Business

29 September 2006 [16:49]

Huseyn Arabul: "I will take Barmek's skillful specialists to Turkey if they want"

Barmek-Azerbaijan President Huseyn Arabul will take most of the skilful engineers to Turkey after hand-over test finishes.
29 September 2006 [13:44]

President Aliyev confirms Azerbaijan-France economic commission

Azerbaijan's President Ilham Aliyev issued an executive order on confirmation of new composition of the Azerbaijan-France Economic Commission.
29 September 2006 [13:40]

GDP growth to hit 26.3% in 2007

The foreign trade turnover of Azerbaijan will hit $19.7bn next year.
29 September 2006 [10:29]

Memorandum on the Black Sea ring road signed

Memorandum on Ukraine's participation in the construction of a ring road the Black Sea has been signed at the Sochi meeting of Transportation Ministers of the Black Sea Economic Cooperation Organization (BSECO) member states.
29 September 2006 [10:25]

RAO EES delegation to visit Baku to discuss price and volume of electricity

RAO EES delegation will visit Baku on October 15. Azerenergy OJSC chief engineer Saleh Mammadov told that the delegation of the Unified Energy System of Russia will submit Baku the proposal on the price and volume of the energy to be provided for Azerbaijan.
29 September 2006 [10:07]

Kozeny ordered extradited from Bahamas

An investment promoter indicted in New York City on bribery charges was ordered extradited to the United States by a Bahamian judge on Thursday.
29 September 2006 [09:50]

Defense expenditure to reach US $900mn in 2007

Azerbaijan's defense expenditure is expected to be raised by 26, 7 percent on average in 2007.
29 September 2006 [09:34]

Trades at BICEX

The weighted average exchange price made up 0.8748 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
29 September 2006 [09:30]

Taxes Ministry finds irregularities in 25 908 trade facilities

Taxes Ministry Operational Control Department have to date examined 110 839 various kinds of trade facilities and found serious irregularities in 25 908 of them.
29 September 2006 [09:10]

CAREC workshop held in Baku

Yesterday workshop has been held in Baku within ADB-supported the Central Asia Regional Economic Cooperation.
29 September 2006 [09:05]

Azerbaijan exported 4 659 231.4 tonnes of crude oil in January-August

Azerbaijan has exported 4 659 231.4 tonnes of crude oil of $1.8968 503bn during January-August of the year.
29 September 2006 [09:02]

Property Management Committee sues 500 organizations

State Committee for the Management of the State Property brought a lawsuit against 500 organizations in Azerbaijan.
29 September 2006 [08:36]

Anne E. Derse: "Having commissioning BTC pipeline is an extraordinary achievement"

SOCAR President Rovnag Abdullayev has today received Anne E. Derse, US ambassador to Azerbaijan.
29 September 2006 [08:28]

AZN 5mn delivered to State Budget through investment competitions for privatization

AZN 5mn has been delivered to the State Budget from privatization through investment competitions since early this year and over 12 000 new jobs have been created in the privatized enterprises.
29 September 2006 [08:23]

Azerenergy staff doubled

Azerenergy OJSC has increased the number of employees by twice this year.
28 September 2006 [16:26]

Armenian State Budget to be one-fourth of Azerbaijan's

Armenian Government has approved the Draft State Budget for 2007 and submitted it to the Parliament. The incomes and expenditures of the State Budget are forecasted to be $1.545bn and $1.725bn respectively.
28 September 2006 [16:03]

Azerbaijan and Iran negotiating on construction of hydroelectric power station

Azerenergy is studying the hydroelectric potential of the Mountain Rivers.
28 September 2006 [13:37]

Iranian energy minister expected in Armenia

Energy Minister Parviz Fattah is to begin a visit to Armenia on Thursday to participate in the Iran-Armenia-Georgia trilateral meeting as well as follow up joint border projects and a bilateral agreement for supply of electricity to Armenia.
28 September 2006 [13:18]

All wineries banned in Baku

Ramiz Hasanov: "Examinations proved that at least 10% of the electric meters of Barmek are non-standard"
28 September 2006 [09:56]

Shell to transport Kazakh oil to BTC pipeline

Royal Dutch Shell wants to take part in the development of the Samsun-Ceyhan oil pipeline.
28 September 2006 [09:52]

900, 000 tourists came to Azerbaijan in the first half of the year

Over 1, 200 000 foreigners came to Azerbaijan in the first half of the year. 900,000 of them were tourists, Culture and Tourism Ministry told.
28 September 2006 [09:48]

Investment expenditures rise by 20% for next year in Azerbaijan

AZN 1.8bn is planned in the State Budget of 2007 for investment. Ogtay Hagverdiyev, chairman of finance and credit sector of the Cabinet of Ministers, told that funds for the investment projects will be a 20 % rise as against that of 2006.
28 September 2006 [09:29]

Taxes Ministry finds irregularities in 25 659 trade facilities

Taxes Ministry Operational Control Department have to date examined 109 828 various kinds of trade facilities and found serious irregularities in 25 659 of them.
28 September 2006 [09:26]

Favorable balance of trade with CIS made $784mn in Azerbaijan

Azerbaijan's trade with faraway country yielded favorable balance of $1 096.563mn and trade with CIS member states resulted in unfavorable balance of $784.2883mn during January-August of the year.
28 September 2006 [09:24]

Ban on black caviar and Caspian sturgeon exports to be lifted

2The ban on black caviar and Caspian sturgeon exports of Azerbaijan may be lifted at the meeting of the permanent secretariat of CITES (the Convention on International Trade in Endangered Species of Wild Fauna and Flora.).
28 September 2006 [00:45]

Russian pipeline poses dilemma for Turkey

Russian plans for a new natural gas pipeline are placing Turkey in a tough position.
28 September 2006 [00:27]

CIBC company-members meet with Energy Minister

The companies-members of the Caspian Integration Business Club (CIBC) today met with Natig Aliyev, the Minister of Energy and Industry, the acting co-chairman in CIBC from the side of Azerbaijan.
28 September 2006 [00:23]

Trades at BICEX

The weighted average exchange prices made up 0,8752 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 27.
27 September 2006 [23:41]

Iran-Azerbaijan energy transfer to increase

Energy Minister Parviz Fattah said here on Wednesday that with the completion of power lines and ongoing projects, the transfer capacity of electricity between Iran and Azarbaijan Republic will increase to 600 MW.
27 September 2006 [23:14]

Azerenergy supplies electricity for 18 regions with interruptions

As from today, Azerenergy OJSC has begun to supply electricity for 18 regions with interruptions.
27 September 2006 [10:29]

Taxes Ministry finds irregularities in 25 425 trade facilities

Taxes Ministry Operational Control Department have to date examined 108 822 various kinds of trade facilities and found serious irregularities in 25 425 of them.
27 September 2006 [10:26]

Favorable balance of trade constituted $312.2mn in Azerbaijan in January-August

Favorable balance equaled $312 274 700 in exports and imports of Azerbaijan during January-August of the year.
27 September 2006 [09:59]

Shell interested in trans-Turkey pipeline

Royal Dutch Shell said yesterday it had signed a deal with Turkey's Calik Energy and Italy's ENI on its possible participation in a trans-Turkey oil pipeline project.
27 September 2006 [09:45]

Ramiz Hasanov: "Penalties and sanctions for irregularities in foodstuffs production are very soft"

Producers are independent in exporting Azerbaijani-made goods to European market.
27 September 2006 [09:41]

Hand-over test of Barmek to be completed in 15 days

Hand-over test in Barmek by the Government of Azerbaijan is expected to be completed in 15 days, Economic Development Minister Heydar Babayev said.
27 September 2006 [09:00]

Tariff Council may increase fare in public transportation

Tariff Council is going to make decision on the fare of public transportation this week.
26 September 2006 [20:20]

Trades at BICEX

The weighted average exchange prices made up 0.8755 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 26.
26 September 2006 [20:10]

Russians complete takeover of Armenian power grid

After months of negotiations Russia's national electricity company completed late Tuesday its controversial purchase of Armenia's power distribution network that will boost the already strong Russian presence in the Armenian energy sector.
26 September 2006 [19:40]

Dubai Chamber of Commerce and Industry Head meets Azeri Consul

To enhance the bilateral relations between Dubai and Azerbaijan, Abdul Rahman G. Al-Mutaiwee, Dubai Chamber of Commerce and Industry Director General, received Parviz Ismailzadeh, Azeri Consul General to Dubai.
26 September 2006 [19:36]

Azerbaijan is making steady progress in developing its telecommunications sector, but still faces numerous problems

Research and Markets has announced the addition of "2006 Central Asian Telecoms Statistics and Market Overview" to their offering.
26 September 2006 [15:03]

Inflation rate in Azerbaijan to be one-digit as Government forecasted

One-digit inflation rate forecasted by the Government will remain effective by this year's end.
26 September 2006 [13:55]

Azeri, Turkish and Georgian Transport Ministers to meet in Baku

Next meeting of Turkish, Azerbaijani and Georgian Transport Ministries will be held in Baku in October within the frames of Kars-Akhalkalaki-Tiflis-Baku railway project.
26 September 2006 [13:44]

Deputy Minister of Industry and Energy meets Korean delegation

Gulmammad Javadov, Azerbaijan Deputy Minister of Industry and Energy met with Nam ?hang Hyun, head of the metal and petrochemical group of Korean Commerce, Industry and Natural Resources Ministry and his accompanying delegation.
26 September 2006 [13:41]

Conference on foodstuffs' quality held in Baku

Economic Development Ministry hosted a scientific and practical conference examining how to increase the quality of foodstuffs in Azerbaijan.
26 September 2006 [13:35]

EBRD opens regional center in Tbilisi

The European Bank for Reconstruction and Development (EBRD) has established a regional center in Tbilisi, which will cover the Bank's activities in the Caucasus, Moldova and Belarus, the EBRD said on September 25.
26 September 2006 [10:23]

Azeri delegation to attend Istanbul TRACECA workshop

Workshop for TRACECA member states' transportation bodies will take place in Istanbul on November 2-3 within Regulation of Hazardous Cargo Transportation.
26 September 2006 [10:22]

Amendments to Tax Code submitted to President's Office

Amendments to the Tax Code proposed by the Taxes Ministry of Azerbaijan were submitted to the President's Office.
26 September 2006 [10:17]

Turkish and Azerbaijani Communication Ministries sign letter of intent

Azerbaijani Minister of Communication and Information Technologies Ali Abbasov visited Turkey at the invitation of his Turkish counterpart Binali Yildirim.
26 September 2006 [10:01]

Signs of new gold, copper and nickel deposits discovered in Azerbaijani regions

Signs of new gold, copper and nickel deposits have been discovered in Azerbaijani western regions of Gadabey, Khanlar and Dashkesen.
26 September 2006 [09:48]

Azerenergy plans to install 600 000 cable meters by this year's end

Over 150 000 electric meters were installed throughout the country.
26 September 2006 [09:37]

Finance Ministry's T-bills to be held at BSE

Auction on placement of T-bills with the state registration number 10502813S will be held at Baku Stock Exchange tomorrow.
25 September 2006 [22:52]

Cabinet of Ministers discusses 2007 Budget Draft

The meeting of the Cabinet of Ministers presided by Prime Minister Artur Rasizadeh took place on September 25. The discussions at the meeting revolved around the 2007 draft state budget, conception and forecast of development of Azerbaijan Republic for 2007 and the next 3 years.
25 September 2006 [21:48]

CAREC Programme's participating countries to discuss regional cooperation

Ministers from Azerbaijan, Afghanistan, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan will discuss ways of further expanding regional cooperation at the fifth meeting of the Central Asia Regional Economic Cooperation (CAREC) Programme's participating countries due to take place on October 20 in Urumqi, China.
25 September 2006 [21:45]

Trades at BICEX

The weighted average exchange prices made up 0,8754 AZN for 1 US dollar in the Baku Interbank Currency Exchange on September 25.
25 September 2006 [21:37]

Baku hosts ECO Transit Transport Coordination Council's meeting

The First Meeting of the Transit Transport Coordination Council (TTCC) of the Organization for Economic Cooperation for implementation of Transit Transport Framework Agreement (TTFA) began September 25 in Baku.
25 September 2006 [21:34]

Draft State Budget 2007 submitted to President after discussion

Today the Cabinet of Ministers met to discuss the Draft State Budget for 2007 submitted by the Finance Ministry.
25 September 2006 [21:21]

Iranian company participates in Khachmaz power plant

Iranian Sun Energy Company will participate in implementing a power plant project in the Azeri city of Khachmaz situated 160 kms to the north of capital Baku.
25 September 2006 [15:05]

Some 2 100 small state enterprises privatized in Azerbaijan

2 100 small state enterprises and facilities have been privatized since early year.
25 September 2006 [12:45]

Azerenergy warns 18 regions

Azerenergy OJSC warned 18 regions that they hadn't paid the gas bill completely.
25 September 2006 [11:24]

Foreign companies do not comply with their commitments

"The oil companies and other strategic enterprises operating in Ali Bayramli do not pay tax to the local budget but pay taxes in centralized form which results in the city’s needing subsidy from the center," saud MP Azay Guliyev.
25 September 2006 [11:19]

Georgia purposely delays Kars-Akhalkalaki-Tbilisi-Baku railway construction

"Georgia purposely delays the construction of the Kars-Akhalkalaki-Tbilisi-Baku railway line," said Turkish Foreign Ministry high ranking official.
25 September 2006 [09:20]

Oil slumps below $60

Oil prices fell to a six-month low under $60 a barrel on Monday as BP's move to restore output at Prudhoe Bay earlier than expected added to a sense of healthy, secure supplies, while demand growth questions loomed large.
25 September 2006 [08:56]

U.S. Senate panel blocks US funding for Turk-Azeri railroad

Backed by US Armenians, measure bans US Export-Import Bank loans for Kars-Tbilisi-Baku railway bypassing Armenia.
24 September 2006 [16:23]

SOCAR reps participated in oil exhibition Tabriz

Representatives of the State Oil Company attended the "Oil, gas and oil products" exhibition in Tabriz, Iran.
24 September 2006 [15:01]

Iran, Kazakhstan explore new avenues for developing bilateral ties

Bilateral trade, economic and cultural relations between Iran and Kazakhstan are dynamically developing.
24 September 2006 [12:53]

Azerbaijan's Parliament discussing customs deal to be signed with Moldova

The Milli Majlis is now discussing the customs agreement to be signed between Azerbaijan and Moldova.
23 September 2006 [11:58]

LG to explore Kazakh oilfield

South Korean trading house LG International will begin exploring an oilfield in Kazakhstan next month, the company said in a regulatory filing.
23 September 2006 [11:28]

Electricity of Lenkeran likely to be cut off

"Electricity supply to Lenkeran may be cut off unless any improvement is made in collection of bills," said Lenkeran Electricity Supply Department Director Gilman Rzayev.
23 September 2006 [01:34]

Wartsila supports Azeri wrestlers

Participation of Azerbaijani national team on in the European Championship held in Germany was possible thanks to the support of Baku Bureau of Finnish Vartsila Company, the Azerenergy SC said.
23 September 2006 [01:14]

U.S. expert: "Those playing Caspian Basin energy game may suffer from 'irrational exuberance'"

Policymakers are suffering from "irrational exuberance" when it comes to Caspian Basin energy issues, a US expert on the region says.
23 September 2006 [01:04]

President Aliyev: "Azerbaijan key to European energy security"

"Azerbaijan has turned into a major oil producer and this is of great importance for European energy security," President Ilham Aliyev told the International Bertelsmann Forum in Berlin, Germany on Friday.
23 September 2006 [01:01]

Azeri state oil company to invest in Georgia

Azerbaijan's state oil company SOCAR plans to implement new investment projects soon, a source from the company said.
23 September 2006 [00:59]

SOCAR to tap Caspian field on its own

Azerbaijan's state oil company SOCAR plans to tackle development of the Karabakh field in the Caspian Sea at its own expense, oil executives say.
23 September 2006 [00:48]

State oil company reports on 2005 financial performance

SOCAR made a profit of 1.2bn new manats ($1.36bn) in 2005, says its financial report for 2005 covering its profit, budgetary contributions, debt and other indicators.