News

Let’s discover new tourist routes of Azerbaijan” project will be realized for the first time on September 3-5 by the organization of Azerbaijan’s Ministry of Culture and Tourism, official of the Ministry Jafar Garayev told APA.

Owner and president of Russia’s Lukoil Company Vahid Alejberov intends to leave his post. []

The III International Baku Conference of CIS member-states "Financial institutions - the basis of structural modernization of the CIS economy" will be held this year. []

The first Renewable Energy Caucasus Forum under the Official Patronage of the European Commission Delegation to Azerbaijan will be held in Baku September 7-8, 2010. []

The Trans-Caspian Oil Transport System (TCOTS) for transportation of Kazakh oil through Azerbaijan will be put into operation in late 2012 - early 2013 with development of the Kashagan field, Kazakh Ambassador to Azerbaijan Serik Primbetov said at the news conference today. []

Turkish Prime Minister Recep Tayyip Erdogan is expected to attend the Istanbul Finance Summit on August 28-30, 2010, IFS Execution Committee told APA.

The State Oil Company of the Azerbaijan Republic (SOCAR) and Russia's Gazprom are negotiating gas prices for 2011, Russian Trade Representative in Azerbaijan Yuri Shchedrin said at a news conference today.

Several documents are expected to be signed between Azerbaijan and Russia in September, Russia’s trade representative in Azerbaijan Yuri Shadrin told in press conference about results of trade relations in first half-year, 2010, between Azerbaijan and Russia.

Russian government may ban the wood export after grain export due to fire in forests in Russia, Russia’s trade representative in Azerbaijan Yuri Shadrin told in press conference about results of trade relations in first half-year, 2010, between Azerbaijan and Russia.

One of the Russia’s leading communication operators MTS presented to its subscribers bearing no interest money transfer to CIS countries.

The transport corridor Azerbaijan - Georgia will soon become a real rival to the Russian and Iranian transport corridors, Prime Minister Nika Gilauri said today at a meeting of the Georgian government.

Nabucco gas pipeline project, designed to transport gas from the Caspian region and the Middle East to the EU countries will be implemented, but later than planned, Editor-in-chief at Eurasia Energy Observer, Andrej Tibold, said.

Georgia and Azerbaijan plan to cooperate in the telecommunications sector.

BP appointed Robert Dudley as new Chief Executive.

President of Azerbaijan Ilham Aliyev signed an order for strengthening of material-technical basis of state run leasing companies in agrarian sphere.

Parliament endorsed on July 6 with 88 votes to 5 in first reading a draft law on privatization of state assets, lifting restriction on sale of Georgia’s North-South Gas Pipeline, Civil Georgia reported.

Poland’s cooperative BPS bank says it’s the first in Europe to install a biometric ATM -- allowing customers to withdraw cash simply with the touch of a fingertip, CNN reported.

The Azerbaijani tax system has a sound legislative framework for regulating tax relations, Tax Minister Fazil Mammadov told the Izvestia newspaper this week.

Azerbaijan and Egypt consider the prospects for expanding cooperation in energy sector, in particular through joint geological and exploration- production work and oil and gas production, refining and transportation of hydrocarbons, Egyptian Petroleum Minister Amin Sameh Samir Fahmy said in Baku today. .

Azerbaijan shows interest in realization of the Pan-Arab gas pipeline project, Azerbaijani Industry and Energy Minister Natig Aliyev said during his meeting with Egyptian Minister of Petroleum Amin Sameh Samir Fahmy.

The Flame Tower, which is located opposite the parliament building (in place of the former hotel "Moscow"), symbolizes the eternal flame of Azerbaijan - the country's lights, the NGO Participants of the property market said in its Journal of "Emlak bazarı".

The Azerbaijani Confederation of Entrepreneurs (Employers) has become a full member of the International Organization of Employers (IOE), the confederation reported.

Azerbaijan President Ilham Aliyev signed a decree on the application of the bill "On amendments and changes" to the Law of the Azerbaijan Republic on traffic rules and code of administrative offenses, the AzerTaj state news agency reported.

Russian energy giant Gazprom and Beltransgaz have signed a supplementary agreement to their gas transit contract, the head of the Belarusian pipeline operator said Friday, RİA Novosti reported.

Terrafugia has received approval from the Federal Aviation Administration that allows it to move into production, WHIO Radio reported.

International Bank of Azerbaijan (IBA) and the Islamic Corporation for Private Sector Development have signed an agreement on the conditions of the funding line today in Baku.

Holding of the fifth Global Forum on Islamic finance 'Global stability and the path to integration' by the Islamic Development Bank (IDB) will give impetus to the development of relations among the IDB members-countries, as well as an give an opportunity to discuss the possibility of signing new agreements in the meetings, Azerbaijani Economic Development Minister Shahin Mustafayev said today.  

Azerbaijan holds intense operations to develop the financial services industry in recent years, and great success has been achieved in this direction, the Islamic Development Bank (IDB) president Ahmad Mohammad Ali said at the 5th Global Forum on Islamic finance of the IDB on the topic "Global stability on the way to integration" held in Baku.

Expanding its support for oil and gas producers that play a vital role in the economic growth of the Caspian Sea Region, GE Oil & Gas today officially opened a new Global Services facility south of Baku in the Republic of Azerbaijan, the company reported.

Russian President Dmitry Medvedev ordered Gazprom to start cutting gas supplies to Belarus but continue talks with Minsk, Gazprom CEO Alexei Miller said on Monday, RIA Novosti reported.

Russia is readying itself to drastically reduce the amount of gas shipped to Belarus if gas monopoly Gazprom does not receive a 155-million-euro (192.1-million-dollar) payment by Monday, reported the Interfax news service Friday.

An agreement signed between Turkey, Greece and Italy is a big step in implementation of the project of Turkey-Greece-Italy (ITGI) pipeline, because the document finally determines the basis for gas transit through Turkey, but also provides an opportunity to accelerate the conclusion of the gas contract with Azerbaijan to pump fuel via ITGI, Roberto Poti, Executive Vice-President says.

Gazprom may cut 85% of gas deliveries to Belarus from June 21 due to outstanding debts, the Russian energy giant’s CEO Alexei Miller said Thursday, APA reports quoting RIA Novosti

The state budget bill for 2010 was pulled foir discussion in the meeting of Azerbaijan’s Milli Mejlis, today.

International Economic Forum – 2010 started in St. Petersburg (Russia).

The State Oil Company of Azerbaijan Republic's (SOCAR) Production Union "PU) Azerikimya held cleaning day on the World Environment Day, SOCAR reported.  

 Preparations are underway to hold the 35th Annual Meeting of the Islamic Development Bank in Baku, Azerbaijan during the period 23-24 June 2010, where Ministers of Finance, Economy, and Planning will attend the Meeting on behalf of the (56) member countries.  

Deputy Chairman of the Management Committee, Director General of Gazprom export Alexander Medvedev and DESFA’s chairman Georgeus Paparsenos signed an agreement for the construction of the Greek section of the South Stream pipeline, today in Moscow,  

 Azərbaycan bazarında yeganə yerli “Yaşıl Noxud” istehsalçısı olan “Natural Green Land” fabriki Biləsuvar rayonunda yeni mövsüm istehsalına başlayıb. Bu barədə “APA-ECONOMICS”ə “Azersun Holding”dən məlumat verilib.  

 Accessbank was awarded conservative of customer prize for experience of elimination of debt and to guard the customers, in the conference of Micro Finance Center in Kazakhstan.  

The Institute of Information Technologies of the Azerbaijani National Academy of Sciences has developed an algorithm of unique identification numbers, the institute said.

Realization of the Baku-Tbilisi-Kars railway project construction will erect a bridge between West and East, Azerbaijani Economic Development Minister Shahin Mustafayev said at the Georgian-Azerbaijani business forum in Tbilisi.

Azerbaijani economy has reached economic growth in 9.3 percent in 2009, Azerbaijani Minister of Economic Development Shahin Mustafayev said at the Georgian-Azerbaijani business forum in Tbilisi today.

Georgia intends to open the Agency for Promoting Georgian Investment in Azerbaijan soon, Georgian Minister of Economy Zurab Pololikashvili said in Tbilisi at the end of the Georgian-Azerbaijani business forum.

Azerbaijani volumes are sufficient to underpin the development of a medium-sized EU pipeline such as ITGI, EU information website EurActiv reported referring to the project manager Elio Ruggeri.

The president of the International Civil Aviation Organization (ICAO) said on Tuesday that it is safe to fly to Europe now that authorities there have decided to reopen air space and traffic, Reuters reported.

The International Monetary Fund is recommending that banks and other financial institutions pay fees to cover the cost of any future government bailouts, Associated Press reported.

Broad restrictions canceling flights to the U.S. in the past five days due to the erupting volcano in Iceland has cost the U.S. economy $650 million, according to the U.S. Travel Association.

The International Bank of Azerbaijan was awarded the Best Sustainability Deal prize of Britain’s EMEA Finance magazine for participation in New Yashma project on the production of wind power station.

The State Service of Anti-Monopoly Policy and protection of consumer rights under Azerbaijan’s Economic Development Ministry has instituted a proceeding against Azerbaijan Coca-Cola Bottlers, Mars Overseas Baku and TAC on the fact of violation of anti-monopoly law.

The English Behre Dolbear Engineering Services LTD won the tender announced by the Azerbaijani International Mineral Resources Operating Co.Ltd (AIMROC) to hold the initial feasibility study, which will be the completion of the final feasibility study within the framework of a project to develop the Chovdar field, the tender commission reported.