Business

29 March 2007 [16:08]

Latvian Minister for Special Assignments for Electronic Government Affairs meets with her Azerbaijani counterpart

Ina Gudele, Minister for Special Assignments for Electronic Government Affairs of Latvia today met with Azerbaijani Minister of Communication and Information Technologies Ali Abbasov.
29 March 2007 [16:05]

Booz Allen Hamilton to submit proposals on Innovation Zones to Azerbaijan in a few days

Booz Allen Hamilton consulting firm will submit the package of proposals on Regional Innovation Zones Establishment Project to the Government of Azerbaijan in a two days.
29 March 2007 [14:32]

Baku hosts 2nd Turkish Construction Exhibition

The opening ceremony of the 2nd Turkish Construction Materials exhibition was held in the Republic Olympic Centre in the Azerbaijani capital, Baku.
29 March 2007 [14:24]

Azerbaijan's natural gas to be shipped to Greece

Addressing the sixth international oil and gas conference in Turkey on March 27, Turkey's Minister of Energy and Natural Resources Hilmi Guler said Azerbaijan's natural gas would be transported to Greece from July.
29 March 2007 [14:17]

Baku hosts US-Azerbaijan Industry-State Relations Forum

The US-Azerbaijan Industry-State Relations Forum has started in Baku on Thursday.
29 March 2007 [13:12]

Preliminary trial on case of Barmek officials again postponed

Preliminary court proceeding on case of president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, was again postponed.
29 March 2007 [08:48]

Georgia to pay Azerbaijan for electricity imported

Georgia will pay off its debt to Azerbaijan for electricity impost by this year's end in the form of electrical power.
29 March 2007 [08:47]

National Belarus Exhibition to be held in Baku

Azerbaijan's Ganja Automobile Plant will assemble 390 'Belarus' tractors at the first stage.
29 March 2007 [08:45]

Azerkimya will be insolvent despite state assistance, Natig Aliyev says

There is a gap between the revenues and expenditures of Azerkimya, the state-owned chemicals maker, said Azerbaijan's Industry and Energy Minister Natig Aliyev.
29 March 2007 [08:44]

Azerbaijan-Georgia-Turkey power line construction possible in a few years

It will be possible to construct Azerbaijan-Georgia-Turkey power line while no concrete agreement has been reached yet, said Azerenergy Vice-President Marlen Asgarov.
29 March 2007 [08:43]

Azercell receives two more international awards

Azerbaijan's leading mobile operator Azercell Telecom JV is rewarded as "GSM operator of the year" and "Philanthropist of the year."
29 March 2007 [08:41]

Energy price hike and intensive metering process-incentives to save electricity consumption in Azerbaijan

In Azerbaijan, waste of electricity has been minimized after the energy prices rise in January and acceleration of metering process. Electrical power consumption fell between 20% and 25% in regions.
29 March 2007 [08:36]

Next meeting on Azerbaijan's WTO accession efforts scheduled for May-June

The next round of negotiations on Azerbaijan's WTO accession efforts is scheduled for May-June.
29 March 2007 [08:34]

Deals at BICEX, March 28

The weighted average exchange price made up 0.8675 AZN/USD at trading sessions on the Baku Interbank Currency Exchange.
29 March 2007 [08:34]

Turanbank issue prospectus registered

The State Committee for Securities has registered OJSC Turanbank's issue prospectus for ordinary book-entry stocks. The amount of the issue is AZN 1,000,000, face value per stock AZN 1,000.
29 March 2007 [08:27]

Cargo flows into and out of Baku International Sea Port fell 35.4%

During January and February, shipment flow into and out of Baku International Sea Trade Port totaled 732,800 tons, down 35.4% from the same period a year earlier.
29 March 2007 [08:26]

Communications services grow 16.5% in Azerbaijan, Jan-Feb

Communications services provided for the legal entities and individuals in Azerbaijan amounted to AZN $89.7mln during January and February, up 16.5% from a year earlier.
29 March 2007 [08:25]

Imishli Sugar Refinery to extend its daily capacity to 1,500 tons

Imishli Sugar Refinery plans to expand its daily capacity to 1,500 tons by this year's end, through application of advanced technology, said the company owner Azersun Holding President Abdolbari Goozal.
29 March 2007 [08:23]

Baku to host forum to discuss advanced experience from management and corporate governance

A forum will be held in Crescent Beach Hotel, Baku to have exchange of views on management and corporate governance.
29 March 2007 [08:14]

Azerbaijan seeks business partnership with Sri Lankan entrepreneurs

Azerbaijan's first Ambassador for Sri Lanka Dr.Tamerlan Karayev asks Sri Lankan entrepreneurs to join with Azerbaijanis to form business partnerships and market Sri Lankan products at Azerbaijan.
29 March 2007 [08:09]

Latvian Minister for Special Assignments for E-Government Affairs to visit Baku

Ina Gudele, Minister for Special Assignments for Electronic Government Affairs of Latvia will arrive in Baku.
28 March 2007 [23:09]

Legal process on Azerbaijani government to be held in May, Barmek chief says

The International Center for Settlement of Investment disputes (ICSID) appointed the legal procedure on case of the Azerbaijani government on the charges raised by Barmek- Azerbaijan Electricity Distribution LLC for May 18.
28 March 2007 [22:57]

Odessa-Brody pipeline attractive for Azerbaijan if it has fuel stations in Ukraine

Azerbaijan will be more interested to join Odessa-Brody pipeline if it establishes chain fuel-filling stations in Ukraine, said Azerbaijan's Industry and Energy Minister Natig Aliyev.
28 March 2007 [22:50]

Georgian parliament ratifies regional railway project agreement

Georgian parliament unanimously ratified the agreement on construction of Kars-Tbilisi-Baku railway project.
28 March 2007 [22:45]

Transport Ministry to prepare program to reconstruct streets and roads in Baku

Azerbaijan's Transport Minister Ziya Mammadov reviewed streets and roads in Baku.
28 March 2007 [22:37]

Azerbaijan works on power network reconstruction program

Azerenergy, State Electricity Company, has sent the Government the draft program aimed at reconstruction of power grids, networks and stations in the country, said Company Vice-President Marlen Asgarov.
28 March 2007 [22:28]

Two bridges and two tunnels to be commissioned in Baku

In two months, two road bridges will be commissioned in Ziya Bunyadov Avenue and the 3rd Microdistrict in Baku.
28 March 2007 [22:28]

Imishli-Parsabad power line II to be ready by year-end

The work on construction of Imishli-Parabad high-voltage power supply line between Azerbaijan and Iran has continued to progress and the construction work will be complete by this year's end, said Azerenergy Vice-President Marlen Asgarov.
28 March 2007 [22:25]

Azerbaijan intends to merge several industrial enterprises

In Azerbaijan, oil and non-oil sectors should pace in parallel and by 2012 revenues coming from these sectors have to be parallel, said the country's industry and energy minister Natig Aliyev.
28 March 2007 [22:23]

Azerbaijan intends to acquire stake in aluminum plants in Tajikistan

A total of USD 7 billion ws invested in the economy of Azerbaijan last year, of which 42% was domestic and 58% foreign capital investments, said the Cabinet's Financial Policy Officer Ogtay Hagverdiyev.
28 March 2007 [22:22]

Government may reconsider state budget blueprint soon

In late May or early June, the Government of Azerbaijan might reconsider revenues and expenditures of the state budget for 2007, said the Cabinet's Financial Policy Officer Ogtay Hagverdiyev.
28 March 2007 [22:19]

Azerbaijan to prepare program to reconstruct streets and roads in Baku

Today, Azerbaijan's Transport Minister Ziya Mammadov reviewed streets and roads in Baku.
28 March 2007 [22:18]

Azerbaijan could use Belarus to refine its oil, PM says

Belarus and Azerbaijan are considering the refining of Azeri oil at Belarusian refineries, and Azerbaijan is inclined to believe such a move would be beneficial, Azeri Prime Minister Artur Razizade said at a meeting of a joint Belarusian-Azeri commission.
28 March 2007 [22:11]

Preliminary trial on case of Barmek officials again postponed

Preliminary court proceeding on case of president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, was again postponed.
28 March 2007 [22:00]

Azerbaijan should pump gas to Georgia in crisis only, Azeri Energy Minister says

Industry ad Energy Minister Natig Aliyev has met with his Georgian counterpart Nika Gilauri.
28 March 2007 [21:56]

AzAL opens direct flight between Baku, Munich

Azerbaijan Airlines State Concern (AzAL) intends to open direct flight between Baku and Munich, the Company told.
28 March 2007 [15:09]

Azerbaijan oil output to double by 2010

Azerbaijan's Energy Minister said Wednesday that the ex-Soviet Caspian Sea nation would double its oil output by 2010.
28 March 2007 [09:25]

Cargo transit up 6.1% in Azeri part of TRACECA

Cargo transportation in Azerbaijani part of Transport Corridor Europe-Caucasus-Asia (TRACECA) reached 3.9mln tonnes in January, up 6.1% from a year earlier.
28 March 2007 [09:24]

Ganja's gas supply system reconstructed

Gas supply system of the Azerbaijani region of Ganja is being reconstructed.
28 March 2007 [08:59]

Azerbaijan, Russia to fix imported electricity prices for Q2 by late march

Azerbaijan's Azerenergy and Russia's RAO UES (Unified Energy Systems) intend to set the prices of electricity imports for the second quarter by the end of March.
28 March 2007 [08:58]

Baku Electricity Networks begins to cut off supply to debtors

Baku Electricity Networks has begun to cut off electricity supply to debtors from March 27.
28 March 2007 [08:57]

Azerbaijan intends to set up information resources registry system

Azerbaijan intends to form information network and resources registry system to control and register the firms engaged in this sphere, said Communications and Information Technologies Ministry Officer for Information Society Development Rufat Gulmammadov.
28 March 2007 [08:55]

Presentation of Oracle Business Intelligence Suite EE 10g Release 3 delivered in Baku

The world's leading enterprise software company, Oracle held a presentation of Oracle Business Intelligence Suite EE 10g Release 3.
28 March 2007 [08:53]

New director to be appointed Absheron Insurance Company

Director of Azerbaijan's Absheron Insurance Company Aghahuseyn Huseynov was dismissed.
28 March 2007 [08:52]

Turkish Radio and Television Corporation's delegation to visit Azerbaijan

The delegation of Turkey's Radio and Television Corporation will visit Baku on April 5.
28 March 2007 [08:43]

State Student Admission Commission announces tender

Azerbaijan's State Student Admission Commission has announced an open contest for procurement of stationery and supply of its administrative building with heating.
28 March 2007 [08:41]

Two IMF missions to visit Baku in April

Two IMF missions for technical assistance will visit Azerbaijan in April.
27 March 2007 [23:50]

U.S. seeks stable energy markets in Caspian region, officials say

New pipelines mean competition, not confrontation with Russia.
27 March 2007 [22:55]

Azerbaijan's rep attends ITSO meeting

The 31st Assembly of Parties of the International Telecommunications Satellite Organization (ITSO) member states held in Paris, from 20 to 23 March.
27 March 2007 [22:38]

Azerbaijan can hardly continue gas supplies to Georgia-opinion

Azerbaijan's Minister of Industry and Energy Natig Aliyev does not deem it expedient to continue after April 1 supplying Georgia with gas extracted by Azerbaijan's State Petroleum Company.
27 March 2007 [19:44]

Crude holds close to $63 a barrel as UK/Iran tensions weigh

Crude-oil futures were lower early Tuesday but held close to $63 a barrel as the U.K. increased pressure on Iran to free 15 navy personnel taken prisoner by armed Iranian forces last week with Prime Minister Tony Blair warning efforts will enter a "different phase" if diplomatic moves fail.
27 March 2007 [19:29]

Booz Allen Hamilton to submit proposals on Innovation Zones to Azerbaijan

Booz Allen Hamilton consulting firm will submit the package of proposals on Regional Innovation Zones Establishment Project to the Ministry of Communications and Information Technologies in a few days.
27 March 2007 [19:11]

Taxes Ministry freezes Azerigas bank accounts

Azerbaijan's Taxes Ministry has frozen the bank accounts of Azerigas as it failed to collect gas bills.
27 March 2007 [19:00]

Turkish Energy Minister says terminal is ready to receive Shah Deniz gas

Turkish Energy Minister Hilmi Guler told the fourth Oil&Gas Conference that construction works in the terminal in Silvri to receive natural gas from Azerbaijan has been completed.
27 March 2007 [18:57]

Huseyn Arabul: "Government has not yet signed final handover agreement with Barmek"

"Azerbaijan's government has not signed final handover agreement with Barmek LLC yet," said Barmek's president Huseyn Arabul.
27 March 2007 [18:56]

SOCAR Georgia Director says fuel stations will be built in regions compactly populated by Azerbaijanis

SOCAR Energy Georgia will establish fuel filling stations in the regions of Georgia compactly populated by Azerbaijanis, Company Director General Mahir Mammadov said.
27 March 2007 [18:52]

Presentation ceremony of Belarus 80.1 tractor assembled at Ganja Automobile Plant

Presentation ceremony of the first tractor Belarus 80.1 assembled at Ganja Automobile Plant was held.
27 March 2007 [16:25]

World Bank approves a loan for Real Estate Project in Azerbaijan

March 21, the World Bank's Board of Executive Directors approved a US$ 30 million IBRD loan for the Real Estate Registration Project for the Republic of Azerbaijan.
27 March 2007 [14:09]

World Bank announces Small Grants Program in Azerbaijan

The World Bank and Azerbaijan's Communications and Information Technologies Ministry have jointly announced Small Grants Program for involvement of citizens in information society.
27 March 2007 [13:43]

ICSID postpones legal process on Azerbaijani government

The International Center for Settlement of Investment disputes (ICSID) postponed the legal procedure fixed for March 28 on case of the Azerbaijani government on the charges raised by Barmek - Azerbaijan Electricity Distribution LLC for uncertain time, Barmek president Huseyn Arabul exclusively told.
27 March 2007 [13:18]

Accounting Chamber to audit ICT Ministry, Agroleasing and State Pedagogical University

Azerbaijan Accounting Chamber will audit OJSC Agroleasing according to the financial control program.
27 March 2007 [11:44]

Preliminary trial on case of Barmek officials again postponed

Preliminary court proceeding on case of president of Barmek Azerbaijan Electricity Distribution LLC Huseyn Arabul and seven more company officials, who are accused of abuse of power, embezzlement and negligence of court judgements, was held on Tuesday.
27 March 2007 [00:30]

Regional railway project not to create any danger to Georgian seaports

Georgia's Economic Development Minister, Georgiy Arveladze said Kars-Akhalkalaki-Tbilisi-Baku railway will not be an alternative to the country's seaports, and those who say so are unaware of the current situation.
27 March 2007 [00:28]

BTC can transport 1.6m barrels of crude oil

It is possible to transport 1.6 million barrels of crude via the BTC pipeline, Salih Pashaoglu, director general of Turkey's BOTAS company said at the international conference.
27 March 2007 [00:25]

Baku-St.Petersburg flight launched

The Azerbaijan Air Lines (AZAL) launched a new Baku-Saint Petersburg flight on March 25.
27 March 2007 [00:19]

Paris workshop discussed Azerbaijan's economic achievements

A seminar initiated by UNIfans, a Paris-based Organization, discussed the topic "Azerbaijan, Georgia, Kazakhstan and Uzbekistan: the visible sides of economic growth."
26 March 2007 [19:19]

For rate of credit growth, Azerbaijan is in highest-risk category

The highest rate of lending since the eve of the Asian crisis in 1997 is "stretching" banking systems worldwide, according to Fitch Ratings.
26 March 2007 [17:38]

Tbilisi conference focuses on energy security

On March 22-23, regional energy leaders gathered in Tbilisi for the Georgian International Oil, Gas, Infrastructure and Energy Conference (GIOGIE) discussing among other issues Georgia's role in developing alternative oil and gas transport routes that bypass Russia and help Europe become less reliant on Russia for its energy needs.
26 March 2007 [14:55]

Azerbaijan's GDP up 41.7% y-o-y in 2M07

Azerbaijan saw its Gross Domestic Product grow 41.7% year-on-year to $3.8 billion in January and February 2007, the South Caucasus nation's government statistics agency said Monday.
26 March 2007 [14:42]

Grain terminal to be opened in Baku

An official opening of the Baku grain terminal will be held in Govsany, Baku, on April 3, 2007.
26 March 2007 [13:54]

Georgia wants additional supplies from Azerigaz

Chief executive of the state-run Georgian Oil and Gas Corporation (GOGC) Alexander Khetaguri will visit Baku on March 29 to negotiate with the Azerbaijan's state company, Azerigaz, on additional supplies of gas.
26 March 2007 [08:52]

Nabucco: Project with Strange Name and Mysterious Intentions

Energy security has became the main theme of today's world.
24 March 2007 [20:33]

WB lends $30 million for Real Estate Registration Project

The World Bank has set aside a $30 million loan for the Real Estate Registration Project in Azerbaijan with a grace period of 5 years, the World Bank announced on March 22.
24 March 2007 [20:31]

ACG operating expenditure expected to be $396 million in 2007, BP-Azerbaijan

BP Azerbaijan said it expects the ACG (Azeri-Chiraq-Gunashli) operating expenditure to be $396 million in 2007, and plans to spend $2.579 million in capital expenditure on ACG activities this year.
24 March 2007 [20:30]

New Zealand company wins SOCAR's tender

Azerbaijan's State Oil Company (SOCAR) has named the winner of its tender who will transport 1 million barrels of Azerbaijani crude oil (Azeri Light) from the Turkish port of Ceyhan in April.