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"BAKU CHAMPAGNE WINES" PRIVATIZED
The limited liability enterprise "Intibah" has been announced as winner of the investment competition for privatization of the "Baku Champagne Wines" Open Joint Stock Company (OJSC). "Intibah" has taken over 85% of the OJSC, while the remaining 15% has been sold to the staff.
According to a source from the Ministry for Economic Development, "Intibah" is, within 30 banking days, to provide 60,000 privatization vouchers and to transfer AZM466 million to the OJSC's account within another 30 days. Within the first 6 months, the winner is also expected to invest AZM9.32 billion in establishing grape plantations in Agstafa, reconstruction of one of the processing factories in this province, purchasing and installation of refrigerators and compressors, etc.
Within 60 banking days, "Intibah" will transfer AZM3.2 billion to the state budget, of which AZM0.5 billion has already been paid. Another commitment assumed is to increase the enterprise's personnel from 380 to 480 (excluding Agstafa).
"Baku Roofing Slate & Ceramics" privatized
Local company "Progress-A" has won the investment bidding for privatization of the "Baku Roofing Slate & Ceramics" joint stock company. A source from the Ministry for Economic Development told Azernews Saturday that following signing of the sale and purchase agreement, the company is to submit, within 30 banking days, 40,000 privatization vouchers and transfer AZM100 million to "Baku Roofing Slate & Ceramics". In addition, within 6 months the company is to invest AZM5.29 billion in the JSC, which will be spent on production of slates, floors and ceiling, as well as maintenance, construction and reconstruction of the enterprise.
"Progress-A" is to transfer AZM600 million to the state budget within 60 days. In accordance with its investment program, the company is to open 250 new jobs in addition to 115 already on the payroll.
Another company, STL-K, was also involved in the bidding, but failed to provide a security bid.
COE TO IMPLEMENT PROJECTS IN AZERBAIJAN
The Ministry of Labor and Social Security of the Population jointly with the Council of Europe committees on social unity, migration and demographics are working on cooperation projects in the areas of employment, improvement of the social legislation and other social spheres.
Head of one of the Ministry's department Vahab Mammadov told Azernews Thursday that cooperation between the Ministry and the COE had started long before Azerbaijan was actually admitted to the Council, while now Azerbaijan has become the most active partner of the COE in the Caucasus.
The projects are expected to start in September and a committee has been set up within the ministry to handle the issue.
AZERBAIJAN's DEBT TO TURKISH EXIMBANK TO BE WRITTEN OFF
The issue of Azerbaijan's debt to Turkish EximBank in the amount of $74 million will be discussed during the upcoming visit by Azeri vice-premier Abid Sharifov to Turkey scheduled for August-September, according to a government source.
This will be a reciprocal visit following a recent trip to Baku by Turkish state minister Abdulkhalig Mehmet Chay. Then, the parties discussed the opportunities of expanding trade and economic relations between the two countries and resolving the existing problems.
TURKMENISTAN WANTS MONEY BACK
Turkmen government has called on Azerbaijan to repay its arrears without delay. Foreign media have quoted an Azeri government source as saying that vice-premier Abbas Abbasov has received a letter from his Turkmen counterpart saying that Azerbaijan had not been honoring the agreement to repay the arrears of $59.69 million, which expired in 1998.
The letter says further that if this continues happening, Turkmenistan can file a suit to the international arbitrary court or sell the debt to a third party, the letter says.
Turkmenistan believes that Azerbaijan used to owe Ashgabat $81 million for the gas supplies made in the period between 1993 and 1994, of which $22 million were repaid, while the rest was to be cleared before 1998.
Azerbaijan maintains that the debt is not $59 million, but just over $20 million. The issue is expected to become a talking point during the meeting of presidents Aliyev and Niyazov pending an informal CIS summit in Sochi.
AZERBAIJAN TO RECEIVE WB SAC-CREDIT IN 4th QUARTER
In October-November, the Azerbaijan government will receive a credit in the amount of $30 million from the World Bank to cover the budget deficit, according to a source from the Ministry of Finance. This will create suitable conditions for improving state budget indicators to last year's and paying off arrears on wages, pensions and allowances to state budget organizations. According to the Ministry, if state budget indicators are satisfactory this year, Azerbaijan will be able to receive a SAC-credit next year. SAC-credits are provided with yearly stakes of 0.5%.
CREDIT RATING FOR 2001 TO BE KNOWN SOON
British international rating agency Fitch has held numerous researches in Baku in an effort to determine the country's credit rating. According to the Finance Minister Avaz Alakbarov, Fitch is going to announce Azerbaijan's rating for 2001 within 10 days.
The minister added that the country's credit rating has been rising since 1998, which gives sufficient reason to believe that this year's will continue the tendency.
The current B-1 stage in the rating enables Azerbaijan to receive advantageous and long-term credits from international financial organizations and banks.
IBA CHARTER FUND TO FORM THIS YEAR
The Ministry of Finance is going to pay its share of AZM8.5 billion in the charter fund of the International Bank of Azerbaijan before the end of this year. the government has already decided to clear the amount, according to a source from the Ministry.
After the payment is made, the IBA charter fund will reach AZM20 billion. Privatization of the bank is largely dependent on a complete formation of its charter fund.
50.2% of the IBA is owned by the state (Ministry of Finance), while after privatization the state will retain only 5%.
ADB MISSION IN BAKU
An Asia Development Bank (ADB) delegation led by expert Laziza Saburova arrived in Baku Saturday. The delegation is expected to discuss with the Azerbaijan government the possibility of ADB's crediting infrastructure development projects in Azerbaijan.
According to a government source, the visit is scheduled to last till July 23, as the parties will explore cooperation opportunities over 5 projects mainly relating to construction, restoration of water economy and irrigation spheres.
ADB specialists already visited Baku in early June and selected the 5 projects for the approval by the Board of Directors. This visit is intended to identify the amounts necessary, credit terms and interest rates.
SEA FREIGHT EXCEED PROJECTIONS
The Caspian Shipping Company (CSC) has transported 4,798,000 tons of various consignments in 6 months of 2001, or 12.4% above projections. Of these 3,428,000 tons were transported by tankers, 599,000 tons by dry-cargo vessels and 771,000 tons by ferry-boats, the CSC said Thursday.
The biggest portion of cargoes, 4,215,000 tons, was transported in the Caspian basin, which included transportation along the Caspian section of the Eurasian transport corridor between Aktau and Baku, Okarem and Baku, Okarem-Absheron, Turkmenbashi-Baku, Alaja-Baku, and Alaja-Absheron. 3,310,000 tons were transit consignments.
CSC vessels have also transported 583,000 tons of various cargoes outside the Caspian basin.
TURKISH AGRICULTURAL MINISTER IN BAKU
A Turkish delegation of 25 people led by minister for agriculture Husni Yusuf Gokalp arrived in Baku Tuesday. The delegation also includes businessmen and MPs.
The second meeting within the bilateral science and technical cooperation committee will be held during this three-day visit. The delegation is expected to meet with the minister for agriculture Irshad Aliyev and other government dignitaries, a source from the Ministry of Agriculture told AssA-Irada Tuesday.
The visitors are scheduled to travel to Guba and Khachmaz to become familiar with a joint Azeri-Turkish seeding farm, visit a private tea factory and the Scientific Research Institute of gardening and subtropical plants.
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© 1998-2003 Azernews. All Rights Reserved.
Issue No.N29 (211), 2001
‘Peace process cannot be endless’, Baku tells OSCEShaki sentences grotesqueLebanon to open embassyABA TV closed downNews digestNationBusinessOil & gas news
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