Business

21 May 2007 [15:54]

Caspian Oil & Gas 2007 to be held in Baku

Baku will host the14th International Caspian Oil and Gas Exhibition and Conference Incorporating Refining and Petrochemicals June 5-8.
21 May 2007 [15:03]

Germany wants Azeri gas

"Germany wants to import Azeri gas. The government of Germany intends to ensure its gas supply in diversified way, from different nations, including Caspian countries like Azerbaijan and Kazakhstan."
21 May 2007 [14:45]

S.Korean railway specialists to visit Azerbaijan

A delegation of South Korean railway specialists will come to Baku on May 22, said Gurban Nazirov, an officer of Azerbaijan State Railway Company (ADDY).
21 May 2007 [14:33]

Baku hosts Azerbaijani-German Economy Days

Supported by German-Azerbaijan Economic Development Assistance Union (DAWF), [Deutsch-Aserbaidschanische Wirtschaftsforderverein] Azerbaijan's Economic Development Ministry and Azerbaijan Export and Investment Foundation (AzPromo), a forum titled Azerbaijani-German Economy Days was held in Baku.
21 May 2007 [14:18]

Azerbaijan to export gas to Turkey, boost supplies to Georgia

Baku can start natural gas shipments to Turkey as soon as Ankara is capable of receiving them, Azerbaijan's energy and industry minister said Monday.
21 May 2007 [13:51]

IFC, BP and Micro Finance Bank of Azerbaijan announce the launch of the Supplier Finance Facility in Azerbaijan

IFC, BP and The Micro Finance Bank of Azerbaijan (MFBA) today announced the launch of the Supplier Finance Facility (SFF) in Azerbaijan.
21 May 2007 [12:33]

Avropa Gapilari company still suspended

Avropa Gapilari Open Joint-Stock Company has been suspended for a month.
21 May 2007 [08:11]

ICSID to continue haring on Barmek's suit in July

The court hearing on suit of Barmek-Azerbaijan Electricity Distribution was held on May 18 in the International Centre for Settlement of Investment Disputes (ICSID).
21 May 2007 [08:10]

Azerbaijani delegation attends EBRD's annual meeting

The European Bank for Reconstruction and Development (EBRD) is holding its annual meeting in Kazan city.
21 May 2007 [08:07]

Statoil interested in cleaning of Azerbaijani rivers

Norway's Statoil Company is interested in the projects on cleaning of rivers in Azerbaijan.
21 May 2007 [08:05]

Finance Minister attends World Economic Forum

Azerbaijan's Finance Minister Samir Sahrifov left for Jordan on May 18 to attend the World Economic Forum in Amman.
19 May 2007 [10:26]

Turkey's EurAsia appeals to court to arrest Azerbaijan's airplanes

Ankara 16th Executive Court passed a verdict on arresting Azerbaijan's planes by the suit brought by EurAsia Company.
19 May 2007 [10:13]

Private sector takes 74.1% of communications income

For the first quarter of 2007, the amount of telecommunications services reached AZN 140.2 million in Azerbaijan, up 16.6% from the same period last year, Ali Abbasov, the country's Communications and Information Technologies Minister, told at the press conference.
19 May 2007 [10:12]

BICEX director visits Tbilisi Interbank Currency Exchange

Farhad Amirbayov, director of Baku Interbank Currency Exchange (BICEX) visited Tbilisi Interbank Currency Exchange.
19 May 2007 [10:10]

People's Bank of Georgia seeks money transfer partner in Azerbaijan

People's Bank of Georgia is seeking a partner in Azerbaijan for money transfer.
19 May 2007 [10:06]

1.1 million VISA cards issued in Azerbaijan

As of January 1, 1.131 million VISA International Payment System cards were issued in Azerbaijan.
19 May 2007 [10:05]

Azerbaijan considers Popular Computer Project

Azerbaijan should offer great concessions in regional innovation zones to be established, said Ali Abbasov, the country's Communications and Information Technologies Minister.
19 May 2007 [10:04]

Taxes Minister meets with UN Resident Coordinator

Azerbaijan's Taxes Minister Fazil Mammadov met with the UN Resident Coordinator Bruno Pouezat.
19 May 2007 [10:03]

EBRD to expand equity investments in South Caucasus

EBRD will further expand its investment operations in the South Caucasus nations, EBRD official Murtaz Kikoria told the 2nd Caucasus International Banking and Finance Conference in Tbilisi.
19 May 2007 [10:01]

Finance Ministry reports on social financing

Social Finance Department of Azerbaijan's Finance Ministry has released a report on activities from January 1 to May 10.
19 May 2007 [09:32]

ICSID considering Barmek's arbitration request against Azerbaijan

In London the International Centre for Settlement of Investment Disputes (ICSID) will today have a preliminary sitting on the arbitration request filled by Barmek, which had a 25-year contract to distribute electricity in Azerbaijan, against the Government of Azerbaijan.
19 May 2007 [09:30]

Krasnoye Sormovo Shipyard agrees to build another tanker for Palmali

Russia's Krasnoye Sormovo Shipyard and Palmali inked a deal aimed at building of one more tanker.
19 May 2007 [09:30]

India's Vedanta accused of illegal mining in occupied territories of Azerbaijan; govt to probe

Anil Agarwal-led metal giant Vedanta has been accused of illegal mining by Azerbaijan, prompting India to assure the government of the former Soviet republic of investigating the issue.
19 May 2007 [09:28]

Bank of Baku opens branch in Yasamal

Bank of Baku has established a branch in Yasamal district of Baku.
19 May 2007 [09:27]

CIS and Baltic Railway Transport Council meets in Astana

The 46th meeting of the Railway Transport Council of the CIS and Baltic nations took place in Astana, Kazakhstan on May 17.
19 May 2007 [09:27]

Black Sea & Silk Road Conference adopts declaration for development of TRACECA

The 1st Black Sea and 4th Silk Road Conference took place on 14-16 May 2007 in Istanbul.
19 May 2007 [09:09]

Evrosib ready to work in Azerbaijan

Evrosib Logistics included into Evrosib Group is going to enter the transport market in Azerbaijan, as it was informed.
19 May 2007 [08:52]

World Bank allocates Azerbaijan $17 mln for national park

The World Bank said Friday it had allocated $17 million for Azerbaijan to create the largest national park in the south Caucasus.
18 May 2007 [22:30]

State Oil Fund wins UN Public Service Award

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a winner of the 2007 UN Public Service Award in the category of "Improving transparency, accountability and responsiveness in the Public Service".
18 May 2007 [22:19]

State Oil Company delivers 14 million cu m of gas to national grid for the first time

The State Oil Company of Azerbaijan (SOCAR) has today delivered a record of 14 million cubic meters of natural gas to the national grid.
18 May 2007 [15:27]

2nd Caucasus International Banking and Finance Conference ends today

The 2nd Caucasus International Banking and Finance Conference today discussed a number of issues on prospects of developing banking and insurance services in the South Caucasus, cooperation and the present situation in Tbilisi.
18 May 2007 [14:05]

World Bank President Paul Wolfowitz resigns

World Bank President Paul Wolfowitz resigns less than halfway through his five-year term amid a furor over securing a huge pay for his girlfriend and the U.S. reserves the power to choose a successor.
18 May 2007 [13:20]

President Ilham Aliyev approves SOFAZ supervisory board

Azerbaijani President Ilham Aliyev has issued a decree to approve the new composition of the supervisory board of State Oil Fund of Azerbaijan (SOFAZ).
18 May 2007 [08:35]

Azerbaijan intends to take stake in European oil refinery

Azerbaijan's Industry and Energy Minister, Natig Aliyev, met with Mihail Lupoi, head of Romanian delegation to NATO Parliamentary Assembly, Vice President of Parliamentary Assembly.
18 May 2007 [08:34]

Romania wants to take part in energy sector of Azerbaijan

Rovnag Abdullayev, President of the State Oil Company of Azerbaijan, met with Mihail Lupoi, head of Romanian delegation to NATO Parliamentary Assembly, Vice President of Parliamentary Assembly.
18 May 2007 [08:14]

Azerbaijan Credit Bank lends 54 mortgages

Azerbaijan Credit Bank lent 54 mortgage loans through the country.
18 May 2007 [08:12]

National Bank completes installation of currency shredding devices

The National Bank of Azerbaijan has already installed currency shredding devices and granulators purchased from the Kusters Engineering to destroy old banknotes.
18 May 2007 [08:07]

Azerbaijan, Georgia, Kazakhstan, Turkey to form an information hub

Azerbaijan, Georgia, Kazakhstan, and Turkey will set up a consortium for information transit between the west and east.
18 May 2007 [07:56]

Absheron Insurance to raise authorized capital by 11%

Azerbaijan's Absheron Insurance Company intends to raise its authorized capital 11.1% to AZN 800,000 by this year's end.
18 May 2007 [07:55]

UniBank opens 2 more branches

Azerbaijan's UniBank has opened two new branches in Baku.
18 May 2007 [07:39]

Azerbaijan: Sturgeon Poachers Out of Control

When a south wind blows from the Caspian Sea towards the coastal village of Hovsan, 32 kilometers (20 miles) east of the Azerbaijani capital of Baku, hundreds of dead fish are washed ashore.
17 May 2007 [23:35]

Azerbaijan may extend additional loan to Georgia for Baku-Tbilisi-Kars project

International Bank of Azerbaijan-Georgia (IBA-Georgia) will be an intermediary in Baku-Tbilisi-Kars railway project to run from Azerbaijan to Turkey via Georgia.
17 May 2007 [23:21]

Organic honey production project to be implemented in BTC territory

The project of organic honey production will be implemented in North-Eastern Anatolia where the Baku-Tbilisi-Ceyhan main export pipeline passes.
17 May 2007 [22:28]

Protocol on EBRD support for Baku-Tbilisi-Kars project to be signed in Kazan

March 20-21, the EBRD will host a conference bringing together the heads of Multilateral Development Banks, high-ranking government officials and senior corporate executives who will discuss concrete initiatives to combat climate change in a partnership between the public and private sectors, the EBRD Office in Baku told.
17 May 2007 [16:59]

Migrants in Moscow look for jobs over cups of mint tea

Three men leaving City Hall's first job fair, which aims to match migrants with the city's desperate need for workers, at an Azeri cultural center on Wednesday.
17 May 2007 [16:53]

Construction of Baku-Tbilisi-Kars railway to start in Turkey

Construction of Baku-Tbilisi-Kars railway project will soon start in Turkey and the lands through which the railroad to run have been bought from people for some months.
17 May 2007 [16:38]

Azerbaijan broadcasters may reach Russia in return

Azerbaijan is negotiating on transmission of its own broadcasts in Russia in exchange for ORT and RTR broadcasts in Azerbaijan, said Ali Abbasov, the country's communications and information technologies minister.
17 May 2007 [16:32]

National Bank detects 65 counterfeit banknotes

The National Bank of Azerbaijan has detected 65 counterfeit bills during January April.
17 May 2007 [16:29]

2nd Caucasus International Banking and Finance Conference and Showcase start in Tbilisi

The 2nd Caucasus International Banking and Finance Conference and Showcase have started in Tbilisi.
17 May 2007 [16:20]

We will re-propose to limit free home phone use, Ali Abbasov says

"I agree with the decision passed by the Tariff Council. If the decision is passed, we have to fulfill it," said Ali Abbasov, Azerbaijan's Communications and Information Technologies Minister.
17 May 2007 [16:00]

Statoil's Vice-President: "Though Azerbaijan accepted Norway's way as model, this country has very little time"

"Azerbaijan and Norway have very common similarities. Norway was poor country in the past, but it succeeded to develop its economy later."
17 May 2007 [14:22]

Tariff Council receives proposals to reconsider railway transport tariffs

The Tariff Council, State Price Regulator of Azerbaijan, has received a package of proposals to reconsider railway tariffs.
17 May 2007 [13:25]

Tariff Council reduces some communication fees

Chef of Tariff Council, Economic Development Minister Heydar Babayev publicized the decision of the meeting held on May 14, 2007. Tariff Council made decision on four out of the 13 proposals. The others were returned for improving.
17 May 2007 [13:20]

International Bank of Azerbaijan raises interest rates on deposits

International Bank of Azerbaijan has raised interest rates on deposits in national currency and dollar.
17 May 2007 [10:53]

Azerbaijan's posts 36.6% industrial growth

Industrial production grew 36.6%, year-on-year, during January-April to AZN 6.1 billion in Azerbaijan, the State Statistical Committee told.
17 May 2007 [10:51]

Caspian Navy to get International Management Standards

The Caspian Sea Oil Navy has completed repair of Ali Amirov vessel.
17 May 2007 [10:48]

Debate on education bill again postponed

Debate of the education bill has been postponed till the parliament's autumn session, the parliament told.
17 May 2007 [10:08]

Azer-Asia Insurance JV to be OJSC

Azerbaijan-Iran joint venture Azer-Asia intends to shift its legal status to Open Joint Stock Company in June.
17 May 2007 [10:01]

International Bank of Azerbaijan raises assets 47%, 1Q

As of April 1, International Bank of Azerbaijan's assets stood at AZN 1,821,146,948, up 47.3% from the same period last year.
17 May 2007 [09:54]

Antimonopoly State Service finds faults in auto sales and service

Economic Development Ministry's Antimonopoly State Service has unveiled irregularities in auto sales and service in Azerbaijan.
17 May 2007 [09:09]

State Property Committee organizes trainings for its officers

State Committee on Managing Public Property organized trainings for its officers working in the cities and regions, the committee's press service told. The trainings will last till September.
17 May 2007 [09:04]

IMF mission to visit Azerbaijan May 17

The IMF mission for functional overview of public debt management will visit Azerbaijan May 17.
17 May 2007 [00:13]

Ex-BP representative to Azerbaijan Les Abraham's revelations are falsified by opposition press

"Former BP representative in Azerbaijan Les Abraham’s revelations to the London Daily Mail has been significantly falsified by opposition press" ruling YAP deputy chairman, executive director Ali Ahmadov exclusively told.
16 May 2007 [22:29]

Air cargo transportation more than doubles in Baku Airport

We are studying prospects of expansion of Heydar Aliyev International Airport cargo terminal, Jahangir Asgarov, Director General of Azerbaijan Airlines State Concern (AzAL), told the 2nd Caspian Air Cargo Summit under way in Baku.
16 May 2007 [15:48]

AZAL to buy new aircrafts in 2007-2008

Azerbaijan Airlines State Concern (AzAL) has got an agreement to operate air cargo transportation with Seoul and Shanghai from 2008, the company director general told the 2nd Caspian Air Cargo Summit under way in Baku.
16 May 2007 [15:47]

Caspian Air Cargo Summit starts in Baku

Euroavia International and Silk Way Airlines have today started the 2nd Caspian Air Cargo Summit in Baku. The event has brought together representatives from more than 25 airlines companies in the world.
16 May 2007 [15:45]

IOTA working group meets in Baku

Intra-European Organization of Tax Administrations (IOTA) working group for taxpayer's education has met in Baku, the capital of Azerbaijan.
16 May 2007 [14:25]

Azerbaijan not to join Open Skies now, AzAL Director General says

In the short run Azerbaijan doesn’t intend to join the Open Skies, Jahangir Asgarov, Director General of Azerbaijan Airlines State Concern (AzAL), told the 2nd Caspian Air Cargo Summit under way in Baku.
16 May 2007 [13:51]

6-th International Exhibition Transport, Transit and Logistics starts in Baku

It?c? Caspian LLC, the exclusive partner of ITE Group in the countries of Southern Caucasus, has today opened the 6-th International Exhibition Transport, Transit and Logistics, TransCaspian 2007.
16 May 2007 [12:20]

GUAM Working Committee for Trade and Transport Facilitation Project meets in Baku

The GUAM working committee for Trade and Transport Facilitation Project met in Baku. The meeting was attended by officials of customs services of the member states.
16 May 2007 [09:00]

AZN 5.6mln preferential loan lent to 53 enterprises in Azerbaijan

The National Fund for Assistance to Enterprise Development has lent a total of AZN 5.6 million in preferential loan to 53 enterprises in 21 regions through the authorized banks against 332 applications for loan during January-April. The allocated loans will finance production of industrial products, agricultural goods, tourism and other infrastructural projects.
16 May 2007 [08:22]

200 buses to be delivered to Azerbaijan from S.Korea

Within the period of July-August, Azerbaijan will bring 200 buses from South Korea.
16 May 2007 [08:20]

South Caucasus needs improved customs service co-operation, OSCE meeting concludes

Countries in South Caucasus need to foster better co-operation among their customs services to prosper, participants in a two-day conference co-organized by the OSCE Secretariat in co-operation with the OSCE Mission to Georgia and the Eurasia Foundation concluded on Tuesday.
16 May 2007 [07:54]

BTC still ready for Kazakh oil, despite new deal

Azerbaijan's industry and energy minister has said that, in light of a recent pipeline deal between Russia, Turkmenistan, and Kazakhstan, the country's Baku-Tbilisi-Ceyhan (BTC) pipeline is still available to transit Kazakh oil.
16 May 2007 [07:46]

NATO offers assistance to oil and gas producing countries in security measures

NATO is talking to oil and gas producing companies and countries about providing sea-borne rapid reaction forces to combat attacks on facilities, hostage taking and piracy, a senior NATO official said May 14.