Business

17 June 2005 [09:56]

State Oil Fund to allocate 202 billion manats for improving social- welfare of refugees

“State Oil Fund (SOF) will allocate 202 billion manats for improving social welfare of refugees and internally displaced persons”.
17 June 2005 [09:54]

Meeting of Azerbaijani and Georgian presidents took place in Kiyev

The ways for strengthening relations between Azerbaijan and Georgia, successfully advancing in the direction of the strategic partnership, were discussed on 16 June at the meeting of the Azerbaijani and Georgian Presidents, Ilham Aliyev and Michail Saakashvili in Kiyev.
17 June 2005 [09:52]

Parliament to consider revision of budget of Azerbaijan

Milli Majlis (parliament) is about to consider on June 17 the revised version of the state budget – at stake is a rise in revenues by 800 billion manats (roughly 168 million U.S. dollars).
17 June 2005 [09:10]

Azerbaijan declines IMF loan tranche

The Government of Azerbaijan has rejected a $19-million IMF tranche in the framework of the Poverty Reduction and Growth Facility (PRGF), citing an expediency to support poorer countries.
17 June 2005 [09:03]

Finland-Azerbaijan forum to be held in Baku

Finland-Azerbaijan forum will be held in Baku in September of this year.
17 June 2005 [08:57]

France-Azerbaijan business forum will take place in Baku

France-Azerbaijan business forum is organized in Baku for the first time by Ubifrance (Agency of Development of French Companies Abroad) and Department of Economy of French Embassy in Azerbaijan in-cooperation with Ministry of Economic Development of Azerbaijan Republic on June 22-24.
15 June 2005 [08:51]

Ilham Aliyev: “Economic growth in Azerbaijan to reach highest figure in CIS in 2005”

The economic growth in Azerbaijan will reach 18% in 2005 – the highest figure in CIS, Azerbaijani President Ilham Aliyev stated in his address to the St-Petersburg International Economic Forum which opened on Tuesday.
15 June 2005 [08:31]

IMF supports governmental plans on minimization of tax-free import goods

The International Monetary Fund (IMF) does not share the threats of some local experts on de-liberalization of the market in connection with the cut in tax-free import goods, Basil Zavoico, the head o the Baku office of the IMF, told Trend.
15 June 2005 [08:29]

Meeting to be held in connection with accepting Azerbaijan into membership of WTO on June 30

An important meeting will be held in connection with accepting Azerbaijan into the membership of the Worldwide Trade Organization (WTO) on June 30.
14 June 2005 [09:55]

Azeri state mail and post company will operate with «Western Union» and «Travelex» money transfer systems

During the III quarter of the current year money transfer systems «Western Union» and «Travelex» are planned to be introduced in the post network of the state company “Azerpochta”, the legal matters being already settled.
14 June 2005 [09:50]

In January-May oil and gas producing units (OGPU) produced over 3 247,169 tons oil

In January-May of the current year OGPUs being on the balance of the Azneft Production Union, produced totally 3 247 169 tons of oil, against the same period of the last year the production was 99,3%, but under the plan the excess production was 46,369 tons, Trend was told at SOCAR.
14 June 2005 [09:28]

Avaz Alakbarov: “President gave order to return part of foreign state debts of Azerbaijan from the state budget of the next year”

“President gave an order to return part of foreign state debts of Azerbaijan from the state budget of the next year”.
14 June 2005 [09:26]

India wants to get share in Azeri-Chirag-Gyuneshli (ACG) and Shakh-Deniz projects

Indian companies ONGC Videsh (OVL) and GAIL plan to sign memorandum on understanding for joint development of the oil and gas fields of Azerbaijan with the State Oil Company of Azerbaijan (SOCAR).
14 June 2005 [09:09]

World Bank allocated $ 8 million credit for Azerbaijan

The Directors Council (DC) of the World Bank (WB) accepted an order to allocate $ 8 million of credit for Azerbaijan.
11 June 2005 [08:55]

Ministry of Communication and Information Technologies’ share in the value of $1.5 mln. in the Bermuda islands imprisoned

Minister of Communication and Information Technologies of Azerbaijan Ali Abbasov proposes to establish strong department attached to Justice Ministry in order to solve the economical relations of Azerbaijan with other states and protecting the right of out country.
11 June 2005 [08:54]

AIOC commissions 5th well on Azeri field

The Azerbaijan International Operating Company (AIOC), operated by bp, put into exploitation the fifth well on the platform installed in the Central Azeri field. It will enable to increase production and export of Azeri Light oil to world markets.
11 June 2005 [08:49]

Salyan Oil treats oil polluted territory up to world standards

Salyan Oil Limited (SOL) treated the oil-polluted area in accordance with the world standards, SOL told Trend.
10 June 2005 [09:14]

Anti-monopoly policy department resolves problems with Azercell

“The Anti-monopoly Department of the Ministry of Economic Development continues the discussions with the mobile operator Azercell on customer services issues,” the Director of the Department, Ragim Husseynov, told journalists on Thursday, Trend reports.
10 June 2005 [08:57]

30 insurance companies function in Azerbaijan at present

30 insurance companies function in Azerbaijan currently.
10 June 2005 [08:30]

XII International Oil and Gas Conference finished

The XII International Oil and Gas Conference finished at the “Hyatt-Regency” hotel yesterday.
10 June 2005 [08:06]

Greece in need of Azeri gas

Greek corporation DEPA (with 65% stake of Greek government) forecasts rise in their country’s demand for natural gas.
10 June 2005 [08:02]

Significant resources of oil and gas are located at shallow parts of Caspian Sea at depth of 10-12 km

Experts of Nedra consider, in shallow parts of the Caspian sea in the depth of 10-12 ??. Significant resources of hydrocarbons are available.
09 June 2005 [09:51]

AIOC invests roughly $2bn under early oil project

“The Azerbaijan International Operating Company (AIOC) put around $2bn in investments in the ‘Early Oil’ project, which envisages the development of Chirag field,” David Woodward, the President of AIOC, told a conference dedicated to Caspian Oil land Gas – 2005.
09 June 2005 [09:25]

XII International Oil-Gas Conference started in Baku

The XII International Oil-Gas Conference to last two days started its work at the “Hyatt Regency” hotel yesterday.
09 June 2005 [08:50]

President issued decree on establishing of “Azerheatingsupply” Open Joint Stock Company

Yesterday President Ilham Aliyev has signed order on establishing of “Azerheatingsupply” Open Joint Stock Company.
09 June 2005 [08:42]

Caspian shipping considers possibility of purchasing of additional five tankers

Azerbaijan State Caspian shipping company (KASPAR) planned keeping leadership at tanker transportations in Caspian Sea.
08 June 2005 [09:56]

Lukoil stated absence of results in second exploration well on Yalama

The first exploration well drilled on the Azerbaijani section of the Caspian, on Yalama field (block D-222), has yielded no results, Trend reports quoting Nikolay Cherniy, the Vice President of LUKOIL company of Russia.
08 June 2005 [09:34]

Oil pollution detected in northern Azerbaijan sector of Caspian Sea

As a result of monitoring the Ministry of ecology and natural resources of Azerbaijan, detected oil pollution in Northern Azerbaijan sector of Caspian Sea.
08 June 2005 [08:45]

Caspian Shipping Company does not hinder Palmali’s Caspian operations

The Caspian Shipping Company of Azerbaijan works with Palmali on normal conditions, Aydin Bashirov, the chairman of the CSC, said.
08 June 2005 [08:43]

12th International Exhibition and Conference Caspian Oil and Gas, Incorporating Oil and Petrochemicals opened

12th International Exhibition and Conference Caspian Oil and Gas, Incorporating Oil and Petrochemicals were opened at the Heydar Aliyev Sport and Concert Complex yesterday.
07 June 2005 [09:16]

Caspian Oil & Gas 2005 exhibition to involve 331 companies from 29 world countries

The traditional ‘Oil and Gas Exhibition and Conference, Incorporating Refining and Petrochemicals’ exhibition will be held at in the Sports and Exhibition Coplex named after Heydar Aliyev on 7-10 June.
07 June 2005 [09:02]

NATO intends to finance projects related to Caspian Sea and drinking water in Azerbaijan

Armenia increased export of wood materials to other countries 6 times for the account of the forests situated in the occupied regions of Azerbaijan.
07 June 2005 [08:46]

$12.5m invested in telecommunications sector in 2005

Over the first 5 months of 2005 25,433.8 bn manats has been invested in the telecommunications sector of Azerbaijan.
07 June 2005 [08:25]

Barmek Azerbaycan plans to borrow $40-50m credit from EBRD

Barmek Azerbaycan, operator of the energy supply networks of Baku and Sumgayit, intends to borrow $40-50m credit from the European Bank for Reconstruction and Development (EBRD), Husseyn Arabul, the president of Barmek Azerbaycan, told Trend on Monday.
07 June 2005 [08:15]

AIOC starts Azeri oil pumping to terminal of Azpetrol

The Azerbaijan International Operating Company (AIOC) has started the transportation of Azeri Light oil via the connection pipeline from Sangachal terminal to a terminal of the Azerbaijani company Azpetrol nearby.
06 June 2005 [08:47]

Transport ministers of Azerbaijan, Georgia and Turkey to meet in Turkey late in June

Ministers of Transport of Azerbaijan,Turkey and Georgia will meet in Istanbul late in June in the framework of the Kars-Akhalkalaki-Tbilisi-Baku railway construction project.
04 June 2005 [10:03]

Credit treaty signed between The World Bank and government of Azerbaijan

Credit treaty on the implementation of the project “Assistance to economic development of internally displaced people” signed between World Bank (WB) and government of Azerbaijan in the Cabinet yesterday.
04 June 2005 [10:01]

AIOC produced 450 mln.cubic meters of gas in “Chirag” since the early year

Azerbaijna International Operating Company (AIOC) produced 449.5 mln. cubic meters of gas in “Chirag” during the first 5 months of this year, that is 3% more in comparison with the corresponding period of last year.
04 June 2005 [09:48]

SOCAR’s oil production prediction to be approximately 8 million 750 thousand tons by the end of year

Prediction of State Oil Company on oil production will be approximately 8 million 750 thousand tons by the end of year.
04 June 2005 [09:30]

Exxonmobil exports 320,000 tons of Azeri Light oil to Batumi from June till September

The American ExxonMobil plans to export some 320,000 tons of the Azeri Light oil through the Azerbaijanian – Georgian railway line till Batumi port, produced by the Azerbaijan International Operation Company (AMOC) from the Azeri-Chirag Gyuneshli (ACG) field from June till September.
03 June 2005 [10:10]

BTC co completes testing Azerbaijani section of BTC

Testing of the Azerbaijani section of the Baku-Tbilisi-Ceyhan (BTC) main export oil pipeline is complete. BTC Co, operated by BP, told Trend, only 16km-long trenches are still to be closed along the pipeline with the length of 1,768 km.
03 June 2005 [09:57]

President Ilham Aliyev met with World Bank director on South Caucasus

President Ilham Aliyev today received the delegation led World Bank (WB) director on the South Caucasus Ms. Donna Dowsett Coirolo.
03 June 2005 [09:07]

SOCAR will get over 100,000 tons oil from new well on “Gyuneshli” field

In the nearest time SOCAR will commission the well N72, which is being drilled from the marine stationary platform N19 on the shallow part of the “Guyneshli” field, where the company operates on its own means.
03 June 2005 [08:59]

Ministry of taxes brought criminal action against SSOT «Garadag-Cement»

The Ministry of taxes brought a criminal action against Stock Society of Open Type SSOT «Garadag-Cement».
02 June 2005 [15:00]

Middle East Petrol to increase capacity of Dubandi terminal to 20m tons

Middle East Petrol of Dubai intends to invest some $68m in the reconstruction of the Azerbaijani terminal in Dubandi, Abdulbari Gozal, the President of Middle East Petrol, told Trend on Wednesday.
02 June 2005 [14:32]

First Airbus "A319" to arrive to Azerbaijan 15 July

The first airbus A319 purchased by State concern Azerbaijan air line (AZAL) is to arrive to Azerbaijan 15 July. The agency Trend reports, SC informed about this.
02 June 2005 [14:09]

Iran interested to construct fishery plant in Azerbaijan

Iran is interested to construct fishery plant in Azerbaijan.
02 June 2005 [13:39]

President Ilham Aliyev signed decree on strengthening anti-inflation measures

President Ilham Aliyev signed a decree on strengthening anti-inflation measures.
02 June 2005 [13:37]

India proposed to Azerbaijan to take part in conference of oil producers and consumers in Asia

India proposed to Azerbaijan, Russia, Kazakhstan, Turkmenistan and Uzbekistan to take part in a big international conference of oil and gas producers and consumers in Asia, which is scheduled to be held in New-Delhi in October this year, the Indian Minister of Oil industry and Gas, Mani Shankar Ayar stated, Trend reports.
01 June 2005 [13:00]

Germans to conduct monitoring of atmosphere

German specialists will hold monitoring of atmosphere in BAKU.
01 June 2005 [12:47]

Gars-Tbilisi-Baku railway to be exploited by the end of 2008

Gars-Tbilisi-Baku railway will be exploited by the end of 2008.
01 June 2005 [12:45]

Azerbaijan-Germany economical forum started in Berlin

Azerbaijan-Germany economical forum started in Berlin. According to the information given to APA from Ministry of Economic Development, the delegation composed of 60 persons has left for Berlin to attend the forum.
01 June 2005 [12:31]

Azerbaijan-Pakistan chemists’ forum to be held in Baku

The forum of Azerbaijani and Pakistani chemists will be held in Baku on 11 June.
31 May 2005 [13:44]

World Bank coordinator on the South Caucasus is on a visit to Baku

Delegation led by World Bank coordinator on the South Caucasus Donna Dauseld-Koyrolan has come for official visit to Baku.
31 May 2005 [13:36]

EBRD to approve loan to Lukoil within frames of project «Shah-Deniz»

EBRD is to consider at the Board of directors the possibility of allotment to Lukoil Overseas Holding Limited of loan in amount of $110 mln for financing of share of expenses within frames of project on development of gas condensate field «Shah-Deniz».
31 May 2005 [13:33]

Russian UAZ vehicles will be produced in Ganja

At the Gynja car factory OKA model cars are being assembled. In the next two months, assembly of UAZ model cars is planned.
28 May 2005 [16:41]

TOTAL wants to build new terminal in Azerbaijan

French company Total is considering the opportunities of the construction of a new oil terminal in the Azerbaijani section of the Caspian under the prospects of the oil export from the Kashagan field via the Baku-Tbilisi-Ceyhan main export oil pipeline.
28 May 2005 [16:24]

LUKOIL might pay compensation to SOCAR for refusal from drilling second on D-222 (Yalama)

Russian oil company LUKOIL might pay compensation to the State Oil Company of Azerbaijan (SOCAR) for refusal from drilling the second obligatory well on the Azerbaijani field Yalama (D- 222 bloc), the reliable sources told Trend.
28 May 2005 [16:18]

Azerbaijan-Germany economic conference to be held in Berlin on May 31

A conference on Azerbaijan-Germany economic relations will be held in Berlin on May 31.
28 May 2005 [16:15]

50% budget incomes of Azerbaijan falls at private sector

50% of incomes of the state budget of Azerbaijan fall at private sector.
27 May 2005 [13:05]

Construction of railway line between Azerbaijan and Iran can be started after 6 months

Construction of railway line between Azerbaijan and Iran on "North-South" project can be started after 6 months.
27 May 2005 [13:02]

Caspian Shipping spent about $50 mln for procurement of tankers

Azerbaijan state Caspian shipping purchase new tankers for transportation of Kazakhstan oil by pipeline Baku-Tbilisi-Ceyhan (BTC), the agency Trend reports, the deputy chief of Caspian shipping Tofik Masurov informed about this.
25 May 2005 [09:17]

Islamic Development Bank to give $ 10 mln credit to Azerbaijan for building settlements for displaced persons

The Islamic Development Bank (IDB) will give $ 10 mln.
25 May 2005 [09:13]

Open Society Institute completed monitoring of Baku-Tbilisi-Ceyhan main export pipeline

Representatives of Open Society Institute-Aid Foundation held press conference on the completion of the main stage of the monitoring of Baku-Tbilisi-Ceyhan main export pipeline conducted by non-governmental organizations.
25 May 2005 [09:00]

Steven Mann: "Exploitation of Baku-Tbilisi-Ceyhan will be turning point of Eurasia energy projects"

The USA State Department chief counselor for Eurasia matters, Ambassador Steven Mann and The USA Ambassador in Azerbaijan Reno Harnish held press conference yesterday.
25 May 2005 [08:55]

Azerbaijan, Kazakhstan sign 6 agreements

Azerbaijan and Kazakhstan has signed 6 intergovernmental agreements during the official visit of Kazakh President Nursultan Nazarbayev to Baku.
25 May 2005 [08:09]

Three-sided contract on construction of Gars-Tbilisi-Baku railway to be signed

Three-sided contract on the construction of Gars-Tbilisi-Baku railway will be signed.
25 May 2005 [08:07]

Central Azeri Commences Delivery of Gas to Azerbaijan

The Azerbaijan International Operating Company (AIOC), operated by BP, commenced on May 23, delivery of associated gas to the Azerbaijan state from Central Azeri and Sangachal Terminal.
24 May 2005 [09:26]

EBRD to allocate $15,5 mln for construction of office complex

The European bank of reconstruction and development approved for construction of office complex in Baku allotment of $15,5mln for realization of the project by company Azinvest Property in Baku.
24 May 2005 [08:51]

Bank rate increased in Azerbaijan

The National bank of Azerbaijan increased Bank rate by 0,5%.
24 May 2005 [08:42]

EBRD: "The volume of the Azerbaijan economy will increase 20 % this year"

The price of oil will reduce from $50 down to $30-40 in the middle-time perspective in the world market.
24 May 2005 [08:36]

Annual meeting of Islamic Bank of Development of 2010 may be held in Baku

The Board of directors of Islamic Bank of development adopted decision about conducting of annual meeting of the bank in 2010 in Baku.
23 May 2005 [11:56]

France intends to expand economic relations with Azerbaijan

Prospects of development of relations between France and Azerbaijan were in the focus of the "Days of Caucasus" held recently in Paris, in the building of the Senate.
21 May 2005 [09:55]

AIOC to export by 40 thousand barrels of oil per day in June to Batumi

Baku, IAA "Trend" 20 May corr. V.Sharifov.
21 May 2005 [08:58]

Azerbaijan and IMF agreed decreasing core inflation by end of 2005 up to single digits by end of 2005

The purpose of IMF mission, which visited Baku 4-18 May 2005 led by Mr. Vitali Kramarenko (deputy division chief, Middle East and Central Asia department) was discussion with representatives of Azerbaijan government of economic policy, which could support summarization of results of the fifth review within frames of Poverty reduction and growth facility, which will end July 4, 2005.