Business

15 September 2006 [14:36]

Fares may rise when new buses are brought to Azerbaijan

The Government of Azerbaijan doesn't plan to raise the price of gasoline in the domestic market, Economic Development Minister-Tariff Council chief Heydar Babayev told a media briefing today.
15 September 2006 [14:08]

President: "The state budget will rise by 50 percent next year"

The state budget of Azerbaijan will rise at least by 50 percent next year, said President Ilham Aliyev in a speech delivered before the residents of Zabrat settlement.
15 September 2006 [10:22]

Azercell Telecom ZenglerimCELL replaced with IzahatCELL

ZenglerimCELL service of Azercell Telecom has been replaced with IzahatCELL since yesterday.
15 September 2006 [10:13]

Deals of $2.5mn closed at BICEX, Sep.14

The weighted average exchange price made up 0.8785 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
15 September 2006 [10:10]

Taxes Ministry imposed penalties of AZN 2 100 648 on 23 104 trade facilities

Taxes Ministry Operational Control Department have to date examined 98 950 various kinds of trade facilities and found serious irregularities in 23 104 of them.
15 September 2006 [09:35]

MFBA signs $2mn loan agreement with Triodos

The Micro Finance Bank of Azerbaijan (MFBA) on 13 September signed a USD 2 million loan with Triodos International Fund Management BV.
15 September 2006 [09:18]

IMF increases global economic growth predictions

The International Monetary Fund has raised its forecasts for global economic growth.
15 September 2006 [09:15]

Bank Respublika's assets reach AZN 85.701mln

The assets of Respublika Joint-Stock Commercial Bank rose 47.1 percent to AZN 85 700.8 mln during January-August.
14 September 2006 [21:51]

Labor Minister meets Turkish counterpart

Fizuli Alakbarov, Azerbaijani Minister of Labor and Social Protection of Population met on September 14 with his Turkish counterpart Murat Bashesgioglu.
14 September 2006 [21:45]

President Aliyev receives BP-Azerbaijan head

On September 14, President of Azerbaijan Ilham Aliyev received at the Presidential Palace President of BP-Azerbaijan company David Woodward.
14 September 2006 [21:41]

Leonid Fedun: "LUKoil's oilfields in Azerbaijan aren't effective"

Russia's LUKoil has discovered six new hydrocarbon fields in the Caspian Sea.
14 September 2006 [21:02]

Moody's assigns 'Ba1' rating to Azerbaijan

Moody's Investors Service on Thursday assigned Azerbaijan a foreign and local currency issuer rating of "Ba1", one notch below investment grade, citing little government debt and rising revenues from oil exports.
14 September 2006 [16:38]

Russia central banker dies after attack

The first deputy chairman of Russia's central bank died in hospital early on Thursday after being shot by gunmen outside a Moscow sports stadium, a senior doctor said.
14 September 2006 [15:14]

Economy growth made 34.4% in H1 '06

Azerbaijan's GDP constituted AZN 10.2bn during January-August and this figure represents a 34.4% increase on the same period last year.
14 September 2006 [15:06]

Minister of Communication and Information Technologies meets US Ambassador

Minister of Communication and Information Technologies Ali Abbasov met with Ambassador of the USA to Azerbaijan Mrs. Anne Derse to discuss participation of the U.S delegation in the BakuTel international exhibition and conference to be held in October, press service of the Ministry said.
14 September 2006 [14:52]

Anniversary exhibition in Izmir

The anniversary exhibition in honor of the 75th anniversary of Izmir International Fair was organized in Izmir, Turkey.
14 September 2006 [14:28]

Siemens to provide Azerfon with high-tech telecommunication network equipment

Azerfon LLC, the third GSM operator in Azerbaijan, has signed an agreement with Siemens AG of Germany for the supply, installation and commissioning of advanced network equipment required to establish the new Azerfon network in Azerbaijan.
14 September 2006 [14:27]

McDermott brought to court

Employee of McDermott Company Rmail Mehbaliyev will bring the company to court.
14 September 2006 [14:05]

BP says Azerbajan Shah Deniz natural gas field to start production end-Sept

A consortium of BP PLC-led Western companies is set to start production at the Shah Deniz Caspian Sea gas field, energy giant BP said.
14 September 2006 [11:40]

Azercell signs new roaming agreements

One of the largest mobile operators of Azerbaijan Joint Venture Azercell Telecom has signed a new roaming agreement with Burkina Faso's 'Telmob' (Onatel) operator.
14 September 2006 [10:19]

IMF-World Bank meeting takes place in Singapore

2006 Annual Meetings of the World Bank and International Monetary Fund will take place in Singapore on September 19-20.
14 September 2006 [10:16]

Azerbaijani businessmen to take part in exhibitions in Bursa

From September 19 through 24, an international exhibition TUYAP "BURTARIM 2006" and the second exhibition "Bursa Dairy industry" will take place in Bursa (Turkey).
14 September 2006 [09:49]

Deals of $8.854mn closed at BICEX, Sep.13

The weighted average exchange price made up 0.8786 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
14 September 2006 [09:43]

Taxes Ministry imposed penalties of AZN 2 083 741 on 22 933 trade facilities

Taxes Ministry Operational Control Department have to date examined 96 967 various kinds of trade facilities and found serious irregularities in 22 933 of them.
14 September 2006 [09:38]

Glencore Energy UK Ltd win tender on exportation of Azeri Light Crude Oil

The tender announced by SOCAR Marketing and Business Operations Department has ended.
14 September 2006 [09:29]

Barmek officers deny charges in the trial

Grave Crimes Court today started a hearing of former six officers of Barmek-Azerbaijan Electricity Distribution LLC.
14 September 2006 [09:06]

4 899 tonnes of agricultural goods sold at eight-week fairs

4899.25 tonnes of agrarian goods were sold at fairs held in Baku from July 12 through September 11.
14 September 2006 [08:59]

Business workshop on Azerbaijan's investment potential takes part in Warsaw

Business workshop on the investment potential of Azerbaijan was held within the meeting of Polish-Azerbaijani intergovernmental commission on economic cooperation.
13 September 2006 [15:41]

Iran eyes new Armenian pipeline

Iran wants to build a second natural gas pipeline to energy-strapped neighbor Armenia, the Islamic republic's parliament speaker Gholam-Ali Hadad-Adel said Monday.
13 September 2006 [14:08]

McDermott 800 Azerbaijani workers expected to be fired

800 Azerbaijani workers of McDermott Company are expected to be reduced soon. 15-20 workers have already been dismissed.
13 September 2006 [13:13]

AMF submits Government proposals on amendments to mortgage terms

Azerbaijan Mortgage Fund has already submitted the Government amendments to mortgage terms.
13 September 2006 [09:58]

Deals of $1mn closed at BICEX, Sep.12

The weighted average exchange price made up 0.8789 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange.
13 September 2006 [09:53]

Taxes Ministry imposed penalties of AZN 2 059 541 on trade facilities

Taxes Ministry Operational Control Department have to date examined 94 984 various kinds of trade facilities and found serious irregularities in 22 763 of them.
13 September 2006 [09:46]

Azerphone gives a trial

Azerphone, the third mobile operator-to-be of Azerbaijan has started a trial, Deputy Minister of communications and Information Technologies Iltimas Mammadov said.
13 September 2006 [09:17]

Rovnag Abdullayev: "Ecology department should be established at SOCAR"

State Oil Company of Azerbaijan (SOCAR) President Rovnag Abdullayev received yesterday Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA).
13 September 2006 [09:08]

SOFAZ Executive Director receives US TDA official

Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on September 11, 2006 Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA).
12 September 2006 [20:19]

SAIC'S VACIS(R) Cargo, Vehicle and Contraband Inspection Systems to be installed in Azerbaijan

Science Applications International Corporation (SAIC) announced on Tuesday that Azerbaijan Customs has ordered additional VACIS(R) cargo, vehicle and contraband inspection systems to support its border security program.
12 September 2006 [20:10]

Polish economy minister: "Azerbaijan a key energy partner for Poland"

The southern Caucasus state of Azerbaijan is a key energy partner for European Union newcomer Poland, Polish Economy Minister Piotr Wozniak said Tuesday following talks in Warsaw with a senior Azeri government official.
12 September 2006 [15:20]

OPEC concerned over oil production rise in Azerbaijan

Oil prices fell to their lowest point since April, to $65.30 per barrel of crude, as the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna on Monday, reporting it would keep its pumping crude unchanged at 28 million barrels per day.
12 September 2006 [10:38]

Iran proposes plans to boost tourism ties among Islamic states

The Islamic Republic of Iran on Monday put forward a number of proposals to boost tourism cooperation among Islamic countries.
12 September 2006 [10:20]

Auction on placement of T-bills held at BSE Sep. 11

An auction on placement of T-bills with the state registration number 10202613S was held at Baku Stock Exchange on Monday.
12 September 2006 [10:18]

Trades at BICEX

The weighted average exchange price made up 0.8786 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange on Monday.
12 September 2006 [09:38]

Azerbaijan takes 14th place in Eastern Europe for economy

Azerbaijan takes the 14th place for its economy among Eastern European countries.
12 September 2006 [09:35]

Two pipelines to deliver offshore gas to Azerigas and Sangachal

Two pipelines with 4.1 MPa and 9 MPa working pressure are planned to be built to deliver offshore natural gas of Azeri-Chirag-Guneshli and Shahdeniz to Azerigas CJSC and Sangachal Terminal.
12 September 2006 [09:32]

Talks on Russian gas import to Azerbaijan to start in November

Negotiation on the natural gas importation between Azerbaijan and Russia are intended to be stared in late November.
12 September 2006 [09:29]

CIS Economic Council to meet in Moscow on Sep.15

CIS Economic Council will meet in Moscow on September 15, Azerbaijani Cabinet of Ministers told APA.
12 September 2006 [09:23]

Azerbaijan Credit Unions Association to hold 2nd conference

Azerbaijan Credit Unions Association (ACUA) will hold the 2nd conference on October 26.
12 September 2006 [09:22]

Telephone numbers with 499 initial to be replaced with 596

Baku Telephone Unity has started reconstruction of telephone exchanges in Baku in order to replace telephone numbers with 499 initial with 596.
12 September 2006 [09:21]

Palmali's first dry-cargo vessel launched in Russia

On Monday in Nijni Novgorod the Krasnoye Sormovo Shipyard launched Mirzagha Khalilov dry-cargo vessel built on the order of Palmali Group of Companies.
12 September 2006 [09:19]

Cisco Systems VPs to visit Azerbaijan

A delegation of Cisco Systems, one of the world's leading ICT companies, is expected to visit Azerbaijan in early October.
12 September 2006 [09:18]

Turkey-US trade to grow three fold

Turkish Foreign Trade Minister Kursad Tuzmen and a delegation of 100 businessmen are heading to the U.S to enhance the economic ties between the two countries.
12 September 2006 [09:16]

AzPromo representatives leave for China

A delegation of Azerbaijan Export and Investment Promotion Foundation (AzPromo) left Baku for China to attend the business meeting of the trade and investment promotion organizations of the Asian Countries to be held in China on September 11-12.
12 September 2006 [09:15]

Preliminary trial on ANS's lawsuit against Taxes Ministry put off to Sep.22

Preliminary trial on the lawsuit the ANS Group of Company brought against Taxes Ministry had been scheduled for today was adjourned for September 22.
11 September 2006 [19:41]

Oil falls $1

Oil dropped $1 on Monday as OPEC looked set to keep pumping at high rates to ensure world consumers were well-supplied despite a 20 percent fall in prices since mid-July.
11 September 2006 [19:36]

Government to raise license price for TV channels

The price of license for TV channels broadcasted in Azerbaijan will be raised.
11 September 2006 [12:26]

Agroleasing to purchase 550 more farm machines

By this year's end Agroleasing JSC of Azerbaijan will have bought 300 tractors and 250 combine harvesters.
11 September 2006 [12:21]

Russia's Economics and Trade Minister to visit Azerbaijan

Economic Development and Trade Minister of Russia, German Gref is expected to pay a visit to Azerbaijan in October this year within Russian Year in Azerbaijan.
11 September 2006 [10:21]

One sues Binagadi Oil for violation of property rights

Resident of Binagadi District, Rahila Mammadova claims that her land was squatted and she was unable to use her own land.
10 September 2006 [19:00]

Azeri businessmen to attend Istanbul Int'l Conference

Turkish Industrialists' and Businessmen's Association will host Foreign Trade Bridge between Turkey and Eurasia Conference eon September 17-18 in Istanbul.
10 September 2006 [13:43]

Azeri ship grounded in Asov Sea

Workers in the Krasnodar territory used a dredger to try to free a second ship that ran aground in Russia's Sea of Asov in as many days.
09 September 2006 [13:42]

Round table on WTO entrance held in Baku

A round table devoted to questions of membership in the World Trade Organization (WTO) took place in Baku, September 6-8.
09 September 2006 [13:40]

Imishli sugar Refinery awarded with international quality certificate

Sugar Refinery in Imishli province has been awarded with ISO 9001:2000 quality certificate.
09 September 2006 [13:38]

Azerbaijan-Poland intergovernmental commision's sitting to be held

The first sitting of Azerbaijan-Poland Intergovernmental Commission for Economic Cooperation will take place September 11-12 in Warsaw, press-service of the Ministry of Economic Development said.
09 September 2006 [13:27]

Azerbaijan, Uzbekistan and Kyrgyzstan to use KazSat satellite

Chairman of the Agency of Communications and Information of Kazakhstan Askar Zhumagaliyev at session of parliament of the country (Majlis) has declared that Azerbaijan, Uzbekistan and Kyrgyzstan are going to use opportunities of KazSat satellite.
09 September 2006 [10:00]

Huseyn Arabul: "Commission found neither exaggerated investment nor use of old transformers"

Hand-over test in Barmek Azerbaijan ca be completed in second half of September, Barmek Azerbaijan LLC President Huseyn Arabul told.
09 September 2006 [09:58]

Bill on "Refund of Soviet-period savings" likely to be discussed at fall session

Draft Law on "the refund of Soviet-period savings" is expected to be discussed at the fall session of Parliament, Chairman of Parliament standing commission on economic policy, Ziyad Samadzade, stated.
09 September 2006 [09:30]

Deals of $1.15 mn concluded at BICEX, September 8

The weighted average exchange price made up 0.8794 AZN/USD at trading sessions held at the Baku Interbank Currency Exchange yesterday.
09 September 2006 [08:56]

LUKoil advances in Top 250 Energy Companies ranking

Platts has today released its annual 2006 Top 250 Global Energy Companies rankings, recognizing the industry's top-performing companies around the world.
08 September 2006 [22:33]

Trade turnover between Armenia and Turkey makes up $100 million

The absence of diplomatic relations between Armenia and Turkey does not impede a Turkish company to officially register and freely act on the territory of Armenia.
08 September 2006 [22:20]

U.S. assists Azeri government to develop health sector

A two day seminar "Communication Strategy Workshop," a part of "Primary Health Care Strengthening Project in Azerbaijan" (PHC Project, $5 mln ) began September 7 in Park Inn Azerbaijan Hotel.
08 September 2006 [21:53]

Ukrainian President visits Sangachal Terminal

Ukrainian guests toured the terminal by bus.
08 September 2006 [21:51]

Yuschenko denies discussing oil price with Azeri president

Ukrainian President Viktor Yuschenko says he did not discuss with Azerbaijani President Ilkham Aliyev the price of oil supplies to Ukraine.
08 September 2006 [21:37]

Yushchenko reveals Ukraine's gas plans

Speaking to students and professors of Slavic University of Baku on Friday, Victor Yushchenko said his talks with President Ilham Aliyev of Azerbaijan had resulted in the decision to create a special group that would consider ways to transport gas from the Caspian Sea to Europe via the Caucasus and Ukraine, according to the President's press-office.
08 September 2006 [14:06]

Oil exports from Azerbaijan up 71% in 8 mths

Oil exports from Azerbaijan in January- August 2006 amounted to 13.361 million tonnes, up 71.5% year-on-year.
08 September 2006 [10:07]

Heydar Babayev meets with IMF mission visiting Baku

Economic Development Minister, Heydar Babayev, has met with International Currency Fund's mission composed of leading economist on South Caucasus Vitali Kramarenko, Manager for Azerbaijan Bazil Zavoyko and other experts.