Business

16 April 2007 [12:20]

Binagadi residents to be removed due to construction of new metro station

Representatives of the State Committee for Refugees and IDPs and Baku Underground along with the police visited the area belonging to Baku Underground situated on the crossroad of 7th and 8th micro districts in Binagadi.
16 April 2007 [12:19]

Azerigaz cuts off gas supply to defaulting customers from Monday

Azerigaz, State Gas Supply Company, has announced that it would cut off supply to defaulting customers from April 16.
16 April 2007 [12:17]

Azerbaijan, Russia fail to agree on electricity imports

The next round of negotiations on electricity imports and exports between Azerbaijan's Azerenergy and Russia's RAO UES in Moscow has not yielded any good result for the parties.
16 April 2007 [12:16]

Azerbaijan's Q1 oil exports jumps 76%

Azerbaijan exported a total of 7.42 million tons of oil during the first quarter, 76.25% higher than the same period last year.
16 April 2007 [12:08]

Azerbaijan, Kazakhstan continue talks over construction of Caspian Sea portion of TAE fiber-optic line

Azerbaijan's Ministry of Communication and Information Technologies said the negotiations are continuing with Kazakhstan over construction of the Caspian Sea stretch of the Trans-Asia-Europe (TAE) fiber-optic line.
16 April 2007 [11:37]

Erdal Inshaat LLC president detained

Officers of Yasamal police district detained president of Erdal Inshaat (Construction) LLC, Turkish Erdal Yilmaz and Baku resident Asif Veliyev, Interior Ministry press service told.
15 April 2007 [14:09]

Azerbaijan to apply new criteria to grant disability degrees

"Some receive disability degree illegally and pretend to be disabled. But we have developed new regulations for determining disability. We will carry out reform in the Medial Examination Commission to bring it in line with international standards," Azerbaijan's Labor and Social Protection Minister Fuzuli Alakbarov told at the board meeting.
14 April 2007 [12:11]

SEMA Associates recognized nowhere

SEMA Associates, a Californians-based company which developed the general plan of an Azeri town Shusha under illegal occupation by Armenia, is not recognized as a serious group anywhere, even the territory it was registered in.
14 April 2007 [11:51]

Azerbaijan's Q1 inflation rate 16.6%, National Bank chief says

Pushed up by spending and demand growth, the inflation rate for the first quarter reached 16.6% in Azerbaijan, the National Bank board chair Elman Rustamov told a quarterly government meeting.
14 April 2007 [11:50]

60 criminal cases on tax evasion, illegal business instituted in Azerbaijan

As of April 1, there are 9,832 defaulting taxpayers in Azerbaijan and this figure accounts for 4.6% of the taxpayers in total, country's taxes minister Fazil Mammadov told a government meeting.
14 April 2007 [11:47]

Azerenergy, Azerigas fail to pay SOCAR

State Oil Company of Azerbaijan (SOCAR) failed to fulfill the payment target to the state budget because of being underpaid by Azerenergy and Azerigas, the Taxes Minister Fazil Mammadov told a government meeting.
14 April 2007 [11:46]

Azerbaijan's Q1 industrial growth beats 38%

Azerbaijan's industrial sector growth was 38.6% for the first quarter, the country's economic development minister Heydar Babayev told a government meeting.
14 April 2007 [11:44]

South Korea, Azerbaijan to ink MOU on ship building and energy generation

South Korea's STS company and Azerbaijan Investment Company will signed a memorandum of understanding on ship building and electricity generation during President Ilham Aliyev's visit to Seoul, Economic Development Minister Heydar Babayev said at the government meeting.
14 April 2007 [11:43]

Azerbaijan's Q1 budget income forecast implemented by 96.6%

The income forecast for the first quarter was implemented by AZN 1.88 million or 96.9% higher than a year earlier, Azeri finance minister Samir Sharifov told a government meeting.
14 April 2007 [11:31]

Government approves regulations for management of excessive coffers

Government of Azerbaijan has approved regulations for the management of excessive treasury in the budget.
14 April 2007 [11:29]

Azerbaijan to purchase nearly 40 locomotives in 3 years

Azerbaijani State Railway (ASR) plans to purchase nearly 40 locomotives in near three years in the frame of 2007-2010 Development Program of ASR.
14 April 2007 [11:29]

Germany's Economy Minister to visit Azerbaijan

German Economy Minister Michael Glos will visit Azerbaijan in October this year.
14 April 2007 [11:25]

Excessive home phone use to be limited

The Communications and Information Technologies Ministry has sent the Tariff Council the packages of proposals to increase subscription fee (from AZN 0.66 to AZN 1.10) and limit excessive telephone use this year.
14 April 2007 [11:06]

Azerbaijan reconstructs water supply and sewer system in Ganja and Shaki

Azersu OJSC has begun to implement project on reconstruction of water supply and sewer system in Ganja and Shaki.
14 April 2007 [09:11]

Azeri, Polish businesspeople to meet in Baku

On April 27, Baku will host the meeting of Azerbaijani and Polish business representatives.
14 April 2007 [09:10]

Azerbaijan's Q1 inflation rate reaches 17%, says Economic Research Center

The inflation rate in Azerbaijan for the first quarter hit 16.98 percent, including 15.33% price hike in foodstuffs, 11.83% in nonfood products and 27.91% in services, said the calculation report of the Economci Research center.
14 April 2007 [09:09]

Azer-Asia Insurer starts to provide mortgage and credit insurance services

Azer-Asia Azerbaijan-Iran Insurance JV has started to provide mortgage and credit insurance services.
14 April 2007 [09:07]

Number of installed water meters in Azerbaijan reaches to 200 000

As at April 1, Azersu OJSC has installed 199 185 water meters in the country, 160 242 of them have been installed in Baku.
14 April 2007 [08:53]

Azerbaijan and Lebanon conclude economic agreements

Azerbaijani Foreign Minister Elmar Mammadyarov met with the speaker of Parliament Nabi Berry in the Lebanese capital, Beirut.
13 April 2007 [15:13]

Azerbaijan and 12 Russian regions signed agreements on development of trade-economic relations

Azerbaijan and 12 Russian regions including Kurgan oblast have signed agreements on development of trade-economic relations, deputy Azerbaijan's Economic Development Minister Niyazi Safarov said, while commenting on the prospects of cooperation between Azerbaijan and Kurgan district.
13 April 2007 [14:25]

6 oilmen died and 150 injured in 2006 first quarter of 2007

Oil Industry Worker's Rights Defense Organization’s chairman Mirvari Gahramanli held a press conference on "Azerbaijan Oil Industry Workers' Rights" today.
13 April 2007 [14:19]

Kazakh delegation arrive in Azerbaijan on April 16-17th

Delegation headed by Kazakhstan's Mangistau oblast akim Krymbek Kusherbayev will visit Azerbaijan, reported to journalists Emil Medzhidov, Azerbaijan fund of incentive and investment (AZPROMO) president.
13 April 2007 [13:51]

First signatures for Baku-Tbilisi-Ceyhan oil pipeline

Aktau-BTC project, which will carry the Kazakhstan oil to the world markets via the Baku-Tbilisi-Ceyhan oil pipeline, was signed for the first time.
13 April 2007 [12:54]

Storehouses for agricultural products to be constructed

Storehouses for agricultural products will be constructed in different regions of Azerbaijan this year.
13 April 2007 [12:51]

Azerbaijan explores wind power potential

Azerbaijan's Ecology and Natural Resources Ministry has studied the potential of wind power throughout the country and found the shoreline of the Caspian to be the windiest zone. The average wind speed near the seashore beats 6 mps while it falls even to 1 mps in regions.
13 April 2007 [12:49]

Access Holding takes stake in MicroFinance Bank of Azerbaijan

On April 9, the new share issue by MFBA, increasing the authorized capital to AZN 11 million was registered by the State Committee for Securities.
13 April 2007 [12:48]

Adil Garibov: "We need 10-15 years for construction of nuclear power station"

"We need 10-15 years for construction of an nuclear power station in Azerbaijan. At least 7-8 years are needed for training of specialists. NPS is not important for Azerbaijan at present but in 10-15 years we will feel need for it," director of Radiation Problems Institute of Azerbaijan National Academy of Sciences Adil Garibov told the APA.
13 April 2007 [09:34]

BP to pump more Azerbaijan's oil to Ceyhan in May

The BP-led Baku-Ceyhan pipeline is set to pump more Azeri oil exports a day in May from April partly because of higher production, trading sources said on Thursday.
13 April 2007 [09:28]

The Economist: A bear at the throat

The European Union is belatedly grasping the riskiness of its dependence on Russian gas, but it is disunited and short of ideas for how to reduce it.
13 April 2007 [09:16]

ONGC Videsh Ltd intends to activate relations with SOCAR

State Oil Company of Azerbaijani Republic (SOCAR) President Rovnag Abdullayev has received ONGC Videsh Ltd. Company Managing Director R. S. Butola, who accompanies Indian State Minister for Commerce Jairam Ramesh in the frame of his visit to Azerbaijan.
13 April 2007 [09:15]

India intends to invest in Azeri oil refineries

Azerbaijan's Industry and Energy Minister Natig Aliyev met with the visiting multi-sectoral delegation led by Indian Minister of State for Commerce Shri Jairam Ramesh.
13 April 2007 [09:13]

Baku hosts meetings of Regional Communication Union's Commissions

Baku hosted the 19th meeting of Regional Communication Union's Commission for Economy of Communication and 18th meeting of Commission for Informatization.
13 April 2007 [08:58]

Deputy PM visits Sumgayit Power Station

First Deputy Prime Minister of Azerbaijan Yagub Eyyubov has visited Sumgayit Power Station, and together with President of Azerenergy Etibar Pirverdiyev he concerned himself with construction process, got broad information about construction works and gave his recommendations to the workers.
13 April 2007 [08:57]

Nar Mobile's coverage reaches 80% of Azerbaijan

Azerfon today connects ten thousands of people. By this year's end, the company is planning to get a powerful network with a capacity of one million customers, said the press service of Azerfon, the new GSM operator in Azerbaijan, which launched its commercial operation on March 21 with a unique brand - Nar Mobile.
13 April 2007 [08:49]

Nar Mobile marks launch of its operation

Azerbaijan's new GSM operator Azerfon, launched on March 21 with a unique brand- Nar Mobile, celebrated start of its business activity, Wednesday.
13 April 2007 [08:47]

Azerbaijan, Kurgan province sign intergovernmental deal for economic cooperation

Thursday, Azerbaijan's senior deputy premier Yagub Eyyubov met with Russia's Kurgan province governor Oleg Alexeyevich Bogomolov.
13 April 2007 [08:47]

Azerbaijan announces contest for water supply and sewerage improvement

Azersu, State Water Supply Company, has announced a competition for construction and rehabilitation of water supply and sewerage network in 2007.
13 April 2007 [08:46]

Georgia to raise gas prices on domestic market in late April

Georgia is going to increase consumption gas prices on the domestic market after the initial discussion on April 16.
13 April 2007 [08:45]

Azerbaijan Accounting Chamber Report 2006 submitted to parliament

Azerbaijan Accounting Chamber's (AAC) Report 2006 have been recently discussed in the meeting of the chamber and approved.
13 April 2007 [08:33]

SOCAR President meets with Austria's OMV deputy chairman

President of State Oil Company of Azerbaijani Republic (SOCAR) Rovneg Abdullayev met with delegation headed by Gerhard Roiss, deputy chairman of Austria's OMV Oil Company.
13 April 2007 [08:31]

President Aliyev approves movables registry regulations

Azerbaijan's President Ilham Aliyev has approved the regulations for official registry of personal property and formation of single legislative framework.
13 April 2007 [08:29]

Building materials market appreciated 0.4% in Baku

The building materials market of Baku held relative stability in March and average price rise 0.45 higher than a month earlier and 21.8% higher from a year earlier.
13 April 2007 [08:27]

Negotiations with Kurgan's Governor were successful, Babayev says

The negotiations with Oleg Bogomolov, Governor of Russian oblast Kurgan, can be estimated successful, Azerbaijan's Economic Development Minister Heydar Babayev told the journalists.
13 April 2007 [08:26]

Bank Standard installs touchscreen panel

Bank Standard has installed a touchscreen panel in the window of the head office for easy access to its website.
13 April 2007 [08:25]

Two wells to be brought online in April-May

28 May Oil and Gas Extraction Unit produced 972 million cubic meters of gas from Guneshli Field during the first quarter.
13 April 2007 [08:19]

German and Austrian tourist companies' representatives to visit Azerbaijan

The representatives of German tourist companies will visit Azerbaijan from April 15 till 22 and representatives Austrian tourism companies from April 15 till 19.
13 April 2007 [08:00]

Latvia and Switzerland intend to join projects in South Caucasus

Latvia and Switzerland are considering the opportunities to participate together in different projects implemented in the South Caucasus, Latvian Foreign Minister Artis Pabrics stated at the meeting with Swiss President Micheline Calmy-Rey in Riga.
13 April 2007 [00:35]

Abbas Abbasov appointed AST Group of Companies vice-president

Former First Deputy Prime Minister of Azerbaijan Abbas Abbasov lives in Moscow at present and leads the Fund of Cooperation and Promotion of Entrepreneurship. He is engaged in large business activity.
12 April 2007 [11:04]

Foreign Minister discusses trade with Syrian Chamber of commerce

Azerbaijan Foreign Minister Elmar Mammadyarov on Wednesday conferred with Deputy Chairman of Damascus Chamber of Commerce Chassan al-Qalla on bilateral cooperation and means of developing and activating it, particularly in economy and trade.
12 April 2007 [10:59]

Ivanov says ferry will boost trade to Armenia

First Deputy Prime Minister Sergei Ivanov on Wednesday praised the imminent opening of a ferry route that will open up transportation links between Russia and Armenia.
12 April 2007 [10:57]

Kazakhstan eyes new oil export route via Caspian Sea

In keeping with its energy diversification strategy, Kazakshtan is taking steps to bolster its oil export capacity to the West via the Caspian Sea.
12 April 2007 [09:08]

Azerbaijan to participate international ICT exhibition

Istanbul will host international Caspian Telecoms-2007 exhibition from April 12 to 13.
12 April 2007 [09:03]

Baku-Delhi flight to be restored soon

Baku-Delhi-Baku direct flight will be restored soon.
12 April 2007 [09:02]

New power station to be constructed in Fuzuli

New power station is planned to be constructed in Fuzuli in the power of 20MVt.
12 April 2007 [09:00]

Conference held on special economic zones

Conference was held on "Special economic zones: formalization and development aspects" in Baku.
12 April 2007 [08:57]

India offers Azerbaijan to form joint venture

India offered Azerbaijan to establish joint venture in oil and gas sector, visiting Indian Minister of State for Commerce, Shri Jairam Ramesh said in Baku.
12 April 2007 [08:54]

Baku hosts meeting of Turkish-Azerbaijani businessmen

Turkish mission met with Azerbaijani businessmen in the frame of their business visit to Azerbaijan.
12 April 2007 [08:53]

Azerbaijan keen on cooperating with India in ICT development

Azerbaijan shows great interest in cooperation with Indian companies in development ICT sector, said the country’s economic development minister Heydar Babayev.
12 April 2007 [07:49]

Azerbaijan to apply favorable tax on new enterprise zones

Azerbaijan's Taxes Ministry has studied taxation policy of the developed countries in order to apply before-tested favorable taxes on the free economic zones to be created in Azerbaijan.
12 April 2007 [07:46]

FimBank has to fulfill pro-Azeri decision by April 26

Paris Court has passed a decision that FimBank has to fulfill the 10 November verdict in favor of Azerbaijan by April 26.
11 April 2007 [23:06]

Azerbaijan to repay debts owed to international organizations ahead of schedule

It is expedient for Azerbaijan to repay the debts owed to the international financial institutions ahead of schedule, the Cabinet’s Financial Policy Officer Ogtay Hagverdiyev told.
11 April 2007 [16:32]

Indian company illegally tapping gold in occupied Azeri lands to be punished, Ramesh vows

India will probe the issue with its company that is engaged in illegal exploitation of gold in Azeri territories occupied by Armenia, said Indian Minister of State for Commerce Shri Jairam Ramesh in Baku.
11 April 2007 [16:28]

Import of fowl from America can be banned, Veterinary Service says

Azerbaijan's State Veterinary Service will finish the next monitoring of bird flu in the country by the end of the week.
11 April 2007 [16:16]

Officials confirm sale of low-quality buffalo meat imported from India

Economic Development Ministry and State Veterinary Service confirmed the fact on sale of low-quality buffalo meat in Azerbaijan's markets brought from India. Indian government has already reacted to the case.
11 April 2007 [15:02]

Telecom companies to be privatized by 2009

Azerbaijan intends to complete privatization of telecom structures by late 2008, the Deputy Minister of Communications and Information Technologies Iltimas Mammadov told.
11 April 2007 [14:35]

Azerbaijan to weigh double-figures inflation rate for 2007, Ogtay Hagverdiyev claims

Azerbaijan will have inflation in double figures for 2007 as we have seen consumer prices index at 16.6% during the first quarter of this year, claimed the Cabinet's Financial Policy Officer Ogtay Hagverdiyev.
11 April 2007 [14:06]

US supports South Caucasus gas pipeline

Washington supports the construction of the South Caucasus gas pipeline, US Assistant Secretary of State Richard Boucher stated.
11 April 2007 [12:03]

Armenia-made napkins sold in Azerbaijan

VioleT napkins sold in Khachmaz markets caused discontent of residents.