Business

28 April 2005 [18:32]

Heydar Babayev: Absence of interest to securities in Azerbaijan is directly connected with their low rate of profitability

Absence of interest to securities is directly connected with their low rate of profitability.
27 April 2005 [18:29]

Three main factors influence on growth of inflation in Azerbaijan

Three main factors influence on growth of inflation in Azerbaijan.
27 April 2005 [17:45]

McDermott employee, working aboard ship "Israfil Huseynov", died

The employee of American McDermott, which is operator of BP Azerbaijan and conducts construction of underwater pipelines, died during accomplishment of works at specialized ship "Israfil Huseynov".
27 April 2005 [17:24]

New action plan of EU on Azerbaijan to be considered for 2007-2009

The European Union intends starting development of new middle term plan.
27 April 2005 [17:17]

Gold production started in Azerbaijan

Several British companies are to start operation of gold mines, discovered in Kedabek region of Azerbaijan.
27 April 2005 [17:00]

Wages, social benefits to be increased

The wages of employees of the budgetary organizations and social benefits will increase in Azerbaijan, Azerbaijani President Ilham Aliyev stated in an opening ceremony of the Olympic Complex in Shamakhi District, central Azerbaijan, on Tuesday.
26 April 2005 [14:06]

Azerbaijan, Kazakhstan developing about 5 new bilateral documents

Five draft new inter-governmental and inter-departmental documents on cooperation have been prepared between Azerbaijan and Kazakhstan, diplomatic sources told Trend.
26 April 2005 [14:01]

Around 2m tourists expected to tour Azerbaijan in 2005

Around 2 million tourists are expected to your Azerbaijan in 2005, the Ministry of Youth, Sports and Tourism told Trend.
26 April 2005 [13:54]

ExxonMobil accomplished all contract obligations on drilling of the first expolotration well at "Zafar-Mashal"

American ExxonMobil completed ecological researches by results of drilling of the first exploration well at prospective structure "Zafar- Mashal", the agency Trend reports, ExxonMobil informed about this. Company is operatorof the project with 30% of shares.
26 April 2005 [13:09]

Ganja car plant produced 103 cars for the first quarter this year

The Ganja car plant produced 103 cars for the first quarter of this year.
23 April 2005 [08:55]

The volume of external turnover of Azerbaijan was $1,6 bln for three months of 2005

For three months of 2005 the volume of external turnover of Azerbaijan was $1,6 bln.
22 April 2005 [19:23]

"Silk Way Airlines" Azerbaijan company got permission for carrying international humanitarian freights

"Silk Way Airlines" Azerbaijan company got permission for transporting international humanitarian freights.
22 April 2005 [19:11]

"Salyan Oil" meets the worker's needs

"Salyan Oil" company began to meet the worker's needs.
22 April 2005 [17:57]

Establishment of infrastructure for oil export from Kazakhstan by BTC estimated in $1,5 bln

Establishment of transport system for transportation of Kazakhstan oil up input flange of pipeline Baku-Tbilisi-Ceyhan (BTC) between two states is estimated by experts twice cheaper than it has been stated previously during round of negotiations between two states.
22 April 2005 [17:38]

President Aliyev notes positive growth pace of economy

In 2005 the Azerbaijani public budget grew approximately 30%, Azerbaijani President Ilham Aliyev told a meeting dedicated to the economic results of the first quarter of 2005.
21 April 2005 [16:43]

Azerbaijan and Kazakhstan want preparing text of intergovernmental agreement on pumping of oil by BTC, which is suitable for foreign companies

Azerbaijan and representatives of BTC Co. at today stage of negotiations with Kazakhstan party agree in the text of future intergovernmental agreement between two states about pumping of Kazakhstan oil by pipeline Baku-Tbilisi- Ceyhan (BTC).
21 April 2005 [16:41]

Georgia intends increasing purchase of Azerbaijan gas from Shah-Deniz

Georgia expressed its wish to increase future contract purchase of natural gas from Azerbaijan field Shah-Deniz.
21 April 2005 [16:27]

Production of "Azeri" field exceeded 2 mln barrels of oil Azeri light

Effectiveness of operation of platform, installed in the central part of field Azeri is 84.2%, and its production presently exceeded 2,076 mln barrels of oil, the agency Trend reports, press release of Azerbaijan International Operating company (AIOC) informs about this.
20 April 2005 [17:03]

Companies are not interested in exhibition "Transcaspian 2005"

Companies do not show active interest in exhibition "TRANSCASPIAN 2005".
20 April 2005 [16:52]

David Woodward held a press conference dedicated to the results of works done in the first quarter

Yesterday the president of Azerbaijan International Operation Company (AIOC) David Woodward and the heads of projects operator of which is "bp Azerbaijan" company held a press conference dedicated to the result of work done in the first quarter of this year.
20 April 2005 [16:51]

Palmali company invested 4 mln euro in construction of dairy factory in Lankoran

The head of the company Palmali, operating in Turkey, Mubariz Mansimov invested for construction of dairy factory in Lankoran an amount of 4 mln EURO. The agency Trend reports, the head of Executive power of Lankoran Zeynal Nagdaliyev informed about this.
20 April 2005 [16:29]

"British Bank" doesn't have intention to restore its activity in Azerbaijan

"British Bank" doesn't have intention to restore its activity in Azerbaijan.
20 April 2005 [16:22]

SOCAR to export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May

State Oil Company of Azerbaijan Republic (SOCAR) will export 85 thousand tons oil via Baku-Novorossiysk oil pipeline in May.
20 April 2005 [16:16]

Two agreements on transit of Kazakhstan oil to be signed by end of year

Two agreements on transit of Kazakhstan oil are to be signed between Baku and Astana by end of year, which is to pass via territory of Azerbaijan. The agency Trend reports, the president of State Oil Company of Azerbaijan Republic (SOCAR) Natik Aliyev informed.
19 April 2005 [14:17]

Budget incomes of State Oil Fund was 364.6 billion manats, its budget expenses 221.0 billion manats in the I term of this year

Budget incomes of State Oil Fund of Azerbaijan Republic (SOFAR) was 364.6 billion manats, its budget expenses 221.0 billion manats in January-March of 2005.
19 April 2005 [14:14]

K.K?byldin: BTC to be the priority oil export route for the Kashagan shareholders

Participants of the project for development of Kashagan oil field in Kazakhstan consider several options for the export of oil from the contract area.
19 April 2005 [14:12]

Natik Aliyev: Establishment of transport system Aktau-Baku will require $3 bln

Azerbaijan and Kazakhstan parties started next negotiations about joining of Kazakhstan to the project Baku-Tbilisi-Ceyhan (BTC) and preparation of the text of inter-governmental agreement between both states, 18 April, at Hyatt Regency in Baku.
19 April 2005 [13:38]

22,7% of external turnover of Azerbaijan was in CIS during January- February

Azerbaijan has realized during January-February 2005 ex?ort-im?ort o?erations with 103 countries of the world against 119 countries in 2004 and 124 countries in 2003.
19 April 2005 [13:35]

Program of young specialists is realized within TACIS program

The em?loyees of different institutions of the Ministry of economic develo?ment ?artici?ated at the ?rogram of young s?ecialists from the mid 2004 till beginning of 2005.
16 April 2005 [12:17]

Issue of joining of Kazakhstan to BTC to be discussed in April

The delegation of CSS of OC "Kazmunaygaz" is to arrive to Baku, Sunday.
15 April 2005 [16:44]

Investors in BTC to receive privilege tariff for pumping of condensate on Baku-Ceyhan

Five companies, participants of the project on development of the field "Shah-Deniz", will get privilege tariff on pumping of condensate by pipeline Baku-Tbilisi-Ceyhan (BTC), the agency Trend reports, projects sources informed.
15 April 2005 [16:27]

Ilham Aliyev received the president of AIOC David Woodward

Yesterday President Ilham Aliyev received president of Azerbaijan International Operation Company (AIOC) David Woodward.
15 April 2005 [16:10]

French experts studying opportunities of establishing winter tourism in Azerbaijan

French experts are studying opportunities for establishment of winter tourism in Azerbaijan, the Tourism Department of the Ministry of Youth, Sports and Tourism told Tend.
13 April 2005 [14:47]

Predicted oil price to increase in state budget

Milli Mejlis is to reconsider state budget for 2005, and to increase predicted oil price during its compilation (by $25 dollars per barrel).
13 April 2005 [14:36]

CDMA technology to be introduced during 2005 in Apsheron

CDMA technology is to be introduced during 2005 in Apsheron peninsula.
12 April 2005 [13:47]

Elman Rustamov is appointed as a Board Chairman of National bank of Azerbaijan, Aslan Aslanov as a vice-minister of agriculture

President Ilham Aliyev signed an order today within the appointment of Elman Rustamov to the post of the chief of the Administrative Staff of National Bank.
12 April 2005 [13:22]

Number of oil wells increases

Drilling of 14 wells has been completed with starting of 20 another once, according to Azneft Corporation.
09 April 2005 [17:24]

Azerbaijan and Persian gulf countries plan to sign agreement on free trade

Azerbaijan plans to sign an agreement on frees trade with United Arab Emirates and other countries of the Persian Gulf, Dubai-based newspaper Khaleej Times reports interviewing Elmar Mammadyarov, the Azerbaijani Foreign Minister.
09 April 2005 [17:11]

Last year 122 hotels, 14 motels, and 102 hotel typed objects activated in the country

122 hotel, 14 motel, 102 hotel typed objects activated in the country in 2004. In hotels and hotel typed objects 213, 3 thousand persons or 45, 9% more tourists were placed in comparison with 2003.
09 April 2005 [17:09]

Russian oil company is studying opportunities for oil pumping via BTC

Experts of the Russian company Sibirneft are involved in studying the economy of the project on pumping oil from Russia via the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline.
09 April 2005 [16:35]

EBRD sets up talks with leasing, insurance companies in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) set up development of joint projects with the operators of the financial markets in Azerbaijan, Raymond Konway, the head of the Baku office of the EBRD told Trend.
09 April 2005 [16:30]

70 million dollars allocated to "Excelsior Hotel" in Baku that will start activating in May

70 million dollars allocated to "Excelsior Hotel" that will start activating in May.
09 April 2005 [16:29]

Azerbaijan Airlines purchases new "Boeing", "Airbus" and "AN-140" planes

Azerbaijan Airlines - "AzAL" State Company is going to buy new planes.
09 April 2005 [16:18]

Foreign companies take interests in Azeraluminium JSC

Different companies displaced interests in Azeraluminum JSC, Farhad Aliyev, Minister for Economic Development, told journalists on Friday.
09 April 2005 [15:12]

EBRD allocated first syndicated loan to UniBank

The European Bank for Reconstruction and Development is leading the first international syndicate to lend $5 million to a private bank in Azerbaijan, as part of efforts to encourage the Caspian seaside nation to foster competition in the banking sector and to further diversify the non-oil sector of its economy.
08 April 2005 [16:06]

Azerbaijan plans reaching number of arriving tourists up 3 mln

The ministry of youth, sport and tourism plans reaching number of tourist arriving to the sate up to 3 mln, in the nearest 5-6 years, the agency Trend reports 7 April, the minister of youth, sport and tourism Abulfaz Garayev informed at the opening ceremony of international exhibition "Tourism and travels".
08 April 2005 [14:58]

AIOC increases oil export from Azerbaijan

During the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag- Gunashli (ACG) contract area, exported 1,851 million tons of oil, or 334,000 tons more than 2004.
08 April 2005 [14:50]

AIOC increases oil production from ACG

In the first quarter of 2005 the Azerbaijan International Operating Company (AIOC), which involved in the development of the Azeri-Chirag-Gunashli (ACG) contract area, produced 2,033 million tons (15,049 million barrels) of Azeri Light oil, the AIOC told Trend.
07 April 2005 [15:14]

Asian Development Bank is optimistic about Azeri economical growth

The Asian Development Bank (ADB) presented a Review on Development of Asia in Baku office of the bank on Wednesday. Attending the ceremony were Mettiew Westfol, ADB County Director and Joseph Zveglich, ADB senior economist on country program, Trend reports.
07 April 2005 [15:04]

IV Azerbaijan International Tourism and Travel Exhibition will start its work

IV Azerbaijan International Tourism and Travel Exhibition will start its work by the organization of "Iteca Caspian" which is an exclusive partner of "Ite Group" of Great Britain in Caucasus.
06 April 2005 [15:18]

ChevronTexaco will become participant of ACG

US oil company ChevronTexaco Corp. will purchase Unocal Corp. at $18bn, ChevronTexaco announced. The deal is paid at the expense of shares (75%) and in cash (25%).
06 April 2005 [14:48]

Transport Ministers of Azerbaijan, Georgia, Turkey to meet in Istanbul

The Transport Ministers of Azerbaijan, Georgia and Turkey will hold a meeting in Istanbul, Turkey, late April - early May.
06 April 2005 [09:00]

Ambassador Reno Harnish will participate in the opening of Marketing Center in Jalilabad

Today Ambassador of USA to Baku Reno Harnish will attend the opening of the first southern region Marketing Center of the Azerbaijan Business Assistance and Development (ABAD) project in Jalilabad.
05 April 2005 [09:25]

Azerbaijan exported $3096.3m worth of oil in 2004

In compliance with the payment balance of Azerbaijan for 2004, in 2004 Azerbaijan exported $3096.3m worth of oil and oil products, which 82.7% of all export ($3743m).
05 April 2005 [09:18]

$4575.5m invested in 2004 in Azerbaijan

In accordance with the 2004 payment balance of Azerbaijan, last year $4575.5m was invested in the country's economy, which 35.7% up as compared to 2003 ($3371m).
03 April 2005 [18:09]

Exhibition on International Transport and Logistics to be held in Baku

Exhibition on International Transport and Logistics will be held in Baku on April 20-22.
03 April 2005 [17:43]

Azerbaijan-Slovenia economical forum held

Yesterday an economical forum with the participation of businessmen representing different spheres of economy was held in the International Business Center.
02 April 2005 [16:41]

Rise in oil prices to enable Azerbaijan to become a participant of world securities market

The world oil prices might reach $100 per barrel shortly, according to Investment bank Goldman Sachs publicized forecasts.
02 April 2005 [16:36]

Foreign specialists participate in development of general plan of Baku

A new general plan of Baku is being developed with close cooperation with the specialists from foreign countries such as Germany, France and Japan, Trend report quoting Akif Abdullayev, the senior architect of Baku.
02 April 2005 [16:11]

Baku Metro in need of funds for full technical security

Every passenger of the metro is under strict control to ensure the security, Tagi Ahmadov, the head of the Baku Metro Production Association told a news conference held on Friday.
01 April 2005 [14:42]

Economic conference on Azerbaijan due in Germany

An economic conference on Azerbaijan will be held in Berlin, Germany, on 31 May 2005, the Secretariat of the Council of Entrepreneurs at the Azerbaijani President told Trend.
01 April 2005 [14:25]

President's fund to be established

An issue on the establishment of the Azerbaijani President's Reserve Fund will be considered during the discussions of the draft law on Budgetary System in a spring session of the Milli Majlis [parliament], Fazil Farajaliyev, the head of the Budget Management Department of the Finance Ministry told Trend.
31 March 2005 [16:18]

Azerbaijan will join World Trade Organization in the nearest few years

In the nearest date the next stage of the talks held for the purpose of the membership of Azerbaijan to World Trade Organization will be held.
31 March 2005 [16:10]

Talks with Thomas De La Rue to start next week

Baku will host consultations on issue of new denominated banknotes next week.
31 March 2005 [15:53]

All the wagons kept in borderline will be let to Georgia till the end of the week

22 wagons are kept in Boyuk Kesik station of Georgia-Azerbaijan border.
31 March 2005 [15:51]

PC assembly started in Ganja

"Ganja Industrial Production" joint-stock company, which produces calculators, children's games, electronic watch, telephones, TV sets and cash registers, has begun assembling the computers.
30 March 2005 [14:05]

Privatization of major mobile operator Azercell due in first half-year of 2005

The privatization of Azercell Joint-Venture is probable in the first year of 2005, Farhad Aliyev, the Minister for Economic Development, told Trend on Tuesday.
30 March 2005 [13:54]

Maximal transparency in gas sector of Azerbaijan, human watchdog

It is necessary to ensure transparency in the production, transportation and distribution of natural gas in Azerbaijan, as well as a process of collection of charges from consumers, Leyla Yunus, the Director of Institute of Peace and Democracy, told the roundtable held on Monday on the problem of gas supply to the country.
30 March 2005 [13:49]

Azerbaijan will face with problem gas insufficiency next winter season

Azerbaijan might face with a problem of insufficiency in gas supply in the winter period of 2005-2006, Etibar Pirverdiyev, the President of Azerenergy JSC, told journalists.
29 March 2005 [15:57]

Azerbaijan will purchase gas from Shah-Daniz

The Azerbaijani government an agreement with a consortium of Shah-Daniz gas project on purchase of natural gas from his field, Majid Karimov, the Minister for Industry and Energy, told Trend.
29 March 2005 [15:53]

Azeri Micro-Financing Bank alloted $23 mln. of credit

The Azerbaijan Micro-Financing Bank (AMFB) allocated $23m worth of credit. The Bank has recently allotted 10-month credit in the amount of $3,000 with 6 months for purchase of cargo automobile.
29 March 2005 [15:09]

Azeri government seeking opportunities to pay indemnity to citizens losing houses due to construction of U.S. Embassy building

The Azerbaijani Finance Ministry considers the compensation payments to people whose houses were raised to ground as a result of construction of the U.S. Embassy building are excessively increased, Avaz Alakbarov, the Azerbaijani Finance Ministry, told Trend.
26 March 2005 [16:17]

Shahdeniz to yearly produce 8,4 bln cubic meters of gas

Construction of 3 underwater pipelines 100 km in length each to pump gas extracted from Shahdeniz field to Sangachal terminal will start in June 2005, according to Azerbaijan International Operating Company.
25 March 2005 [17:21]

U.S. supports Kazakhstan's joining to BTC

The United States backs Kazakhstan's joining to the Baku-Tbilisi-Ceyhan main export oil pipeline, John Ordway, the U.S. Ambassador to Kazakhstan, told a news conference in Almaty.
25 March 2005 [17:12]

According to US state department, Azerbaijan does not face with money laundering problem

Meantime, Azerbaijan does not face with money laundering problem in big scope.