Jan.28
New gas storage facility construction underway in Azerbaijan
The State Oil Company of Azerbaijan (SOCAR) is drilling the first well as part of creation of new gas storage facility in the Nakhchivan Autonomous Republic (NAR), a source in SOCAR told Trend. According to the source, the well depth currently reaches about 300 meters. As the source said, the underground gas storage facility will be established in the area of an underground salt deposit in Nakhchivan. At present, there are two underground gas storage facilities- Kalmaz and Garadag in Azerbaijan.
Azerbaijan to provide monitoring of movement of vessels under Georgian flag
After the launch of the first telecommunications satellite Azerspace/Africasat-1, Azerbaijan will conduct monitoring to ensure the safe movement of vessels independently by using its own satellite. This was said by the head of the Azerbaijani State Maritime Administration, Gudrat Gurbanov during a meeting with the head of the Maritime Administration of Georgia Mamuka Akhaladze in Baku. The meeting was also attended by the Ambassador of Georgia to Azerbaijan, Teymuraz Sharashenidze, a statement released by the administration on Monday says. During the meeting, Gurbanov told the guest about the structure and activities of the administration, as well as of functional specifications and capacities of the National Center for recognition and tracking of ships over long distances. In the absence of such a center in Georgia, negotiations between the parties resulted in signing of a contract, according to which the National Center will provide recognition and tracking of vessels sailing under the Georgian flag as well.
Jan.29
Leading Iranian Training Centre receives certification on insurance qualifications Azerbaijan
Azerbaijan Risk Professionals Association has signed a cooperation agreement with a leading organisation Business Idea Centre licensed to conduct training in the field of insurance in Iran, the association said on Tuesday. In October 2012, the association received the status of an accredited centre from the Chartered Insurance Institute, not only locally, but also in the region. In connection with this, a large number of applications are being submitted to ARPA for holding certifications on qualifications in the field of insurance. 'Due to a number of political reasons, Iran is limited in partnership, stable development of certain areas and therefore, in receiving relevant information and instruments used in the market in a specific environment', the statement said.
SOCAR, Microsoft sign strategic treaty
The State Oil Company of Azerbaijan Republic signed Microsoft Enterprise Agreement. Strategic partnership with the corporation and signing of a long-term license agreement in the framework of the Microsoft Enterprise Agreement corporate licensing will help enhance the effectiveness of the State Oil Company's operations, provide the restructuring of the information environment using cutting-edge technologies, facilitate management and demonstrate commitment to the concept of intellectual property protection. It should also be noted that the licensed software project is operated by Softline, which holds the status of Microsoft Large Account Reseller in Azerbaijan, Microsoft said.
Potential shareholders of first private credit bureau in Azerbaijan look for technical partner
The executive committee of the first private credit bureau to be created in Azerbaijan has decided to send a request under the Request for Information (RFI) Act for information from potential technical partners willing to participate in the bureau, IFC project coordinator of the financial infrastructure in Central Asia and Azerbaijan Teymur Eybatov told Trend. This issue was discussed at the last meeting of the committee today represented by potential shareholders of the credit bureau, including Access Bank, AGBank, Azerbaycan Senaye Bankı, Bank Respublika, Demir Bank, Muganbank, PASA Bank, Turan Bank and Yapı Kredit Bank Azerbaijan. They signed a memorandum of understanding.
Jan.30
Two major Azerbaijani investment companies interested in Georgia
Issues of investment in various sectors of Georgian economy were discussed by Georgian Economy Minister Irakli Kvirikashvili and Azerbaijani investors. The minister met with representatives of major Azerbaijani companies Sincargo and Silk Way, Georgian Economy Ministry told Trend. The sides discussed issues of investment in agriculture, logistics and construction industry in Georgia. As the ministry noted, Azerbaijani side expressed particular interest in investing in construction of shopping centers, gardening, equipping farms and breeding cattle. Azerbaijani investors also expressed willingness to invest in development of Georgian tourism sector. Sincargo and Silk Way companies have offices and logistics centers in the UAE, Turkey, Russia and China.
Baku, Tbilisi discuss accelerating of construction of Georgian section of the BTK railway
Issues of accelerating of the construction of the Georgian Marabda-Kartsakhi section of the Baku-Tbilisi-Kars (BTK) railway discussed in the Ministry of Economy of Georgia. As the ministry explained, the parties discussed and agreed on plans for future activities to accelerate work on the Georgian section of the building. As reported ministry told Trend, minister Irakli Kvirikashvili therefore met with Marabda-Kartsakhi bilateral coordination council chairman, head of Azeryolservis JSC of Ministry of Transport of Azerbaijan Javid Gurbanov.
KfW ready to continue supporting water project in Azerbaijan
German Development Bank KfW is ready to continue funding the further reconstruction of water supply and sewage systems in Ganja and Sheki, undertaken jointly with the Azerbaijani government as a part of a 'Second open municipal infrastructure programme'. As Azersu, the national water operator told Trend on Wednesday, the bank's delegation is currently on a three-day visit to Baku. It includes project manager Ursula Hister and chief engineer Thomas Wolf. During a meeting held at Azersu, Hister praised the cooperation in the project, noting that in the future KfW is ready to support restoration of the water and sewerage systems in these two cities. Financial issues, the current progress in the works and in particular construction work, management, water treatment, installation of meters and those activities to be implemented within the next stage of the project will be discussed during the visit.
Jan.31
Capital adequacy requirements to be introduced in Azerbaijan for investment companies
A legal framework on capital adequacy for investment companies in accordance with EU directives will be created in Azerbaijan, the Azerbaijani State Securities Committee said today. Baku is hosting a workshop on "Capital requirements for investment companies" with the participation of the Polish Financial Control Agency and the German Financial Control Agency in Baku from Jan. 28-Feb.1. The workshop is being held within the twinning project "Institutional development of the State Securities Committee and bringing the Azerbaijani legislation in the field of securities in line with EU legislation".
President Ilham Aliyev opens new substations and administrative buildings of Bakıelektrikshabaka company
Azerbaijani President Ilham Aliyev has today inaugurated new substations and administrative buildings of Bakıelektrikshabaka company. The President first opened a 110/35/6Kv substation in Narimanov district. The Head of State pushed the start button to put the facility into operation. Through a video conference President Ilham Aliyev watched the opening of 35Kv substations in Nasimi, Surakhani, Binagadi, and Sabail districts as well as administrative buildings of power supply departments in Khazar, Surakhani, Sabunchu, Garadagh and Yasamal districts and the office of the Department of Control.
Feb.1
Nakhchivan Automobile Plant starts assembling microbuses
The Nakhchivan Automobile Plant has started producing commercial Nazlifan LF 6401 microbuses, the enterprise told Trend today. According to the employees, the load of both cars is 800 kilograms. It can seat six people, besides the driver. The cost of new models is about 10,500 manat. The warranty is for two years or 40,000 kilometers.
Azerbaijani State Oil Fund brings another batch of gold
Additional 1 ton of gold (32 150 troy ounces) purchased by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in compliance with the rules set forth by the LBMA was imported to Azerbaijan by the UK's Brinks Global Services on February 1, 2013 and temporarily stored in the vaults of the Central Bank of the Republic of Azerbaijan, SOFAZ said. The first batch of gold at the same amount was delivered to the country on January 11. The total amount of gold imported by the Oil Fund to Azerbaijan is approximately 2 tons (64 300 troy ounces).
Feb.2
Confectionery put up for investment competition in western Azerbaijan
The State Property Committee of Azerbaijan has announced an investment competition for sale of a 30.03-percent share of "Ganca-Qannadı" (Ganja Confectionery), the Mulkiyyet newspaper reported. The competition is open to physical and legal entities of Azerbaijan and foreign investors. Applicants must submit an investment program with proposals for the production of confectionery products and other industrial products, installation of the necessary equipment.
