Category Archives: Uncategorised

Kazakhstan may delay modernising refineries

MARCH 13 2015 (The Bulletin) – Kazakhstan may delay modernisation work at its three refineries until 2016 because a cut in the price of rival Russian oil products has knocked their profitability, Yerlan Koibagarov, down-stream director at Kazakh state energy company KazMunaiGaz, was quoted by media as saying.

Upgrade work to the refineries is considered essential in the long run to boost output and guarantee the quality of Kazakhstan’s domestically produced oil products. Demand for oil has soared over the last few years, while output hasn’t been able to keep up.

“If this trend continues I really don’t know if we will have enough monetary funds for the modernisation or not,” the government-owned Astana Times newspaper quoted Mr Koibagarov as saying. “Maybe we will have to prolong the term.”

At the beginning of this month, Kazakhstan slapped a 45 day ban on the import of oil products from Russia. The problem is that the value of the rouble has dropped by around half over the past six months, while the Kazakh Central Bank has tried to maintain the value of the tenge. Global oil prices have also plunged.

Refineries and oil products are an important issue in Kazakhstan.

To head off general discontent about the lack of petrol, the Kazakh government has made self-sufficiency for oil products a major plank of their policies.
ENDS

(News report from Issue No. 223, published on March 18 2015)

Halyk Bank profit rises

MARCH 17 2015 (The Bulletin) – Halyk Bank, one of Kazakhstan’s largest banks, posted a 58% increase in net profit in 2014 mainly due to a reduction in bad debt. This is good news for Kazakhstan’s banking sector which has been battling to reduce its proportion of bad debt.
ENDS

(News report from Issue No. 223, published on March 18 2015)

Kazagy issues profit warning

MARCH 17 2015 (The Bulletin) – London-listed Kazakh packaging company Kazgazy issued a profit warning and said sales in Q1 were down 18% on Q1 2014. Kazagy blamed the fall in the value of the Russian rouble and said it will be forced to cut jobs and implement other cost savings.
ENDS

(News report from Issue No. 223, published on March 18 2015)

Azerbaijan detains 6 for IS activities

MARCH 4 2015 (The Bulletin) – Azerbaijan’s security services said they had detained six men linked to the extremist IS group who planned a string of attacks in the country. The authorities in Azerbaijan have previously said they are worried about the radicalisation of some of its population by IS.
ENDS

(News report from Issue No. 222, published on March 11 2015)

Armenian opposition leader quits

MARCH 5 2015 (The Bulletin) – Gagik Tsarukian, head of the opposition Prosperous Armenia Party, resigned after a month-long row with Armenian president Serzh Sargsyan. Mr Sargsyan had denounced Mr Tsarukian as evil. The row had threatened to bring Armenian politics into disrepute.
ENDS

(News report from Issue No. 222, published on March 11 2015)

Kazakh region criticises ArcelorMittal

MARCH 4 2015 (The Conway Bulletin) – The government of the Karaganda region has said that ArcelorMittal’s temporary move to knock 25% off its workers’ wages at its steel plant in Temirtau last month was illegal, the Tengrinews website reported. It has filed a lawsuit against ArcelorMittal, one of Kazakhstan’s biggest foreign investors.
ENDS

(News report from Issue No. 222, published on March 11 2015)

IMF says that Georgia is well placed to weather financial storm

MARCH 5 2015 (The Bulletin) – Severe external shocks have hit Georgia’s economy causing it to falter and for growth to slow to a virtual standstill, the IMF said at the end of a mission to Tbilisi.

But the IMF said that because Georgia has been able to keep its government budget deficit under control it is better placed than other countries in the region to weather the economic storm triggered by a decline in oil prices and the drop in Russia’s economic health.

“We look forward to plans to accelerate reforms to make Georgia a more attractive place for doing business and for investing, for creating jobs, and for boosting growth in the future,” the IMF said in a statement.

“These should include easing recent restrictions on foreign businesses, seeking out new private investment, boosting saving through pension and capital market reforms and raising education standards.”

It also gave a much needed boost to Georgia’s Central Bank chief Giorgi Kadagidze who has been criticised for not doing enough to divert the country from a decline in the value of its lari currency.

“We need to protect independence of the central bank; they are doing a good job,” media quoted Mark Griffiths, who led the IMF mission as saying.
ENDS

(News report from Issue No. 222, published on March 11 2015)

Clooney to present Armenian prize

MARCH 10 2015 (The Bulletin) – Armenia has lined up Hollywood superstar George Clooney to present the inaugural Aurora Prize in Yerevan on the 100th anniversary of the alleged genocide by Ottoman Turks of Armenians in eastern Turkey, media reported. Turkey denies genocide (March 10). Armenia is using the anniversary to bolster support for its cause worldwide.
ENDS

(News report from Issue No. 222, published on March 11 2015)

Azerbaijan increase size of its arms industry

MARCH 4 2015 (The Bulletin) – Azerbaijan will start exporting weapons to Arab countries this year, media reported quoting the Azerbaijani defence industry minister, Yaver Jamalov. The statement is more evidence that Azerbaijan is concentrating on developing its arms industry, particularly machine guns and rifles.
ENDS

(News report from Issue No. 222, published on March 11 2015)

Nazarbayev says to run in presidential election

MARCH 11 2015 (The Bulletin) – Kazakh president Nursultan Nazarbayev declared he would run in a presidential election set for April 25.

His announcement ended speculation generated last week when he appeared to suggest this it was time for change.

Instead, live at a conference held by his Nur Otan party, Mr Nazarbayev declared that he would look to extend his 26-year-long reign over Kazakhstan.

“There is no bigger reward or happiness than to have the trust of my nation,” he said. “This inspires and invigorates me, and this is why I look youngish.”

Mr Nazarbayev is 74-years-old and has run Kazakhstan since independence from the Soviet Union in 1991.

He called an early presidential election this month after his supporters asked him to underline his authority during an increasingly turbulent economic time.

But succession issues are still at the forefront of Kazakhstan-watchers agenda because only last week Mr Nazarbayev appeared to suggest that he may call it a day.

“I have run Kazakhstan for many years already, I stood at the cradle of its independence, so maybe it was time to ‘change stage’, as they say in a theatre,” he said in televised remarks on March 8.
ENDS

(News report from Issue No. 222, published on March 11 2015)