Business

ECONOMIC BENCHMARKS OF 2001 INTRODUCED

Vice-premier Yagub Ayyubov introduced the economic benchmarks of 2001 in a traditional news conference at the headquarters of the New Azerbaijan Party Friday.

According to statistics, AZM17.6 trillion worth of industrial products, or (105.1% to 2000), oil totaling AZM14.9 trillion (102.3%), 18.8 billion kWhs of power (101.2%), and agricultural goods totaling AZM5.9 trillion (111.1%) were produced in Azerbaijan last year. AZM5.6 trillion was invested in construction (117.1% of last year's volume) and trade turnover reported AZM11.9 trillion (109.9%). Besides, AZM80 billion worth of mechanical engineering products (103.6%) were manufactured.

Mr. Ayyubov told journalists that most of the mechanical engineering and metallurgy enterprises had been denationalized, while the remaining installations would be put on investment tenders. He added that the reconstruction of power plants had enhanced their capacity by 200 mega watts.

COTTON ENTERPRISES TO BE PUT ON AUCTION

Cash auction of 16 joint stock companies established in lieu of former cotton-cleaning enterprises is due on February 12. Azerbaijan used to operate a range of 18 cotton-cleaning enterprises, with two of them privatized and 16 converted into joint stock companies.

The charter capitals of the enterprises are estimated at between AZM2.7 billion to 17.3 billion, the Ministry of Economic Development said Tuesday.

EUROPEAN TOBACCO BAKU PLANNING NEW OUTLETS

By Tofiq Niftaliyev Azernews Staff Writer

European Tobacco Baku is planning to open new outlets in Baku as part of its expansion in the country. This envisions the opening of over 2,000 trading outlets of the company.

The plan totaling some $6 million will be put to work after the Mayoral Office of Baku issues a relevant sanction, according to the company.

Some 9 bn produced

As of January 1, 2002, European Tobacco Baku open joint stock company had produced a total of 8 billion 933 million filter cigarettes totaling AZM430.3 billion since it launched production, according to the company.

Cigarettes totaling $12.1 million had been exported to Central Asian and CIS countries, the free economic zone in Turkey, Mongolia, Pakistan, Afghanistan, the UAE, and other Arabic nations. European Tobacco Baku started operations in February 2000. 92.5% of its shares is owned by Sorex, a company that invested $49.8 million in the enterprise.

Tax duties up

AZM75 billion, or AZN37.8 billion over 2000, were transferred to the state budget in 2001. The rise was possible after the production of filter cigarettes had surged 3.2 times, with 6.807 billion cigarettes produced in 2001 to 2.216 billion in 2000.

The company exported $10.2 million worth of cigarettes last year.