Author Archives: admin

WB cuts growth targets in Armenia

DEC. 9 2016 (The Conway Bulletin) — The World Bank revised down its growth estimates for Armenia to 0.4% from 2.8% earlier this year because of a sharp economic contraction in the past six months. Gohar Gyulumyan, the World Bank’s senior economist in Armenia, said that growth had been strong in the first half of the year but had fallen off since July. Growth in 2016 would be 2-2.5%, she said.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

FDI in Georgia rises by 5%

DEC. 9 2016 (The Conway Bulletin) — Foreign direct investment in Georgia, vital for its economy, was 5% higher in the first nine months of 2016 compared to 2015, the country’s statistics agency said. Total investment for Jan — Oct 2016 was $1.3b. The transport and communications sector attracted the most investment.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

Tajikistan sells fertiliser producer to China

DEC. 14 2016 (The Conway Bulletin) — The Tajik parliament ratified an earlier agreement on the sale of Tajik Azot, a fertiliser producer, to China’s Henan Zhong Holding. The Chinese side, which will hold a 51% stake, pledged a $360m investment to modernise the plant. The Tajik government will retain 30% of the profits. In 2014, the government seized Tajik Azot, previously owned by Ukrainian businessman Dmitro Firtash, after Firtash was arrested in Vienna. China has extended its influence over Tajik business this year.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)f

KAZ Minerals gets funding

DEC. 13 2016 (The Conway Bulletin) — London-listed copper miner KAZ Minerals said it had been given a $300m loan from state-owned Kazakhstan Development Bank to fund the development of the Aktogay mine in eastern Kazakhstan. The loan will have a maturity of 8-1/2 years. At a press conference, Oleg Novachuk, the company’s chairman, said that the total debt of the company totalled around $2.5b.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

Kazakhstan-based CAM director’s shares increase

DEC. 12 2016 (The Conway Bulletin) — London-listed Central Asia Metals said that its deputy chairman Nigel Hurst-Brown had been given 215,000 ordinary shares from an unnamed shareholder, increasing his shareholding to 0.81%. The transaction was completed at no cost. With a stake of 19%, Kazakh businessman Kenes Rakishev is Central Asia Metals’ largest shareholder.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

Kazakh energy ministry forecasts Kashagan production

DEC. 14 2016 (The Conway Bulletin) — A report from Kazakhstan’s energy ministry forecast total production at Kashagan to reach 308m tonnes in total by 2041, the KazTAG news agency reported. This is important because it shows the size of the oil field and just how much oil the consortium developing it can expect to produce during the lifespan of the production sharing agreement. ENI, Shell, Kazmunaigas, Inpex, Total, ExxonMobil and CNPC are the consortium members.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

China completes power plant refit in Tajikistan

DEC. 9 2016 (The Conway Bulletin) — China completed the $350m refit of a power plant outside Dushanbe that is considered vital to generating electricity for Tajikistan’s capital city. The refit of the power station highlights just how powerful China’s has become in Tajikistan. It has replaced Russia as the mainstay of the economy. Electricity is important in Tajikistan because its cities suffer from blackouts throughout the year.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)

Tethys’ Kazakh subsidiary resumes sales

DEC. 12 2016 (The Conway Bulletin) — London-listed Tethys Petroleum said its Kazakh subsidiary had restarted gas sales to the state- owned distributor Intergas Central Asia after a seven-week suspension. Intergas Central Asia cut the gas supply contract with Tethys Aral Gas in October. At the time, Tethys was locked in a row with Kazakh investors who had promised to deliver a cash injection.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)f

Tajik President visits Sri Lanka and India

DEC. 12/13 2016 (The Conway Bulletin) — Tajik President Emomali Rakhmon travelled to India and Sri Lanka to drum up political and economic support. India has redeveloped the Ayni airbase near Dushanbe and there has been on-off talk of the Indian air force taking over running of the base.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)f

Georgia’s CBank maintains rates

DEC. 14 2016 (The Conway Bulletin) — Georgia’s Central Bank slowed its interest rate cuts by keeping its key rate steady at 6.5% at its latest rate fixing meeting. It said that an increase in excise taxes and external factors would help lift prices temporarily although, there- after, price pressure will return. Inflation in Georgia stands at 0.2%, far below the Central Bank’s 5% target. It has cut its key interest rate from 8% at the start of the year.

ENDS

(News report from Issue No. 309, published on Dec. 16 2016)