Business

18 September 2008 [09:16]

Azerbaijan declared WB's largest borrower

17 September 2008 [15:31]

Money, circulating in Azerbaijan, makes AZN 13,4 bln

In January-August of 2008, Azerbaijan accounted for AZN 13,363,000,000 circulating in the country.
17 September 2008 [13:27]

Gas leakage results in evacuation of personnel from one of Azerbaijani platforms in the Caspian Sea

Gas leakage occurred today at the Central Azeri platform, owned by BP-Azerbaijan. In the result, the personnel was completely evacuated from the platform, reports Day.Az with reference to ANS-Press.
17 September 2008 [09:21]

Azerbaijan's GDP reaches AZN 25.9 bln through 8 months

In January-August of 2008 Azerbaijan's GDP made AZN 25.9 bln, which is 13.2% higher, as compared to the same period of the last year.
16 September 2008 [15:16]

AZPROMO and British Business Association for Middle East sign protocol of cooperation

The protocol on cooperation between the Azerbaijan Export and Investment Encouragement Foundation (AZPROMO) and British Business Association on Middle East signed a protocol of cooperation in Baku today.
15 September 2008 [17:47]

Estonian President to attend fourth Baku energy summit

Estonian President Toomas-Hendrik Ilves will attend the fourth energy summit, to be held in Baku on November 14 of this year, reports Novosti-Azerbaijan with reference to the Estonian presidential administration.
15 September 2008 [16:12]

Flats in new buildings grow more expensive in Baku

The Public association "Participants of immovables market" drew conclusions of the monitoring of the state of the market of primary residence in the capital of Azerbaijan for August 2008.
13 September 2008 [12:21]

World Bank: Azerbaijan No. 1 in Reforms

The World Bank has named Azerbaijan the global leader in business reforms, according to a new study that examines how countries improve their commercial environments and encourage start-ups.
13 September 2008 [10:51]

Why did Azerbaijani banks stop lending loans?

The National Bank of Azerbaijan (NBA) didn’t instruct the commercial banks to limit lending consumer loans because banks are free to choose what to do, NBA chairman Elman Rustamov told APA-ECONOMICS.
13 September 2008 [10:50]

VAT rate likely to be reduced in Azerbaijan

Azerbaijan's Ministry of Taxes considers it expedient to reduce the VAT rate from the current 18%, Azerbaijan's Taxes Minister Fazil Mamedov told reporters.
13 September 2008 [10:39]

Azerbaijan to launch a new mortgage lending program next year

The National Bank of Azerbaijan (NBA) is working on a new draft program for mortgage loan lending.
13 September 2008 [10:23]

Azerbaijan's National Bank likely to permit Vneshtorgbank to purchase local bank

The National Bank of Azerbaijan is likely to permit to Russian Vneshtorgbank to purchase a control stock in local AF Bank in October, said chairman of NBA's board Elman Rustamov, according to Day.Az.
13 September 2008 [09:49]

Rasim Aghayev: "Nabucco project is unreal without Russia's participation"

According to Azerbaijani political scientist Rasim Aghayev, Nabucco pipeline is unreal without Russia's participation, reports Novosti-Azerbaijan.
13 September 2008 [09:00]

BTC pipeline operation suspended again

BP Plc stopped oil pumping by BTC pipeline after a leakage was revealed in Turkey's territory, reports Bloomberg agency.
09 September 2008 [16:13]

Economic Research Center says annual inflation rate hits 29.2% in Azerbaijan

Consumer Price Index rose 1.02 percent in Azerbaijan, including 0.91 percent in Baku and 1.13 percent in regions during August, according to the Economic Research Center’s report based on the Alternative Inflation Methodology Development Project.
09 September 2008 [13:23]

President of Azerbaijan: "A large infrastructure meeting world standards has lately been created in Azerbaijan"

President of Azerbaijan Ilham Aliyev welcomed participants of the International conference "Oil and gas potential of Azerbaijan and Turkmenistan: energy, economy, ecology, strategy of cooperation", reports Day.Az with reference to AzerTac.
09 September 2008 [12:19]

Swiss oil trader Vitol to ship Azerbaijani oil from Novorossiysk

The department of marketing and economic operations of SOCAR has declared a winner of the marketing poll on export of 600,000 barrels of REBCO oil from Novorossiysk port.
08 September 2008 [17:30]

Iran intends to build hydroelectric power station in Azerbaijan

Iranian Energy Ministry plans to build dams and hydroelectric power stations in 10 countries in the near future.
08 September 2008 [17:01]

Baku to host ninth Azerbaijani-German Economic Forum

The ninth Azerbaijani-German economic forum will be held in Baku on September 23.
08 September 2008 [13:44]

Internet booths to be introduced in Azerbaijan

Electronic facilities enterprise Kur will start producing internet booths for the first time in Azerbaijan.
08 September 2008 [11:52]

Heydar Babayev: "There are real opportunities for development of Azerbaijani-Hungarian relations"

Azerbaijan's Minister of Economic Development Heydar Babayev received chairman of Hungarian National Assembly (parliament) Katalin Szili, visiting our country.
08 September 2008 [10:25]

OPEC: "Average volume of Azerbaijani oil supplies will top 1 mln barrels in 2008"

The average volume of oil supplies from Azerbaijan will hit 1,020,000 barrels per day in 2008, which is 155,000 barrels per day higher as compared to 2007, says the OPEC August report on the oil market, posted on the official website of the cartel.
08 September 2008 [09:47]

Azerbaijan works out national standards for information security

National standards are being worked out in Azerbaijan in line with the international standards for information security.
06 September 2008 [11:16]

Azerbaijan's Minister of Agriculture says agricultural field lacks personnel

"There are some problems in connection with the personnel in the field of agriculture in Azerbaijan", Ismet Abasov, minister of agriculture, told APA.
06 September 2008 [10:44]

European commissioner: "EU must seek political push for Nabucco gas"

The European Union must reduce its dependence on Russian energy supplies by accelerating the planned Nabucco pipeline to bring gas from central Asia, the EU’s energy chief said on Thursday.
06 September 2008 [08:55]

AzAL to launch flight between Baku and Lenkeran

From September 19, Azerbaijan Airlines (AzAL) will launch flights between Baku and Lenkeran, a southeastern city of the country.
06 September 2008 [08:52]

Natik Aliyev: "Azerbaijan can take part in Nabucco project as an investor"

Azerbaijan can review it participation in the project of the Nabucco gas pipeline not only as sources supplier, but also as an investor, reports oilru.com with reference to RBK, according to Azerbaijan's Minister of Industry and Energy Natik Aliyev.
05 September 2008 [17:45]

Azerbaijani oil refineries fail to execute plan on oil processing by 5.6%

In August of this year the oil refineries of Azerbaijan processed 611,800 tons of oil which is 36,040 tons (5.6%) lower as compared to the indicator, planned for this year, reported the SOCAR press service.
05 September 2008 [12:27]

State Program on industrial development expected to be ratified in Azerbaijan

The State Program on industrial development of Azerbaijan has already been introduced to the country's government and it is expected to be ratified by the end of the year, said Azerbaijani Minister of Industry and Energy Natik Aliyev.
05 September 2008 [09:03]

Turkey to raise gas import from Azerbaijan

Turkey plans to raise gas import from Azerbaijan in winter months.
04 September 2008 [17:33]

State budget of Azerbaijan for 2009 fixes oil prices at $70 per barrel

Azerbaijan's Ministry of Finance intends to present draft state budget for 2009 to the country's Cabinet of Ministry in the near future.
04 September 2008 [17:02]

Heydar Babayev: "If oil prices do not rise, inflation in Azerbaijan will be no more than 20% this year"

"Inflation rate in Azerbaijan can not exceed 20% this year", said Economic Development Minister of Azerbaijan Heydar Babayev, according to Day.Az.
04 September 2008 [16:02]

Iranian deputy foreign minister: "Iranian side is against laying a pipeline by the Caspian floor"

Iranian side is against laying pipelines by the Caspian floor, as it can "cause damage to the ecology of the sea", said Deputy Iranian Foreign Minister Mehti Safari, according to Novosti-Azerbaijan.
04 September 2008 [15:32]

Ukrainian ambassador to Azerbaijan: "The commodity turnover between Azerbaijan and Ukraine will reach $1 bln"

The commodity turnover between Ukraine and Azerbaijan will reach $1 bln in the next few years, said Ukranian ambassador to Azerbaijan Boris Klimchik, according to Novosti-Azerbaijan.
04 September 2008 [12:43]

The Economist: "Inflation will further rise and then gradually fall in the next five years"

GDP growth rates will fall down to 5-6% from the current 15-16% until 2012, said editor-in-chief of the survey department of The Economist Magazine Anna Walker.
04 September 2008 [12:02]

Baku to host third Energy Summit on November 14

Third Energy Summit will be held in Baku on November 14, Ukrainian Ambassador to Azerbaijan Boris Klimchuk said, APA reports.
04 September 2008 [09:30]

National Bank of Azerbaijan posts 32% rise in official currency reserves

As of September 1, the National Bank of Azerbaijan’s official foreign exchange reserves reached $5.3 billion, up 32.4% on January 1.
04 September 2008 [09:17]

AzAL to make in-flight Internet access available

Azerbaijan Airlines (AzAL) is going to buy Green Liner-700 and Green Liner-708 passenger aircrafts.
03 September 2008 [17:26]

IAEA representatives arrive in Baku

Representatives of the International Atomic Energy Agency arrived in Azerbaijan yesterday, said head of the Institute for Radiation Problems under the Azerbaijan National Academy of Science Adil Qaribov.
02 September 2008 [17:23]

France to deliver an aircraft to Azerbaijan next week

One more French-made ATR will be delivered to Azerbaijan on September 10 under the agreement between Avions de Transport Regional and Azerbaijan State Airline (AzAL), the flag carrier of the country.
02 September 2008 [15:47]

Ilham Shaban: "It would have been more correct to speak of 30% inflation rate by results of 2008, rather than 22-23%"

It would have been more correct to speak of 30% inflation rate by results of 2008, rather than 22-23%, said Ilham Shaban, head of the Center of Oil Researches, speaking of the real unofficial level of inflation by results of 2008.
02 September 2008 [15:16]

New buses brought to Nakhchivan

New buses have been brought to Nakhchivan City, Azerbaijan.
02 September 2008 [11:19]

Turkey-Russia trade halt can make imports low-priced in Azerbaijani market

From September 1, Turkey has started carrying out extra border inspections of Russian goods in a mounting trade row that was seen as retaliatory move after Russia imposed non-tariff barriers against Turkish exports and restricted Turkish goods sent to Russia from some logistic centers in Europe.
02 September 2008 [10:07]

Azerbaijan's inflation rate to hit 22-23% in 2008

Inflation rate in Azerbaijan will make 22-23% in 2008, said deputy Economic Development Minister Sevinj Hasanova.
02 September 2008 [09:41]

IAEA delegation to arrive in Azerbaijan on Sep. 2

The International Atomic Energy Agency (IAEA) will send a delegation to Azerbaijan on September 2, the IAEA coordinator for Azerbaijan Andrei Chupov told APA.
02 September 2008 [09:17]

Kulevi Oil Terminal reopens

Kulevi Oil Terminal in Georgia’s Black Sea shore has restarted full operation, said Nadir Azmammadov, Press Secretary of Azerbaijan State Railways Company (ADDY).
01 September 2008 [14:17]

ADB extends $160 million to Azerbaijan

On September 10, the Board of Directors of the Asian Development Bank is due to approve a $160 million loan for the Power Transmission Enhancement Project in Azerbaijan.
01 September 2008 [13:28]

Job fairs to held this week in six regions of Azerbaijan

The Employment Department of Azerbaijan’s Ministry of Labor and Social Protection will hold job fairs in six regions this week.
01 September 2008 [09:45]

Azerbaijan to create business incubator in Baku

Azerbaijan’s Ministry of Economic Development is going to establish business incubator in Baku as part of the industrial area project supported by the Korean Government.
01 September 2008 [09:41]

Turkish Fatoglu company to purchase grain from Sheki farmers

For the purpose of assistance to Sheki farmers in the sale of grain, the Azerbaijan's Economic Development Ministry arranged a meeting of local farmers with Turkish Fatoglu.
01 September 2008 [09:11]

Azerbaijan's Economic Development Ministry: "Country's GDP growth will make 18% next year"

The Ministry of Economic Development of Azerbaijan presented macroeconomic indicators for 2009 to the Ministry of Finance.
30 August 2008 [10:53]

Azerbaijan to be represented in international seminar on labor management

Seminar on "Strengthening of labor management in Azerbaijan, Kazakhstan, Georgia and Armenia" will be held in Turin (Italy) on September 22-26 under support of the International Labor Organization.
30 August 2008 [10:44]

Turkish Minister of Energy and Natural Resources to visit Azerbaijan

Turkish Minister of Energy and Natural Resources Hilmi Guler will visit Azerbaijan, Turkmenistan and Iran.
28 August 2008 [11:30]

Yuri Shedrin: "Azerbaijan is, undoubtedly, Russia's main partner in the region"

Day.Az interview with Yuri Shedrin, head of Russia's trade representation in Azerbaijan.
28 August 2008 [10:58]

Representatives of more than 100 countries to attend Youth Employment Summit in Baku

Nearly 600 people from more than 100 countries will arrive in the capital of Azerbaijan for participation in the fourth world youth employment summit (YES), reports the press service for Azerbaijan's Ministry of Youth and Sport, according to Novosti-Azerbaijan.
27 August 2008 [11:54]

Azerbaijan starts transporting oil via Iran

Iran has become a new transit route for exportation of energy sources from Azerbaijan.
27 August 2008 [11:47]

President of Azerbaijan familiarizes with new passenger buses, brought to Azerbaijan

President of Azerbaijan Ilham Aliyev familiarized with new passenger buses, brought to the country.
26 August 2008 [09:58]

President approves state program on food supply of population for 2008-2015

President Ilham Aliyev approved the state program on reliable food supply of population in the Republic of Azerbaijan for 2008-2015, the Press service of the President told APA.
26 August 2008 [09:36]

BTC pipeline back in service - UPDATED

A major fire-damaged oil pipeline carrying crude from Azerbaijan to Turkey was up and running again Monday after repairs, industry sources told AFP.
25 August 2008 [11:15]

Azerbaijan takes one of the last places for diesel fuel quality – Table

International fuel quality center (IFQC), Huston, has prepared a rating of 100 countries with the lowest norms of serum containment in diesel fuel.
23 August 2008 [11:11]

Ten wells to be launched at Bibi-Eybat field later this year

10 wells will be launched at Bibi-Eybat field in Azerbaijan later this year.
22 August 2008 [12:43]

Turkmen oil and gas minister to visit Azerbaijan

Minister of Oil and Gas industry of Turkmenistan Baymurad Khojamuradov will lead a delegation to arrive in Azerbaijan in the first decade of September.
22 August 2008 [09:10]

President of Azerbaijan allocates AZN 25 mln to encourage agricultural production in Azerbaijan

President of Azerbaijan Ilham Aliyev passed a decree on provision of additional support to supply agricultural producers with seeds, fertilizers and pedigree cattle, reports Day.Az with reference to the official website of the Azerbaijani President.