Business

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.
23 January 2007 [23:59]

Three villages of Gedebey to be supplied with gas

Three more villages of Gedebey are planned to be supplied with gas.
23 January 2007 [21:48]

Trades at BICEX, Jan. 23

The weighted average exchange prices made up 0,8711 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 23.
23 January 2007 [21:46]

Delegation of Islamic Development Bank visits Azerbaijan

A delegation of the Islamic Development Bank (IDB) led by F. Maaruf visited Azerbaijan from January 15 to 22, public relations department of IDPs Social Development Fund said.
23 January 2007 [21:44]

President Aliyev meets chief of Valmont Industries, Inc.

President Ilham Aliyev received at the Presidential Palace Mogens Bay, the Chairman and Chief Executive Officer of the American Valmont Industries, Inc.
23 January 2007 [21:07]

Russia's Euroset opens first phone store in Azerbaijan

Russia's largest mobile handset retailer Euroset has opened its first store in Azerbaijan, the company said in a press release Tuesday.
23 January 2007 [17:06]

Israel gets ready for oil shortage; hopes for Azerbaijan

Israel needs to prepare for upcoming world energy shortages, Infrastructure Minister Binyamin Ben Eliezer told the Herzliya Conference Tuesday.
23 January 2007 [17:02]

Shah Deniz suspended again

Production from the first well in Shah Deniz Field, the giant one in the Azerbaijani sector of the Caspian, has been indefinitely suspended since Monday, Jan. 22.
23 January 2007 [15:48]

Georgian Railway Chief visits Baku

Chief of the Georgian state-run Railway Company Irakli Ezugbaia is in Baku on January 23 to discuss the technical details of a regional railway project that will link Azerbaijan with Turkey via Georgia.
23 January 2007 [15:43]

Azerbaijan trade surplus up 650% in 2006

Azerbaijan's trade surplus in 2006 amounted to $1.107 billion, which is 650% more than in 2005, State Customs Committee Chairman Aydin Aliyev said at a meeting of the Cabinet of Ministers on Monday.
23 January 2007 [15:42]

Iranian electricity transfer to Azerbaijan to hit 800mw

An Iranian diplomat said on Tuesday that electricity supplied by Iran to Azerbaijan will increase from the current 280mw to 800mw next Iranian year after an expansion project for erection of a number of transfer lines is completed.
23 January 2007 [12:02]

President Aliyev: "Azerbaijan can live without Russian gas"

Azerbaijan's President Ilham Aliyev said late on Monday that his oil-rich country could live without Russian gas after facing steep price rises for imports from Kremlin-controlled gas giant Gazprom.
23 January 2007 [00:41]

Azerbaijan, Syria to boost economic ties

Syrian Minister of Economy and Trade Amer Lutfi Hosni on Monday discussed with the Ambassador of Azerbaijan in Amman Elman Arsali economic cooperation between Syria and Azerbaijan and means of boosting them.
23 January 2007 [00:35]

EBRD intends to join MilliCard Processing Center

European Bank for Reconstruction and Development intends to join the founders of MilliCard Procesing Center.
23 January 2007 [00:34]

State Program for Industry Development to be worked out in Azerbaijan

Industry and Energy Ministry of Azerbaijan has commenced to work out 2007-12 State Program for Industry Development.
23 January 2007 [00:32]

Georgian delegation on BTAK project visits Baku

A delegation from Georgia has visited Baku to have talks on the financing of Baku-Tbilisi-Akhalkalaki-Kars railway project.
23 January 2007 [00:31]

Trades at BICEX, Jan. 22

The weighted average exchange price made up 0.8712 AZN/USD at trading sessions at the Baku Interbank Currency Exchange today.
23 January 2007 [00:28]

Ceyhan refinery and infrastructure require $5bn

Construction of an oil refinery and necessary infrastructure requires investment of US$5 billion, the SOCAR President Rovnag Abdullayev said.
23 January 2007 [00:11]

President Aliyev increases basic pensions and minimum salaries

President of Azerbaijan Ilham Aliyev issued a decree on increase of basic pensions according to the age.
23 January 2007 [00:07]

Baku Metro announces rails' tender

Baku Metro announced a tender on purchase of 220 tons of R-50 rails for 2007.
23 January 2007 [00:06]

SOCAR to start exploration in 'Nakhchivan' structure

SOCAR plans to drill a new exploration well in Nakhchivan oilfield this year.
23 January 2007 [00:05]

Karasu Operating Company rose 15%

Karasu Operating Company (KAOC), dealing with exploration and development of the Mishovdag and Kelameddin oil fields onshore Azerbaijan, produced 279,600 tons of oil during the period January-November, 2006, 37,066 tons up from the same period last year.
23 January 2007 [00:03]

Kuwait Audit Bureau mission to visit Baku

A delegation of Kuwait Audit Bureau will visit Azerbaijan in the nearest future.
22 January 2007 [23:47]

AIG Caspian International Co. increases insurance fees collection

The AIG Caspian International Company has released its annual report.
22 January 2007 [23:46]

Azerbaijan to build oil refinery in Georgia

State Oil Company of Azerbaijan (SOCAR) intends to construct a new oil refinery near Kulevi Terminal (Georgia).
22 January 2007 [23:43]

Azeri managers to be trained in Europe

National Confederation of the Entrepreneurs (Employers') Organizations of Azerbaijan Republic (AEC) has been chosen as local partner on the "Managers' Training Programme IV" (MTP 4) funded by the EU.
22 January 2007 [23:41]

Azerbaijan Standardization Institute established

The Azerbaijan State Agency for Standardization, Metrology and Patents has converted former Azeryetintisenaye Institute (Azerbaijan Foodstuffs Industry) to the Institute of Standardization.
22 January 2007 [23:40]

Azerbaijan uses mobile heating boilers

Azeristiliktejhizat (Azerbaijan Heating Supply) Company has started to use mobile module heating boilers ad tested to supply heating to School 234 in Buzovna.
22 January 2007 [23:39]

EBRD 2008-10 strategy for Azerbaijan discussed

Chairman of the Management Board of the National Bank of Azerbaijan, Elman Rustamov, has received Aygen Yayikoglu, Head of the EBRD Baku office.
22 January 2007 [23:39]

Intellectual Property Info and Standardization Centers to be set up in Azerbaijan

Experts of the World Intellectual Property Organization will pay a visit to Azerbaijan.
22 January 2007 [23:38]

Bakielectricshebeke starts night raids

Bakielectricshebeke Company (Baku Electricity Network) has started night raids so as to prevent waste of electricity.
22 January 2007 [22:02]

Shah-Deniz gas field's 2nd well to be commissioned in late Jan.

A second well is likely to be commissioned at Azerbaijan's largest natural gas and condensate field in late January, a spokesman for country's energy ministry said Monday.
22 January 2007 [19:29]

Swiss organization to work with WB in corporate and public sector accountability project

The Switzerland's State Secretariat for Economic Affairs (SECO) is going to take part in World Bank Corporative & Public Sector Accountability Project (CAPSAP), Baku-based SECO office said.
22 January 2007 [19:27]

UK becomes major investor in Azerbaijan

In 2006, Great Britain remained the leading foreign investor in the economy of Azerbaijan.
22 January 2007 [19:20]

President Aliyev supports Tariff Council's decision

President Ilham Aliyev convenes meeting of government on Monday.
22 January 2007 [13:12]

Azerbaijan to probe medicine import producers

Azerbaijan will probe foreign medicine-producing companies of which it will import products.
21 January 2007 [03:24]

Kazakhstan outlines tougher laws for oil investors

Kazakhstan outlined tougher laws for investors in its growing oil sector on Thursday and forecast that 2007 oil output would stay at last year's 1.35 million barrels per day level while new capacity is developed.
21 January 2007 [02:28]

SASMP studies to apply new standards to economic spheres

The State Agency for Standardization, Metrology and Patents are studying to apply new standards to all spheres of the economy.
21 January 2007 [02:26]

Baku-Tbilisi-Kars railroad to initially carry 5m tons of freight

"Although the EU called Baku-Tbilisi-Kars railroad a political project, many European States show great interest in this project," said TRACECA Azerbaijan National Secretariat Chief Akif Mustafayev.
20 January 2007 [14:20]

Azercell suspends Pay Cell service

Azercell Telecom has suspended Pay Cell service due to improvement repair.
20 January 2007 [14:18]

Oil price fall poses no problem for Azerbaijan

"It is not forecasted to what level the oil prices are going to plunge," the Executive Director of the State Oil Fund, Shahmar Movsumov said.
20 January 2007 [14:17]

National Bank: "Inflation outlooks not to be reconsidered"

"Government and the National Bank don't plan to reconsider the forecasts for inflation rate in 2007," Chairman of the Management Board of the Bank Elman Rustamov said.
20 January 2007 [14:15]

Mortgage terms to be mitigated

A decree will be issued soon to mitigate terms of mortgage lending.
20 January 2007 [14:03]

Azerbaijan still negotiates on Russian and Iranian gas

Azerbaijan is continuing talks with Iran on gas import and doing market research, said SOCAR's President Rovnag Abdullayev.
20 January 2007 [14:01]

Garib Mammadov: "Municipal and Executive Authorities illegally sell public lands"

"Municipal and Executive Authorities give illegal permission for selling of public lands and lands under neighboring municipal offices," said Garib Mammadov, Chairman of State Land and Cartography Committee.
20 January 2007 [13:59]

Khalg Bank goes with a deficit of $1m

As of January 1, the assets of Khalg Bank doubled 4.3 times to AZN 75,146,400.
20 January 2007 [13:59]

February crude dips $0.36

NYMEX February crude fell $0.36, or 0.7 percent, to settle at $50.12 a barrel on Jan. 19. Brent crude oil for March settlement rose 1.03 dollars to $51.75 a barrel on the ICE Futures exchange in London.
20 January 2007 [13:58]

UniBank increase plastic card issue 83%

Azerbaijan's UniBank increased plastic card issue 83% in 2006.
20 January 2007 [13:57]

Agabey Asgarov: "Financial situation of publishing houses should be taken into consideration"

"We take into account the financial situation of newspapers, but the situation of publishing houses should also be considered. As we are commercial organization, we live on our earnings," the director of 'Azerbaijan' publishing house Agabey Asgarov when expressing his attitude to the discussions on hike of prices for publishing and rental.
20 January 2007 [13:48]

Baku Refinery's oil export rises 67%

The Heydar Aliyev Oil Refinery completed crude oil processing on December 14, ahead of the schedule.
20 January 2007 [13:47]

Baku Metro development program approved

Government has passed the 2007-2010 Development Program for Baku Metro.
20 January 2007 [13:45]

Gunay Bank's aggregate capital rises 36%

As of January 1, the aggregate capital of Azerbaijan's Gunay Bank constituted AZN 8,240,890, up 36.12% from last year.
20 January 2007 [13:45]

AtaSighorta's insurance fees collection increases 71.5%

During 2006 AtaSighorta Insurance Company collected insurance fees AZN 3,076,581, up 71.5% from last year.
20 January 2007 [13:41]

Metro to purchase 25 transit vehicles

Baku Metro is going to purchase 25 transit vehicles this year.
20 January 2007 [13:04]

'Karasu' Operation Company workers hold protest action

On Friday at about 17.00, nearly 100 'Karasu' Operation company held protest action outside of head office of the company situated in Ali Bayramli.
19 January 2007 [22:59]

Trades at BICEX, Jan. 19

The weighted average exchange prices made up 0,8712 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 19.
19 January 2007 [22:53]

Asia Telecom announces results of operating subsidiary

Asia Telecom Ltd. announced Q4-2006 results for its operating subsidiary in Azerbaijan.
19 January 2007 [00:50]

Tariff Council receives no proposal on price rise

The Tariff Council, State Price Regulator, has not received any proposals from government agencies since the prices of utilities and fuel were increased two weeks ago.
19 January 2007 [00:49]

Azerbaijan and IMF to discuss recent hike in prices

Government of Azerbaijan and the International Monetary Fund will have discussion on the hike in energy prices and its influence on the economy.
19 January 2007 [00:48]

Agrarian sector's share falls to 7% in Azeri GDP

In 2006 the share of agrarian sector fell to 7% in the gross domestic product of Azerbaijan, compared to 11% previous year.
19 January 2007 [00:47]

Subsidies for energy system make up 9% of national budget in Azerbaijan

Azerbaijan allocated subsidies worth US $ 1.5bn to energy system of the country during the past five years.