Business

05 September 2005 [08:50]

International conference on liberalization of energy and its distribution due

An international conference on liberalization of energy and its distribution will be held in Baku, Husseyn Arabul, the President of Barmek Azerbaycan, told Trend.
03 September 2005 [12:50]

Finance Minister Avaz Alakbarov gave press conference on state budget 2006

Finance Minister Avaz Alakbarov today held a press conference on the 2006 state budget.
03 September 2005 [12:14]

First Airbus "A319" will arrive to Azerbaijan

The first Airbus "?319" purchased by the State Concern “Azerbaijan Hava Yollari” (AZAL) will arrive in Azerbaijan today at 18:00 p.m., the State Concern told Trend.
03 September 2005 [12:08]

USA provides annual assistance to Azerbaijan for $90 million

28% of the annual volume of foreign investments to Azerbaijan fall at the share of the American business.
03 September 2005 [12:03]

?zerbaijan raised index of budget forecast of oil price up to record of $40/barrel

The Finance Ministry of Azerbaijan specified the forecast oil price for 2006 at the level of $40 per barrel.
03 September 2005 [11:56]

International Monetary Fund Mission ended its visit to Baku

An IMF mission led by Mr.Vitali Kramarenko, mission chief for Azerbaijan (Middle East and Central Asia Department), visited Baku from August 24-31, 2005.
03 September 2005 [11:54]

State investment company will be established in Azerbaijan

The state investment company will be established in Azerbaijan. About $100 million is planned to allocate from the state oil budget of Azerbaijan for its capitalization.
03 September 2005 [11:46]

Agriculture Minister met with USA Trade and Development Agency director on Europe and Eurasia region Daniel Stain

Agriculture Minister Ismet Abbasov met with USA Trade and Development Agency director on Europe and Eurasia region Daniel Stain.
03 September 2005 [11:20]

New insurance company to be established to prevent capital outflow

A new company titled ‘National Repeated Insurance Company’ (NRIC) will be established in Azerbaijan.
02 September 2005 [13:25]

«Bank of Baku» started crediting tourism

The joint-stock commercial «Bank of Baku» started implementation of the project on funding tourism within the project “Consumer Crediting”.
02 September 2005 [13:19]

AIOC will ship over 400,000 tons of oil from Supsa in September

In September 2005 partners in the Azerbaijan International Operating Company (AIOC), which is involved in the development of Azeri- Chirag-Gunashli fields (ACG), plans to deliver 430,000 tons of oil from the Georgian port of Supsa through four tankers.
02 September 2005 [12:28]

Ilham Aliyev asserted the Regulations on Copyrights Agency of the Azerbaijan Republic

The head of the state Ilham Aliyev signed a decree on assertion of the regulations on the copyrights Agency of the Azerbaijan Republic.
25 August 2005 [12:07]

Representation of the “TuranAlem” bank of Kazakhstan was opened in our country

A ceremony was held at the “Europe” hotel today in connection with 80th anniversary of the “TuranAlem” bank of Kazakhstan and opening of the representation of the bank in our country.
25 August 2005 [09:36]

International Health Exhibition to be held in Baku

The 11th Azerbaijan International Health Exhibition will be held in the Sport and Exhibition Complex named after Heydar Aliyev on November 2-5.
25 August 2005 [09:14]

Goods turnover between Azerbaijan and Turkey exceeds $283 m

Since the beginning of 2005 goods turnover between Azerbaijan and Turkey comprised over $283m. the State Statistics Committee (SSC) informed Trend Azerbaijan imported $180.3m worth of goods from Turkey, or 7% of the entire import.
25 August 2005 [09:10]

Drilling equipment for RV investment will be delivered in early September

Drilling equipment for the RV Investment Services Grou? LLC will be delivered to Azerbaijan from Europe on 5-7 September this year.
24 August 2005 [09:27]

RV Investment designs proposals on development of a new gold mine in Azerbaijan

RV Investment Services Grou? LLC is currently preparing proposals to the Azerbaijani government on the development of a new gold mine ‘Chovdar’ in Dashkasan, west Azerbaijan.
24 August 2005 [09:19]

AIOC starts profit tax transfer to public budget

The Azerbaijan International Operating Company (AIOC), the biggest oil producer in Azerbaijan under PSAs, will start profit tax payment to the public starting from 2006.
24 August 2005 [09:12]

Goods for about $368 million imported to Italy

Since the start of the year the goods in the total amount of about $368 million were imported to Italy from Azerbaijan.
24 August 2005 [08:59]

SOCAR resumes export of liquified gas to Georgia

The State Oil Company of Azerbaijan (SOCAR) shipped today, on 23August 280 tons of the liquefied gas under the contract with a number of companies.
24 August 2005 [08:56]

800 “Samand” motor cars to be brought from Iran to Azerbaijan

The executive director of the Iran Export Development Bank Nouruz Kokhzadi and head of the “Elite” Azerbaijan Trade-Industry Group Ali Evsen signed an agreement on exporting 800 “Samand” motor cars produced by the “Iran-Khodrow” auto-industry group in Tehran on Monday.
24 August 2005 [08:49]

“Bayerishce Landesbank” invested 430 million euros in the economy of Azerbaijan

“Bayerishce Landesbank” acting in Azerbaijan invested 430 million euros in the economy of the country.
24 August 2005 [08:21]

Foreign monetary reserves of Azerbaijan are 1.3 times more than its foreign debt

Foreign debt of Azerbaijan still remains conservative.
24 August 2005 [08:19]

Per capita GDP exceeds $1,250 in Azerbaijan

Intensive economic development and consolidation of exchange rate of the national currency will result in rise of the per capita Gross Domestic Product (GDP) in 2006.
24 August 2005 [08:17]

Azerbaijani delegation to attend the seminar of International Labor Organization

Three-sided sub- regional seminar on labor management and state employment services for the selected CIS countries will be held in Cyprus Republic by the International Labor Organization (ILO) on 17-18 October.
23 August 2005 [10:22]

11-th Azerbaijan International Building Exhibition to be held

11-th Azerbaijan International Building Exhibition will be held in Baku on 19-22 October.
23 August 2005 [10:20]

Fourth well on “Shakh-Deniz” will enable to plan operations with TPG 500

BP as operator of the Shah Deniz gas and condensate development project, today announced that it has spudded the fourth pre-drill development well which will complete the Shah Deniz Stage 1 Pre-drilling Programme.
23 August 2005 [09:47]

Azeri Post offices to join “Western Union” system

10 post offices of Baku will be ready to receive money transfers realized by means of “Western Union” system soon.
23 August 2005 [09:44]

Export of Azerbaijan forecasted to $7.1 bn in 2006

The Ministry of Economic Development (MED) presented to the Ministry of Finances the macro-economic forecasts for 2006, Farhad Aliyev.
23 August 2005 [09:40]

Baki Telefon Rabitasi (Baki Telephone Communication) plans to provide CDMA sevices to subscribers

The Production Union (PU) Bakı Telefon Rabitasi (BTRİB), part of the Ministry of Communications and Information Technologies (MCIT) plans to provide the subscribers with the CDMA (Code Division Multiple Access) services.
23 August 2005 [09:22]

Conference on role of defense of consumers in development of national production held in Baku

On Saturday Baku hosted a conference on "The role of consumer rights protection in the development of national production in Azerbaijan”.
23 August 2005 [09:17]

SOCAR supposes, world oil prices in 2006 will not be lower of $45-50 per barrel

The State Oil Company of Azerbaijan (SOCAR) forecasts, the world oil price will not drop below $45-50 for barrel in 2006.
23 August 2005 [09:14]

Construction energy meters producing plant to end in 3 years Barmek president says

Barmek Azerbaijan company, which is involved in governing the energy networks of Baku and Sumgayit, will build a plant on the production of energy meters in the amount of $11m.
23 August 2005 [09:01]

III Azerbaijan International Furniture, Interior and Design Exhibition to be held in Baku next month

Autumn exhibition season will be opened with III Azerbaijan International Furniture, Interior and Design Exhibition.
20 August 2005 [09:38]

Head of Catel: “There are no legal grounds for MCIT to refuse to give license for cellular communication to Catel”

There are no any legal grounds for refusing to give license for performing the cellular communication services to Catel from the part of the Ministry of Communications and Information Technologies (MCIT), executive director of the Azerbaijani-American Joint Venture (JV) Catel (Caspian American Telecommunications, LLC) Sadig Gumbatov told Trend exclusively.
20 August 2005 [09:20]

IBA signs agreement with leading western banks on $56m.

On Friday the International Bank of Azerbaijan (IBA) signed an agreement with the leading western banks headed by Citigroup bank of the United States and Commerzbank of Germany on attraction of syndicate credit of $56m.
20 August 2005 [09:05]

The mission of International Monetary Fund to arrive in our country on 24 August

The economist of the department of International Monetary Fund (IMF) over Middle East and Central Asia countries, delegation headed by the leadership of the organization of mission over Azerbaijan Vitally Kramarenko will arrive in our country on August 24.
20 August 2005 [08:59]

3-day automobile fair starts in Baku

A three-day automobile exhibition started in Amburan rest center on Friday.
20 August 2005 [08:56]

Azerbaijani Micro Finance Bank starts utilization of IFC loan

The Azerbaijani Micro Finance Bank (AMFB) has started utilization of the $3m credit of the International Finance Corporation (IFC) allotted for the term of 5 years for financing micro and small credits.
19 August 2005 [10:09]

Yield of tobacco in Azerbaijan in 2005 is forecasted as 8,000 tons

Yield of tobacco leaves in Azerbaijan in 2005 is forecasted in the volume of about 8,000 tons, which is for 1300 tons more of the 2004 figure.
19 August 2005 [09:59]

For 2005-2006 Catel to invest over $10 million in communications sphere

The Azerbaijnai –American Joint Venture (JV) Catel (Caspian American Telecommunications, LLC) plans to invest over $10 million in the communications sphere of Azerbaijan.
19 August 2005 [09:44]

259,952 new jobs opened in Azerbaijan since Oct 2003

In the second quarter of 2005 a total of 42,447 jobs were registered in Azerbaijan, including 22,078 permanent jobs.
19 August 2005 [08:40]

Azeri tourism to be presented in Vienna

A presentation titled “Azerbaijan. Tourism of the God of fire country” will be held in Vienna, Austria, in Cobencel Castle on 24 August.
19 August 2005 [08:12]

Bank Turanalem opens its representtaive office in Azerbaijan

The second large bank of Kazakhstan TuranAlem (BTA) will open its representative office in Baku on 24 August and plans to buy a local bank.
09 August 2005 [10:09]

Ministry of communications invested about $10 million in it-sphere of Azerbaijan

For seven months of the current year the Ministry of Communications and Information Technologies (MCIT) invested 47 billion, 172 million manats ($9,9 million) in the telecommunications sphere of Azerbaijan.
09 August 2005 [09:27]

Georgian oil products importers suggest to wait technical re-eqipment of Azerbaijani oil refineries

(NA "Novosti - Gruziya") – The Union of oil goods producers, importers and consumers is in favour of Azerbaijan to be also in future the main supplier of motor fuel to Georgia.
09 August 2005 [09:11]

1st bonds placement of leasing company planned

The 1st auction of bonds emitted by leasing company is planned to be held at the Azerbaijan stock market next month.
09 August 2005 [09:01]

Barmek expects problems with energy supply in winter

Problems with energy supply may arise in Azerbaijan in winter, head of the Barmek Azerbaijan Ltd. Huseyn Arabul said, Trend reports.
09 August 2005 [08:50]

Ministry of Economic Development extended two investment competitions

The Department for State Property Management and Privatization (DSPM) under the Ministry of Economic Development (MED) announced extending of the investment competitions on sale of shares of the Baku Electrical Founding Plant (Baki Elektriktokme Joint Stock Company (JSC) and Mingyachevir Weaving Mill Open Joint Stock Company (OJSC Mingecevir-Toxucu).
09 August 2005 [08:36]

Farhad Aliyev: “Such sharp strengthening of manat will not go on in future”

"Sharp decline of US dollar rate towards manat is a negative factor in production and affects negatively export stimulation.
08 August 2005 [08:56]

Representatives of Azerbaijan to take part in international workshop on vegetable-growing

Representatives of Azerbaijan will take part in the international workshop, dedicated to the experimenting on perspective vegetable grades.
08 August 2005 [08:50]

OPIC allocated funds to Catel for extending wireless communication in regions of Azerbaijan

Overseas Private Investment Corporation (OPIC) – a USA government agency, in charge of support of private American investments, approved allocation of $10 million to the joint Azerbaijani-American enterprise (JV) Catel (Caspian American Telecommunications, LLC).
06 August 2005 [11:32]

Gas reserves in South Caspian basin may increase in future

The gas reserves in the South Caspian basin in future as compared to the oil reserves may considerably increase. In the basin, where Azerbaijan, Turkmenistan and Iran are parts, there are about 40 gas fields.
06 August 2005 [11:15]

AIOC sets to drilling of producing well at Chirag

The Azerbaijan International Operating Company (AIOC) started drilling of next producing well with 4,400 meters project depth at the Chirag field.
06 August 2005 [11:11]

Azerenerji to pay on loans some $35 million in 2005

During the last 3,5 years the Joint Stock Company (JSC) Azerenerji paid on loans, allocated by he international financial institutions some $100 million, head of Azerenerji Etibar Pirverdiyev stated on 5 August at the news conference.
06 August 2005 [09:38]

RV Investment intersted in developing gold fields in Dashkesan

RV Investment Services Grou? LLC is interested in developing gold bearing fields in Dashkesan, the company’s head Riza Vesari told on 5 August.
06 August 2005 [09:33]

New gold fields are planned to be commissioned in ? 2007 in Azerbaijan

New gold fields are planned to commission in the III quarter of 2007, the operations director of the Azerbaijan International Mining Company Dgerard Filipps told on 5 August.
06 August 2005 [09:10]

Etibar Pirverdiyev: “Barmek” and “Bayva” do not fulfill obligations”

The president of the “Azerenergy” Open Stock Company (OSC) Etibar Pirverdiyev held a press-conference in the headquarters of the Yeni Azerbaijan Party yesterday.
05 August 2005 [08:39]

1 902,800 grain harvest gathered in Azerbaijan

In accordance with the operative data, grain harvest was gathered in 769,900 hectares sowing area, or in 96.8% of sowing areas.
05 August 2005 [08:36]

Azerbaijan carried out export-import transactions in amount of $3.4bn over first half-year

Azerbaijan maintained trade relations with 124 countries of the world over first half-year. Foreign goods turnover reached $3.4 billion with $1.3 billion export and $2.1 billion import.
05 August 2005 [08:30]

?IOC to ship over 560,000 tons Azeri Light from Supsa in August

The Azerbaijan International Operational Company (?IOC) plans to ship in August from the Black Sea port Supsa 656,000 tons of the Azeri Light oil, produced at the Azeri-Chirag-Gyuneshli (ACG) oil field. 135,000 tons of oil will be shipped on 6-7 August by the State Oil Company of Azerbaijan (SOCAR), which sold this consignment to the Select Energy trader at the tender.
05 August 2005 [08:26]

Agreement on Kazakhstan’s joining BTC project to be signed in October 2005

The intergovernmental agreement on the Kazakhstan’s joining Baku-Tbilisi-Ceyhan (BTC) project will be signed in October 2005, Vladimir Shkolnik, the Energy and Mineral Resources Minister, said to a meeting in Aktau.
05 August 2005 [08:20]

bp eager to increase expenditure with azeri JEs, state companies

British-U.S. BP intends to increase the expenditure with the Azerbaijani joint enterprises (JE) and state companies in 5 years.
04 August 2005 [11:17]

Gas delivery to Azerbaijan from Russia restored after 4.5 hours of break

Terror act in Mahackala section of Mozdok-Gazimammed gas pipeline was prevented.
04 August 2005 [10:41]

?IOC suspended Baku-Supsa pipeline operation

The Azerbaijan International Operation Company (AIOC) suspended yesterday the operation of the Baku-Supsa pipeline (”the western route”) according to the schedule.
04 August 2005 [09:48]

1.902.799 tons of grain produced this year

Reaping process has ended in the 97% of the cornfields so far.769.833 acres of field was planted with grain in Azerbaijan in 2005, 744.866 hectares of field was reaped.
04 August 2005 [09:11]

?li Huseynov: “Anti-corruption legal defense centres to be of interest for international practice study”

Opening of the anti-corruption legal defense centers in Azerbaijan (ALDC) is an integral part of the international exchange of experience in the corruption fighting sphere.
04 August 2005 [08:40]

Star company to complete construction of two appliances plants till late 2005

The Turkish Star group of companies will complete the construction of the two plants on production of automobiles and domestic appliances till late 2005.
04 August 2005 [08:37]

AIOC and Transneft discuss oil transportation through Baku-Novorossiysk

The Russian Transneft Company permitted the Azerbaijan International Operating Company (AIOC) to transport 388,000 tons oil through the Baku-Novorossiysk pipeline in September 2005.
03 August 2005 [10:32]

GDP to comprise 70.5 bn manats in 2006, economic development minister

In accordance with the forecast of the Economic Development Ministry, GDP of Azerbaijan will make up 70.5 billion manats in 2006 with 30.5% economic growth.
03 August 2005 [09:59]

Iran not determined new composition of commission on economic cooperation with Azerbaijan

Iran has not determined a new composition of the bilateral commission on economic cooperation with Azerbaijan due to non-formation of new government after the election of the new President.
03 August 2005 [09:37]

Enterprise producing refrigerators opened in Shamakhi

Enterprise producing refrigerators has been opened in Shamakhi.
03 August 2005 [08:58]

Azerbaijan paid 4,2 million USD for half year for membership in international organizations

For the first half year Azerbaijan paid 4,2 million USD for membership in international organizations.
03 August 2005 [08:56]

Memorandum signed between Economic development Ministry and Asian Bank for Development

An Understanding Memorandum was signed with the Asian Bank for Development (ABD) on realization of the new joint technical aid project in the Economic Development Ministry (EDM) yesterday.
03 August 2005 [08:53]

?zerbaijan will increase oil price forecasts in budget up to record–breaking level

The Ministry of Economic Development (MED) of Azerbaijan submitted the macro-economic forecast for 2006 to the Cabinet of Ministers, the Minister of Economic Development Farhad Aliyev told journalists.