Business

14 February 2007 [17:41]

BP may drill in the Caspian Sea later this year

BP may begin drilling a second exploratory well at the Inam block in the Caspian Sea in the third quarter of this year, Bill Schrader, the head of BP in Azerbaijan, told reporters on Wednesday.
14 February 2007 [16:53]

Baku to host next meeting of Azerbaijan-Latvia intergovernmental commission

Baku will host the next meeting of Azerbaijan-Latvia intergovernmental commission from March 1 to 3.
14 February 2007 [15:56]

National Bank marks 15th anniversary

National Bank of Azerbaijan will organize a number of events this week on its 15th anniversary.
14 February 2007 [15:54]

BTC design capacity to reach 1mln bpd in 2Q

"During last year Baku-Tbilisi-Ceyhan spent $920 million [including the costs of line-fill and financing] in capital expenditure and our forecast is that the pipeline total capital expenditure will amount to $138mln for this year," BP-Azerbaijan President Bill Schrader told at the 2006 results media briefing.
14 February 2007 [15:49]

Cherkizovo market in Moscow to be closed

Moscow mayor Yuri Lujkov issued an executive order on closure of Cherkizovo market, one of the biggest markets in Moscow.
14 February 2007 [14:01]

Azerbaijan Investment Company keen on agricultural enterprises project

Azerbaijan Investment Company is considering a number of projects on establishment of agricultural enterprises.
14 February 2007 [13:51]

Joint SECO/WB Program to be launched in February

The new Swiss technical assistance project on "Public Expenditure and Financial Accountability Assessment" (PEFA) requested by the Ministry of Finance was approved by the Swiss State Secretariat for Economic Affairs (SECO) in January 2007.
14 February 2007 [13:22]

Trades at BICEX, Feb. 13

The weighted average exchange prices made up 0.8698 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 13.
14 February 2007 [11:48]

Azerbaijan, Georgia, Turkey up to divide gas again

Azerigaz has started sending gas to Georgia. The gas supply from the Shah Deniz field will resume this February, the company reported Tuesday.
14 February 2007 [09:20]

Russia's Asian oil pipeline costs soar to $11b

Russia will spend at least $11 billion to build the first leg of its oil pipeline to Asia, up from initial estimates of $6.6 billion, pipeline monopoly Transneft said in its Euro-bond prospectus.
14 February 2007 [09:05]

BSTDB approves new country strategy for Azerbaijan

The Black Sea Trade and Development Bank (BSTDB) has passed 2007-10 country strategy for Azerbaijan.
14 February 2007 [08:25]

Baku to host International Fashion and Accessories Exhibition

Azerbaijan International Fashion and Accessories Exhibition will be held in Azerbaijan for the first time on March 6-8.
14 February 2007 [08:20]

World Bank: "Azerbaijan should improve judicial system and property rights security"

Government of Azerbaijan are making great progress in implementation of State Program for Social and Economic Development of Regions, World Bank Country Manager for Azerbaijan, Gregory Jedrzejczak, said at a conference dedicated to the third anniversary of the State Program.
14 February 2007 [07:50]

IMF Executive Director for Azerbaijan to arrive in Baku

International Monetary Fund mission will be visiting Azerbaijan on February 14-28.
14 February 2007 [07:45]

ADB mission to visit Baku

Asian Development Bank mission for transport will visit Azerbaijan in February 22.
14 February 2007 [07:40]

Kapital Bank develops fast money transfer system

Azerbaijan's Kapital Bank has developed an in-country money transfer system called Khazri.
14 February 2007 [07:35]

Azeri farmers to buy fuel, lubricants and fertilizers at 50% discount

Azerbaijan Agriculture Ministry has suggested selling fuel, lubricants and fertilizers to farmers at 50% discount in order to mitigate the impact of energy price rise on agricultural production.
13 February 2007 [20:17]

BP plans to produce 708,000 bpd from ACG, Bill Schrader insists

"During 2006 Azeri-Chirag-Guneshli spent $234mln in operating expenditure against the target of $227mln and $2,477mln of the planned $2,552mln capital expenditure for the year," BP-Azerbaijan President Bill Schrader stated at the 2006 results media briefing.
13 February 2007 [19:56]

Shah Deniz returns in March, BP says

Shah Deniz Field, the giant one in the Azerbaijani sector of the Caspian, will return on stream in March, BP-Azerbaijan President Bill Schrader said at the press conference.
13 February 2007 [19:54]

Azerbaijan to launch own satellite by 2010

Azerbaijani Communications and Information Technologies Ministry will have developed a package of proposals by this year's end for orbiting a satellite by 2010.
13 February 2007 [19:52]

IBAR to open offices in Dubai, Luxemburg and New York

International Bank of Azerbaijan (IBAR) intends to open its office in Dubai.
13 February 2007 [19:50]

$1bln projects to be implemented in Azeri regions, Economic Development Minister says

The State Program for Social and Economic Development of Regions is mostly related to improvement of the legal framework in Azerbaijan, Economic Development Minister Heydar Babayev told a conference dedicated to the third anniversary of the State Program.
13 February 2007 [19:46]

Azerbaijan may pull TRT off the air

Azerbaijan may pull Turkish TRT TV off the air.
13 February 2007 [19:35]

Azerbaijan's SOCAR could resume oil exports to Russia in 2Q 07

The State Oil Company of Azerbaijan (SOCAR) could resume oil deliveries to Russia through the Baku-Novorossiisk pipeline in the second quarter of 2007, SOCAR's head said Tuesday.
13 February 2007 [17:07]

A-Group Insurer to increase nominal capital 24%

Azerbaijan's A-Group Insurance Company intends to increase its authorized capital 23.7% to AZN 1.25mln through a new shareholder during this year.
13 February 2007 [17:06]

AZAL expects price's instability

"Instability in prices of air tickets is related to competition between air companies," Azerbaijan Airlines Company (AZAL) public affairs officer Maharram Safarli said.
13 February 2007 [17:02]

Baku Steel Company returns on stream

Baku Steel Company, which shut down in early January for raw material shortage, has returned on stream.
13 February 2007 [16:56]

President Aliyev: "Azerbaijan economy to maintain growth"

Conference on the third anniversary of the 2004-2008 State Program on social-economic development of Azerbaijani regions started.
13 February 2007 [15:41]

Azerbaijan, Kazakhstan expand economic cooperation

The day before Ambassador of Kazakhstan to Azerbaijan Andar Shukputov met with Economic Development Minister Heydar Babayev in Baku.
13 February 2007 [15:37]

Azerbaijan wants Kazakhstan to join railway construction project

Azerbaijan's Foreign Minister Elmar Mammadyarov will invite Kazakhstan to join the construction of a railway linking Baku, Tbilisi and Kars during a visit to Astana on February 27.
13 February 2007 [13:37]

Azerbaijan not to have problems with grain

Azerbaijan has no problems with grain, nor is expected to have any, the republic's Minister of Agriculture Ismet Abbasov told reporters on Tuesday.
13 February 2007 [11:12]

Special Plan to improve capital's transportation system

Azerbaijan Transportation Ministry is developing a Special Plan to improve transportation system in Baku.
13 February 2007 [11:11]

International Petroleum Week starts in London

British Energy Institute organized International Petroleum Week to discuss urgent problems of world oil market. Conferences, seminars and roundtables on oil industry will be held on Feb-12-15.
13 February 2007 [10:58]

AZN 90.1mln preferential loan lent to 1,771 enterprises

In 2007 AZN 80mln are earmarked from the State Budget or the development of enterprises in Azerbaijan.
13 February 2007 [10:57]

AZAL to complete transition to e-ticketing by Oct.

Azerbaijan Airlines (AZAL) intends to complete transition to e-ticketing by October, 2007.
13 February 2007 [10:45]

Moscow to host meeting of Railway Council

The 45th meeting of the Railway Council of the CIS and Baltic States will be held in Moscow February 21-22.
13 February 2007 [10:29]

Producer Price Index climbs 12%, Consumer Price Index advances 9% in CIS

Producer Price Index climbed 12%, Consumer Price Index advanced 9% in Commonwealth of Independent States.
13 February 2007 [10:25]

Azerbaijan to have electronic money transfer with France, Estonia, Uzbekistan and Tajikistan

In the nearest future Azerbaijan will have electronic money transfer with France, Estonia, Uzbekistan and Tajikistan.
13 February 2007 [01:51]

Trades at BICEX, Feb. 12

The weighted average exchange prices made up 0,8699 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 12.
13 February 2007 [00:45]

Kazakhstan downplays political risks of energy corridor to Europe

Kazakh President Nursultan Nazarbayev's February 2 visit to Ukraine appeared to be an ill-timed event that triggered controversial speculations in light of the recent gas row between Belarus and Russia and the lingering standoff between Moscow and Kyiv on energy issues.
12 February 2007 [17:33]

Azerbaijan Investment Company plans to take a 20% stake in Garadagh Cement

Azerbaijan Investment Company intends to acquire a 20% stake in Garadagh Cement, the largest cement producer in Azerbaijan.
12 February 2007 [17:31]

Operating irregularities at Baku Fridge Plant

Azerbaijan State Agency for Standardization, Metrology and Patents found numerous irregularities and infringements in Baku Chinar Refrigerator Plant.
12 February 2007 [15:03]

Kapital Bank branch chief released

Chief of Kapital Bank branch in Bilesuvar region Guloglan Nagiyev, arrested for the relationship with former Minister of Economic Development Farhad Aliyev, has been released.
12 February 2007 [14:03]

Tariff Council decision on public transportation effective today

The February 2 decision on fares passed by Tariff Council, State Price Regulator, are effective from today.
12 February 2007 [13:54]

Baku to cut off electricity supply to debtors

Bakielectricshebeke, Baku Electricity Network Company, announced it would cut off electricity supply to debtors from 15.00, February 15.
12 February 2007 [10:51]

Kazakhstan to develop its sea-transport system

Kazakhstan, the top oil producer on the Caspian Sea, plans to spend more than $860 million over the coming years to develop its sea-transport system as the country seeks new routes to raise crude exports.
12 February 2007 [10:49]

SOCAR awards Glencore Oil

Glencore has won Azeri state oil firm SOCAR's tender for 450,000 barrels of Russian Urals crude oil for loading at Novorossiisk on Feb. 27-28.
12 February 2007 [10:42]

World Bank's mission to visit Azerbaijan

World Bank's mission on Real Estate Register project will visit Azerbaijan next week.
10 February 2007 [16:52]

Proposals on tax rates for newly-erected buildings presented to government

Azerbaijan's Taxes Ministry plans to work out development program of tax system for the next five years, Taxes Minister Fazil Mammadov said.
10 February 2007 [16:41]

BBC staff to strike over job cuts

BBC staff are to stage a 24 hour strike in a row over job cuts, unions Bectu and the NUJ have announced.
10 February 2007 [16:27]

Taxes to be paid through ATMs

Taxes will be paid through ATMs soon, Azerbaijan’s Taxes Minister Fazil Mammadov said.
10 February 2007 [12:26]

Oil Production in the Caspian Sea, new publication announcement from Report Buyer

In recent years there has been renewed speculation as to how the issues surrounding exploitation of the oil resources in the Caspian Sea might be resolved.
10 February 2007 [02:21]

Oil rises on Nigeria cuts, Iran tensions

Oil rose on Friday after OPEC member Nigeria moved to cut supplies and on growing tension between the United States and Iran.
10 February 2007 [02:13]

US-Turkey relations may go downhill

British Financial Times Newspaper wrote that Turkey's strained relationship with the Bush administration is likely to worsen after the foreign minister, Abdullah Gul, failed to make significant progress on Ankara's main objectives in Washington this week.
10 February 2007 [02:08]

International mail delivery trajectory to be followed by Internet

For the first time in Azerbaijan, postal delivery can be followed by the Internet.
10 February 2007 [02:08]

Azerbaijan to restructure utilities and infrastructure sectors

State Committee for Public Property Management, together with consulting companies, has prepared a package of proposals on restructuring of utilities and infrastructure sectors.
10 February 2007 [02:06]

IBAR-Moscow intends to enter TOP100 of Russian banks

International Bank of Azerbaijan-Moscow intends to enter TOP100 in Russia.
10 February 2007 [02:05]

Bureau Veritas Quality International to audit AtaLeasing

UK Bureau Veritas Quality International will audit AtaLeasing for use of Quality Management System in accordance with ISO 9001:2000.
10 February 2007 [02:03]

Bask Standard's assets grow 13%

As at February 1, Bank Standard's assets amounted to AZN 285.1mln ($327.4), up AZN 32.5mln ($37.3mln) or 13% from January 1.
10 February 2007 [01:57]

Deals of $2.5mln closed on BICEX, Feb.9

The weighted average exchange price made up 0.8699 AZN/USD at trading sessions on the Baku Interbank Currency Exchange today.
10 February 2007 [01:56]

Transition to digital transmission to pass three overlapping phases

Azerbaijan's transition from analog transmission to digital transmission will have three phases (2007-10, 2011-13, 2014-15).
10 February 2007 [01:53]

SOFAZ, Overture Financial Services sign agreement

SOFAZ and Overture Financial Services LLC signed Thursday a contract to implement Phase II of the US TDA-funded SOFAZ Institutional Capacity Building project.
10 February 2007 [01:51]

SOFAZ Executive Director receives US delegation

Shahmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), received the government delegation from the United States.
10 February 2007 [01:48]

Azeri businessmen to attend International Hotel and Restaurant Equipments Exhibition

On Feb. 15-18, International Hotel and Restaurant Equipments Exhibition (HOTEQ) will be held in Istanbul, Turkey.
10 February 2007 [01:48]

IBAR-Georgia to receive savings in two years

IBAR-Georgia, a subsidiary of International Bank of Azerbaijan, will start up in two months.
10 February 2007 [01:46]

Heavy industrial enterprises in Baku to move to suburban industry zone

Heavy industrial enterprises in Baku will move to the industry zone in suburban area, said Chairman of Azerbaijan State Committee for Property Management Karam Hasanov.
10 February 2007 [01:44]

IMF Executive Director for Azerbaijan to visit Baku

International Monetary Fund mission will be visiting Azerbaijan on February 14-28.
10 February 2007 [01:38]

Azerbaijan Investment Company to invest in Milk-Pro LLC

Azerbaijan Investment Company (AIC) and Milk-Pro LLC can sign an investment in March.
10 February 2007 [01:34]

UK National Audit Office wins contest in Azerbaijan

United Kingdom National Audit Office has won the tender for Corporate and Public Sector Accounting Project funded by Japanese Government grant for Development of Political and Human Resources.
09 February 2007 [22:37]

President Aliyev issues decree on privatization of Kapital Bank

President Ilham Aliyev has Friday issued a decree on privatization of state-owned Kapital Bank.
09 February 2007 [17:55]

Vouchers to be withdrawn in Azerbaijan

About 50% of the vouchers have to date been withdrawn from circulation in Azerbaijan, said Chairman of Azerbaijan State Committee for Public Property Management Karam Hasanov.