Category Archives: Uncategorised

The Azerbaijan Caspian Shipping Company expands

NOV. 18 2015 (The Conway Bulletin) — The Azerbaijan Caspian Shipping Company said it had opened a subsidiary company, called Caspian Marine Service, in Russia’s Astrakhan to take advantage of the area’s economic free zone. Trade around the Caspian Sea has generally increased over the past few years. Azerbaijan, Kazakhstan and Turkmenistan have all increased their ports’ capacities.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Uzbek wine industry attracts foreign investors

NOV. 13 2015 (The Conway Bulletin) — Uzvinprom, an Uzbek state holding company, said that two investors from Germany and Bulgaria were interested in buying stakes in Uzbek wine producers. The two investors, which Uzbek media named as Bever and Vinogradez Vine House, have signed a memorandum of understanding. There were no more details on the deal.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Tenge could fall says Kazakh CBank

NOV. 18 2015 (The Conway Bulletin) – Kazakhstan’s new Central Bank chief Daniyar Akishev said the tenge could fall further if oil drops below $40/barrel. The tenge has lost half its value this year. The price of Brent oil is around $44/barrel.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Earthquake hits south Kyrgyzstan

NOV. 15 2015 (The Conway Bulletin) – An earthquake measuring 5.9 on the Richter Scale struck southern Kyrgyzstan, around 20km south-east of Osh, monitoring websites reported. There were no reports of casualties and it is not clear, yet, how deep the earthquake was.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Inflation rises in Armenia

NOV. 20 2015 (The Conway Bulletin) – Prices in Armenia grew by 4.4% in the first 10 months of the year, media quoted the National Statistics Service as saying, pointing to high overall inflation for 2015.

Inflation has forced its way back onto the top of Central Bankers’ agenda this year. A collapse in local currencies’ values against the US dollar has triggered a sharp rise in prices for energy imports and domes- tic electricity production.

Inflation in Armenia is probably lagging inflation in neighbouring Georgia because the government has chosen to suck up the cost of the electricity price rises rather than pass

it on to consumers after a series of major demonstrations in the summer. In Georgia, the government has more successfully passed the cost of the electricity production on to consumers.

But, importantly, with another two months of the year to be factored into the final calculation, inflation in Armenia is already running above the initial estimates in the 2015 budget.

Trade turnover is also down, 20% lower in the first 10 months of the year compared to the same period in 2014. This is generally in-line with other economies across the Central Asia and South Caucasus region.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Polymetal raises Kazakh gold reserves and buys in Armenia

NOV. 13/16 2015 (The Conway Bulletin) — The Russian miner Polymetal upgraded gold reserve estimates at its Kyzyl mine in eastern Kazakhstan and said it had bought a 75% stake in Armenian diamond mine Lichkvaz that it didn’t already own.

Both the reserve upgrade at Kyzyl and the buyout of Lichkvaz will give the mining industries in Armenia and Kazakhstan a major boost.

At the Bakyrchik mine at its Kyzyl project, Polymetal said that a feasibility study had upgraded the size of gold reserves there by 8% to 29.2m tonnes.

Polymetal will run further exploration works until the end of 2016 and expects to reach full output capacity at the mine in 2019. Polymetal said it is ready to invest $328m for the next phase of the project.

Polymetal CEO Vitaly Nesis said in a statement: “With significantly reduced capital expenditure, compelling high-grade reserves and straight- forward execution plan, Kyzyl is set to become a significant free cash flow contributor for Polymetal.”

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Kyrgyzstan troubles with EEU

NOV. 19 2015 (The Conway Bulletin) – There are still hundreds of teething problems that Kyrgyzstan has to overcome to successfully complete its integration into the Kremlin-lead Eurasian Economic Union (EEU), the country’s representative on the EEU’s board, Danil Ibraev, told media. Kyrgyzstan joined the group, which also includes Belarus, Kazakhstan and Armenia, in August. Kyrgyz business owners have complained about bureaucracy.

ENDS

(News report from Issue No. 257, published on Nov. 20 2015)

Uzbekistan releases former MP

NOV. 12 2015 (The Conway Bulletin) – Uzbekistan released Murod Juraev, a 63-year-old former MP, from prison after 21 years. He was jailed for allegedly plotting to overthrow the government, although human rights groups have said this is a fabrication. Observers linked Mr Juraev’s release to a visit this month to Uzbekistan by US Secretary of State John Kerry.

ENDS

(News report from Issue No. 256, published on Nov. 13 2015)

Currencies: Kyrgyzstan’s som, Kazakhstan’s tenge

NOV. 13 2015 (The Conway Bulletin) — The Kyrgyz Central Bank intervened in the currency market, selling around $14m on Friday to halt the fall of the som. It still fell 3% over the week finishing at 72.1/$1.

In Kazakhstan, the tenge was stable at 307/$1, although it reached a record low of 312/$1 on Monday.

The Georgian lari was stable at 240/$1 throughout the week.

In Armenia and Uzbekistan, currencies fell faster than previously. The Armenian dram lost 1% to 480.9/$1 and the Uzbek sum fell by 0.5% to just above 2,700/$1 on the official market. On the Black Market, the US dollar is reportedly selling at 6,200sum.

ENDS

(News report from Issue No. 256, published on Nov. 13 2015)

US Navy head visits Azerbaijan

NOV. 7 2015 (The Conway Bulletin) – The head of the US Navy, Ray Mabus, met with Azerbaijan president Ilham Aliyev in Baku. No details of the meeting were released but the Caspian Sea has grown in importance over the past few years with the re-emergence of Iran and an increase of oil and gas supplies from Central Asia to the South Caucasus.

ENDS

(News report from Issue No. 256, published on Nov. 13 2015)