Business

09 February 2007 [17:53]

Data base stolen from IMF Office in Azerbaijan restored

"The criminal case launched on theft in International Monetary Fund (IMF) Office in Azerbaijan continues. The office representatives cooperate with governmental bodies. We hope the investigation will soon be over, criminals will be punished and all the equipment of our office will be returned," IMF Office states.
09 February 2007 [17:20]

Data base stolen from IMF Office in Azerbaijan restored

"The criminal case launched on theft in International Monetary Fund (IMF) Office in Azerbaijan continues. The office representatives cooperate with governmental bodies. We hope the investigation will soon be over, criminals will be punished and all the equipment of our office will be returned," IMF Office states.
09 February 2007 [15:48]

Babayev meets ECO Secretary General

Azerbaijan's Minister of Economic Development Heydar Babayev met with Secretary General of the Economic Cooperation Organization (ECO) Khurshid Anwar.
09 February 2007 [15:33]

Kazakh Parliament backs plan to boost domestic companies' stake in energy sector

Kazakhstan's Parliament on Friday backed a government plan to tighten control over foreign oil companies, increase state and domestic companies' assets in the energy sector, and limit foreign borrowing by Kazakh banks.
09 February 2007 [14:42]

50%-stake in Kapital Bank to be privatized

Azerbaijan State Agency for Public Property Management, Finance Ministry, Economic Development Ministry, National Bank and other relevant bodies have prepared a package of proposals on privatization of 50% of the state owned Kapital Bank.
09 February 2007 [14:15]

Heavy Taxpayers Department opened in Baku

New administrative building for the Department on work with heavy taxpayers has been inaugurated.
09 February 2007 [13:50]

Azerbaijan limits import of fowls and feed from Turkey

State Veterinary Service under Agriculture Ministry taking into account bird flu virus in Turkey, temporarily limited the import of fowls, feed and goods under veterinary control from this country.
09 February 2007 [11:33]

Bank Respublika opens new service point in Goychay

Bank Respublika, in an effort to expand its network in the country, opened a new service point in Goychay located at 23, M.A.Rasulzade Street.
09 February 2007 [11:30]

Azerbaijan to create innovation zones

International expert panel and Booz Allen Hamilton Consulting will offer a package of proposals to Azerbaijan's parliament and government on March 31.
09 February 2007 [11:29]

AtaLeasing plans to invest $2.5mln

Azerbaijan's AtaLeasing has concluded leasing agreements worth $350,000 in January, 2007.
09 February 2007 [11:28]

Taxes Ministry has no problem with Barmek, Minister says

"There is no problem unsolved between Azerbaijan Taxes Ministry and Barmek-Azerbaijan," said Taxes Minister Fazil Mammadov.
09 February 2007 [11:17]

Construction of post offices delayed in Ganja

A Communications House is planned to be constructed in Ganja in the nearest future.
09 February 2007 [11:16]

Azerdemiryolbank increases money transfer fivefold

Money transfer turnover of Azerdemiryolbank in 2006 rose fivefold to AZN 29.8mln (US $34mln).
09 February 2007 [10:56]

Guarantees from Azerbaijan and Kazakhstan needed for realization of Odesa-Brody-Plock oil pipeline project

As Polish Ambassador to Ukraine Jacek Kluczkowski told journalists on Thursday, for realization of the Odesa-Brody-Plock oil pipeline project guarantees from Azerbaijan and Kazakhstan are lacking. Poland wants to participate in the project, but guarantees from suppliers are needed.
09 February 2007 [10:40]

Hong Kong-listed Willie Intl considers joining Azerbaijan oil JV

Willie International Holdings Ltd said it is studying the prospects of cooperating with various parties in forming a joint venture for an oil recovery project in Azerbaijan.
09 February 2007 [02:44]

CASPEL to represent Alcatel-Lucent in Azerbaijan

Alcatel-Lucent, the newly merged telecom equipment maker is working formation of structures in the CIS region.
09 February 2007 [02:41]

Chicken and egg fairs to be held in Baku

Chicken and egg fairs will be organized by the Azerbaijan Poultry Society and the Economic Development Ministry in Taza Bazaar, Sabunchu Bazaar and 3rd Microdistrict Bazaar in Baku.
09 February 2007 [02:38]

Azerbaijan's gas output rises 24.1%

Azerbaijan produced 712.52mln cu m of gas against the planned 710.74mln cu m with an excess of 0.3% in January, 2007.
09 February 2007 [02:33]

Total restarts talks on Azeri gas exploration

State Oil Company of Azerbaijan (SOCAR) and Total of France have signed a Memo of Understanding on development of Absheron Offshore Field in the Azeri sector of the Caspian.
09 February 2007 [01:38]

Deals of $2.542mln closed at BICEX, Feb.8

The weighted average exchange price made up 0.8699 AZN/USD at trading sessions on the Baku Interbank Currency Exchange Feb 8.
09 February 2007 [01:33]

13,815 tons of gasoline sold in Azerbaijan

As expected, oil products were most sold in Baku and least in the settlement of Horadiz, Fuzuli in January.
08 February 2007 [23:45]

Azeri insurance companies to join Green Card System

Association of Azerbaijan Insurers intends to help local insurance companies in accession to Green Card System, Deputy Minister of Finance, Azer Bayramov, stated.
08 February 2007 [23:31]

SOCAR has 6 117 wells

The State Oil Company of Azerbaijan (SOCAR) (excluding Operating Companies and Joint Ventures) has 6 117 production wells.
08 February 2007 [23:29]

Average price rise 4.2% on Baku Real Estate Market

The supply portfolio dipped in real estate market from early January, Azeri Real Estate Index rose 5.8 or 2.35% to settle at 254.7, the Public Union of the Real Estate Market Participants informs.
08 February 2007 [16:32]

Oil prices slip further amid unexpectedly low demand

Oil prices slipped further Thursday, continuing their downward trend after the U.S. Department of Energy's weekly inventory report showed lower than expected demand for distillate fuels like heating oil.
08 February 2007 [15:58]

ECO Secretary General: "60% of counterfeit drugs made in developed countries"

Baku hosts an International Conference on Fight against Counterfeit Drugs.
08 February 2007 [13:55]

Top Georgian banker believes IBAR's entry will cut prices on credit recourses

The entry of International Bank of Azerbaijan into Georgia will cut prices on credit resources, said Roman Gotsiridze, President of NBG (National Bank of Georgia).
08 February 2007 [13:45]

Three agreements signed in Tbilisi

A new regional railway, Baku-Akhalkalaki-Kars, will link Asia with Europe to become "a modern version of the new Silk Road," Georgian President Mikhail Saakashvili said after negotiating with visiting Turkish and Azerbaijani leaders in Tbilisi on February 7.
08 February 2007 [13:34]

President Aliyev becomes first passenger of Tbilisi Int'l Airport

Azerbaijani, Georgian and Turkish leaders inaugurated a new terminal of the Tbilisi International Airport, which was constructed by the Turkish consortium TAV-Urban, on February 7.
08 February 2007 [12:07]

Paid entry to capital's downtown, Musa Panahov says

"Today, it is possible to widen roads in Baku. Unfortunately, this opportunity is not seized now," said Deputy Minister of Transport Musa Panahov.
08 February 2007 [11:32]

Azerbaijan, Georgia, Turkey to build electricity transmission line

Azerbaijani, Georgian and Turkish leaders agreed on February 7 in Tbilisi to launch construction of the electricity transmission line which will link Azerbaijan with Turkey via Georgia.
08 February 2007 [10:55]

USAID officials visit Azerbaijan

Douglas Menarchik, USAID's Assistant Administrator for Europe and Asia attended the inauguration of the Economic Partnership Commission between the US and Azerbaijan in Baku.
08 February 2007 [10:54]

AzEuroTel plans to install CDMA payphones

AzEuroTel intends to install Code Division Multiple Access pay telephones in Baku and surrounding regions.
08 February 2007 [10:52]

TDA to extend $0.855mln grant to State Oil Fund

US Trade and Development Agency will render technical assistance worth $855,000 to the State Oil Fund of Azerbaijan, as per the MOU signed on Feb. 7, said Executive Director of the SOFAZ Shahmar Movsumov.
08 February 2007 [10:51]

SOCAR negotiates with Total, Chevron and Agip on transit of Kazakhstan oil via Azerbaijan

State Oil Company of Azerbaijan is negotiating with Total, Chevron and Agip on transit of Kazakhstan oil through Azerbaijan, said SOCAR President Rovnag Abdullayev.
08 February 2007 [10:50]

BTC to reach full capacity on April 1

The transmission capacity of Baku-Tbilisi-Ceyhan will reach its maximum capacity by April 1, said SOCAR President Rovnag Abdullayev.
08 February 2007 [10:49]

Azerbaijan to start bilateral talks with Turkey and EU on accession to WTO

Azerbaijan has not arranged the date for next round of negotiations on accession to the World Trade Organization, said Deputy Foreign Minister, Mahmud Mammadguliyev.
08 February 2007 [10:46]

Former Barmek officials' appeals to be considered Feb. 14

Appeal Court held a preparatory meeting on the appeals of former six officers of Barmek-Azerbaijan Electricity Distribution LLC.
08 February 2007 [10:40]

National Bank's stake in market reaches 11%

The currency reserves of the National Bank of Azerbaijan is close to US $8bln, said Chairman of the management Board of the National Bank, Elman Rustamov.
08 February 2007 [10:39]

Azerbaijan to make cordless telephone

Local stationary telephone maker of Azerbaijan, Kur LLC, will produce 50,000 telephones this year.
08 February 2007 [10:32]

AzPromo to open office in Kazakhstan

The Board of Trustees of Azerbaijan Export and Investment Promotion Foundation (AzPromo) met on Tuesday.
08 February 2007 [10:30]

Mughan Bank's assets grew 87%

As of January 1, Mughan Bank's assets made AZN 39,831,000, up 87% from the previous year, and net profit doubled to AZN 1,020,000.
08 February 2007 [10:29]

Azerbaijan State Railways to become Joint Stock Company

A package of proposals is being worked out to convert Azerbaijan State Railways (ADDY) to a Joint Stock Company.
08 February 2007 [10:11]

Old banknotes to be shredded

National Bank of Azerbaijan is carrying out preparation for currency notes disintegration process.
08 February 2007 [10:09]

Azeri banks ask National Bank for extra time

Some Azeri banks asked the National Bank for extra time as they didn't manage to completely float their stock issue due to non-workdays in early January.
08 February 2007 [10:06]

Tender results on ANS frequency to be discussed this week

Azerbaijan's National TV and Radio Council will hold a meeting on the results of the tender on ANS TV and ANS ChM frequency at the end of this week.
07 February 2007 [22:37]

Babayev meets U.S. Assistant Secretary of State

Azerbaijan's Minister of Economic Development, Heydar Babayev, met with the U.S. delegation led by Daniel Sullivan, Assistant Secretary of State for Economic, Energy and Business Affairs, and co-Chair of the U.S.-Azerbaijan Economic Partnership Commission.
07 February 2007 [22:35]

Trades at BICEX

The weighted average exchange prices made up 0,8701 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 7.
07 February 2007 [22:14]

US-Azerbaijan Economic Partnership Commission signs eight documents

The United States and Azerbaijan launched an Economic Partnership Commission in Baku, Wednesday.
07 February 2007 [22:12]

Azerbaijan bans fowls import from UK and Krasnodar

Azerbaijani Agriculture Ministry's State Veterinary Service has imposed a ban to import of fowls, poultry products and feed from the UK and Krasnodar province of Russia.
07 February 2007 [22:04]

Shah Deniz to return on stream

Shah Deniz Field, the giant one in the Azerbaijani sector of the Caspian, will return on stream on Feb. 26, SOCAR President Rovnag Abdullayev said.
07 February 2007 [21:24]

Washington, D.C. to host US-Azerbaijan Economic Partnership Commission's meeting

The inauguration of the Economic Partnership Commission between the United States and Azerbaijan in Baku today highlighted macroeconomic policy, trade and investment, economic development, energy security, and some other issues, American co-chair of the Commission, Assistant Secretary of State for Economic, Energy, and Business Affairs Daniel Sullivan said.
07 February 2007 [21:22]

BTAK Tbilisi Declaration signed

Ceremony of signing a Tbilisi Declaration on the construction of Baku-Tbilisi-Akhalkalaki-Kars railway line was held on Wednesday at Georgian parliament.
07 February 2007 [21:09]

Erdogan: "Turkey tries to allocate its Shah Deniz share to Georgia"

Turkey is now working on allocation of part of its gas share from the Azerbaijani's Shah Deniz field to Georgia, Turkish Prime Minister Recep Tayyip Erdogan said after talks with the Georgian and Azerbaijani leaders in Tbilisi on February 7.
07 February 2007 [21:07]

International Bank of Azerbaijan launches operation in Georgia

Partially state-owned International Bank of Azerbaijan's (IBAR) affiliated bank in Georgia has officially launched operations after it was granted with a license by the National Bank of Georgia (NBG) on February 7.
07 February 2007 [16:59]

Kamaladdin Heydarov: "We suspended construction of buildings failed in check up"

"It is difficult to say the exact number of buildings the constructions of which have been suspended due to failing in expert appraisal. The shortcomings are being removed according to the construction standards," Azerbaijani Emergencies Minister Kamaladdin Heydarov stated.
07 February 2007 [16:36]

Pakistani official for exchange of delegations between Pakistan, Azerbaijan

Minister for Science and Technology Chaudhry Nouraiz Shakoor on Wednesday stressed the need to start exchange of delegations of experts, researchers and scientists between Pakistan and Azerbaijan to further enhance mutual cooperation.
07 February 2007 [16:06]

Bulgaria, Greece, Russia to sign long-awaited pipeline deal

Bulgaria, Greece and Russia will sign an agreement Wednesday for the construction of a long-awaited oil pipeline that will funnel Russian oil directly to southeastern Europe — bypassing Turkey's busy Bosporus Straits, officials said.
07 February 2007 [14:03]

Campaign pursued against Coca-Cola and Pepsi in northern Azerbaijan

Papers explaining the meanings of the words "Coca-Cola" and "Pepsi" are spread in northern regions of Azerbaijan.
07 February 2007 [13:59]

Turkish Premier: "BTAK railway project will strengthen Turkey geostrategic position"

Implementation of the Baku-Tbilisi-Akhalkalaki-Kars railway project will strengthen Turkey's geostrategic and geopolitical position, Turkey's Prime Minister Rajab Tayyib Erdogan said a briefing before leaving for Georgia.
07 February 2007 [13:05]

US, Azerbaijan launch Economic Partnership Commission

The United States and Azerbaijan inaugurate an Economic Partnership Commission in Baku, Wednesday.
07 February 2007 [10:20]

First toll road to be built in Azerbaijan

The highway to be built from Zeynalabdin settlement to Lokbatan can be the first toll road in the country.
07 February 2007 [10:15]

Tender announced for digital telephone station in Imishli

Communications and Information technologies Ministry's Aztelecom announced a tender.
07 February 2007 [10:10]

Azerbaijan can carry out TEA project

"Azerbaijan can carry out Trans-Europe-Asia (TEA) line project. It is to benefit of this country," said Dr. Roald Sagdeev.
07 February 2007 [09:25]

Azerbaijan resumes gasoline export to Georgia

Azerbaijan has resumed exporting gasoline to Georgia.
07 February 2007 [09:20]

AtaHolding admitted to USACC

AtaHolding has become a member of United States-Azerbaijan Chamber of Commerce (USACC).
07 February 2007 [08:40]

Berlin to host Azeri-German business forum

Azeri-German business forum will be held in Berlin on Feb. 16.
07 February 2007 [08:35]

Star Alliance's insurance premium collection fall 24%

Azerbaijan's Star Alliance Insurance collected insurance premiums of AZN 322,500 during 2006, down 245 from the previous year.
07 February 2007 [08:25]

National Bank Chair meets Simeon Djankov

Chairman of the Management Board of the National Bank of Azerbaijan, Elman Rustamov, has received Simeon Djankov, the creator of the Doing Business series ranking economies on their ease of doing business, from 1 – 175, with first place being the best.
07 February 2007 [08:20]

Azeri Transport Minister leaves for Georgia

A delegation led by Azerbaijan Transport Minister, Ziya Mammadov, has today left Baku for Tbilisi.
07 February 2007 [08:15]

Oil prices approach $59 a barrel as arctic blast hits U.S. Northeast

Oil prices rose Tuesday, lifted by chilly weather across the Midwest and Northeast United States that is boosting heating fuel demand.
07 February 2007 [08:10]

Dow up, Nasdaq and S&P 500 down

The Dow Jones industrial average rose 8.25, or 0.07 percent, to 12,661.74.
06 February 2007 [22:41]

Trades at BICEX, Feb. 6

The weighted average exchange prices made up 0,8701 AZN for 1 US dollar in the Baku Interbank Currency Exchange on February 6.
06 February 2007 [22:31]

U.S., Azerbaijan to inaugurate Economic Partnership Commission

The United States and Azerbaijan will inaugurate an Economic Partnership Commission on February 7 in Azerbaijani capital Baku.
06 February 2007 [22:28]

Organized Crime Task Force arrests Araz-E firm's owner

Azerbaijani Interior Ministry's Organized Crime Task Force found large amount of expired medications, equipment to prepare medicines and falsified documents.