Tag Archives: business

Polyethylene imports drop in Kazakhstan

MARCH 31 2016 (The Conway Bulletin) – Imports of polyethylene, used to produce plastics, into Kazakhstan fell by 48% to 12,500 tonnes in January-February 2016 compared to the same period last year, MRC, a consulting company, said in a report. According to the report, imports in February stood at a similar level to last year. The fall may also be another indication of the worsening economic downturn.

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(News report from Issue No. 274, published on April 1 2016)

 

Russia will cut gas price, says Armenian PM

MARCH 29 2016 (The Conway Bulletin) – Armenian PM Hovik Abrahamyan said that Russia will reduce gas prices and that a final decision will be taken when PM Dmitri Medvedev visits Yerevan next week. The Armenian newspaper Haykakan Zhamanak reported that the discount could be 12%. The Hrapak newspaper also reported that the pricing could be switched to roubles.

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(News report from Issue No. 274, published on April 1 2016)

 

New Astoria opens in Georgia

MARCH 29 2016 (The Conway Bulletin) – Astoria, a private Georgian company, opened its second hotel in the centre of Tbilisi, highlighting a boom in tourism. The company, owned by businessmen Malkhaz Manvelishvili and Amiran Gozalishvili, has spent 32m lari ($14m) on building the hotels. Tbilisi has been short of hotel rooms.

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(News report from Issue No. 274, published on  April 1 2016)

 

Kazakhstan- based Tethys losses rise

MARCH 29 2016 (The Conway Bulletin) – Guernsey-based Tethys Petroleum said its losses more than quadrupled in 2015 compared to the previous year, mostly due to the depreciation of some of its Kazakh assets. Tethys lost $74.6m in 2015. According to the company’s yearly report, the tenge depreciation also dented revenues. The tenge lost around half its value against the US dollar in 2015.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 274, published on  April 1 2016)

Presidential Office empties the most famous store in Tajikistan

MARCH 28 2016, DUSHANBE (The Conway Bulletin) — The tops floors of the most prominent department store in Tajkiistan’s capital, the Soviet-era TSUM, are eerily quiet.

Most of the traders who sold mobile phones, clothes and Tajik national mementos to foreign tourists have quit their leases. They said the Presidential Administration took over the company that owned the store earlier this year and has forced up rent.

Aziz, a 26-year-old man who sold Tajik-themed gifts, told The Conway Bulletin’s Dushanbe correspondent that rent used to be around $7 per square metre.

“Now they want us to pay more than $20 per square meter,” Aziz said, the anger clearly audible in his voice.

He shook his head, more to himself than to anybody else, and continued to pack up his products into boxes scattered across the floor. Like most of the other small traders he was quitting TSUM.

“I am moving out because I cannot pay the rent. Trade is not good in TSUM, not so many people come nowadays,” he said.

Traders said that a month ago, President Emomali Rakhmon’s Executive Office, which is headed by his daughter Ozoda Rakhmon, took control of the company that ran TSUM. The Investment and State Property Control Committee said that TSUM was privatised illegally in the 1990s. Officially, TSUM has now been re-nationalised although critics of Mr Rakhmon have said that it is now effectively under the control of his family.

Built in 1960’s, TSUM is one of the few remaining Soviet-built buildings in Dushanbe and had been one of the most popular trading centres. But Tajikistan is hurting from a sharp economic downturn. The Bulletin’s correspondent said that while bigger shops selling various Western brands were still operating on the ground floor of TSUM, the first and second floors were almost entirely empty.

Mr Rakhmon’s Presidential Administration has not commented on allegations that it has inflated rent at TSUM but the accusations will bolster critics who accuse the president of corruption.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 274, published on April 1 2016)

 

Afghan power line started, says Turkmen official

MARCH 28 2016 (The Conway Bulletin) – Turkmenistan officials said the new 146km Yoloten-Tahtabazar power transmission line to Afghanistan has started operations, reinforcing another electricity supply route into South Asia from Central Asia. Turkmenistan produced 22.5b kWh in 2015 and it is looking to increase both production and export.

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(News report from Issue No. 274, published on April 1 2016)

 

ARETI looks for business in Turkmenistan

MARCH 30 2016 (The Conway Bulletin) – Igor Makarov, head of Russian company ARETI, previously known as ITERA, met with Turkmen president Kurbanguly Berdymukhamedov to discuss cooperation in the energy sector. ARETI works in 21 offshore blocks in the Turkmen section of the Caspian Sea through a contract signed in 2009.

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(News report from Issue No. 274, published on  April 1 2016)

 

Turkmenistan discounts Turkish cargo

MARCH 29 2016 (The Conway Bulletin) – The Turkish International Transport Association said Turkmenistan has started applying a 20% discount on “roll-on, roll-off” shipments of goods coming in from Azerbaijan since March 3. The discount on the fee has already helped boost Turkish-Turkmen trade relations according to the Association chief Fatih Sener. As it eyes markets for its gas, Turkmenistan is trying to improve relations with Turkey.

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(News report from Issue No. 274, published on April 1 2016)

 

Kyrgyzstan approves White Cliff plans

MARCH 30 2016 (The Conway Bulletin) – The Kyrgyz government approved exploration plans laid out by Australian miner White Cliff Minerals for its Aucu gold project. The agreement extends the exploration licence for White Cliff to 2020. Aucu, located in west Kyrgyzstan, holds an initial inferred resource of 4.83m tonnes of gold. Despite friction with its biggest foreign investor, Centerra Gold, at the Kumtor gold mine, Kyrgyzstan is still trying to woo foreign companies.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 274, published on  April 1 2016)

 

Azerbaijani SOCAR’s deal to buy Greek gas distributor put into doubt

MARCH 28 2016 (The Conway Bulletin) – Belgian gas distributor Fluxys has pulled back from buying a 17% stake in Greece’s gas pipeline operator DESFA, media reported, potentially derailing a deal by Azerbaijani energy company SOCAR to buy 49% of the Greek company.

Azerbaijan’s SOCAR had initially agreed to buy a 66% stake in the Greek distributor in 2013 for €400m ($454m) but the European Commission stepped in and said that a 2009 regulation meant it could only buy a 49% stake. This effectively froze the deal until SOCAR found a company to agree to buy the 17% stake.

The pressure is now on SOCAR, which has until the end of 2016 to comply with EU regulations and find another purchaser.

In the current low-priced market, though, this will not be easy and SOCAR admitted as much.

“Currently we are in the process of reducing the stake of DESFA through sales to potential buyers in Europe and this process is expected to be completed in late 2016,” the Natural Gas Europe website quoted an unnamed source at SOCAR as saying.

For SOCAR, buying a stake in DESFA is important. It is due to play an important technical back-up role in Greece for the final section of a pipeline pumping gas to Europe from Azerbaijan.

The Greek newspaper Ekathi- merini quoted unnamed sources as saying that the deal with Fluxys was off. When reached by phone, though, Fluxys declined to confirm one way or the other.

A Fluxys spokesman said: “Since the beginning, we have not been involved directly as a company. It is a matter that Fluxys shareholders need to address.”

Neither Belgium’s Publigas, which owns 77.7% in Fluxys, nor Canada’s Caisse de depot et placement du Quebec, which owns 20% in Fluxys, could be reached for a comment.

Fluxys had looked like a good fit to buy DESFA because it owns a 19% stake in the Trans-Adriatic Pipeline (TAP), the planned final section of a network of pipelines stretching from the Caspian Sea to Europe.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 274, published on  April 1 2016)