Tag Archives: business

Stock market: Central Asia Metals, KAZ Minerals

MAY 13 2016 (The Conway Bulletin) – Copper prices dipped below the psychological threshold of $2/lb in mid January, for the first time since 2009, and it has bit of a roller-coaster ride since.

Shares of Central Asia Metals and KAZ Minerals, two Kazakhstan– focused producers, have followed copper’s ups and downs.

As shown in the graph above, shares in KAZ Minerals, which mines copper in northern and eastern Kazakhstan, have fluctuated more dramatically with copper prices.

Shares in Central Asia Metals, have been more stable.

With copper prices now sliding back towards $2/lb, share prices for both Central Asia Metals and KAZ Minerals are falling. This week, they were down 5.3% and 9% respectively.

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(News report from Issue No. 280, published on May 13 2016)

Armenian ministry announces construction of transmission line

MAY 9 2016 (The Conway Bulletin) – Armenia’s ministry of energy said construction of a 220kV transmission line between the Hradzan thermal power plant and the Shinuayr substation will be completed by the end of the year. The 230km-long transmission line will be an important link between power generating centres in Armenia. The World Bank’s International Bank for Reconstruction and Development said it would fund the project with a series of loans.

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(News report from Issue No. 280, published on May 13 2016)

Electricity output increases in Turkmenistan

MAY 10 2016 (The Conway Bulletin) – Turkmenistan’s ministry of energy reported that in Jan.-April 2016, the country produced 7.6b kWh of electricity. This is 1.6% higher than the same period last year. Turkmenistan is looking to expand electricity exports to neighbouring Iran and Afghanistan and plans to construct 15 gas turbine power plants by 2020.

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(News report from Issue No. 280, published on May 13 2016)

Orsu reveals Q1 results in Kazakhstan

MAY 12 2016 (The Conway Bulletin) – Toronto-listed miner Orsu Metals lost $437,000 in the first quarter of 2016, cutting its losses by around 50% from the same period last year. Most of the company’s losses are now booked for “assets held for sale”. Last month, Orsu agreed to sell its Karchiga and Kogodai mines in Kazakhstan to UAE-registered Karasat Trading for around $10m. After announcing the sale, Orsu de-listed from London’s AIM.

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(News report from Issue No. 280, published on May 13 2016)

Kyrgyzstan’s Aktel cuts service

MAY 7 2016 (The Conway Bulletin) – Kyrgyz mobile operator Aktel discontinued its mobile services after it let its licence expire. In December 2013, a court in Bishkek declared Aktel bankrupt and said its debt amounted to around $147m. Aktel previously operated under the brand names of Fonex and 7Mobile. It has now transferred its assets, but not its debts, to Jeti Mobile.

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(News report from Issue No. 280, published on May 13 2016)

China states farming deal with Kazakhstan

MAY 9 2016 (The Conway Bulletin) – Chinese companies said they will invest around $1.9b in Kazakhstan’s agriculture sector over the next few years, in an effort to boost trade and cooperation through its Silk Road Initiative. Gulmira Isayeva, Kazakhstan’s deputy minister of agriculture, told the FT that Chinese investment will help increase domestic production.

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(News report from Issue No. 280, published on May 13 2016)

Azerbaijan’s oil production drops

MAY 12 2016 (The Conway Bulletin) – Azerbaijan’s oil production fell by 1.6% to 13.9m tonnes in Jan.-April 2016 compared to the same period last year, Reuters quoted an anonymous government source as saying. Azerbaijan’s oil production has been slowing for years, despite the government putting BP under increased pressure to stop the slow- down. Oil is the mainstay of the Azerbaijani economy and a drop in production means that government revenues fall.

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(News report from Issue No. 280, published on May 13 2016)

Uzbek authorities investigate GM

MAY 13 2016 (The Conway Bulletin) – A GM Uzbekistan executive in Russia said that the authorities in Uzbekistan had opened an investigation into the company for losses incurred by its Russian division.

Yelena Kuznetsova, director of marketing at the Russian representative office for Ravon, GM Uzbekistan’s brand in Russia, refused to confirm to Reuters, though, whether a news report on the opposition website Uzmetronom that police had detained an executive at

“The company (GM Uzbekistan) is being investigated because the Russian distributor was unable to repay its debt,” she said.

An earlier report by Uzmetronom said police had detained Tokhirjon Jalilov, the former GM Uzbekistan CEO, for a scam involving Ravon cars bound for Russia.

GM Uzbekistan is one of the country’s most important joint ventures. The Uzbek government owns a 75% stake in the project. GM owns a 25% stake.

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(News report from Issue No. 280, published on May 13 2016)

Kazakh businessman buys mall

MAY 11 2016 (The Conway Bulletin) – Kazakh businessman Kairat Boranbayev said he had bought a 50% share in Capital Partners, a holding company that owns Almaty’s Esentai Tower and Mall. Mr Boranbayev, who also owns the Kairat football club and the McDonald’s franchise in Kazakhstan, jumped to 15th place in Forbes’ ranking of Kazakhstan’s richest people this year, with a net worth of $350m. His daughter, Alima, married Kazakh President Nursultan Nazarbayev’s grandson, Aisultan, in 2013.

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(News report from Issue No. 280, published on May 13 2016)

CASA-1000 officially launched in Tajik capital

DUSHANBE, MAY 12 2016 (The Conway Bulletin) — Leaders from Tajikistan, Afghanistan and Pakistan flew to Dushanbe to officially launch the start of construction of the CASA- 1000 project, which they hope will give regional trade a boost.

CASA-1000 is the $1.2b World Bank backed project that policy makers hope will transform the economies of Kyrgyzstan and Tajikistan, bolster stability in Afghanistan and boost power supplies in Pakistan.

The plan is simple — to build an electricity supply route from hydro- power stations in Kyrgyzstan and Tajikistan, across Afghanistan and into Pakistan. But it has its detractors. Many analysts have argued that Afghanistan is simply too unstable to host a network of transmission lines and that power generation capacities in Kyrgyzstan and Tajikistan are too temperamental.

Still, in Dushanbe, at the official ceremony to kick off production, the leaders were upbeat.

Tajikistan’s President Emomali Rakhmon, hosted the ceremony. He said that the project would work and that it would have a number of positive side effects.

“This will promote solutions to a number of social, economic and environmental protection problems in all four countries,” he was quoted by media as saying.

The CASA-1000 transmission line will run for 1,222km and should be completed by 2018. It will transmit 1,300 megawatts of electricity, most of it to Pakistan.

Also at the ceremony were Afghan Chief Executive Abdullah Abdullah, Pakistani Prime Minister Nawaz Sharif, Tajik President Emomali Rakhmon, and Kyrgyz Prime Minister Sooronbai Jeenbekov.

Western diplomats conceived the plan a few years ago as part of a new north-south Silk Road, although it has been the various local leaders with finance from the World Bank who have pushed it through.

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(News report from Issue No. 280, published on May 13 2016)