Business

12 January 2007 [00:41]

National Bank buys currency disintegration equipment

National Bank of Azerbaijan has bought currency shred device and granulator from the Kusters Engineering to destroy the old banknotes.
12 January 2007 [00:40]

Proposals to limit phone talk time in Baku to be sent to Tariff Council

The proposal to limit excessive home telephone use in Baku will be submitted to the Tariff Council.
12 January 2007 [00:25]

SOCAR buys Georgian oil terminal

Georgian businessmen Badri Patarkashvili has sold the Kulevi oil terminal on the Black Sea to the Azerbaijan State Oil Company (SOCAR).
12 January 2007 [00:24]

Turkey gains $33m from BTC transportation

84 tankers carrying 60.3m barrels of oil have to date sailed from the Ceyhan Port to the world market. Turkey gained USD 33m as transit tax and loading service tariffs.
12 January 2007 [00:20]

Baku Energy System Program approved

The Management Board of the Baku Electricity Network Company has approved of the Baku Energy System Development Program.
12 January 2007 [00:19]

AIG Caspian International Co. Ltd. increased its authorized capital

The authorized fund of the AIG Caspian International Company Ltd. has risen to AZN 3.5m.
12 January 2007 [00:18]

Grape production to grow by five times

The grape production is expected to grow by five times in Azerbaijan during the next decade.
12 January 2007 [00:15]

International Transaction Systems tops ranking of brokers in Azerbaijan

In December, 2006 according to the calculations by the Analytical Department of the BSE, in the government securities market (excluding repo operations market) International Transaction Systems headed ranking of brokers with brokerage services in the total amount of AZN 48 238 695.82 provided to a client.
12 January 2007 [00:10]

Five Azeris studying at International Economics School

Supported by the World Bank, the School of International Economics started in Georgia last year.
11 January 2007 [22:57]

Trades at BICEX, Jan. 11

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 11.
11 January 2007 [22:53]

Azercell installed 328 stations in 2006

Azerbaijan's largest mobile operator Azercell Telecom said it installed 328 base stations across the country last year.
11 January 2007 [22:25]

Utilities price hike sparks anger in Azerbaijan

The Azerbaijani government has provoked popular anger with a series of price rises for public commodities and services. The hikes hit gasoline and public transportation, as well as natural gas, water, and electricity.
11 January 2007 [22:11]

Transport Ministry wants prices to be increased again

The Transport Ministry of Azerbaijan intends to request the Government for more rises in the bus fares for Ganja, Sumgait and other big cities because of the hike in fuel prices.
11 January 2007 [15:23]

EU energy strategy supports Azerbaijani gas delivery to Central Europe

European Commission released energy strategy of the European Union.
11 January 2007 [15:16]

Turkish Airlines not to change tickets' price

Rise of charges for fuel will not influence the prices of tickets of Turkish Airlines Company.
11 January 2007 [13:13]

Indian BPCL buys 1 mn bbls of Azeri Lt. crude

Indian state-run refiner Bharat Petroleum Corp bought a hefty 1 million barrels of Azerbaijan's Azeri Light crude for March loading from BP, together with 1.1 million barrels of Masila crude from Canadian trader Nexen, comprising a 500,000 and a 600,000-barrel cargoes. Price details were not disclosed.
11 January 2007 [13:10]

Trade exchange between Iran, Azerbaijan up 30%

Trade and economic exchange between Iran and Azerbaijan increased 30% in 2006, Iranian Ambassador to Azerbaijan Afshar Soleimani said.
11 January 2007 [02:34]

Final version of Baku-Tbilisi-Akhalkalaki-Kars railway project to be discussed

Transport Ministers of the participant countries will discuss the final version of Baku-Tbilisi-Akhalkalaki-Kars railway project in Tbilisi on January 12.
11 January 2007 [02:33]

Voronej Province Trade-Industry Chamber mission to visit Azerbaijan

A delegation of Russia's Voronej Province businesspeople will pay a visit to Azerbaijan this year.
11 January 2007 [02:32]

ADB mission to visit Baku

The Asian Development Bank's mission for transport will pay a visit to Azerbaijan in late January.
11 January 2007 [02:32]

Vilma Oil S.L. wins tender for Azeri Lt. crude export

Swiss Vilma Oil S.L. has won the tender announced by the SOCAR Marketing and Economic Operations Department.
11 January 2007 [02:28]

Azerbaijan-Moldova intergovernmental commission to meet

The second meeting of the Azerbaijan-Moldova Intergovernmental Commission on Economic Cooperation will be held in early this year.
11 January 2007 [02:24]

Azercell installs 30 more stations

Azercell Telecom JV continues its work on expanding field of its coverage and to provide high-quality telecommunication services in the country.
11 January 2007 [02:23]

Bank to join Contact System

Travelex's CIS representative will give training for the officers of the AtaBank in the second half of this year. This system will be used in all branches of the bank.
11 January 2007 [02:20]

INTEX-2007 exhibition to be held

The second International Industry & Trade Exhibition (INTEX-2007) will be held from 13 to 16 February 2007 at Kish International Exhibition Centre, Iran.
11 January 2007 [02:19]

Swiss company wins tender for aircraft fuel export

A Swiss TOTSA, has won the tender announced by the SOCAR Marketing and Economic Operations.
11 January 2007 [02:02]

Over 3 000 Azerbaijanis work illegally in Mangistau, Kazakhstan

An operation 'Migrant' was conducted for revealing illegal migrant labors in the district Mangistau, Kazakhstan.
11 January 2007 [02:01]

222,600 tons of fuel saved in thermal power plants in 2006

222,600 metric tons of fuel were economized on during 2006.
11 January 2007 [01:52]

Trades at BICEX, Jan. 9

The weighted average exchange prices made up 0,8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 10.
11 January 2007 [01:50]

$300 million to be invested in Azerfon

Azerfon LLC, the third GSM operator will serve about 1,5 mln subscribers on the Azerbaijan market in 2007, the company's Director General John Armil said.
11 January 2007 [01:31]

Azerbaijan delays gas supplies to Georgia

The start of natural gas supplies from Azerbaijan to Georgia has been delayed for two days till January 12.
11 January 2007 [01:30]

Georgia will not refuse from Kars-Akhalkalaki railway despite US position

The Kars-Akhalkalaki railway will be constructed despite US Congress position, stated Georgian Prime Minister Gela Bezhuashvili today after the end of the session of Georgian government.
11 January 2007 [01:28]

Downhole Products awarded contract by BP Exploration (Caspian Sea) Ltd

Downhole Products Plc has been awarded a contract by BP Exploration (Caspian Sea) Ltd to provide a comprehensive range of specialist casing and cementing accessories for use in the Azerbaijan sector of the Caspian Sea.
11 January 2007 [00:54]

Azerbaijan Publishing House to raise printing and rental prices

Azerbaijan publishing House will soon raise printing and rental prices.
10 January 2007 [17:49]

Kazakhstan to raise wheat price to Azerbaijan

Kazakhstan plans to increase the price of wheat exports being sold to Azerbaijan and has already sent proposals to the Government of Azerbaijan.
10 January 2007 [16:15]

Hadi Radjabli: "Tariff Council may reconsider prices"

"I am sure that President will react to the increase of prices. Tariff Council may reconsider the decision on increase of prices. The government will take additional measures on the issue," Milli Majlis social politics permanent commission Chief Hadi Radjabli told reporters.
10 January 2007 [16:06]

Bread price jumps 50% in Azerbaijan

The price bread rose to 30 kopecks from 20 kopecks a loaf in Baku and Ganja. Bakeries don't rule out further price hike as well after the price of energy supplies sharply went up.
10 January 2007 [14:35]

Detained plane not on rout to Baku

The spread information about An-22 airplane, that was carrying oil equipment produced in the U.S to Azerbaijan was not allowed as the airplane crew was drunkard, is not right, Azerbaijan Airline State Company department chief Maharram Seferli stated.
10 January 2007 [13:49]

Azerbaijan gas heading for Georgia

Azerbaijan starts gas supplies to Georgia on Wednesday and will dispatch daily about 1 million cubic meters of natural gas for US$ 120 per 1,000 cubic meters, a spokesperson for Georgian Energy Ministry told.
10 January 2007 [13:42]

Azerbaijan may resume oil exports via Russia

Azerbaijan may resume oil exports to Europe via a Russian-controlled pipeline-Baku-Novorossiysk route.
10 January 2007 [13:38]

New chairman of NBA's Nakhchivan office appointed

Nakhchivan Autonomous Republic Supreme Council chief Vasif Talibov decreed on appointing new chairman of the office of National Bank in Nakhchivan.
10 January 2007 [13:37]

Bus fares change in Nakhchivan

The Cabinet has changed in-city and intercity bus fares in Nakhchivan Autonomous Republic.
10 January 2007 [13:25]

Bread price rise in Ganja

The price of the bread has risen in Ganja since Wednesday. The sellers told that bread will cost 30 kopeks in Ganja since January 10.
10 January 2007 [13:17]

Azerbaijan to buy 6 locomotives this year

Azerbaijan state Railway Company carried 5.8m passengers and 29.6m tons of freight during 2006.
10 January 2007 [13:17]

Gas delivered to Azerigas with a shortage of 9.5%

582.82m cubic meters of gas were delivered to Azerigas against the planned 643.75m in December, 2006.
10 January 2007 [13:16]

World Bank mission to visit Baku

World Bank mission for water supply and drainage project will pay a visit to Azerbaijan on January 10.
10 January 2007 [13:15]

France-Azerbaijan intergovernmental commission meeting

Paris hosted the 4th meeting of France-Azerbaijan Intergovernmental Commission on Economic Cooperation.
10 January 2007 [13:14]

Azerbaijan imported 4.48bn cu m of Russian gas in 2006

State Oil Company of Azerbaijan (SOCAR) imported 470.1m cubic meters of Russian gas to fuel power stations in December, 2006.
10 January 2007 [13:13]

Latvian Commerce-Industry Chamber representatives to visit Baku

A mission of Latvian Commerce and Industry Chamber intends to pay a familiarization visit to Azerbaijan this year.
10 January 2007 [11:24]

Azerbaijan oil output surplus 1.2%

Azerbaijan produced 756,680 tonnes of oil against the planned 747,350 tonnes with an excess of 1.2% in December, 2006.
10 January 2007 [11:20]

Azerbaijan exports 338 940 tons of gasoline

The SOCAR Marketing and Economic Operations Department exported 27,471 metric tons of automobile gasoline, 125,799 tons of diesel fuel, 13,112 tons of aircraft fuel, 114 tons of heating fuel oil, 4,795 tons of lubricants and 1,181 tons of oil bitumen during December, 2006.
10 January 2007 [11:13]

Nakhchivan electricity grid receives 1,172m kilowatts of electricity last year

Nakhchivan electricity grid received 148.011m kilowatts of electricity in December, Azerenergy told.
09 January 2007 [23:12]

Armenia posts record-high trade deficit

Armenia's external trade deficit reached a new record-high level last year, surpassing the $1 billion mark due to flat exports and a stagnant manufacturing sector, according to government statistics reported on Monday.
09 January 2007 [22:02]

Turkey, Israel to build pipelines connecting Black Sea to Red Sea

Turkey and Israel have provisionally agreed to build a pipeline system connecting the Black Sea to Red Sea, Turkish Energy Minister Hilmi Guler said.
09 January 2007 [21:50]

Trades at BICEX, Jan. 9

The weighted average exchange prices made up 0.8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 9.
09 January 2007 [21:46]

Azerbaijan, Russia agree on price of electricity deliveries

Azerbaijan and Russia have agreed on amounts and prices of mutual electric energy deliveries in 2007.
09 January 2007 [21:37]

Government to compensate displaced people for utilities prices rise

Amid the sharp increase of energy prices as well as utilities fees in Azerbaijan, the Government said it would continue to provide the set amount of kerosene for internally displaced people (IDP) who have no gas.
09 January 2007 [21:14]

Armenia interested in Transcaspian Pipeline Project

Armenia is looking to benefit from an ambitious project to build a natural gas pipeline that would stretch from Central Asia to Turkey and Europe via the Caspian Sea, Foreign Minister Vartan Oskanian said on Tuesday.
09 January 2007 [21:00]

Ogtay Hagverdiyev: "Economic mechanism ineffective to rein economically baseless inflation"

"Sharp treble rise in the price electricity is a mistake. The price should be gradually increased on the basis of economic estimation," said Ogtay Hagverdiyev, Cabinet's Financial Policy official.
09 January 2007 [20:55]

Microsoft, Cisco to participate in creating Azerbaijan's e-government

According to AT report, IT giants Microsoft and Cisco introduced proposals for creating e-gov in Azerbaijan.
09 January 2007 [17:46]

Government sets price on cement

The Economic Development Ministry of Azerbaijan and Garadagh Cement have released the standard selling price imposed on the cement for domestic market.
09 January 2007 [17:45]

Workgroup on Azerbaijan's admission to WTO to meet in March-April

Meeting of the workgroup on Azerbaijan's admission to the World Trade Organization will be held in March-April.
09 January 2007 [17:37]

Car price rise forecasted in Azerbaijan

"We should wait at least for the index of the first quarter in order to decide how the price of cars will be affected by the price hike in gasoline on the domestic market," said Natig Zarbaliyev, chair of Azerbaijan Association of Automobile Dealers.
09 January 2007 [11:27]

Thames Insurance to increase nominal capital by five times

Thames Insurance Company, operating in Azerbaijan, intends to increase its authorized capital to AZN 3m in 2007.
09 January 2007 [11:16]

23.008bn KW/h electricity generated in Azerbaijan in 2006

Electricity production rose 1.5bn kilowatts/h, year-over-year, to 23.008 billion in 2006.
09 January 2007 [11:15]

BSE's turnover up 3.7 times in 2006

In total the deals closed on all instruments at the Baku Stock Exchange during 2006 stood at approx. AZN 1 388 497 000.
09 January 2007 [11:14]

AZAL not to increase air ticket price

Azerbaijan Airlines State Company doesn't intend to increase the price of air tickets despite the Tariff Council's decision to increase the selling price of oil products is effective since Jan. 8.
09 January 2007 [11:14]

Customs inspectors confiscate 50,000 blocks of cigarettes

KamAZ-5511 truck controlled by Gahraman Guliyev was detained by officers of Azerbaijan State Customs Committee in Guba-Baku road.
09 January 2007 [11:12]

Georgia to import Azeri gas from Jan. 10

Georgia will buy 3 cubic meters of Azeri gas per day from January 10 through 20.
09 January 2007 [10:33]

Russia to notify Baku of electricity prices on Jan. 15

January 15 RAO EES (Unified Energy Systems) will tell Azerbaijan how much it is going to charge for electricity import in 2007, Azerenergy Vice-President Marlen Asgarov stated.
09 January 2007 [00:10]

Trades at BICEX, Jan. 8

The weighted average exchange prices made up 0,8714 AZN for 1 US dollar in the Baku Interbank Currency Exchange on January 8.