ambassador to Azerbaijan Masamutsi Oki.
25 December 2007 [14:43]

Japanese government allocates over $172,000 to Azerbaijan

Agreements on implementation of two projects in Azerbaijan, estimated at $172,205, were signed in the residence of Japanese Ambassador to Azerbaijan Masamutsi Oki Tuesday.
25 December 2007 [13:39]

Import of Iranian poultry products to Azerbaijan banned

Import of Iranian poultry products has been banned in Azerbaijan due to the detection of avian flu virus in Iran.