Tag Archives: Armenia

Armenia’s CBank cuts interest rates

DEC. 22 2015 (The Conway Bulletin) – Armenia’s Central Bank cut its key interest rate by one percentage point to 8.75%, its lowest level for 11 months, because of a slowdown in inflation. It said that annualised inflation for the 12-months to the end of November measured 0.6% compared to 1.3% a year earlier. Slow global economic growth and low commodity prices have stalled prices in Armenia.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 262, published on Jan. 8 2016)

 

ArmOil to build $35m oil refinery in Armenia

DEC. 25 2016 (The Conway Bulletin) — ArmOil, a privately-owned Armenian oil company, will finance the construction of the first oil refinery in the country, a move that would make Armenia less dependent on Russian refined products.

The company will pay for the $35m refinery, which would be built in Yeghvard, a town 20 km north of Yerevan.

Karen Chshmarityan, Armenia’s minister of economy, said the deal will include the construction of a storage facility and a small refinery.

“At the initial stage the company will build a storage facility for 4,000 tonnes of oil products and then equip it with a laboratory, and in 2016 the company will build a small refinery,” Mr Chshmarityan said.

ArmOil, owned by a Russian-Armenian group of businessmen, was founded in 2013 and does not publicly disclose company data.

Armenia has wanted to build an oil refinery for more than a decade. From 1999 to 2007, Russian energy company Gazprom said it was considering building a refinery but the plan was scrapped.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 262, published on Jan. 8 2016)

Netflix expands from Armenia to Tajikistan

JAN. 7 2016 (The Conway Bulletin) — The US online streaming service Netflix expanded its operations to 130 new countries, including those former Soviet states of South Caucasus and Central Asia. The expansion will give customers from Armenia to Tajikistan access to popular US TV shows through their internet connection.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 262, published on Jan. 8 2016)

 

Azerbaijani and Armenian Presidents meet over N-K

DEC. 15 2015 (The Conway Bulletin) – Armenian President Serzh Sargsyan and Azerbaijani President Ilham Aliyev met in Bern to discuss peace plans for the disputed region of Nagorno-Karabakh, their first meeting since 2014. There was no sign of any tangible progress from the Bern talks.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 261, published on Dec. 20 2015)

 

Armenian murder trial begins

DEC. 18 2015 (The Conway Bulletin) – The trial has started of Valery Permyakov, a Russian conscript accused of killing seven members of the same family in January. The murders shocked Armenia and strained relations with Russia. Russia keeps a major military base in Armenia.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 261, published on Dec. 20 2015)

 

ENA will be managed better by us, says Armenian billionaire

DEC. 15 2015 (The Conway Bulletin) – In an interview with local media, Samvel Karapetyan, the Moscow based billionaire who bought Armenia’s electricity distribution network earlier this year said that he thought the business could become profitable without massive states subsidies and, also, that he regarded himself as a long-term investor.

Mr Karapetyan had surprised people by buying ENA (Electrical Networks of Armenia) in September only a few weeks after thousands of protesters had demonstrated against proposed electricity prices rises. He bought ENA from Inter RAO UES, a Russian utilities company that wanted to exit the market.

“Electric Networks of Armenia is a good company and has been active for a long time and it will, now, become considerably better managed by us,” he said.

He scorned the suggestion that he’d been placed under pressure to buy the company or that he wanted to buy a major public company to help his brother, an MP, become PM.

Perhaps most importantly, Mr Karapetyan hinted that he wouldn’t be looking to raise prices for electricity soon.

“We aren’t thinking about margins yet. We will not be thinking about it for five years certainly.” he told the mediamax.am website.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 261, published on Dec. 20 2015)

 

SinoHydro builds Armenia road

DEC. 9 2015 (The Conway Bulletin) — Chinese state-owned SinoHydro said it will build a 27.5km section of a north-south road in Armenia for €74m ($81m). Once the full upgrade is finished in 2019, the complete 556km-long road, called the North-South Corridor, will connect the town ofBavra on Armenia’s border with Georgia to Meghri on Armenia’s border with Iran. The total cost of the project is €381m ($417). Various inter-governmental financial institutions and the Armenian government are paying for the project.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenia and EU starts negotiations

DEC. 7 2015 (The Conway Bulletin) – Armenia and the European Union started negotiating a new treaty that would deepen bilateral relations in trade, energy, the environment and transport. The negotiations are particularly poignant as Armenia is now a member of the Russia-led Eurasian Economic Union. Two years ago, too, Armenia rejected a deal to deepen ties with the EU.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Armenians vote to hand more power to the PM

DEC. 6 2015 (The Conway Bulletin) – Armenians voted overwhelmingly in a constitutional referendum to shift power from the president to the prime minister, a move supporters of the change said was a natural modernising step but its critics decried as a thinly veiled power-grab by President Serzh Sargsyan.

The Central Election Commission said 63% of people had voted in favour of the referendum, a far bigger margin of victory than polls had predicted in the run up to the vote.

But Armenia’s opposition said that the vote had been rigged and urged an investigation, a move supported by the US embassy.

Hundreds of people gathered in Yerevan’s central square after the referendum to protest again the result.

Turnout at the vote, though, was reportedly low, despite the high-profile nature of the reforms. Some analysts said the low turnout betrayed people’s belief that the changes had been brought in to improve the position of the ruling elite rather than update the political system.

Lilit Gevorgyan, an analyst at IHS, said that shifting to a parliamentary system was dressed up as a progressive move but was in fact a way for the political and economic elite to shore up their positions.

“It’s an innovative way of solving the succession issue,” she said.

The new rules are set to be introduced at a parliamentary election in March 2017. Mr Sargsyan is set to leave the presidency in 2018.

As well as handing a slimmed down parliament of 101 members elected via proportional representation more power, the new constitution builds in a run-off system which will ensure a majority for a single party.

This last issue was also contentious.

The reformists argued that this system avoided weak minority governments. Its opponents said it bordered on a form of totalitarian rule.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Iranian to supply gas for Armenia

DEC. 9 2015 (The Conway Bulletin) – Alexei Miller, the chairman of Russia’s Gazprom, said he is in talks with Iran and Armenia over a gas swap deal. The deal would see Iran receive Russian oil in the north via Azerbaijan. In return Iran would supply Armenia with gas. Armenia currently receives Russian gas via Georgia.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)