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BRITISH COMPANY WINS INVESTMENT TENDER
British "Real Estate & Industrial Development L.L.C." has won a tender announced March 22 for privatization of the "Sabunchu Nitrogen-Oxygen" open joint stock company. The winner is to transfer AZM1 billion to the state budget and 24,000 privatization vouchers and AZM90 million to the JSC for implementation of construction work within 30 days since conclusion of the sales and purchase agreement.
Under the proposed investment program, the British company is to invest AZM3 billion in production of oxygen, nitrogen and argon in three months.
WB MISSION PUT OFF AGAIN
Before the end of this year, the World Bank is expected to provide a loan of $30 million to Azerbaijan as part of the SAC-2 project in support for structural reform and reduction of budget deficit. A WB mission was originally scheduled to visit Baku on September 17, then later that month, while now the visit is expected to take place in October.
According to a source from the WB Baku office, the delay doesn't at all mean that the Bank is in two minds and only has to do with the US terror attacks.
AZERI-MOSCOW COMMISSION TO MEET IN BAKU
Representatives of the Moscow government are currently in Baku on a two-day visit and are expected to attend a third meeting of the inter-governmental commission. The group is going to focus on the progress of joint projects, possibilities of establishing direct contacts between Azeri and Moscow enterprises, agricultural cooperation, etc. The commission is co-chaired on behalf of Azerbaijan by the first vice-premier of the Azerbaijan government Abbas Abbasov, while on behalf of Moscow by the first vice-premier of Moscow Ludmila Shvetsova.
IBA TO ESTABLISH INSURANCE COMPANY
According to the business plan of the International Bank of Azerbaijan (IBA), the bank is going to establish its insurance company. The IBA board has decided that the company's charter fund would be $5 million. German "Allianz", also represented in Russia's insurance business, has offered its participation in the IBA project.
The new company will be set up before the end of this year, as IBA is expected to contribute 60% of the charter fund. The rest will be formed within one year.
STANDARD CEMENT DESIGNED
The "Garadagh Cement" open joint stock company has prepared and forwarded to the State Committee on Standardization and Metrology a draft package of standard cement.
According to the "Garadagh cement" technical manager G. Bran, the standards have to do with reliability checks of 2- and 28-day cements. In accordance with the standards, the cement brand is to be determined. He said the company currently produces cement brands Set II40 for and Set II30.
Mr. Bran said "Garadagh Cement" is soon expected to join the ISO standards and obtain a corresponding certificate.
NEW BANKNOTES DUE NEXT YEAR
New banknotes with the denomination of AZM1,000, 10,000 and 50,000 are expected to arrive in Azerbaijan next year, according to the National Bank. The postponement from the end of this year till the beginning of 2002 is explained by the fact that European companies printing money are currently engaged in printing Euro banknotes.
The new money will be brought in the republic in three stages: in January, February and March. The source has declined to reveal how much is to be brought.
Although the National Bank also planned to issue banknotes with the denomination of AZM20,000, it has been decided not to print them.
NBA is going to carry out denomination of the Manat in 2005, therefore, it now prefers not to spend too much on printing new banknotes.
ISRAELI AMBASSADOR, AGRICULTURAL MINISTER DISCUSS CO-OP PROSPECTS
Minister for Agriculture Irshad Aliyev received the Israeli ambassador to Azerbaijan Eytan Nazkh last week and spoke of the agrarian reforms underway, the potential, investment opportunities, and the application of advanced technologies. The Israeli diplomat, in turn, shared his country's achievements and technologies in use. The parties underscored the importance of exchange of information.
EUROPEAN TOBACCO HIKES EXPORTS
Since being established on February 1, 2000, the European Tobacco Baku open joint stock company has produced over 7 billion filter cigarettes totaling AZM339.7 billion. $9.43 million worth of cigarettes were exported to CIS countries, as well as free economic zones of Turkey, Mongolia, Pakistan, UAE, etc. More than AZM106 billion was transferred to the state budget on account of arrears of the previous Baku tobacco enterprise.
In 9 months of this year, European Tobacco Baku was among Azerbaijan's major taxpayers in the non-oil industry. In January-September the enterprise paid AZM54.9 billion to the state budget in taxes, 45.2% over last year's total.
A total of 2.126 billion filter cigarettes were produced in 2000, while in the 9 months of this year the figure already stands at 5.076 billion. The company has raised its exports by 4.2 times, from $1.83 million worth of cigarettes sold in 2000 to $7.6 million worth in 9 months of 2001.
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© 1998-2003 Azernews. All Rights Reserved.
Issue No.N-41 (223), 2001
News digestNationBusinessOil & gas news
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