SEPT. 29 2015 (The Conway Bulletin) – Pressure is building on Azerbaijan’s Central Bank to allow its manat currency to decline gently rather than prop it up by spending billions of its US dollar reserves. Vahid Ahmadov, an MP and deputy head of parliament’s economy committee, questioned the current US dollar peg for the manat. The CBank devalued the manat by a third in Feb.
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(News report from Issue No. 250, published on Oct. 2 2015)
SEPT. 29 2015 (The Conway Bulletin) — Kazakhstan’s deputy energy minister Uzakbai Karabalin said Tengizchevroil (TCO) could freeze its expansion project due to low oil prices. TCO is the consortium, lead by the US’ Chevroil, developing the Tengiz oil field in West Kazakhstan. TCO accounts for roughly one-third of Kazakhstan’s oil production. Freezing the upgrade project may have a significantly negative effect on Kazakhstan’s oil output.
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(News report from Issue No. 250, published on Oct. 2 2015)
ALMATY, SEPT. 25 2015 (The Conway Bulletin) — In an effort to re-invigorate itself, London-traded KMG EP appointed the tech-savvy Kurmangazy Iskaziyev as its new CEO.
KMG EP is the upstream branch of Kazakhstan’s state-owned energy company Kazmunaigas. The company’s earnings have dropped because of low oil prices and a decline in production. Some upstream operations have been suspended.
Mr Iskaziyev replaces Abat Nurseitov, who was CEO when the company needed to generate cash quickly. It sold its stake in the Kashagan oil project and issued Eurobonds to raise capital.
Christopher Hopkinson, KMG EP’s chairman, said Mr Iskaziyev was a veteran of the company, having served as the CEO of Embamunaigas.
“Mr Iskaziyev has extensive experience in applying new technologies and increasing production efficiency,” Mr Hopkinson said.
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(News report from Issue No. 250, published on Oct. 2 2015)
SEPT. 30 2015 (The Conway Bulletin) – Turkmenistan introduced new labelling rules for alcoholic drinks and cigarettes, media reported. The labels are described by media as part of a drive by the authorities in Turkmenistan to protect its citizens from alcohol abuse and cigarette smoke but, in reality, it is probably more closely linked to a new tax to be imposed from next April.
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(News report from Issue No. 250, published on Oct. 2 2015)
SEPT. 26 2015, YEREVAN (The Conway Bulletin) — The International Monetary Fund (IMF) raised its economic growth forecast for Armenia in 2015 to 2.5% from an earlier 1% projection, Mark Horton, the IMF mission chief to Armenia, told a news conference.
Although the upward revision of Armenia’s growth forecast will be welcomed by officials and will give the government some breathing space as it tries to navigate its way through an increasingly deep regional economic crisis, Mr Horton emphasised that the revision was due to a handful of one-off factors.
“Among the non-recurrent factors which will not happen next year are the launching of a copper factory, unprecedented favourable climate conditions and the good results from the agriculture sector,” he told journalists at a press conference.
Armenia’s agriculture ministry said earlier this month that the sector had grown by nearly 15% in the first seven months of the year compared to the same period in 2014. Also, a new copper mine that started operations at the end of 2014 has contributed to a 35% increase in overall metals and mining output.
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(News report from Issue No. 250, published on Oct. 2 2015)
SEPT. 25 2015 (The Conway Bulletin) – TeliaSonera last week sounded its retreat from Central Asia after trying to fight back against allegations of corruption and bribery made against its companies in the region over the past three years.
It’s a humbling moment for Telia- Sonera, the Stockholm-based mobile operator, that once had ambitions to dominate the South Caucasus and Central Asia region.
The company which has most undermined TeliaSonera’s reputation and made its position untenable was Ucell, its Uzbek subsidiary.
Prosecutors across Europe and in the US have launched investigations into alleged bribes of up to $325m that TeliaSoneria may have paid a Gibraltar-based company in 2007 and 2008
to access the Uzbek mobile phone market. The Gibraltar company was called Takilant and was closely linked to Gulnara Karimova, the eldest daughter of Uzbek President Islam Karimov.
And if the allegations have been TeliaSonera’s undoing, they have also undermined Ms Karimova,
Once touted as a near-certain to replace her father, she is now under house arrest in Tashkent. Most of her allies are in jail and her assets in Europe have been seized.
When TeliaSonera does finally offload its Uzbek subsidiary it will have left an indelible mark on Uzbekistan’s history — in the mobile phone market, in corporate governance and in politics.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 24 2015 (The Conway Bulletin) – Work has nearly finished on an electric train line linking Tashkent with the Ferghana Valley in eastern Uzbekistan, media reported. The importance of the railway line is that it will cut out Tajikistan through which the previous Soviet-era line had to cross.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 19 2015, ALMATY (The Conway Bulletin) — City planners in Almaty confirmed that McDonald’s would open its first restaurant in the former Alatau cinema in the centre of the city next year, sparking debate over the US fast food chain’s entry into Kazakhstan.
The old Alatau cinema has been derelict for years but is loved by many people living in Almaty as an iconic part of the city’s architecture.
Karim Toktabayev, a businessman, is part of the campaign team trying to stop McDonald’s from moving into the cinema building.
“I am neutral towards opening of McDonald’s. I cannot say I am against it but I am very much against the demolition of the (former cinema) building,” he said. “Why do we need to demolish this building? Why can’t we save it? If we demolish all the old buildings we will not have any history left.”
Others, though, are more excited about McDonald’s opening. For many Kazakhs it has been a source of irritation that McDonalds, one of the most famous brands in the world never operated a restaurant in the country. Now that wrong can be put right.
“No matter where it opens, I am happy that it will open. We have plenty of cinemas in the city, why should it matter if we open it in one of these cinemas?” said Sholpan Alibekova, a student.
McDonalds has said it will probably open in the first quarter of 2016.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 23 2015 (The Conway Bulletin) – Uzbek president Islam Karimov met with Lee Duk-hoon, President of the Korean state-owned Eximbank in Tashkent to discuss Korean investments in the country. After the negotiations, Mr Lee brokered the signing of an inter-banking agreement with Asaka Bank, opening a credit line of $160m for Uzbekistan. Korean Eximbank is a key partner for Uzbekistan’s infrastructure and banking projects.
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(News report from Issue No. 249, published on Sept. 25 2015)
SEPT. 18 2015 (The Conway Bulletin) — Azerbaijan’s Baku Steel Company (BSC) will invest in Iran, Mehdi Karbasian, the Iranian deputy minister of industry told the Trend news agency. Last week, Mr Karbasian visited Azerbaijan’s capital Baku and said BSC, a privately owned company, is particularly interested in two Iranian projects.
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Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 249, published on Sept. 25 2015)
