Business

24 October 2009 [12:18]

Low-quality constructions not to be accepted: Azerbaijani ministry of emergency situations

A lot of low-quality residential buildings have been built in Baku, director of the Construction Evaluation Center of the State Sgency for Construction Safety under the Emergency Situations Ministry Kamil Muradov said.
24 October 2009 [11:52]

Palmali acquires new tankers

A $200 million contract on construction of third range of 'Armada' tankers, design RST22M was signed between Palmali group of companies and Besiktas Gemi Insaa Anonim Sirketi shipyard (Turkey), the company reported.
24 October 2009 [11:20]

Azerbaijan to build methanol plant

The European Bank for Reconstruction and Development (EBRD) has approved a $120 million loan for AZMECO Company for the construction of a methanol producing plant in Azerbaijan, EBRD Baku Office said on Oct. 22.
24 October 2009 [11:09]

Windows 7 will be available in Azerbaijani language

Microsoft Azerbaijan Company has launched localization of operational system Windows 7 into the Azerbaijani language, the company said.
24 October 2009 [10:38]

Azerbaijan not intends to pay off IMF loans ahead of time: minister

The Azerbaijani Ministry of Finance does not consider it necessary to premature pay off the loans of the International Monetary Fund.
24 October 2009 [10:27]

Azerbaijan will launch new tea factory

A new tea factory will be launched in Azerbaijan’s Lankaran region soon, Director of the factory Muhandis Jahangirov said.
24 October 2009 [09:45]

SOCAR, BP discuss prospects for environmental cooperation

The State Oil Company of Azerbaijan Republic (SOCAR) and BP Azerbaijan discussed prospects for cooperation in the sphere of ecology, SOCAR Ecology Department said on Oct. 23.
23 October 2009 [15:03]

Azerbaijan proposes to extend transport corridor within CAREC

Azerbaijan's Transport Ministry proposes to include to CAREC projects within the "North-South" transport corridor which runs via Azerbaijan also.
23 October 2009 [12:31]

Model of Azerbaijan's national satellite to be presented in Baku

U.S. Company Orbital Sciences Corporation will make presentation of approved model of national satellite Azerspace within the Azerbaijani international exhibition BakuTel-2009, organizer of the exhibition Iteca Caspian said.
23 October 2009 [11:28]

Azerbaijan, Egypt to open direct air flights

A direct flight will open between Cairo and Baku soon, Egyptian Deputy Foreign Minister Mohammad al-Orabi said in Baku on Oct. 22.
23 October 2009 [09:38]

Azerbaijan ranks third for volume of operations with WB in Europe and Central Asia

Agreements on financing of 50 projects totaling $2.607 billion were signed during the period of the World Bank operations in Azerbaijan, Azerbaijani Vice Prime Minister Abid Sharifov said.
23 October 2009 [08:47]

BSEC secretary general praises Azerbaijan’s chairmanship

Azerbaijan`s presidency of the Black Sea Economic Cooperation Organization, BSEC, has been hailed by Leonidas Chrysanthopoulos, the organization`s secretary general.
22 October 2009 [15:53]

Hydroelectric power plants in Azerbaijan are not insured for certain reasons: head of Azerenergy

Hydroelectric power plants owned by Azerenergy (national manufacturer and distributor of electricity in Azerbaijan) were not insured because of the high cost of these services, head of the company Etibar Pirverdiyev said on Oct. 20.
22 October 2009 [11:13]

Azerbaijan will continue to adhere to stable manat policy: Central Bank

In the post-crisis period, Azerbaijan will continue to adhere to the policy of stable manat, the chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said on Oct. 21.
22 October 2009 [08:47]

ATIB: Rports that Turkish businessmen undergo pressures in Azerbaijan are untrue

Azerbaijan-Turkey Business Association has (ATIB) issued a statement.
21 October 2009 [11:48]

Azerbaijan determines new model of development given positive features of globalized economy: deputy prime minister

"New opportunities for integration of Azerbaijan into the world economy and further economic growth have been created."
21 October 2009 [10:33]

Azerbaijani Central Bank director announces inflation forecast for 2010

Anticipated rate of inflation for 2010 is 3 to 5 percent in Azerbaijan.
20 October 2009 [17:16]

Armeni's GDP declines 18.3 percent in Jan.-Sept.

Over the nine months of 2009, Armenia's GDP declined 18.3 per cent to $2 trillion AMD, Armenian National Statistical Service said.
20 October 2009 [16:15]

Azerbaijan, Russia are leaders in economic partnership in S.Caucasus: head of the Center for Strategic Studies

Azerbaijan and Russia are the leaders in trade and economic relations in the South Caucasus, Head of the Center for Strategic Studies under the Azerbaijani President Elkhan Nuriyev said.
20 October 2009 [11:55]

Interconnection of Azerbaijani, Iranian and Russian energy systems is under a design stage: Azerenergy chief

Overhaul of 500 kV electricity transmission line between Azerbaijan and Georgia will complete in 2010-2011, head of Azerenergy Etibar Pirverdiyev said on Oct. 20.
20 October 2009 [10:34]

Oil prices reach one-year high

Oil rose to a one-year high above $80 a barrel in New York as the dollar slipped to a 14-month low against the euro, increasing commodities’ appeal as an alternative investment, Bloomberg reported.
20 October 2009 [09:14]

We consider it more important European Union engage in guaranteeing continuity of supplies: Russian FM

Talks between the European Union and Russia are on track to conclude a new partnership and cooperation agreement to replace the one that expired last year, Russian Foreign Minister Sergey Lavrov said Monday, AP reported.
20 October 2009 [08:58]

Italy, Russia, Turkey sign Samsun-Cehyan pipeline deal

Italy, Russia and Turkey signed an agreement Monday for the construction of a pipeline that will carry crude oil from the Black Sea to the Mediterranean port of Ceyahn, the Italian oil company Eni said in a statement, AP reported.
19 October 2009 [17:44]

SOCAR may export gas to Iran: company president

The State Oil Company of Azerbaijan Republic (SOCAR) is negotiating with Iran to start gas exports in the coming winter, President of SOCAR Rovnag Abdullayev said on Oct. 19.
19 October 2009 [16:59]

Georgian deputy FM to make a trip to Azerbaijan

Oct. 22, Baku will host a regular Ministerial of the Black Sea Economic Cooperation Organization.
19 October 2009 [16:29]

Azerbaijan to hand over BSEC chairmanship to Bulgaria

The 21st meeting of the Foreign Ministers Council of the Organization of the Black Sea Economic Cooperation will be held in Baku on Oct. 22.
19 October 2009 [14:25]

World Bank managing director will trip to Azerbaijan

The World Bank Managing Director, Ms. Ngozi Okonjo-Iweala, will arrive in Baku on Oct. 20 as part of her tour to the region, said the World Bank’s Office in Baku.
16 October 2009 [14:47]

French energy company refuses South Stream in favor of Nabucco

French utility GDF Suez, which is already in talks to join the OAO Gazprom-led Nord Stream pipeline, would also be prepared to take a fresh look at the Nabucco pipeline project, the Wall Street Journal quoted Chief Executive Gerard Mestrallet as saying.
16 October 2009 [13:28]

Forecasts on 2010 public budget submitted to Azerbaijani parliament

The Azerbaijani Parliament has received forecast on public and consolidated budget, and the concept of socio-economic development for 2010 and three subsequent years.
16 October 2009 [12:46]

Delegation of International Social Protection Association to visit Azerbaijan

Delegation of the International Social Security Association (ISSA) and the German Accident Insurance Organization will visit Azerbaijan.
16 October 2009 [12:28]

Oil prices reach all-time high in New York in 2009

Crude oil rose above $78 a barrel, capping its biggest weekly gain in two months, on an unexpected decline in U.S. gasoline stockpiles and refinery utilization, Bloomberg reported.
16 October 2009 [11:24]

SOCAR plans to began drilling wells from new platform on Oil Rocks field

The State Oil Company of Azerbaijan plans to begin drilling wells from new a platform at the Oil Rocks field in early 2010, the SOCAR Web site said.
16 October 2009 [10:35]

First gas contracts on Nabucco to be signed in 2010: RWE

The first gas supply contracts on the Nabucco project between shippers and the gas supply countries from the Caspian region will be signed in the first half of 2010, Jeremy Ellis, Head of Business Development at RWE Gas Midstream said.
16 October 2009 [10:23]

Azerigas urges customers to follow safety rules in domestic gas use

The Azerigas Production Union of the State Oil Company of Azerbaijan (SOCAR) will release new materials on rules of safe use of domestic gas soon, SOCAR said.
16 October 2009 [09:26]

Azerbaijani entrepreneurs get lax loans worth over 1mln manat

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Ministry of Economic Development held a meeting on the state support of entrepreneurship in the Agjabadi region.
16 October 2009 [08:51]

EBRD releases forecast for economic growth in Azerbaijan in 2010

Growth of the Azerbaijani economy in 2010 is expected to reach 7.1 percent, said the statement of the European Bank for Reconstruction and Development (EBRD).
15 October 2009 [15:33]

Central Eurasian Federation of Associations of Banks established in Baku

The Central Eurasian Federation of Associations of Banks of the Central Caucasus, Central Europe and Central Asia has been established under the agreement signed in Baku on Oct.15.
15 October 2009 [09:05]

Azerbaijani president inaugurates "Shusha" tanker

President of Azerbaijan Ilham Aliyev attended the commissioning ceremony for the “Shusha” tanker at the Baku Yacht Club on Oct. 14.
15 October 2009 [08:36]

SOCAR, Gazprom sign gas deal

On Oct. 14, the State Oil Company of Azerbaijan Republic (SOCAR) and Russia's Gazprom signed a medium-term contract to supply of Azerbaijani gas to Russia.
14 October 2009 [15:27]

Azerbaijani mobile operators apply for 3G licenses

The Azerbaijani mobile operators appealed to the Azerbaijani Communications and Information Technologies Ministry for a license to provide telecommunications services in a 3G standard, Azerbaijani Communications and Information Technologies Minister Ali Abbasov told reporters.
14 October 2009 [11:22]

Azerbaijan's ruling party determines all candidates for coming municipal elections

Ruling New Azerbaijan Party (NAP) has determined all candidates forthe coming municipal elections.
14 October 2009 [10:26]

Baku hosting CIS Int'l Banking Conference

Baku is hosting II International Banking Conference of the Commonwealth of Independent States (CIS) "Enhancing the stability of the financial and banking systems of the Commonwealth."
14 October 2009 [09:04]

Azerbaijani, Uzbek Auditor Chambers sign cooperation agreement

Head of the Azerbaijan Chamber of Auditors Vahid Novruzov and his Uzbek counterpart Ravshan Haydarov signed a cooperation agreement on Oct. 13.
13 October 2009 [16:49]

OPEC improves forecasts for world oil demand

The OPEC oil producers' cartel on Tuesday upgraded slightly its forecasts for world oil demand growth both this year and next year as the outlook for the global economy continues to improve, AFP reported.
13 October 2009 [15:48]

Direct Baku-Damascus flights will be launched: Syrian minister

Baku-Damascus flights are planned to be launched by late October in an effort to develop tourism ties between Syria and Azerbaijan, Syrian Culture Minister Riad Nasan al-Agha told reporters in Baku.
13 October 2009 [14:54]

Azerbaijan to attend meeting of International Maritime Organization member states

Azerbaijan will attend a meeting of the maritime administration leaders of the International Maritime Organization (IMO) member states to be held in New York on Oct.15-21, the Azerbaijani State Maritime Administration said.
13 October 2009 [13:53]

EBRD announces amount of investments in Azerbaijani economy in 2010

The European Bank for Reconstruction and Development (EBRD) plans to invest over $200 million in Azerbaijani economy in 2010, head of EBRD office in Azerbaijan Francis Daley said.
13 October 2009 [13:38]

Prices for railway trip in Azerbaijan may increase

The Azerbaijan Railways Joint Stock Company (JSC) has submitted proposals to the Tariff Council to increase prices for passenger traffic, Chief of the Azerbaijan Railways Arif Asgarov said.
12 October 2009 [15:52]

SOCAR sets up representative office in Ukraine

The State Oil Company of Azerbaijan Republic (SOCAR) held a ceremony of official opening of its representative office in Kiev on Oct. 12.
12 October 2009 [12:47]

Average price for one square meter in newly built buildings in Baku released

Azerbaijan's real estate market is experiencing stability, CEO of MBA Group consulting company Nusrat Ibrahimov said.
12 October 2009 [11:28]

Azerbaijan, Iran to resume sea transport communication

On Oct. 28, the sea passenger transport will be resumed between the Iranian port of Anzali and Azerbaijani port of Baku, the source at the Baku International Sea Trade Port said on Oct. 8.
12 October 2009 [11:09]

Azerbaijani national postal operator receives limited banking license

The Central Bank of Azerbaijan has issued a license to the Azerbaijani national postal operator LLC Azerpocht to provide financial services to the public, Minister of Communications and Information Technologies Ali Abbasov said on Oct. 9.
10 October 2009 [10:42]

Draft documentation of Baku-Tbilisi-Kars railway approved

Azerbaijan hosted the 7th meeting of the coordinating council of rehabilitation, reconstruction and construction of the Baku-Tbilisi-Kars railway, which discussed the construction and rehabilitation of the section from Marabda to the border of Turkey.
09 October 2009 [17:54]

First forum of sovereign funds adopts Baku Declaration

Baku Declaration was approved in Baku on Oct. 9 as a result of the international forum of Sovereign Wealth Funds to continue development of stable financial system and free capital and investments movement.
09 October 2009 [16:48]

Azerbaijan attends meeting of director generals of European commission on standardization

Delegation of the Azerbaijani State Committee on Standardization, Metrology and Patents attended the meeting of the director generals of the European Commission for Internal Market and Services held in Brussels, the committee said on Oct.9.
09 October 2009 [16:32]

Azerbaijan gets new tanker

The State Commission of Azerbaijan has received a new Shusha tanker, built in the Russian shipyard Krasnoe Sormovo (Nizhny Novgorod) upon the order of the Azerbaijan State Caspian Shipping Company (CSC). It is planned to launch this ship next mid-week, the CSC said on Oct. 9.
09 October 2009 [16:14]

CIS heads of state decide to take joint action to eliminate results of global economic crisis

Presidents of the Commonwealth of Independent States (CIS) agreed to take joint measures to combat the results of the global financial crisis at a Chisinau meeting on Oct. 9.
09 October 2009 [10:41]

Construction of Baku-Tbilisi-Kars railway not stopped

Media reports claiming that construction of the Baku-Tbilisi-Kars railway has stopped are not true, Azerbaijani Transport Ministry Spokesperson Namiq Hasanov said.
08 October 2009 [17:38]

Iran can not be considered as possible gas supplier for Nabucco project: U.S. deputy secretary of energy

Iran can not be considered as a possible supplier of gas for the Nabucco gas pipeline project, U.S. Deputy Secretary of Energy Daniel B. Poneman said in Astana.
08 October 2009 [15:37]

Azerbaijan to transport 5 million tons of Kazakh oil in 2009: advisor to SOCAR president

According to the forecasts of the State Oil Company of Azerbaijan (SOCAR), Azerbaijan will transport about 5 million tons of Kazakh oil in 2009, KazTAG reported quoting Adviser to the President of SOCAR Murad Heydarov as saying on Oct.8.
08 October 2009 [15:22]

Azerbaijan, Korea sign a memorandum of cooperation on agriculture

Azerbaijan’s Minister of Agriculture Ismet Abasov has met with a delegation led to Baku by Kim Jong Jin, Director General of South Korea’s Ministry of Food, Agriculture, Forestry and Fisheries.
08 October 2009 [14:18]

Over 14,000 people provided with jobs via employment fairs in Azerbaijan

The Azerbaijani Ministry of Labor and Social Protection has held 53 employment fairs nationwide including Nakhchivan Autonomous Republic in Jan.-Aug., the ministry said on Oct. 8.
08 October 2009 [13:34]

IMF permanent mission in Azerbaijan transformed into office

Head of the Azerbaijani mission of the International Monetary Fund (IMF) Koba Gvenetadze terminates his activity in Azerbaijan on Oct. 9.
08 October 2009 [12:38]

Georgia's economy minister to arrive in Baku

Georgia’s new economy minister Zurab Pololikashvili will make a business trip to Baku on Oct. 8.
08 October 2009 [11:54]

Baku to host TRACECA seminar "Marine highways of Black Sea and Caspian Sea"

In mid-November 2009, Baku will host a seminar on "Marine highways of the Sea (MoS) of the Black Sea and the Caspian Sea" as part of the TRACECA transport corridor, said Akif Mustafayev, TRACECA National coordinator from Azerbaijan.
08 October 2009 [10:55]

Azerbaijan intends to increase its gas output to several tens of billions of cubic meters: adviser to SOCAR president

Azerbaijan will increase its gas output to 40-45 billion cubic meters per year in the next ten years, KazTAG reported quoting Adviser to State Oil Company of Azerbaijan (SOCAR) President Murad Heydarov as saying.