MAY 12 2015 (The Conway Bulletin) – Cigarette production in Armenia is booming, media reported quoting official statistics. In Q1 of 2015, cigarette production in Armenia increased by 28.4% compared to the same period in 2014.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – Uzbekistan will increase oil and gas production by 9% in the next five years, Uzbekneftegaz the state oil and gas company, said. Media quoted Uzbekneftegaz representatives at a conference in Tashkent aimed at foreign investors.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – Shokir Fayzullayev, head of Uzbekneftegaz, the Uzbek oil and gas company, said Uzbekistan intends to start an $18.65b investment project that will re-orientate its strategy for gas towards refining it rather than exporting it. Mr Fayzullayev said Uzbekistan wanted to add more value to its gas production.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – In Vienna, Austrian president Heinz Fischer told Turkmen President Kurbanguly Berdymukhamedov that Austria wanted to buy Turkmen gas. Europe is trying to persuade Turkmenistan to send its gas west to Europe. Turkmenistan is looking for more clients for its gas.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – The European Bank for Reconstruction and Development (EBRD) holds its 24th annual meeting and business forum in Tbilisi May 14-15, placing Georgia firmly at the centre of the region’s attention.
Georgia is the first country in the Caucasus to host the annual EBRD meeting. Uzbekistan hosted the event in 2003. The Bank is a major player in Georgia, and has invested a total of $3b over the last 22 years.
This meeting is strategically important for Georgia to demonstrate its economic development, especially now, when the country is mired in a currency crisis. The lari has lost around 32% of its value since November.
Deputy minister of finance Davit Lezhava said the meeting was a perfect opportunity to spread information about Georgia to the outside world.
“I hope that the meeting will result in more investment, greater integration with the democratic world and in more political support,” Mr Lezhava told the Bulletin.
Over $7.2m was spent in preparing the EBRD annual meeting by the private sponsors and the government, media reported.
Mr Lezhava said that he didn’t know how much came from the state’s budget.
“But whatever the governmentcontribution was, it is not a waste of money because we will have great benefits from this event,” he said.
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(News report from Issue No. 231, published on May 13 2015)
MAY 8 2015 (The Conway Bulletin) – Turkmenistan exported 6.5% more gas in the first quarter of this year than it did in the same period of 2014, media reported quoting government figures. It also produced around 5% more gas.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – Turkmenistan has finished building a pipeline that crosses the country from east to west, Turkmen president Kurbanguly Berdymukhamedov said on a trip to Vienna.
The pipeline connects Shatlyk, near the giant gas field of Galkynysh, to Belek, a few kilometres south of Turkmenbashi, on the Caspian Sea coast.
The east-west flow of the pipeline shows that Turkmenistan is poised, eager even, to send gas to Europe. Mr Berdymukhamedov hinted, strongly, at a similar reason for the pipeline.
“The construction of this pipeline, which is capable in the long term, if necessary, to transport large volumes of Turkmen energy resources in the right direction, will provide additional guarantees for their reliable and stable export,” he said.
Europe wants to import gas from Turkmenistan. Turkmenistan, wants to broaden its client base away from China.
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(News report from Issue No. 231, published on May 13 2015)
MAY 12 2015 (The Conway Bulletin) – Around 140 people working for the oil services company KazStroyService have gone on strike in west Kazakhstan demanding an increase in wages, media reported. Kazakhstan is sensitive to strikes. In 2011, 16 people died during fighting between protesters and police at a strike in west Kazakhstan.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – Azerbaijan will start producing AI-95 grade petrol from 2018 to meet higher demand, said the vice president of the state- owned energy company SOCAR, David Mammadov. Azerbaijan currently produces AI-92, a lower grade of fuel. The government has been pushing people to buy more modern cars.
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(News report from Issue No. 231, published on May 13 2015)
MAY 13 2015 (The Conway Bulletin) – The Kazakh Central Bank has created a $700m fund to help people pay their mortgages, a move designed to ease Kazakhstan’s mountain of bad consumer debt.
Banks in Kazakhstan have one of the highest ratios of non-performing loans in the world, a legacy of the 2008/9financial crisis. Now, with a new financial crisis linked to the drop in global energy prices and a sharp fall in the performance of the Russian economy, also hitting Kazakhstan’s mortgage holders, policy makers have been looking for ways to ease the burden.
Low-income households are the principal target of the measure, according to official sources. Families at risk will be able to access new credit at advantageous rates, in order to pay off their outstanding bill.
Around 20,000 loans obtained between 2004 and 2009 should be affected by this measure. The largest contribution will go to Kazkommertsbank, which will receive $205m and refinance the debt of 12,500 borrowers.
The rationale is simple. Policymakers have argued that people taking out mortgages between 2004-9 were relatively uneducated in the practise and may have been mis-sold a product or taken out debt that they could not finance.
Most mortgages during this period were also taken out in US dollars. The
Kazakh tenge has dropped markedly against the US dollar since then, making the loans harder to service.
Some analysts, though, have questioned the spirit of the measure.
Quoted on Forbes.kz, financial analyst Murat Temirkhanov said: “The word ‘refinancing’ has little to do with this measure. It should be described as a restructuring, i.e. an exchange of bad loans for cheap money from the state.”
Still, the new measure has the potential to revive the financial market in Kazakhstan.
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(News report from Issue No. 231, published on May 13 2015)
