Business

05 January 2007 [14:58]

SOCAR prepares plan of actions to increase gas production

According to the State Oil Company, a program of actions was prepared to increase gas production.
05 January 2007 [14:56]

Turkish energy official: "We must postpone natural gas sales in Azerbaijan"

Chamber of Electricity Engineers (EMO) Chairman Kemal Ulusaler said that the outage of the Iranian gas is the price Turkey should pay for being dependent to foreign energy sources.
04 January 2007 [22:07]

Turkey says it has sufficient supplies to make up for loss of Iranian natural gas

Turkey has sufficient natural gas to make up for a suspension of supplies from Iran, the country's energy minister said Thursday.
03 January 2007 [17:02]

Iran suspends supplying natural gas to Turkey, state-run radio says

Iran has stopped supplying natural gas to Turkey to meet increasing demand at home this winter, state-run radio reported on Wednesday.
03 January 2007 [16:51]

Crude prices 'will fall to $50'

An increased supply of oil to the market is expected to lower prices in the coming year, according to Standard Chartered Bank.
02 January 2007 [20:46]

U.N. lifts ban on caviar exports from Caspian

The United Nations on Tuesday lifted a year-old embargo on exports of most types of caviar from the Caspian Sea, the main source of the delicacy, despite the fact that stocks are continuing to decline.
02 January 2007 [14:28]

Wartsila says AzerEnerji power plant order worth 160 mln eur

Wartsila said an order it received from Azerbaijan's AzerEnerji for a 300 MW multi-fuel power plant has now been finalised and is worth about 160 mln eur, which it will include in its fourth quarter 2006 order intake.
01 January 2007 [17:08]

Chinese company buys Kazakh arm of Nations Energy

China, which is aggressively seeking overseas energy assets to fuel its booming economy, says one of its biggest conglomerates has bought the Kazakhstan oil assets of Calgary-based Nations Energy Company Ltd. for $1.91-billion (U.S.).
30 December 2006 [17:15]

Services, institute established under Economic Development Ministry

President Ilham Aliyev issued an edict to ensure the formation of socio-economical process management in international requirements and improvement of the activities of the Ministry of Economic Development.
30 December 2006 [17:04]

Types of license-required activities and state dues released

President Aliyev issued a decree on application of the licensing of some business activities. The types of license-required activities and the amount of dues were released.
30 December 2006 [16:57]

President Aliyev approves National Enterprise Support Fund's finance regulations

President Ilham Aliyev has decreed on approval of the Regulations of National Enterprise Support Fund. President's Press Service told APA that the funds of the NESF has to be spent on Azerbaijan's social-economic development-oriented projects of the enterprises.
30 December 2006 [12:45]

Azerbaijani composition of Azerbaijan-China Intergovernmental commission approved

President Ilham Aliyev issued decree on approval of the composition of Azerbaijani side of Azerbaijan-China intergovernmental trade-economic partnership commission.
30 December 2006 [12:34]

Azerbaijan refuses to buy Russian gas in 2007

Azerbaijan has refused to buy Russian gas in 2007, Russian gas giant Gazprom spokesman Sergei Kupriyanov said on the Ekho Moskvy radio on Friday.
30 December 2006 [12:28]

Azerbaijan announces tender for sale of aviation fuel

SOCAR Marketing and Economic Operations department announced a tender for export of aviation fuel.
30 December 2006 [12:27]

Azerbaijan applies to Russia for use of Volga-Don canal in 2007

Azerbaijan State Shipping Company has sent the list of ships to the Russia's Federal Agency of Sea and River for the use of Volga-Don canal in 2007, the only water route linking Baku to the outside world.
30 December 2006 [12:25]

French Lafarge to build cement plant in Azerbaijan

Lafarge, the largest French cement manufacturer, intends to build a cement plant in Azerbaijan.
30 December 2006 [12:22]

Ismayil Shikhli Vessel launched

The second dry cargo vessel, built in the Krasnoye Sormovo Shipyard, for Palmali Group of Companies has been launched in Nijni Novgorod.
30 December 2006 [12:19]

Azerbaijan, Russia fail to reach energy agreement

Azerbaijan's Azerenergy and Russia's RAO EES (Unified Energy Systems) failed to reach agreement on the prices and amount of electricity supplies for Azerbaijan in 2007.
30 December 2006 [12:17]

Bank Respublika opens branch in Shamkir

Bank Respublika has opened its new branch in Shamkir.
30 December 2006 [12:12]

Azerbaijan, Korea to talk on shipyard construction

In January Azerbaijan South Korea will start talks on participation of Korean investors in the construction of a dockyard in Baku.
30 December 2006 [12:07]

Azercell Telecom - one of 10 biggest operators of the CIS

Azercell telecom was included into the list of the CIS's biggest cellular operators for the number of its customers, IKS-Consulting said.
30 December 2006 [12:06]

Human Resources Fund for ICT Development established in Azerbaijan

Communication and Information Technologies Ministry hold the establishment conference on creation of Human Resources Fund for ICT Development.
30 December 2006 [12:03]

Lithuanian Qarsu Pasaulis to print documentary stamps for Azerbaijan

Finance Ministry has released the results of a tender for printing of documentary stamps.
30 December 2006 [12:01]

Trades at BICEX, Dec. 29

The weighted average exchange price made up 0.8714 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Friday.
30 December 2006 [11:54]

State Labor Inspection to check construction firms and wedding places

State Labor Inspection will begin inspections in construction firms and wedding places to study the working conditions and state of security.
30 December 2006 [11:50]

Iran invited Azerbaijan's officials to gas talks

Iranian Ambassador Afshar Suleymani held a press conference on the overall results of 2006.
29 December 2006 [18:26]

Georgia to buy Azeri gas for USD 120

Prime Minister Zurab Nogaideli told lawmakers on December 29 that starting from January Georgia will purchase gas from Azerbaijan for USD 120 per 1000 cubic meters.
29 December 2006 [18:24]

Tariff Council to review water and gas prices

Azerbaijan's State Price Regulator- Tariff Council is considering the prices of water and gas consumed by inhabitants.
29 December 2006 [18:22]

Putin signs decree for new system of foreigners employment

Russian President Vladimir Putin has signed a decree that clears the way for a new system of foreign workers employment in the country, the presidential press service said Friday.
29 December 2006 [18:15]

Egg and chicken fairs organized in Baku

Egg and chicken fairs were organized in Taza bazaar, Nasimi Bazaar, and 3rd microdistrict bazaar by the Economic Development Ministry and Poultry Society, Minister Heydar Babayev said.
29 December 2006 [17:57]

Gazprom Office in Baku to be closed

Russian gas monopoly Gazprom's Office in Baku may shut down in the nearest future.
29 December 2006 [16:12]

Impostors "examine" business enterprises in Azerbaijan

Azerbaijan Economic Development Ministry has received complaints saying impostors "examine" the business enterprises pretending to be officers of Antimonopoly Policy Department of the Ministry.
29 December 2006 [16:03]

State company to import goods in Azerbaijan

The Government of Azerbaijan intends to set up a state-controlled company for imports in order to ensure food security in the country.
29 December 2006 [01:15]

Issue prospectus of three joint stock companies registered

Azerbaijan State Committee for Securities registered Issue prospectus of three joint stock companies.
29 December 2006 [01:14]

ICT Ministry emergency service on alert

29 December 2006 [01:11]

Trades at BICEX, Dec. 28

The weighted average exchange price made up 0.8714 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Thursday.
29 December 2006 [01:10]

Baku electricity grid overloaded due to cold weather

The electricity grid of Bakielectricshebeke has been overloaded due to cold weather condition.
29 December 2006 [01:05]

Per capita income grows by 21.2%

During the period of January-October Azerbaijani population's total incomes rose 22.5%, year-over-year, to AZN 9.2232 billion.
29 December 2006 [01:04]

Azerbaijan to produce daily 85m kilowatts of electricity on holidays

There will be no problem with electricity supply in Azerbaijan despite in spite of high consumption.
29 December 2006 [01:03]

AZAL to issue e-tickets from January

AZAL plans to put the first electronic air tickets on sale at the beginning of the 2007.
29 December 2006 [00:58]

Andrey Illarionov: "Azerbaijan is leading country among CIS states for GDP growth rate"

This year, Azerbaijan is the most developed country among CIS countries.
29 December 2006 [00:20]

Contract awarded for Turkey F-16 upgrades

Lockheed Martin has received a contract to continue upgrading the Turkish Air Force's F-16 fighters.
28 December 2006 [22:22]

Azeri Internet, cell phone use to rise in coming years

The development of information technologies in Azerbaijan will increase the number of mobile phone and Internet users through 2009, a Britain-based research center predicts.
28 December 2006 [18:17]

Baku Metro to operate on special schedule

Baku Metro will operate on special schedule on the forthcoming holidays.
28 December 2006 [18:16]

AZAL to open additional flights to Moscow

Azerbaijan Airlines Company will open additional flights on Baku-Moscow-Baku route in connection with New Year, Sacrifice Feast and Solidarity Day of World Azerbaijanis.
28 December 2006 [18:14]

Azerbaijan to purchase Be-200 amphibious aircraft

Portugal and Azerbaijan intend to purchase Be-200 amphibious multirole twinjet aircraft, Russian Emergencies Minister Sergey Shoigu told the journalists.
28 December 2006 [18:07]

Basic age pension to reach AZN 50 next year

In Azerbaijan the basic age pension will be doubled to AZN 50 by the end of 2007, and will further be increased to the subsistence level within three years, State Social Defense Foundation chair Salim Muslumov said.
28 December 2006 [17:03]

January 8, 2007 - the first working day in Azerbaijan

There will be nine nonworking days in Azerbaijan.
28 December 2006 [14:44]

Georgia, Turkey to sign free trade agreement - Saakashvili

A free trade agreement between Georgia and Turkey will be signed in March, Georgian President Mikhail Saakashvili said at a meeting with businessmen on Tuesday.
28 December 2006 [13:46]

Legal and Individual persons fined AZN 71427, 83 for damages to environment

This year, legal and individual persons were fined AZN 71427, 83 for damages to environment, Ecology and Natural Resources Ministry Environmental Protection Department told.
28 December 2006 [12:44]

Favorable balance of trade exceeds $1bn in Azerbaijan in Jan-Nov

Favorable balance reached $1.0014899 billion in exports and imports of Azerbaijan during the period of January-November.
28 December 2006 [12:43]

Gas supply to Bilasuvar cut off

Natural gas supply to Bilasuvar has been cut off because of unsatisfactory payment of gas bills.
28 December 2006 [12:41]

Azerfon President: "Azerfon to vigorously compete with other operators"

"Azerfon has its own price policy, but it's highly sensitive point because of commercial rules. I dare say that our prices will compete in the market," new GSM operator Azerfon President John Armley said.
28 December 2006 [12:36]

Azercell shareholder Fintur Holdings B.V. management changes

Following the announcement of TeliaSonera's new organisational structure last month, Mr. Serkan Elden has been appointed as CEO of Fintur Holdings B.V. to replace Mr. Erdal A. Durukan, who was appointed as President of TeliaSonera Eurasia earlier.
28 December 2006 [12:34]

Trades at BICEX, Dec. 27

The weighted average exchange price made up 0.8715 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on December 27.
28 December 2006 [12:31]

Suburban bus station to be commissioned in 2007

Construction of suburban bus station complex has continued to progress on schedule in Baku.
28 December 2006 [12:30]

Gunay Anadolu Insurance to offer financial risk insurance and profession policies

Gunay Anadolu Insurance intends to offer financial risks insurance service from next year.
28 December 2006 [12:26]

EBRD to develop new cooperation strategy with Azerbaijan

European Bank for Reconstruction and Development (EBRD) will develop a new cooperation strategy with Azerbaijan.
28 December 2006 [12:24]

Electricity supplied to some districts with interruptions

On Wednesday electricity was supplied to some districts of Baku with interruptions.
28 December 2006 [12:23]

Thames Insurance to increase nominal capital by 33%

Thames Insurance Company, operating in Azerbaijan, intends to increase its authorized capital by 33.3% in 2007.
28 December 2006 [12:22]

Iranian Transport Minister to visit Baku

At the invitation of Ziya Mammadov, Iranian Transport Minister Muhammad Rahmeti will pay a visit to Azerbaijan in the second half of January.
27 December 2006 [23:37]

Ukraine can offer new transit route for Azeri oil

Ukraine could offer a new transit route for oil exports from Azerbaijan, the Ukrainian energy minister said Wednesday.
27 December 2006 [23:08]

Compensation granted to Azerbaijani Armed Forces officers and ensigns to be trebled

Food compensation for granted to Azerbaijani Armed Forces officers and ensigns will be increased by AZN 70-80 next year.
27 December 2006 [23:04]

All banks to convert old currency notes under presidential decree

President Ilham Aliyev issued a decree to amend the denomination decree dated 7 February 2006.
27 December 2006 [15:42]

Azerbaijan annuls cooperation agreement with ConocoPhilips on developing oil field

Azerbaijan's state oil company has annulled a cooperation agreement with ConocoPhilips on developing the Umid-Babek oil field, a senior official said Wednesday.
27 December 2006 [12:51]

Natig Aliyev: "Azerbaijan refuses Russian gas"

"Azerbaijan's giving no answer to Gazprom in negotiations on Russian gas imports to Azerbaijan means refusing Russian gas supplies," stated Azerbaijan's Industry and Energy Minister Natig Aliyev.
27 December 2006 [10:57]

Trades at BICEX, Dec. 26

The weighted average exchange price made up 0.8716 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Tuesday.
27 December 2006 [10:28]

Economic Development Ministry monitors meat and livestock market

Economic Development Ministry Antimonopoly Department has started monitoring meat and livestock market.
27 December 2006 [10:27]

Azerbaijan-France commission to meet in Paris

The fourth meeting of Azerbaijan-France intergovernmental commission for economic cooperation is scheduled to be held in Paris.
27 December 2006 [10:17]

Inflation rate hits 8% in Azerbaijan

The prices of consumption goods and services went up 1.3 percent during November, and 8% as against the same period last year.
27 December 2006 [10:16]

Japanese businessmen to visit Azerbaijan

"Some Japanese businessmen study the situation in Azerbaijan to start a business," said Ambassador Tadahiro Abe.
27 December 2006 [09:57]

Hotel activities to be licensed

Azerbaijan Culture and Tourism Ministry will start licensing hotel activities from January 10.