Business

16 March 2007 [15:44]

OPEC left output at 25.8m barrels per day

The oil ministers of the Organization of Petrolem Exporting Countries (OPEC), meeting here at their 144th regular session, reached the agreement to maintain the present production quota at 25.8 million barrels per day after intensive consultations that preceded the closed-door regular meeting.
16 March 2007 [14:55]

Azerbaijan Internet Forum suggests fighting mobile phone theft

Azerbaijan Internet Forum has submitted a package of proposals to the parliament, prime minister, communication and information technologies minister and interior minister to improve the legislation for cell-phone services and operator-customer relation.
16 March 2007 [08:52]

Azeri Field spent $6.49m up to now

The development of Azeri Field in the Azerbaijan's sector of the Caspian has to date spent $6.49 million.
16 March 2007 [08:50]

Standard Insurance sign 58 mortgage deals

Azerbaijan’s Standard Insurance has to date signed 58 mortgage insurance agreements within the scope of the mortgage lending in the country through funding by Azerbaijan Mortgage Fund.
16 March 2007 [08:49]

Real estate appreciates 25% in Baku

The price of the immovable property climbed 25% on average in Baku during 2006.
16 March 2007 [08:48]

IFC, BP, AMFB to finance service companies in Azerbaijan

The IFC, Azerbaijan Microfinance Bank and BP-Azerbaijan intend to sign an agreement to provide funding to service companies engaged in oil sector.
16 March 2007 [08:45]

Life Along The Pipeline: BTC's Impact On Azerbaijan

As part of its ongoing coverage of energy issues in the South Caucasus, EurasiaNet is providing an illustrated overview of how the Baku-Tbilisi-Ceyhan oil pipeline has affected the lives of residents in its three host countries: Azerbaijan, Georgia and Turkey.
16 March 2007 [08:18]

Azneft Director General fired

Azneft Production Unit Director General Shahin Ismayilov has been dismissed.
16 March 2007 [08:17]

AIOC ups oil production 79%

Azerbaijan International Operating Company (AIOC) produced a total of 5,341m tons of oil from Azeri-Chirag-Guneshli field during the period of January February, up 2.371m tons or 79.3% from a year earlier.
16 March 2007 [08:15]

STEP Phase 3 to be complete in June

The Sangachal Terminal Expansion Programme (STEP)-Phase 3 main construction works are progressing well and are currently 88% complete, said the Project Manager Norman Ingram.
16 March 2007 [07:55]

Jose Luis Herrero Ansola: "Oil revenues can be directed to development of other sectors"

"Petrodollars create opportunities for Azerbaijan that a lot of countries do not have.
15 March 2007 [23:04]

President Aliyev approves SOCAR & RussNeft PSA

Azerbaijan President Ilham Aliyev has issued an executive order on approval of the PSA between SOCAR, SOCAR Joint Company and RussNeft on the development and restoration of the Zigh and Hovsan onshore oilfield.
15 March 2007 [23:03]

Autostar Caucasus displays Mercedes in Autoshow Azerbaijan

Autostar Caucasus, dealing with the selling and service of Mercedes-Benz, Chrysler and Jeep in Azerbaijan, displays C-280 and CL-500 models of Mercedes on the Fourth Azerbaijan International Automotive Exhibition-AutoShow Azerbaijan-2007.
15 March 2007 [23:00]

Man detained for causing public panic in Baku

A man deceiving people claiming that a description of the Prophet Muhammad (s) appeared on the pavement has been detained near Neftchiler metro station by Nizami district policemen.
15 March 2007 [22:51]

Illegal buildings not to be included into Real Estate Registry in Azerbaijan, top officer warns

"The buildings constructed without the relevant project of the country will not be included into the state registry," warned Arif Garashov, Chairman of the State Real Estate Registry Service.
15 March 2007 [22:48]

IFC, Rabitabank ink $2m loan deal

IFC and Rabitabank have signed an agreement to open a $2 million credit line for the bank on-lending to small, medium-size and micro enterprise.
15 March 2007 [17:42]

First group of ten buses delivered to Baku

Nihad Motors has already imported 10 buses for in-city public transportation in Baku.
15 March 2007 [16:40]

World Bank to extend $25m to Azerbaijan Real Estate Registry Project

Azerbaijan Real Estate Registry Project is expected to be approved by the World Bank Board of Directors.
15 March 2007 [15:56]

ACDI/VOCA and Azerbaijan Real Estate Registry Service ink MOU

On March 15, USAID's SME Support through Financial Sector Development Project implemented by ACDI/VOCA signed a Memorandum of Understanding with the Azerbaijan State Real Estate Registry Service.
15 March 2007 [14:41]

Azerbaijan reversed ban on import of some products from Turkey and Moscow

The State Veterinary Service under Agriculture Ministry has partly reversed the ban on import of some products, except eggs and feed, which are under veterinary control, from Turkey and Moscow, State Veterinary Service press secretary Yolchu Khanveli told.
15 March 2007 [14:21]

Azerbaijan's Jan-Feb oil exports 4.815m tons

During the period of January-February Azerbaijan exported a total of 4.815m metric tons of oil, up 2.134m tons or 79.6% from a year earlier.
15 March 2007 [10:07]

AzAL selects GE engines for its latest B-787s 'Dreamliner'

Azerbaijan Airlines selected the GEnx to power the three 787-8s it ordered last month.
15 March 2007 [09:19]

Oil prices rise to hover at mid-US$58 a barrel ahead of OPEC meeting

Oil prices gained Thursday on figures showing that supplies of U.S. gasoline and other refined products fell in the most recent week, and ahead of an OPEC meeting later in the day.
15 March 2007 [09:11]

Putin in Greece for oil pipeline deal, amid U.S. fears of Russian energy dominance

Russian President Vladimir Putin will attend a signing ceremony Thursday for a deal to build a Russian oil pipeline to a port in northern Greece - following strong pressure from Moscow to conclude decade-long negotiations.
15 March 2007 [09:06]

Binagadi Oil increases oil output 30%

Binagadi Oil, dealing with development of the Binagadi oilfields onshore Azerbaijan, produced 9,400 tons of oil during January, up 30.2% from a year earlier.
15 March 2007 [09:05]

Shirvan Oil slashes oil output 1.8%

Shirvan Oil Operating Company, dealing with development of Kurovdagh Field onshore Azerbaijan, produced 18,900 cubic meters of natural oil during January, down 1.8% from a year earlier.
15 March 2007 [09:04]

Azerbaijan Mortgage Fund announces competition for supply of its building

Azerbaijan Mortgage Fund has announced a contest for the supply of its administrative building with security system, computers and relevant software, computer network, furniture, switchboard, jalousie, repair and a generator.
15 March 2007 [09:02]

National bank announces contest to apply COBIT 4.0

The National Bank of Azerbaijan has announced a competition to COBIT 4.0 (Control Objectives for Information and related Technology).
15 March 2007 [09:01]

US Supports Development of Real Estate Registry System in Azerbaijan

March 15, 2007 USAID SME Support through Financial Sector Development Project implemented by ACDI/VOCA will sign a Memorandum of Understanding with the Azerbaijan State Real Estate Registry Service.
15 March 2007 [08:51]

Legal procedure on two Barmek officials' appeals held

The legal procedure on the appeals of two former officials of Barmek-Azerbaijan Electricity Distribution LLC was held on Wednesday.
15 March 2007 [08:43]

Ring Road in Black Sea region to be built

A Ring Road covering the Black Sea basin will be constructed in the nearest future, said Azeri Deputy Minister of Transport Musa Panahov.
15 March 2007 [08:42]

World Bank supports E-Government Project in Azerbaijan

Azerbaijan intends to seek the World Bank's assistance in implementation of e-government project, said Azerbaijan's Information and Technologies Minister Ali Abbasov.
15 March 2007 [08:40]

Azercell Telecom inks roaming deal with France Telecom Espana S.A

Azerbaijan's leading mobile operator Azercell Telecom JV has signed a roaming agreement with France Telecom Espana S.A (3G 2100).
15 March 2007 [08:30]

Abulfas Garayev: "Measures can be taken in Hajikand after being sure Armenians will not violate ceasefire"

"Measures can be taken on developing tourism in Hajikand after being sure that Armenians will not violate the ceasefire. It is not expedient to take measures there at present," Culture and Tourism Minister of Azerbaijan Abulfas Garayev told journalists.
14 March 2007 [21:46]

More Baku-Nakhchivan flights on Novruz holiday

Azerbaijan Airlines State Company will increase the number of Baku-Nakhchivan flights on the national holiday Novruz.
14 March 2007 [21:44]

Health Ministry closes Farm Invest company and one more drug store

Azerbaijan's Health Ministry has closed Farm Invest company engaged in import of medications and wholesale trade due to functioning in unsanitary conditions.
14 March 2007 [21:39]

Mingechevir-Tbilisi-Akhaltsikhe-Kars power line work to be activated

The work on construction of a 500-KV power line linking Azerbaijan, Turkey, and Georgia will be activated in the nearest future.
14 March 2007 [21:37]

EBRD acquire a 33.3% equity stake in UniLeasing

With an agreement to acquire a 33.3%-equity stake in and to provide a $3 million loan to UniLeasing, the EBRD is signing its first transactions in Azerbaijan's leasing sector. The project will strengthen the leasing company with strong potential in a rapidly growing market.
14 March 2007 [17:48]

Azerkimya to be on stream in a few days

The subsidiaries of Azerkimya state-owned chemicals maker will be brought on stream in a few days, Member of Parliament Ikram Israfilov told.
14 March 2007 [17:31]

World Bank to consider Azerbaijan Real Estate Registry Project

March 21, the World Bank Board of Directors will have discussion over financing Azerbaijan Real Estate Registry Project.
14 March 2007 [15:42]

Russia doesn't mind Azerbaijan’s pulling its broadcasters off the air

Russia's ORT and RTR have applied Azerbaijan to renew the agreement for continuation of broadcasts to this country.
14 March 2007 [15:29]

Azerbaijan finishes drafting Railway Infrastructure Development Program

The work on the Development Program for Railway Infrastructure for 2007-2010 has continued to progress and is almost complete.
14 March 2007 [15:16]

Belarus tractors will be assembled in Ganja automobile plant this month

"Spare parts have been brought for assembling Belarus tractors in Ganja Automobile plant. We consider that first tractors will be assembled in March and automobiles MAZ in April," Belarus ambassador to Azerbaijan Nikolay Paskevich said.
14 March 2007 [14:02]

Number of trains to be reduced in Baku Metro in Novruz Holiday

Baku Metro will work on special schedule on the eve of the national holiday Novruz.
14 March 2007 [13:38]

AutoShow Azerbaijan kicks off in Baku

The fourth Azerbaijan International Automotive Exhibition-AutoShow Azerbaijan-2007 has kicked off in Heydar Aliyev Sport and Exhibition Complex.
14 March 2007 [13:25]

EU supports Nabucco project planning gas transportation from Azerbaijan to Europe

Romania is interested in the implementation of the Nabucco project, which will transport Azerbaijan's gas to Europe, said Romania's Prime Minister Calin Popescu-Tariceanu.
14 March 2007 [13:24]

GUAM Transport Working Group meets in Baku

The meeting of GUAM Organization for Democracy and Development's Transport Workgroup has kicked off in Baku, bringing together representatives from the relevant bodies of the member states (Georgia, Ukraine, Azerbaijan and Moldova) to discuss expansion of cooperation in transportation.
14 March 2007 [12:06]

Russia, Greece and Bulgaria to sign Balkan oil deal

Russian President Vladimir Putin was on Wednesday scheduled to travel to Athens where he was to sign the following day a long-delayed Balkan oil pipeline deal with Greece and Bulgaria which will carry Russian oil to the Mediterranean.
14 March 2007 [10:03]

Caspian Oil&Gas 2007 to be organized in Baku in early June

Annual exhibition "Caspian Oil&Gas 2007" will be organized in Baku on June 5-8.
14 March 2007 [08:30]

Azerbaijan Property Agency brings together heads of enterprises

Azerbaijan State Committee for Public Property Management brought together heads of small and medium-size enterprises to discuss a number of issues on privatization, efficient use of the public property, improvement of the legislation and other problems.
14 March 2007 [08:29]

Baku to host the first meeting of GUAM Transport Coordination Council

Baku will host the first meeting of the Transport Coordination Council of the Guam (Georgia, Ukraine, Azerbaijan and Moldova) on March 14.
14 March 2007 [08:28]

AGBank raises its asset 49%

As of January 1, OJC AGBank increased its assets 48.9% during last year to AZN 97.3m.
14 March 2007 [08:14]

NBA announced contest for purchase of computers server, network and office appliances

The National Bank of Azerbaijan has announced a competition for purchase of computer, server, network and office appliances.
14 March 2007 [08:13]

Water supply and sewerage system of Ganja and Sheki to be reconstructed

The water supply and sewerage system of Ganja and Sheki will be reconstructed in the framework of the project supported by German and Swiss governments in conjunction with Azerbaijan's government.
14 March 2007 [08:00]

BSE holds placement of Technikabank's bonds

As from March 13, Baku Stock Exchange has begun to hold the placement of Technikabank’s two issues of interest-bearing book-entry bonds.
14 March 2007 [07:59]

Babayev meets with U.S. ambassador

Azerbaijan's Economic Development Minister Heydar Babayev briefed U.S. ambassador to Azerbaijan Anne Derse about preparatory activities for Azerbaijan's accession to the World Trade Organization, recalling that USTDA and Azerbaijan inked a technical assistance grant agreement in 2002 to support Azerbaijan's WTO accession efforts.
14 March 2007 [07:53]

Yerevan critical of US ban on Jermuk mineral water

Yerevan regards the U.S. sanitary authorities' decision to bar the Armenian mineral water Jermuk from U.S. market as "anti-Armenian designs" and "encroachment on the Armenian prestige".
14 March 2007 [07:46]

Remittance to Georgia from Azerbaijan reaches $87,000

During January a total of US $87,000 was transferred to Georgia from Azerbaijan, while Azerbaijan received $261,000 in remittance from this country.
13 March 2007 [23:15]

Azerkimya to return on stream Wednesday

Azerbaijan's Prime Minster Artur Rasizade convened a meeting to discuss the problems made Azerkimya state-owned chemicals maker to shut down.
13 March 2007 [23:03]

AutoShow Azerbaijan starts Wednesday

The Iteca Caspian will hold the fourth Azerbaijan International Automotive Exhibition-AutoShow Azerbaijan-2007 in Heydar Aliyev Sport and Exhibition Complex on March 14-17.
13 March 2007 [22:22]

Road bridge and pedestrian tunnel to be commissioned March 20

Official opening ceremony of a road bridge in the 20 Yanvar Circle and a tunnel in Shamakhinka will be held on March 20.
13 March 2007 [16:06]

ITU accepts Azerbaijan's satellite launch bid

The international Telecommunication Union has accepted Azerbaijan's bid for launching its own satellite.
13 March 2007 [16:00]

Azerbaijan's investment climate promoted in Vienna

Azerbaijan Export and Investment Promotion Foundation (AzPromo), Azerbaijan's Embassy in Austria (also accredited in Slovakia) organized an investment-promotion workshop in Vienna.
13 March 2007 [15:36]

Azerbaijan to develop chemical industry

Azerkimya state-owned chemicals maker is drafting proposals on application of new technology and acceleration of chemical industry development in the country.
13 March 2007 [14:46]

Financial frauds found in Azerkimya

Finance Ministry found waste of AZN 78.9m in the state budget-funded organizations during 2006, five times higher than a year earlier.
13 March 2007 [13:38]

Government not to allow bread prices' raising

"At present rise of prices for grain is natural case. Because every year when the grain is collected the price is cheap, but later it becomes expensive. The price for grain will not rise after it," official of Azerbaijan's Agriculture Ministry Mammad Huseynov told.
13 March 2007 [10:07]

SECO to give $5m technical assistance to Azerbaijan

Swiss State Secretariat for Economic Affairs (SECO) plans to allocate $5m technical assistance to projects being implemented in Azerbaijan.
13 March 2007 [10:03]

Georgian investors interested in Azerbaijan's economy

Georgian Prime Minster Zurab Nogaideli announced overall support to the Caspian Integration Business Club (CIBC) during a meeting with the delegation from CIBC and "Caspian Energy" International Publishing House on March 9 in Tbilisi.
13 March 2007 [09:53]

Azerbaijan, Russia, Kazakhstan check up the Caspian

Monday, Aktau hosted the meeting bringing together the heads of Azerbaijani and Russian Accounting Chambers and Kazakh Audit Committee to discuss use the bioresources, protection, rearing and efficient use of sturgeon and marine stocks.
13 March 2007 [09:38]

Baku-Tbilisi-Akhalkalaki-Kars railway will contribute to the development of Azerbaijan-Bulgaria relations, Azeri envoy says

Elman Zeynalov, Ambassador of Azerbaijan to Bulgaria, said "Baku-Tbilisi-Akhalkalaki-Kars railway will contribute to the development of Azerbaijan-Bulgaria relations".
13 March 2007 [09:32]

Azercell Telecom launches reactivation campaign for prepaid subscribers

The subscribers with double-sided closed lines gain an opportunity of reactivating their lines.
13 March 2007 [09:31]

Government to discuss suspending enterprises of Azerkimya State Company

Government plans to discuss suspending all main and subsidiary enterprises of Azerkimya State Company, Deputy Head of Sumgayit Executive Power Akif Zeynalov said.
13 March 2007 [09:30]

No interruptions in gas supply on holidays in Azerbaijan

There will be no interruptions in natural gas supply in Azerbaijan during holidays.
13 March 2007 [09:29]

SOCAR, PTT Public Co Ltd ink one-year agreement

Azerbaijan State Oil Company (SOCAR) and Thailand's PTT Public Co Ltd have signed a one-year agreement for exportation of crude oil of Azerbaijan.
13 March 2007 [09:28]

Khalg Insurance to launch branches in Sumgait and Zagatala

Khalg Insurance plans to open a branch in Sumgait in the first half of the year.