Category Archives: Uncategorised

Azerbaijan’s SOFAZ invests abroad

APRIL 13 2016 (The Conway Bulletin) – SOFAZ, Azerbaijan’s state oil fund, said it wants to diversify its investment portfolio and increase its investment in equities. According to the latest investment policy, it plans to raise to 15% from 10% the share of the Fund it invests in equities. According to the Fund’s report, it allocated just 6.5% of its portfolio into equity investments in 2014. Equities are considered riskier than fixed-income securities, real estate and gold, SOFAZ’s preferred investment destinations.

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(News report from Issue No. 276, published on  April 15 2016)

Russia Turkmenistan’s key ally, says Berdymukhamedov

APRIL 13 2016 (The Conway Bulletin) – Seemingly wanting to curry favour with the Kremlin, Turkmen president Kurbangkuly Berdymukhamedov told the visiting Alexander Zhilkin, governor of the Russian region of Astrakhan, that Russia was Turkmenistan’s most important ally. Turkmenistan and Russia have rowed furiously over the past few years over gas supplies and the treatment of a Russian mobile phone operator. Turkmenistan has increasingly looked east for allies.

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(News report from Issue No. 276, published on April 15 2016)

 

Inter RAO wants to sell its hydropower in Georgia

APRIL 11 2016 (The Conway Bulletin) – Russian state-owned power distributor Inter RAO said it is considering selling its power stations in Georgia, should an appropriate offer emerge. Last week, RIA Novosti reported that Inter RAO was looking to sell its Mtkvari thermal power plant. Now, Inter RAO confirmed it is looking for a buyer for its power stations, but said it will not sell its network assets.

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(News report from Issue No. 276, published on  April 15 2016)

Kazakh President appoints new personal advisor

APRIL 14 2016 (The Conway Bulletin) – Kazakh President Nursultan Nazarbayev nominated former energy minister and Kazakh government veteran Vladimir Shkolnik as his personal adviser. Mr Shkolnik was sacked from the post of energy minister in March. Mr Shkolnik will also hold the role of adviser to state-owned oil and gas company Kazmunaigas.

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(News report from Issue No. 276, published on April 15 2016)

 

Bad loans re-emerge in Kazakhstan

APRIL 11 2016 (The Conway Bulletin) – Kazakhstan’s Central Bank said non-performing loans had grown by 7.7% in tenge terms in the first two months of the year. Compared to last February, most banks saw their portfolio worsen, with the notable exception of the two largest lenders, Kazkommertsbank and Halyk Bank. As a proportion, overdue loans now represent 8.3% of total lending in Kazakhstan.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 276, published on April 15 2016)

 

Pope to visit Armenia and Georgia

APRIL 15 2016 (The Conway Bulletin) – Pope Francis will visit the South Caucasus twice this year, the Vatican said, firstly to Armenia on June 24-26 and then to Georgia and Azerbaijan on Sept. 30 – Oct. 2. This is important because Pope Francis is one of the most outspoken popes in modern times. His visit will give him an international stage to opine on the affairs of the South Caucasus.

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(News report from Issue No. 276, published on April 15 2016)

 

Kazakhstan blocks Tumblr

APRIL 11 2016 (The Conway Bulletin) – Kazakhstan’s government blocked the blogging platform Tumblr because of concerns it was being used by Islamic extremists to recruit and groom young men to join the radical IS group in Syria and Iraq. Kazakh media quoted security forces as saying that IS used Tumblr to build its various propaganda websites. Governments in Central Asia have been accused of being a soft-touch for IS recruiters.

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(News report from Issue No. 276, published on April 15 2016)

 

HRW criticises Turkmenistan deal

APRIL 11 2016 (The Conway Bulletin) – The New York-based Human Rights Watch (HRW) criticised the European Union for pressing ahead with its negotiations to extend a trade deal with Turkmenistan despite no tangible progress in the country’s human rights record. “The Turkmen government has done almost nothing to meet the human rights benchmarks,” said Rachel Denber, deputy Central Asia director at HRW.

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(News report from Issue No. 276, published on April 15 2016)

 

Berdy says time to stop Turkmen government subsidies for utilities

APRIL 11 2016 (The Conway Bulletin) – At a government meeting, Turkmen President Kurbanguly Berdymukhamedov appeared to suggest the unimaginable. He said he wanted to scrap state subsidies for gas, electricity, water and salt.

And, unscoring the growing economic pressure in Turkmenistan, Mr Berdymukhamedov also sacked the ministers for economic development and foreign economic relations as well as the head of the tax administration.

Mr Berdymukahmedov has now sacked six top government officials this year.

With little accurate economic data coming out of Turkmenistan, the quick succession of sackings and the musing over cutting government subsidies suggest that the Turkmen economy, which is so heavily reliant on gas sales, is listing heavily.

Government subsidies of utilities is one of its cornerstone policies. They have been in place since 1993, although Mr Berdymukhamedov floated the idea of cutting the subsidies through the Council of Elders last year. The Council of Elders is a traditional Turkmen advisory body although it has been co-opted over the past two decades to test the opinions of the president with the public.

Now, though, according to press reports, Mr Berdymukhamedov has openly discussed cutting the subsidies for the first time.

“This is no longer justifiable from an economic point of view. It is hindering our transition to a market economy and imposing an additional burden on the budget,” he said.

There is no publicly available data which shows just how much the government spends each year on subsidises for gas, electricity, salt and water for the 5.5m people who live in Turkmenistan.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 276, published on April 15 2016)

 

Turkmenistan to build new power line

APRIL 12 2016 (The Conway Bulletin) – Turkmenistan is looking to build an electricity transmission line to Pakistan and Tajikistan, President Kurbanguly Berdymukhamedov said at a government meeting. The ministry of energy said it is also ready to increase electricity supply to Iran and Afghanistan. Turkmenistan is building three more gas-fired power stations.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 276, published on April 15 2016)