Business

Moncrief, Petoil quit Azerbaijan... Nation's Energy enters
The US company Moncrief Oil and Turkey's Petoil have quit Azerbaijan, selling all their operations to Canadian oil major Nation's Energy, industry sources told Azernews.
Moncrief Oil as the operator of two onshore projects in Azerbaijan was in charge of development of the Kalamaddin-Misovdag and the Padar-Xarami contract areas.
With Moncrief's withdrawal Nation's Energy has become the operator for both projects.
Michael Palmer, a former manager of Nation's operations in Kazakhstan, has been appointed as company representative in Azerbaijan. The company did not elaborate on the deal, which was brokered finally by the end of February.
A production-sharing agreement (PSA) on the Kalamaddin-Misovdag onshore block was signed in Baku on September 12, 2000, and took effect on November 5, 2000. Moncrief as the operator with a 49.3-per-cent stake partnered the agreement with Petoil, 35.7 per cent, and the State Oil Company of Azerbaijan, SOCAR, 15 per cent. In addition to the operating right, Nation's Energy has also acquired all of the foreign partners' shares in the project.
The partners set up Qarasu Operating Company (QOC) to develop the contract area. KOC has succeeded in raising the daily discharge rate up to 2700 barrels, or roughly 370 tons per day of crude oil, following completion of several exploratory bores and rehabilitation of some of the previously abandoned wells. It has been estimated that the concession has up to 10 million tons of recoverable oil reserves.
PSA on the onshore block including Boyuk Xarami, Kicik Xarami, Padar, Qirliq and Kurtalis structures was signed in Washington on April 27, 1999, and take effect on July 25, 2000. The contract area is adjacent to the Kalamaddin-Misovdag concession. Prior quitting the contract Moncrief had a 80-per-cent stake in the project, with the State Oil Company of Azerbaijan, SOCAR, retaining the remaining 20 per cent. With Nation's entering into the PSA, the Canadian major has become the owner of Moncrief's stake.
Exploration work on the area was carried by Azerbaijani specialists in the 1950-1970s, when an insignificant  flow of oil and gas was tested at the Xarami field. According to SOCAR estimates, the contract area contains up to 30 million tons of oil reserves.

Hilal Electric moving forward with confidence
The Hilal Electric company opened its new shop in a large and modern-style renovated building located in Xaqani Street 49 in Baku on Tuesday.
Speaking at the ceremony were Turkish Ambassador to Azerbaijan Ahmad Unal Cevikoz, member of the ruling Justice and Development Party (AKP) and deputy of the Turkish parliament Ilyas Chakir, as well as president of Hilal Electric LTD Zikrullah Gunaydin.
Though Hilal Electric was set up in Turkey in 1985, it achieved much in a short period and expanded its activity abroad. The company started operating in Azerbaijan in 1995 and works on the principle of good quality production, reliable service and customer care. All activities are carried out under the control of qualified engineers and technicians. Hilal Electric is continuing to invest in Azerbaijan. As a result, the 600-sq.m showroom with its 900-sq.m warehouse and an assortment of 600 products, which was inaugurated on Tuesday, is the largest of its kind in the Caucasus.  Hilal Electric offers Aksa generators, Cetinqaya stabilisors, famous names such as Philips, Pelsan, Hes Kablo. Moreover, it is the exclusive distributor of the Alarko Carrier heating, cooling and air conditioning systems. The company also offers items produced by Legqand, Ticino, Siemens, Safak, Massive, Viko, Murat, and other reputable manufacturers. Hilal Electric provides all services up to ISO-9001 and 14001 quality standards.
The new shop is expected to employ some 40 Azerbaijanis.

Pakistan unhappy with weak economic co-op
Pakistani Ambassador to Azerbaijan Faiz Mohammed Khoso conducted a news conference on Saturday on the occasion of the embassy's ten-year activity and Pakistan's National Independence Day.
The ambassador expressed satisfaction with the progress of bilateral political relations, though he noted that economic cooperation was not in proportion to its potential.
He regretted that cooperation in the spheres of agriculture and construction technology had not been improved, though Pakistan has achieved a lot in these areas. Furthermore, the ambassador said an exhibition of Pakistani goods and a business forum would be organized in Baku before the end of the year and Azerbaijan-Pakistan Friendship Society would be set up.  Mohammed Faiz Khoso told journalists that cement and sugar factories are planned to be constructed in Azerbaijan and currently, seeking investing opportunities for these projects are sought.
Military co-op
"Azerbaijani-Pakistani military co-operation is presently confined to personnel training," Ambassador Khoso was quoted as saying. Regarding the training of the Azerbaijani military in Pakistan signalling the start of military co-operation between the countries, the ambassador said he hopes for the enhancement of bilateral co-operation in other fields in future.
In respect of possibilities for the unification of military efforts by Azerbaijan and Pakistan to resolve conflicts over Upper Qarabag and Kashmir, the ambassador said that for the time being they (Pakistan) prefer peaceful resolution to the dispute.

Polish House of Commerce to open
The Baku-based Polish House of Commerce with Caucasus and Central Asia countries is to open in the near future. A follow-up to the project will be discussed during the visit to Azerbaijan by representatives of Polish business circles. The Polish Embassy told AssA-Irada that the visiting delegation of 12 representatives of companies involved in power engineering, oil and gas, industry and other fields of the economy, would have talks with Azerbaijani officials and hold a business forum on Thursday. There are about 20 private Polish companies active in Azerbaijan. Over the past year, the trade turnover  between the two countries has constituted $30m in favour of Poland. Industrial products, machinery and gears are the main items of Polish exports to Azerbaijan.

Japanese bank delegation to arrive
A delegation of the Japan International Cooperation Bank is expected to arrive in Baku shortly to discuss details the second stage of the loan for the Simal state power plant construction in Suvalan settlement. The Cabinet of Ministers informed AssA-Irada that in a formal letter submitted to the Azerbaijani government last week, the Japanese side agreed to allocating the loan. As the 400-mWt second steam-gas unit starts operating, no problem will remain with the electricity supply to Abseron peninsula.
The first 300-mWt steam-gas unit was put into operation in November last year.

Individuals paid over 8bn manats in taxes
A total of 56,119 individuals have remitted AZM8.376bn in taxes to the state budget in January through February of the year.
The press office of the Ministry of Taxes told AssA-Irada that in the same timeframe there had been noted rise in the number of individuals running retailing, public catering and motor transportation businesses. In total, 18,296 individuals were involved in the private sector in Baku as of January-February 2003, transferring AZM3.404bn in taxes to the state budget.

Baku, Islamabad to resume direct air-route
"Turanair, a private airline company, will start carrying out direct airtrips between Azerbaijan and Pakistan," Pakistani Ambassador Faiz Mohammed Khoso told AssA-Irada.
Earlier the direct air-route between the countries has been maintained by Azerbaijan State Airline Concern, AzAl, and state-owned airlines of Pakistan, but due to the inefficiency, the flights have been suspended.