Business

26 January 2008 [10:14]

President Ilham Aliyev holds several meetings in Davos

Azerbaijani President Ilham Aliyev held a number of meetings in Davos, Switzerland.
25 January 2008 [17:07]

Azerbaijan offers direct supplies of its oil-and-gas equipment to Ukraine

Ukrainian Minister of Fuel and Energy Yuri Progan met with the ambassador of Azerbaijan to Ukraine Talyat Aliyev in Kiev.
25 January 2008 [15:07]

Confederation of Azerbaijani entrepreneurs speaks for reducing VAT and income tax

The National Confederation of Entrepreneurs will present proposals on amendments and alterations to the Tax Code until the end of May.
24 January 2008 [17:50]

Ilham Aliyev: "Resolution of Nagorno Garabagh conflict is important for stability and comprehensive cooperation in the South Caucasus" - UPDATED

President of Azerbaijan Ilham Aliyev held two meetings in the framework of the economic forum in Davos.
24 January 2008 [16:42]

Azerbaijan likely to participate in restoration of Baghdad’s infrastructure

Governments of Iraq and Azerbaijan intend to expand bilateral relations between the two countries.
24 January 2008 [15:48]

Estonia's Minister of Economy and Communications to visit Baku

Minister of Economy and Communications of Estonia Yuhan Parts will pay official visit to Azerbaijan in March of this year.
24 January 2008 [14:15]

Muradkhanly oil company planning to drill new wells

The expanded company Muradkhanly, developing Muradkhanly, Jafarly, Tersdeller, Zardabi and Naftalan fields, transferred 30,300 tons of oil to the state in 2007.
24 January 2008 [12:34]

IBA signs credit agreement on EUR 10,000,000

The International Bank of Azerbaijan (IBI) has recently signed a credit agreement with the Nordic Investment Bank (NIB)in the amount of EUR 10,000,000.
24 January 2008 [12:23]

Azerbaijani-Estonian business-forum takes place

An Azerbaijani-Estonian business-forum, arranged by Azerbaijan's Ministry of Economic Development and Azerbaijan Export and Investments Encouragement Fund (AZPROMO) was held in Tallinn (Estonia).
24 January 2008 [11:40]

Azerbaijani companies to take part in AGROTICA-2008 international exhibition

An international exhibition of agricultural equipment and reserves AGROTICA-2008 will be held in Saloniki (Greece), February 6-10.
24 January 2008 [11:06]

State Statistical Committee: "Inflation rate may near 10-13% in 2008"

The State Statistical Committee is not dealing with forecasts regarding inflation processes, but it can be supposed that inflation rate will near 10-13% in Azerbaijan in 2008.
23 January 2008 [18:37]

EBRD and EIB to implement joint projects in Azerbaijan

Arif Asgarov, Chief of Azerbaijan State Railroad (ADDY), has met with a joint delegation of the European Investment Bank and the European Bank for Reconstruction and Development.
23 January 2008 [18:25]

Azerbaijan halts poultry imports from Turkey and Ukraine due to avian flu - UPDATED

The State Veterinary Service under Azerbaijan's Ministry of Agriculture has banned poultry imports from Turkey and Ukraine, where avian flu was revealed, since January 23.
23 January 2008 [17:39]

Highway transportation accounts for 84%, underground for 15.3% of passenger transportations in Azerbaijan last year

167,300,000 tons of cargo and 1,100,000,000 passengers were transported in Azerbaijan in 2007.
23 January 2008 [15:36]

Prices of London-Baku-London air flights go down

British Midland Airways will reduce tariffs on Baku-London air flights by 28.51% from January 24.
23 January 2008 [15:07]

Vietnam intending to produce oil in Azerbaijan

The National Oil and Gas Corporation of Vietnam is interested in the development of one of the oil fields of Azerbaijan.
23 January 2008 [13:22]

IAEA representatives arrive in Baku

Two representatives of the International Atomic Energy Agency arrived in Baku at night.
23 January 2008 [11:08]

Azerbaijan likely to add to Guinness World Records with its "Carpet of Peace"

Azerbaijan may add to the Guinness World Records.
23 January 2008 [10:34]

Sabit Bagirov: "Azerbaijan will turn into oil consumer after 2020"

Rise in tariffs of energy, gas and fuel for the population has led to 10% saving of energy sources.
23 January 2008 [10:12]

President of Azerbaijan to hold bilateral meetings in Davos

President of Azerbaijan Ilham Aliyev will leave for Davos (Switzerland) to participate in the annual World Economic Forum.
23 January 2008 [10:05]

Azerbaijan to launch E-Government Project this year

Azerbaijan’s Ministry of Communications and Information Technologies will launch the E-Government Project this year.
22 January 2008 [18:42]

Russia to raise tariffs on electric power supply to Azerbaijan

Russian Inter RAO EES plans to raise prices of electric power, supplied to Azerbaijan.
22 January 2008 [18:06]

Azerbaijan's National Depository to launch branch activity

The National Depository of Azerbaijan, operating under the State Committee for Equities of Azerbaijan, intends to open up to 6 regional branches in 2008.
22 January 2008 [15:00]

Azerbaijan accounting for 44 national TV and radio companies

The National Council for Television and Radio Broadcasting has summed up its five year activity.
22 January 2008 [13:51]

Azerbaijani Hunters Union offers to lift ban on bird hunting

Azerbaijani Hunters Union offered to restore permission on bird hunting in the country, according to the chairman of the organization Ramazan Ismayilov.
22 January 2008 [13:47]

Chairman of Association of Free Economy: "Global crisis on the equity market is not likely to affect Azerbaijan's economy"

The crisis hitting the equity markets of the United States, Russia, Europe and Japan is not likely to affect Azerbaijan's economy.
22 January 2008 [12:10]

Public utility infrastructure to be modernized in 22 Azerbaijani regions

Reconstructions in the public utility sector will be carried out in 22 regions of Azerbaijan in the framework of the Project on national water supply and sewerage services, financed by the government of Azerbaijan and the World Bank.
22 January 2008 [11:23]

Azerbaijan's Economic Development Minister to visit Latvia

A government delegation of Azerbaijan led by Economic Development Minister Heydar Babayev, staying in Estonia since January 21, is going to visit Latvia on January 24.
22 January 2008 [11:09]

Azerbaijan to be represented at Public Infroctrukture-2008 forum in Germany

A government delegation of Azerbaijan will participate in an international forum "Public Infroctrukture-2008" in Hanover (Germany).
21 January 2008 [13:40]

Azerbaijan likely to pass a decision on Citibank’s representative office in February

The US Citibank intends to acquire a stake in one of local banks, besides its plans to convert its representative office in Baku into a branch, according to the National Bank of Azerbaijan.
21 January 2008 [11:31]

Baku Underground announces tender for overland groundwork at Nasimi Station

The Baku Underground has announced a public tender for overland groundwork at the Nasimi Station being under construction at Mammadova Street.
21 January 2008 [09:52]

Azerbaijan President to make keynote speech at World Economic Forum

The World Economic Forum will highlight the Power of Collaborative Innovation as a principal subject for the Annual Meeting on January 23-27 in Davos, Switzerland.
19 January 2008 [10:37]

Azerbaijan, Turkmenistan to work out intergovernmental contract on railway-ferry services

The first session of the Azerbaijan-Turkmen intergovernmental commission finished in Ashkhabad.
18 January 2008 [15:41]

BP eyes two more fixed Azeri units

The proposed new development would aim to extend plateau production of 1 million to 1.2 million barrels per day at the fields beyond 2012.
18 January 2008 [10:33]

Single company of international communication to be established in Azerbaijan

Project of creation of Azertelekom JSC has been worked out on basis of stations of the land satellite communication of Aztelekom JV, Baku telephone communication and Teleradio, used for international communication.
17 January 2008 [18:25]

Bid Books of Baku and Prague for hosting Olympic games-2016 not available online

Baku and Prague, which are the candidate-cities for hosting the Olympic Games in 2016, have not yet presented their Bid Books online.
17 January 2008 [17:37]

Georgia agrees to pay new price for Azeri gas

Georgian Ministry of Fuel and Energy and National Oil and Gas Corporation are in “intense negotiations” with Azerbaijan on importation of natural gas by new terms after the agreement expired.
17 January 2008 [17:31]

Azerbaijan's Taxes Ministry to return to issue of taxing catering services

The Ministry of Taxes of Azerbaijan will carry out additional researches regarding the expediency of altering the system of taxing catering services.
17 January 2008 [17:16]

Pension problems of Azerbaijani migrants in Israel to be discussed in Baku

Pension problems of Azerbaijani migrants in Israel were to be discussed in Baku this week. Yet, they were put off by some technical reasons".
17 January 2008 [17:03]

Gas tariffs not to rise in Azerbaijan this year

It is not planned to raise tariffs of gas for the population in 2008.
17 January 2008 [16:39]

Azerbaijan accounting for 4,300,000 cell phone users

Azerbaijan currently accounts for 4,300,000 cell phone users.
17 January 2008 [16:30]

Azerbaijan halts gas export to Georgia

Azerbaijan has halted gas exports to Georgia since January 6, AzeriGaz president Alikhan Malikov.
17 January 2008 [16:22]

Two Azerbaijan-Jordan Business Forums to be held this year

Two business forums will bring together business people from Azerbaijan and Jordan this year, as reported by sources from the Embassy of Azerbaijan to Jordan.
17 January 2008 [14:22]

Azerbaijan likely to export natural gas to Iran

Azerbaijan may export natural gas to Iran in the near future, Azerigaz president Alikhan Malikov said.
17 January 2008 [13:12]

SOCAR almost neutralizes its tax debt before state budget

The large state enterprises of Azerbaijan (except for the State Oil Company) paid taxes in the amount of AZN 230 million to the state budget of the country in 2007.
17 January 2008 [10:28]

Azerbaijan may earn $190 million from privatization of the largest mobile operator

Revaluation of the state-owned stake in Azercell Telecom JV has been complete and a decision was made to move to the stage of privatization, Karam Hasanov, Chairman of the Azerbaijan State Committee for Public Property Management, said.
17 January 2008 [10:18]

Azerbaijan sells Catel for $6 million

Revaluation of the state-owned stake in the Caspian American Telecommunications LLC (CATEL) has been complete and a decision was made to privatize it, Karam Hasanov, chief of Azerbaijan’s State Committee for Public Property Management, said.
16 January 2008 [18:48]

SOCAR receives first dividend from Baku-Tbilisi-Ceyhan project

The State Oil Fund of Azerbaijan has received the first dividend on the Baku-Tbilisi-Ceyhan project today.
16 January 2008 [17:27]

Azerbaijan to orbit its artificial satellite in two years

Azerbaijan is likely to launch its communications satellite in late 2009 or early 2010, Ali Abbasov, Azerbaijan’s Minister of Communications and Information Technologies, said.
16 January 2008 [16:23]

Azerbaijan to cut internet prices this year

Azerbaijan is likely to reduce Internet prices while leaving phone call and subscription prices unchanged in 2008.
16 January 2008 [13:11]

Azerbaijan to import Mercedes taxis

16 January 2008 [11:42]

Russian shipyard to built another tanker for Caspian Shipping Company

The Nijegorod shipyard Krasnoye Sormovo has concluded a new contract with the State Caspian Shipping Company of Azerbaijan on the construction of project 19619 tanker.
16 January 2008 [11:15]

Chinese ZTE Corporation interested in Azerbaijan's ICT sector

Chinese ZTE Corporation is interested in participation in the IT projects in Azerbaijan.
16 January 2008 [10:38]

Azerbaijan lagging behind Armenia and Georgia in world rating of economic freedom

The Heritage Foundation has released the 2007 Index of Economic Freedom, which included 157 countries.
15 January 2008 [18:48]

Two loans signed for Masalli-Astara highway project

The Asian Development Bank (ADB) and the Government of Azerbaijan today signed two loans totaling US$200 million to finance the 1st Project under the Road Network Development Program - Masalli-Astara Section of the North-South Highway.
15 January 2008 [18:35]

Azerbaijan likely to reduce VAT rate

Azerbaijan is likely to trim down Value Added Tax rate next year, Minister of Taxes Fazil Mammadov said.
15 January 2008 [18:17]

Over 25,000 taxpayers in Azerbaijan apply e-tax declarations

The development of tax declarations previously took nearly 900 hours of work times per year, while at present the application of e-tax declarations reduced this time down to 150-160 hours.
14 January 2008 [19:05]

Exhibition of Azerbaijan's postage stamps to be held in Bern, Switzerland

A delegation of the Ministry of Communication and Informational Technologies of Azerbaijan will take part at a regular session of the Council of Postal Operation under the World Postal Union.
14 January 2008 [18:13]

Chief Executive of Azerbaijan's State Oil Fund receives US Senator

The chief executive of the State Oil Fund of Azerbaijan Shahmar Movsumov received a delegation led by US Senator Richard Lugar on January 14.
14 January 2008 [15:15]

Azerbaijan's Deputy Foreign Minister visiting Brussels

A meeting of the TRASECA member-states is held in Brussels with participation of Deputy Foreign Minister of Azerbaijan Khalaf Khalafov.
14 January 2008 [14:56]

Underground gas reservoir to be created in Nakhchivan Autonomous Republic

An underground gas reservoir and electric stations, operating on gas and fuel oil are planned to be created in the Nakhchivan Autonomous Republic to avoid energy crisis, according to the official website of the President of Azerbaijan.
14 January 2008 [13:05]

Azerbaijan’s per capita external debt stands at $262

As of late 2007, Azerbaijan’s foreign debt to gross domestic product (GDP) ratio was 8.3% and per capita external debt stood at $262, according to the Ministry of Finance.
14 January 2008 [11:50]

ITU to consider allowing Azerbaijan to launch its own satellite

The International Telecommunication Union (ITU) will consider, in the first half of 2008, giving a license to Azerbaijan for launching its own satellite, the country`s ministry of communication and information announced.
14 January 2008 [10:32]

Ilham Aliyev: "All business development programs aim at maximal reduction of Azerbaijan's dependence on import"

President of Azerbaijan Ilham Aliyev noted at a session of the government that the government pays special attention to the rise in prices and inflation.
14 January 2008 [10:19]

Real estate prices to rise 8% in Baku

"We do not expect a sharp rise in real estate prices in Baku in the first half of 2008", Nusrat Ibragimov, chief executive of the association "Participants of real estate market" reported.
12 January 2008 [15:43]

Azerbaijan-Slovenia business-forum to be held in Ljubljana

A delegation of entrepreneurs led by Emil Medjidov, president of the Azerbaijan Export and Investments Encouragement Fund (AZPROMO), will leave for Slovenia on January 24.
12 January 2008 [14:48]

Poverty rate making up 16% in Azerbaijan

As of late December, 2007, poverty rate fell by 2.5 times since 2003 against the backdrop of a 4.5% rise in population.
12 January 2008 [12:21]

SOCAR President receives vice president of CNPC

President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev met with the vice president of the China National Petroleum Corporation (CNPC) Sun Sanshen.