Business

Energy in focus

By Lachin Mahmudlu Azernews Contributor

Azerenergy joint stock company in association with the Ministry of Economic Development has worked out a program for the country's energy supplies by 2010, chairman of the JSC Etibar Pirverdiyev told a news conference at the headquarters of the New Azerbaijan Party Friday.

According to him, the program envisions improving domestic energy supplies, reconstructing hydro and heating power plants, and will be forwarded to the government soon.

Underlining the work done in the energy sector over the past years, Mr. Pirverdiyev said the Baku Heating Power Station had been completely refurbished, and three hydro aggregates installed in the Yenikand Hydro-Power Plant, while the fourth will have been installed by the end of this year.

Delay

A regional trilateral energy project, approved by Azeri, Georgian and Turkish Presidents is delaying due to financial constraints.

Azerbaijan, in particular, should spend $90 million as part of the project, according to Azerenergy President. Azerbaijan can play a transit role, relaying Russian energy to Turkey.

Power line to Iran

A new electricity transmission line is now in focus, as Iranian energy executives are expected to visit Baku soon to hold negotiations with Azerenergy and relevant entities on laying energy links between Astara province of Azerbaijan and the same named region in Iran.

US embassy holds financial workshop

The US embassy in Baku organized a financial workshop as part of the Caspian Oil and Gas Exhibition Tuesday.

Talking to the workshop, US ambassador Ross Wilson stressed the importance of the exhibition, saying that it is important not just from the viewpoint of Azeri economy, but also for investments, which will bring about new funding sources for the non-oil sector. Investments are expected to create incomes and develop health and education. US special envoy on Caspian energy issues Steven Mann said that the region, including Azerbaijan, is significant for the US administration. He noted that the message from US President Bush to his Azeri counterpart Aliyev stresses the necessity of bilateral economic and political relations. The construction of the Baku-Tbilisi-Ceyhan will let the region flourish, Mr. Mann stated. The workshop centered on ways of energy development in the Caspian basin, activities with the Overseas Private Investment Corporation, the US Agency of Commerce and Development, US Eximbank, etc.

British, Azeri officials, companies to discuss business co-op

The annual meeting of the Azerbaijan British Trade and Industry Council will take place in Baku on June 6. The group meets annually to discuss facing trade and investment between the United Kingdom and Azerbaijan.

British members of the Council are drawn from the British Department of Trade and Industry and British companies working in Azerbaijan. Members of Ministries, the Chamber of Commerce and Trade and the Entrepreneurs Confederation are expected to represent the Azerbaijan side.

Established in 1995, the Trade and Industry Council aims to facilitate bilateral trade and investment between the United Kingdom and Azerbaijan. The meetings allow a free and frank exchange of ideas and information. It also gives British companies an opportunity to raise concerns and problems they experience working in Azerbaijan.

The year's meeting will be co-chaired by Azeri Deputy Foreign Minister Mahmud Mammadguliyev and Deputy Director for Europe, Trade Partners UK, John Slate.

Physical entity to run Baku Chemical Drug enterprise

Physical entity, Aslan Sultanov has won an investment tender for selling shares in Baku Chemical Drug joint stock company, as he signed a contract with the Privatization Department of the Ministry for Economic Development.

Under the contract, Mr. Sultanov has undertaken to transfer AZM1 billion to the state budget and forward 50,000 state privatization vouchers to the department. The winner's investment program envisions an investment of AZM2.4 billion in recreation of jobs and increase in production of medicines and bandage to international standards. The enterprise's total staff will consist of 120 employees in two years with their wages surging twice or three times, the Ministry said Thursday.

Meeting of Azeri-Austrian commission in Baku

The second meeting of the Azeri-Austrian joint commission on economic, agricultural, industrial, technical, and technological cooperation started at the Hyatt regency Hotel of Baku Monday. Azeri co-chair of the commission, Minister for Economic Development Farhad Aliyev spoke of the activity of the commission and its first meeting in June of 2000 in Vienna. Austrian co-chair, director of the Foreign Investment Department of the Chamber of Economy Iohann Saggs said Austria was interested to invest in Azerbaijan's tourism and other industries. The commission, which is expected to last till Wednesday, is focusing on the economic situation in the two countries, determining priorities and prospects of economic cooperation. The co-chairs are expected to sign the protocols of the meeting.

Privatization to generate new incomes

Privatization of state-run enterprises through investment tenders is reviving and expanding production processes and opening new jobs, the Ministry of Economic Development said in a statement Friday. 600 people are now working for Siyazan Broiler, a chicken and egg producer, with their number expected to double before the end of this year.

A hundred have got jobs at Sabunchi Nitrogen Oxygen joint stock company, 340 at Baku Slate and Ceramics JSC and 400 at a steel plant constructed by Baku Steel Company. 70 people are expected to work for newly privatized Goradil Poultry, 300 for Azermachineryequipment and 120 for Baku Chemistry Drug joint stock companies. The mandatory condition for tenders is availability of provisions for better social conditions of employees in investment programs.

New Baku-Karachi flights to open

By Saba Agayeva Azernews Staff Writer

General Director of the Azerbaijan Airlines state concern Jahanghir Asgarov and Aviation Secretary of the Pakistani Ministry of Defense Abdul Rauf Choudri, in Baku since May 25, signed Friday a memorandum "On understanding between aviation authorities of Azerbaijan and Pakistan". The document is designed to open regular Baku-Karachi flights, as well as boost cooperation. Mr. Asgarov told the signing ceremony that the memorandum would enable AzAL to conclude contracts with Pakistani airlines. According to him, two companies have shown interest and Baku-Karachi flights are expected to open within 60 days, as Azeri and Pakistani aircraft will fly twice a week. The Pakistani aviation official asked his Azeri counterpart to influence simplification of visa regime in a bid to hike the number of passengers. He noted that flight safety was on a very high level.

The aviation authorities of the two countries explained the closure of Pakistani Airlines, which was conducting Baku-Karachi flights, in Azerbaijan with economic problems and high tariffs, which have now been lowered.