Business

27 January 2007 [03:13]

Debutbank to open new branch in Baku

National Bank of Azerbaijan has granted the proposal of Debutbank Joint Stock Commercial Bank on opening of a new branch in Baku.
27 January 2007 [03:10]

79 thousand vehicles brought to Azerbaijan in 2006

79 thousand vehicles were brought to Azerbaijan last year.
27 January 2007 [03:06]

Aleksander Lukashenko: "We carry out intensive negotiations with Azerbaijan"

"We carry out intensive negotiations with oil-producing countries in order to cooperate with them. We are ready to establish joint ventures with them," Belarusian President Aleksander Lukashenko stated in the interview to German publication "Die Welt."
27 January 2007 [02:59]

Azercell signs new roaming deal

Azerbaijan's mobile operator Azercell Telecom has concluded unilateral roaming agreement with Congo's CelTel operator.
27 January 2007 [02:57]

Oguz-Gabala-Baku Water Pipeline Project Tender winners to be announced

Azersu Open Joint Stock Company will announce winners of the tender for design engineering and construction of the Oguz-Gabala-Baku Water Pipeline Project.
27 January 2007 [02:56]

ALFA Insurance to open its branch in Sumgait

Azerbaijan's ALFA Insurance will open its first branch in Sumgait in February.
27 January 2007 [02:54]

AGLeasing enlarges leasing portfolio 25%

AGLeasing increased its leasing portfolio to AZN 3,092,319, to January 1, during 2006, up 25.4% from the previous year.
27 January 2007 [02:52]

Bank Respublika's assets leaps 91%

Bank Respublika's assets grew 91%, to January 1, and reached AZN 111.3mln.
27 January 2007 [02:33]

Trades at BICEX, Jan. 26

The weighted average exchange prices made up 0,8706 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 26.
27 January 2007 [02:20]

State Customs Committee opens new building in Sumgait

Azerbaijan State Customs Committee opened the building for its department in Sumgait.
27 January 2007 [02:19]

International Technology University can be opened in Azerbaijan

A delegation led by Deputy Minister of Communications and Information Technologies, Iltimas Mammadov, returned from Goteborg, Sweden.
27 January 2007 [02:15]

Baku to host the meeting of GUAM Transport Coordination Council

Baku will host the meeting of the Transport Coordination Council of GUAM.
27 January 2007 [02:08]

Meeting on results of tender on ANS frequency to be held Jan.31

The meeting on the results of the tender announced by National Television and Radio Council on ANS TV and ANS ChM Radio frequency will be held on January 31.
27 January 2007 [02:05]

Latvian Minister's visit delayed

Minister for Special Assignments for Electronic Government Affairs of Latvia Ina Gudele's visit date to Azerbaijan has been changed.
27 January 2007 [02:01]

Iranian envoy meets Azerbaijan's Agriculture Minister

Iranian ambassador to Azerbaijan Afshar Suleymani met with Minister of Agriculture Ismet Abbasov.
27 January 2007 [01:53]

President Aliyev meets Intel CEO

President of Azerbaijan Ilham Aliyev met with Mr. Craig R. Barrett, Chairman of the Board of the US Intel Corporation, Jan. 26, in Davos.
26 January 2007 [22:08]

Norway in funding pledge to Azerbaijan

Norway is to provide Azerbaijan with funding worth US$1.5M to develop small hydroelectric power plants in the country.
26 January 2007 [21:58]

McDermott's contract on laying pipeline across Caspian seabed contradicts earlier statement by Russian official

McDermott Caspian Contractors Inc., a U.S.-based design and engineering company, said Friday it has been granted a contract by a subsidiary of Russia's largest crude producer, LUKoil, to build an oil pipeline along the bottom of the Caspian Sea.
26 January 2007 [18:28]

President Aliyev meets Bill Gates

President of Azerbaijan Ilham Aliyev who is participating in the World Economic Forum in Davos met with the Chairman of Microsoft Corporation, Bill Gates.
26 January 2007 [16:36]

Azerbaijan to supply Georgia with gas despite Shah Deniz problems

In spite the fact that Georgia can not receive gas from Shah Deniz any more, the country will have no problems at all, Azerbaijan Ministry of Energy states.
26 January 2007 [16:23]

Azeri petrol not meet European standards

Director of State Agency for Standardization, Metrology and Patents Ramiz Hasanov interviewed by the APA.
26 January 2007 [16:18]

Ukrainian PM suggests establishing consortium on transportation of oil to Europe through Ukraine

As Yanukovych said, Ukraine and Azerbaijan consider likelihood of creating a consortium of oil transportation to Europe together with Russia and Kazakhstan.
26 January 2007 [13:14]

Economic Court to pass decision on appeal of "ANS-Commerce" Jan. 29

Economic Court #1 has considered the appeal of ANS Group of Companies on ministry's decision.
26 January 2007 [01:29]

German Company to export Azeri crude

Germany's Select Energy GmbH has won the tender announced by the SOCAR Department for Marketing and Economic Operations.
26 January 2007 [01:14]

Azerbaijan Micro Finance Bank opens new branch

Azerbaijan Micro Finance Bank (AMMB) has opened a new branch in capital's Sabayel district.
26 January 2007 [01:12]

Karasu Operating Company cuts gas production

Karasu Operating Company (KAOC), dealing with exploration and development of the Mishovdag and Kelameddin onshore oilfields in Azerbaijan, produced 4,648,000 cu m of gas during 2006, 23.9% down from the previous year.
26 January 2007 [01:10]

Salyan Oil slashes gas output

Salyan Oil, dealing with development of Kursengi-Garabagli onshore fields, produced 43,127,000 cubic meters of gas during 2006, 21.2% up from previous year.
26 January 2007 [01:08]

ALFA Insurance more than doubles its authorized capital

Azerbaijan's ALFA Insurance raised insurance fees collection 23% to AZN 995,600 and more than tripled insurance payment, year-over-year, to AZN 145,600.
26 January 2007 [01:02]

Azerbaijan reports macroeconomic indicators for 2006

Azerbaijan State Statistical Committee released macroeconomic performance indicators, saying the country's gross domestic product grew to AZN 17,735,800 last year.
26 January 2007 [00:43]

Azerbaijan's vegetable production hits record high

Azerbaijan produced agricultural products worth AZN 1,894,731,200 last year.
26 January 2007 [00:34]

Commission on Russia-Azerbaijan economic partnership to meet

"Our trade and economic partnership is the basis of the relations between Azerbaijan and Russia," said representative of Russia's Trade mission to Azerbaijan Yuri Shedrin.
25 January 2007 [21:00]

Azerbaijan receives new proposal from Gazprom

Russia's Gazprom intends to store up its natural gas in Azerbaijan's underground gasholders to supply to its southern regions, Head of Russia's Trade Office in Azerbaijan, Yuri Shedr said.
25 January 2007 [20:56]

Trades at BICEX, Jan. 25

The weighted average exchange prices made up 0,8709 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 25.
25 January 2007 [20:51]

President made speech at Davos Forum

The first meeting on the theme "Increasing importance of oil geopolicy" of World Economic Forum was held in Davos, Switzerland.
25 January 2007 [19:20]

Building a Black/Caspian natural gas bridge: Challenges and opportunities

Developments in 2006 and notably the recent Russian-Belarusian crisis proved that energy is consolidating its position as Europe's long-term security challenge.
25 January 2007 [18:55]

Russia says pipelines across Caspian Sea floor unacceptable

Any gas or oil pipelines across the floor of the Caspian Sea would be environmentally unacceptable, an official with the Russian Natural Resources Ministry said Thursday.
25 January 2007 [18:33]

Azerbaijan Armed Forces Assistance Fund collects AZN 3.03mln

Azerbaijan Armed Forces Assistance Fund has collected AZN 3.03mln and $65 188 so far.
25 January 2007 [17:27]

Education Ministry holds board meeting

The amount allocated for education sector increased by 33% in 2006 and by 47% in 2007.
25 January 2007 [17:21]

Economic Court #1 to consider appeal of "ANS-Commerce"

Tomorrow Economic Court #1 will consider the appeal of ANS Group of Companies on Ministry decision, ANS Groups of Companies told.
25 January 2007 [15:33]

Average Azeri migrant remits $150 from Russia a month

Azerbaijan Statistical Committee projected the Jan. 1, 2007 population will beat 8,533,000.
25 January 2007 [12:52]

Three bakeries closed in Baku

Three bakeries producing low-quality and below-standard bread have bee closed in Baku.
25 January 2007 [12:46]

ANS Commerce faces criminal proceedings

Taxes Ministry's Department for Preliminary Investigation of Tax-related Crimes has instituted criminal case against ANS Commerce of ANS Group of Companies on mass tax evasions.
25 January 2007 [01:25]

Oil prices set to bottom out

Since Jan. 23 the oil prices came to raise hopes.
25 January 2007 [01:24]

Tarkan to pay four-day visit to Baku

Turkish mega-star Tarkan will have concert at the end of this year.
25 January 2007 [01:23]

Gas supply to Zagatala stopped

The supply of natural gas to Zagatala was stopped.
25 January 2007 [01:12]

Azerbaijan Mortgage Fund earmarks AZN 40mln for mortgage lending in 2007

Azerbaijan Mortgage Fund intends to use AZN 20mln allocated from the State Budget to mortgage lending for 2007.
25 January 2007 [01:09]

SOCAR to work out 2007-10 Social Development Program

SOCAR Social Development Department and Oil and Gas Industry Labor Union officers held a workshop ay Heydar Aliyev Baku Deepwater Jackets Factory and a house of Social development Department in the settlement of Bakikhanov.
25 January 2007 [01:09]

Rabitabank's assets grow 37%

Rabitabank's assets grow 37% to AZN 44,337,000 in January, 2007.
25 January 2007 [01:07]

French court disappoints FimBank

Paris Court has refused the request lodged by Malta's FimBank for suspension of the execution of a court decision on lifting the arrest from 500,000 stocks of Azeri Government in the European Telecommunications Satellite Organization (Eutelsat).
25 January 2007 [00:57]

Azerbaijan's trade surplus reaches $2.3bln

Azerbaijan's surplus trade with faraway nations in 2006 reached US $2,277 billion while trade gap with Commonwealth of Independent States (CIS) amounted to $1.170 billion.
25 January 2007 [00:55]

Azerbaijan Industry Bank's nominal capital to grow 15%

Azerbaijan Industry Bank's assets reached AZN 27,919,359.86.
25 January 2007 [00:33]

World Bank mission to visit Baku

World Bank mission for Trade and Transport Facilitation Project led by Gerald Oliver will visit Azerbaijan on January 29.
25 January 2007 [00:26]

Tbilisi can sell Georgia Railway state's stake

Tbilisi can sell the state's stake in Georgia Railway LLC, said Georgian Economy Minister Georgi Arveladze.
25 January 2007 [00:23]

IDB mission's visit to Azerbaijan over

Islamic Development Bank delegation's one-week visit to Azerbaijan is over.
25 January 2007 [00:20]

AGBank offers ATM money transfer

AGBank has commenced a new service for its customers.
25 January 2007 [00:17]

Delegations from Kurgan and Stavropol to visit Baku

The delegations of Kurgan and Stavropol provinces of Russia will visit Azerbaijan next month.
24 January 2007 [22:38]

Trades at BICEX, Jan. 24

The weighted average exchange prices made up 0,8711 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 24.
24 January 2007 [21:23]

Kazakhstan signs memorandum on new oil export route across Caspian Sea

Kazakhstan's national oil company said Wednesday it had signed a memorandum of understanding with several international companies outlining a new export route for Kazakh oil, using tankers to transport the oil across the Caspian Sea.
24 January 2007 [15:05]

IFC to establish grocery retail chain in Baku

IFC will continue to actively seek direct investment opportunities in areas such as food retail to support growth and employment in the non-oil sectors.
24 January 2007 [14:16]

President Aliyev decrees to amend mortgage lending terms

President Ilham Aliyev has issued a decree on improvement of mortgage lending mechanism in the country.
24 January 2007 [13:06]

President Aliyev to leave for Davos

President Ilham Aliyev will leave for Switzerland to participate in World Economic Forum in Davos as a special guest.
24 January 2007 [12:16]

Azerbaijan accedes to the Protocol Relating to the Madrid Agreement

The World Intellectual Property Organization (WIPO) announced that the Government of the Republic of Azerbaijan will become on April 15, 2007 party to the Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks, adopted in Madrid on June 27, 1989 (Madrid Protocol 1989).
24 January 2007 [00:57]

Amrahbank's assets grow 54%

As of January 1, the assets of Amrahbank grew 54% during 2006 to AZN 29.8m.
24 January 2007 [00:56]

Kapital Bank's assets rise 51%

As of January 1, the assets of Kapital Bank rose 50.78% to AZN 148,879,000 last year.
24 January 2007 [00:43]

Azerbaijan's favorable balance in trade hits $1.107bn

Azerbaijan's trade surplus in 2006 amounted to $1.107 billion, up 650% from previous year, State Customs Committee Chairman Aydin Aliyev told a government annual meeting on Monday.
24 January 2007 [00:43]

Bank Standard's assets and deposit portfolio doubled

Bank Standard held a press conference to deliver presentation of its annual report.
24 January 2007 [00:40]

Infrastructure projects spend AZN 694mln in Azerbaijan

Azerbaijan allocated AZN 694 million to finance infrastructure projects in 2006.
24 January 2007 [00:28]

AZN 297.6m additional tax paid to state budget

Last year AZN 297.6m were considered as taxable during the examination of 5,302 taxpayers by Azerbaijan Taxes Ministry and were paid to the State Budget.
24 January 2007 [00:15]

President Aliyev increases salaries

President Ilham Aliyev issues an executive order on increasing the salaries of the employees of social security organizations by 25% from February 1.
24 January 2007 [00:12]

Bank Standard to implement the T24 core banking system from Temenos

Bank Standard is going to implement Temenos T24 banking system in order to bring business process in line with world standards.
24 January 2007 [00:11]

Azerbaijan to set up oil shipping company

Government of Azerbaijan is considering the project on establishment of a special oil shipping company.
24 January 2007 [00:09]

Azerbaijan to acquire some part of Hollsim's stake in Garadagh Cement

Government of Azerbaijan intends to acquire some part of Swiss Hollsim's interest in Garadagh Cement.
24 January 2007 [00:06]

Bank Standard lends 34 mortgages worth AZN 668,476

Bank Standard, as an authorized bank of the Azerbaijan Mortgage Fund, lent 34 mortgage loans worth AZN 668,476 during 2006.
24 January 2007 [00:05]

UniBank's assets more than doubled in 2006

The assets of the UniBank CB rose 115% to AZN 138.9m in 2006.