Business

09 April 2005 [17:11]

Last year 122 hotels, 14 motels, and 102 hotel typed objects activated in the country

122 hotel, 14 motel, 102 hotel typed objects activated in the country in 2004. In hotels and hotel typed objects 213, 3 thousand persons or 45, 9% more tourists were placed in comparison with 2003.
09 April 2005 [17:09]

Russian oil company is studying opportunities for oil pumping via BTC

Experts of the Russian company Sibirneft are involved in studying the economy of the project on pumping oil from Russia via the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline.
09 April 2005 [16:35]

EBRD sets up talks with leasing, insurance companies in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) set up development of joint projects with the operators of the financial markets in Azerbaijan, Raymond Konway, the head of the Baku office of the EBRD told Trend.
09 April 2005 [16:30]

70 million dollars allocated to "Excelsior Hotel" in Baku that will start activating in May

70 million dollars allocated to "Excelsior Hotel" that will start activating in May.
09 April 2005 [16:29]

Azerbaijan Airlines purchases new "Boeing", "Airbus" and "AN-140" planes

Azerbaijan Airlines - "AzAL" State Company is going to buy new planes.
09 April 2005 [16:18]

Foreign companies take interests in Azeraluminium JSC

Different companies displaced interests in Azeraluminum JSC, Farhad Aliyev, Minister for Economic Development, told journalists on Friday.
09 April 2005 [15:12]

EBRD allocated first syndicated loan to UniBank

The European Bank for Reconstruction and Development is leading the first international syndicate to lend $5 million to a private bank in Azerbaijan, as part of efforts to encourage the Caspian seaside nation to foster competition in the banking sector and to further diversify the non-oil sector of its economy.
08 April 2005 [16:06]

Azerbaijan plans reaching number of arriving tourists up 3 mln

The ministry of youth, sport and tourism plans reaching number of tourist arriving to the sate up to 3 mln, in the nearest 5-6 years, the agency Trend reports 7 April, the minister of youth, sport and tourism Abulfaz Garayev informed at the opening ceremony of international exhibition "Tourism and travels".
08 April 2005 [14:58]

AIOC increases oil export from Azerbaijan

During the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag- Gunashli (ACG) contract area, exported 1,851 million tons of oil, or 334,000 tons more than 2004.
08 April 2005 [14:50]

AIOC increases oil production from ACG

In the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag-Gunashli (ACG) contract area, produced 2,033 million tons (15,049 million barrels) of Azeri Light oil, the AIOC told Trend.
07 April 2005 [15:14]

Asian Development Bank is optimistic about Azeri economical growth

The Asian Development Bank (ADB) presented a Review on Development of Asia in Baku office of the bank on Wednesday. Attending the ceremony were Mettiew Westfol, ADB County Director and Joseph Zveglich, ADB senior economist on country program, Trend reports.
07 April 2005 [15:04]

IV Azerbaijan International Tourism and Travel Exhibition will start its work

IV Azerbaijan International Tourism and Travel Exhibition will start its work by the organization of "Iteca Caspian" which is an exclusive partner of "Ite Group" of Great Britain in Caucasus.
06 April 2005 [15:18]

ChevronTexaco will become participant of ACG

US oil company ChevronTexaco Corp. will purchase Unocal Corp. at $18bn, ChevronTexaco announced. The deal is paid at the expense of shares (75%) and in cash (25%).
06 April 2005 [14:48]

Transport Ministers of Azerbaijan, Georgia, Turkey to meet in Istanbul

The Transport Ministers of Azerbaijan, Georgia and Turkey will hold a meeting in Istanbul, Turkey, late April - early May.
06 April 2005 [09:00]

Ambassador Reno Harnish will participate in the opening of Marketing Center in Jalilabad

Today Ambassador of USA to Baku Reno Harnish will attend the opening of the first southern region Marketing Center of the Azerbaijan Business Assistance and Development (ABAD) project in Jalilabad.
05 April 2005 [09:25]

Azerbaijan exported $3096.3m worth of oil in 2004

In compliance with the payment balance of Azerbaijan for 2004, in 2004 Azerbaijan exported $3096.3m worth of oil and oil products, which 82.7% of all export ($3743m).
05 April 2005 [09:18]

$4575.5m invested in 2004 in Azerbaijan

In accordance with the 2004 payment balance of Azerbaijan, last year $4575.5m was invested in the country's economy, which 35.7% up as compared to 2003 ($3371m).
03 April 2005 [18:09]

Exhibition on International Transport and Logistics to be held in Baku

Exhibition on International Transport and Logistics will be held in Baku on April 20-22.
03 April 2005 [17:43]

Azerbaijan-Slovenia economical forum held

Yesterday an economical forum with the participation of businessmen representing different spheres of economy was held in the International Business Center.
02 April 2005 [16:41]

Rise in oil prices to enable Azerbaijan to become a participant of world securities market

The world oil prices might reach $100 per barrel shortly, according to Investment bank Goldman Sachs publicized forecasts.
02 April 2005 [16:36]

Foreign specialists participate in development of general plan of Baku

A new general plan of Baku is being developed with close cooperation with the specialists from foreign countries such as Germany, France and Japan, Trend report quoting Akif Abdullayev, the senior architect of Baku.
02 April 2005 [16:11]

Baku Metro in need of funds for full technical security

Every passenger of the metro is under strict control to ensure the security, Tagi Ahmadov, the head of the Baku Metro Production Association told a news conference held on Friday.
01 April 2005 [14:42]

Economic conference on Azerbaijan due in Germany

An economic conference on Azerbaijan will be held in Berlin, Germany, on 31 May 2005, the Secretariat of the Council of Entrepreneurs at the Azerbaijani President told Trend.
01 April 2005 [14:25]

President's fund to be established

An issue on the establishment of the Azerbaijani President's Reserve Fund will be considered during the discussions of the draft law on Budgetary System in a spring session of the Milli Majlis [parliament], Fazil Farajaliyev, the head of the Budget Management Department of the Finance Ministry told Trend.
31 March 2005 [16:18]

Azerbaijan will join World Trade Organization in the nearest few years

In the nearest date the next stage of the talks held for the purpose of the membership of Azerbaijan to World Trade Organization will be held.
31 March 2005 [16:10]

Talks with Thomas De La Rue to start next week

Baku will host consultations on issue of new denominated banknotes next week.
31 March 2005 [15:53]

All the wagons kept in borderline will be let to Georgia till the end of the week

22 wagons are kept in Boyuk Kesik station of Georgia-Azerbaijan border.
31 March 2005 [15:51]

PC assembly started in Ganja

"Ganja Industrial Production" joint-stock company, which produces calculators, children's games, electronic watch, telephones, TV sets and cash registers, has begun assembling the computers.
30 March 2005 [14:05]

Privatization of major mobile operator Azercell due in first half-year of 2005

The privatization of Azercell Joint-Venture is probable in the first year of 2005, Farhad Aliyev, the Minister for Economic Development, told Trend on Tuesday.
30 March 2005 [13:54]

Maximal transparency in gas sector of Azerbaijan, human watchdog

It is necessary to ensure transparency in the production, transportation and distribution of natural gas in Azerbaijan, as well as a process of collection of charges from consumers, Leyla Yunus, the Director of Institute of Peace and Democracy, told the roundtable held on Monday on the problem of gas supply to the country.
30 March 2005 [13:49]

Azerbaijan will face with problem gas insufficiency next winter season

Azerbaijan might face with a problem of insufficiency in gas supply in the winter period of 2005-2006, Etibar Pirverdiyev, the President of Azerenergy JSC, told journalists.
29 March 2005 [15:57]

Azerbaijan will purchase gas from Shah-Daniz

The Azerbaijani government an agreement with a consortium of Shah-Daniz gas project on purchase of natural gas from his field, Majid Karimov, the Minister for Industry and Energy, told Trend.
29 March 2005 [15:53]

Azeri Micro-Financing Bank alloted $23 mln. of credit

The Azerbaijan Micro-Financing Bank (AMFB) allocated $23m worth of credit. The Bank has recently allotted 10-month credit in the amount of $3,000 with 6 months for purchase of cargo automobile.
29 March 2005 [15:09]

Azeri government seeking opportunities to pay indemnity to citizens losing houses due to construction of U.S. Embassy building

The Azerbaijani Finance Ministry considers the compensation payments to people whose houses were raised to ground as a result of construction of the U.S. Embassy building are excessively increased, Avaz Alakbarov, the Azerbaijani Finance Ministry, told Trend.
26 March 2005 [16:17]

Shahdeniz to yearly produce 8,4 bln cubic meters of gas

Construction of 3 underwater pipelines 100 km in length each to pump gas extracted from Shahdeniz field to Sangachal terminal will start in June 2005, according to Azerbaijan International Operating Company.
25 March 2005 [17:21]

U.S. supports Kazakhstan's joining to BTC

The United States backs Kazakhstan's joining to the Baku-Tbilisi-Ceyhan main export oil pipeline, John Ordway, the U.S. Ambassador to Kazakhstan, told a news conference in Almaty.
25 March 2005 [17:12]

According to US state department, Azerbaijan does not face with money laundering problem

Meantime, Azerbaijan does not face with money laundering problem in big scope.
25 March 2005 [17:09]

Railway prepares documents to receive EBRD credit

The Azerbaijan State Railway Department (ASRD) is preparing technical ocuments to receive financing from the European Bank for Reconstruction and Development (EBRD).
24 March 2005 [15:01]

New air-terminal opened in Baku

A new cargo air terminal was opened at the Heydar Aliyev International Airport on Wednesday with Azerbaijani President Ilham Aliyev, Trend reports.
24 March 2005 [14:59]

Expenses for Shahdeniz expected 4.1 billion USD

Three oil wells of preliminary drilling have been bored on 'Shahdeniz' oilfield (Azerbaijani sector of the Caspian) at the length of 40 km from offshore, Azerbaijan International Operating Company (AIOC) reports.
24 March 2005 [14:33]

US company refuses from drilling on Zafar-Mashal field

ExxonMobil, a US company, has refused from drilling the second exploration well on the Zafar-Mashal, Natig Aliyev, the President of the State Oil Company of Azerbaijan (SOCAR) told journalists on Wednesday.
24 March 2005 [14:18]

SOCAR will be unable to pump oil via northern route in Apr-Jun

The State Oil Company of Azerbaijan (SOCAR) wil be unable to pump its oil via the Baku-Novorossiysk oil pipeline in April-June 2005 due to load of Azerbaijani quote with oil of the Azerbaijan International Operating Company (AIOC), Natik Aliyev, the President of SOCAR, told Trend.
22 March 2005 [21:26]

President of Halliburton met with Ilham Aliyev

President of the Azerbaijan Republic Ilham Aliyev on March 21 at the President Palace has received Mr. David Lesar, president of the Halliburton Company of the United States.
22 March 2005 [03:53]

Azerbaijan may consider attracting foreign forces for guarding of BTC

"If for guard of oil BTC ?i?eline the necessity of attracting international ?arty arises, then we may consider this issue".
22 March 2005 [03:49]

SOCAR comissions 8 new wells

The oil and gas ?roducing units (OGPU) of Azneft Production Association of the State Oil Com?any of Azerbaijan (SOCAR) ?ut into ex?loitation 8 wells in January to February, or 1 well less than the target. The wells were commissioned after drilling, Trend re?orts.
19 March 2005 [03:18]

EBRD ready to assist insurance market in Azerbaijan

The Euro?ean Bank for Reconstruction and Develo?ment (EBRD) is ready to consider o??ortunities for assistance in insurance market in Azerbaijan, if requested.
19 March 2005 [02:49]

Iranian Air Company launches new flights in Azerbaijan

Baku Office of Iran Air announced on its ?lans to o?en launch the first regular flight Tebriz-Baku on 28 March, Iranian agency IRNA re?orts.
19 March 2005 [02:47]

Pubic budget revenues implemented 93.4%, expenses 76.7%

The Finance Ministry of Azerbaijan ?ublicized o?erative data on the execution of the Public Budget in January to February 2005.
18 March 2005 [19:09]

Employees of Azerbaijan Airlines to be trained in Egypt

10 em?loyees of technical ?ersonnel of Azerbaijan airlines are to be trained in Egy?t from 7 to 21 A?ril in Cairo.
18 March 2005 [02:12]

Average monthly salary rises by 21.7% in Azerbaijan

In January to February of 2005, average monthly salary in Azerbaijan com?rised 533.000 manats ($108,727), 21.7% u? as com?ared to 2004, the State Statistics Committee told Trend.
18 March 2005 [02:08]

In BoxMore than 670 million dollars were invested to the economy in the first two months of this year

3.3 trillion manats (672.1 million dollars) were invested to the country economy in the first two months of the year, that is 5.2% more in comparison with January-February in 2004.
18 March 2005 [01:47]

Azeri GDP rose 8.5% in January-February 2005

In January to February 2005 the amount of the Gross Domestic Product of Azerbaijan has comprised 7031.8bn manats ($1434.4m at average exchange rate of 4902.2 AzM/USD fixed in January and February.
18 March 2005 [01:42]

Second int'l automobile exhibition started in Baku

The second international exhibition Autoshow opened at the Baku Sports and Exhibition Palace named after Heydar Aliyev on Wednesday, Trend reports.
16 March 2005 [22:40]

Cargo avia-terminal to open in Baku Airport named after Heydar Aliyev

A new cargo avia-terminal will be opened in the Baku international airport named after Heydar Aliyev on 23 March. President was invited honor the ceremony, Trend reports.
16 March 2005 [22:31]

Azerbaijan appeals for assistance of EBRD in insurance sector

The Azerbaijani Finance Ministry is ready to use assistance of the European Bank for Reconstruction and Development (EBRD) in the development insurance in the country.
16 March 2005 [14:06]

German Bank confirms a concept of project on rehabilitation of water supply system in Ganja, Shaki

German bank for development KfW has accorded with Azerbaijan a concept of the project on the rehabilitation of water supply system in Ganja and Shaki.
16 March 2005 [13:51]

Salyan Oil eager to set up exploitation well drilling

Salyan Oil Limited (SOL), an operating company involved in the development of Kursangi-Garabaghly onshore fields in Azerbaijan, plans to set up drilling of exploitation wells with the project depth of 3300-3400 meters in April 2005, Trend reports.
16 March 2005 [00:58]

98% of word processors manufactured on INTEL technologies in Azerbaijan

86% of computers produced in the world and 98% produced in Azerbaijan are based on INTEL technologies.
15 March 2005 [21:04]

Azerbaijan to attend int'l exhibition in Cairo

Azerbaijan is to be presented for the first time after getting independence at Cairo international trade fair, 15-25 March in the capital of Egypt.
15 March 2005 [20:09]

World Bank is operating some projects in Azerbaijan

"Technical aid to finance sector" project by the financial support of World Bank (WB) is being realized in the country.
15 March 2005 [19:52]

Robbery in supply base of BTC main export pipeline

Great amount of non-ferrous metals were stolen from supply base of Baku-Tbilisi-Ceyhan main export pipeline situating in Marneuli region.
13 March 2005 [01:36]

Azeri international automobile exhibition due

The second international exhibition Autoshow will be held at the Baku Sports and Exhibition Palace on 16-19 March 2005.
13 March 2005 [01:18]

TACIS to present to Azerbaijan two new reviews on local legislation

The European Union (EU) Program on Technical Assistance, TACIS, on Azerbaijan has prepared and will submit shortly the Ministries and departments two new reviews on local legislation.
13 March 2005 [01:14]

Official Ottawa warns Canadian company intending to develop debatable field in Caspian

The Canadian government has warned Buried Hill Energy, a Canadian company, which intended to develop in the debatable field in the Caspian, Matin Mirza, the spokesman for the Azerbaijani Foreign Ministry told a news conference on Friday.
13 March 2005 [01:01]

New cost of Shah-Deniz project to be defined

The final cost of the Shah-Daniz project will be defined in a meeting of the shareholders on 31 March, Robert D. Kelly, the President of Shah Deniz project, told a news conference on Friday.
12 March 2005 [02:16]

14 procedures needed to start business activity in Azerbaijan

14 procedures ought to be passed through to start a business activity in Azerbaijan.
11 March 2005 [23:24]

Mission of World Bank to come to Baku

In the second half of March mission headed by Christian Peterson-economist of World Bank (WB) over South Caucasus region will pay an official visit to Baku.
11 March 2005 [22:18]

Caspian oil and gas reserves assume special significance for U.S.

"Big oil and gas reserves of the Caspian region are of significant importance for USA".
11 March 2005 [20:39]

Azeri-US company will not drill a well in Turkmenistan

The Azerbaijani-US joint venture (JV) Caspian Drilling Company (CDC) was obliged to refuse from drilling an exploration well in the Turkmen section of the Caspian.
11 March 2005 [18:11]

US ambassador, Chairman of National Bank and USAID project chief sign work-plan

The US government and the Azerbaijan government formally signed a work-plan defining the mission of the Banking Supervision Project on Thursday, the US embassy in Baku told Trend.
11 March 2005 [17:43]

Loan agreements between government of Azerbaijan and Islamic Development Bank signed

Two loan agreements were signed between government of Azerbaijan and Islamic Development Bank (IBD) on 10 March in Jeddah (Saudi Arabia - SA) Agency Trend informs, documents are signed within frames of the official visit of the president of Azerbaijan Ilham Aliyev to SA.
11 March 2005 [17:21]

Employees of of "Salyan oil" held protection strike

Yestyerday workers of "Salyan oil" Operation Company have held 3-hour protest action demanding pay rise.
11 March 2005 [17:16]

Conference dedicated to the "Security of Information systems" in Baku

Conference dedicated to the "Security of Information systems" will be held in Baku on March, 11.
10 March 2005 [14:44]

The 1st Azerbaijan International Exhibition on Cleaning and Hygiene Facilities, Chemical Industry, Household Equipment and Electronics to be held today

The 1st Azerbaijan International Exhibition on Cleaning and Hygiene Facilities, Chemical Industry, Household Equipment and Electronics will be held in Sport and Exhibition Complex named after Heydar Aliyev today.
10 March 2005 [14:43]

Salyan Oil treats polluted area

Salyan Oil Limited (SOL), an operating company involved in the development of Kursangi-Garabaghly onshore fields, has treated the polluted area, which was a topic of legal proceedings between the company and Inspection on State Control over Environment and Use of Natural Resources under the Ecology Ministry.