Tag Archives: business

China’s Huawei to roll out 4G in Azerbaijan

OCT. 27 2016 (The Conway Bulletin) — Chinese telecoms giant Huawei said it will roll out a 4G service in Azerbaijan’s exclave region of Nakhchivan, highlighting China’s growing business influence in the South Caucasus.

Separated from mainland Azerbaijan by a sliver of Armenian territory, Nakhchivan also borders Turkey and Iran.

The region, which spans 5,500 square km, roughly as big as Brunei, holds symbolic significance as the birthplace of Heydar Aliyev, first president of independent Azerbaijan and father of current leader Ilham Aliyev.

The animosity between Armenia and Azerbaijan over the disputed region of Nagorno-Karabakh region means that Nakhchivan has, effectively, been cut off from the rest of Azerbaijan. To power the region, Azerbaijan and Iran swap gas supplies.

This makes the deal with Huawei, and China’s influence, important for Nakhchivan.

“Now people living in most distant villages of Nakhchivan can enjoy a high-speed internet,” China’s Global Post quoted Vasif Talibov, speaker of Nakhchivan’s autonomous parliament, as saying.

No details of the cost of the deal, or whether Azerbaijan was paying for any of the 4G roll-out, were released.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Uzbekistan to export cars to Tajikistan

OCT. 26 2016 (The Conway Bulletin) — Shokasym Shoislamov, the Uzbek ambassador to Tajikistan, said the countries are negotiating an agreement to open the Tajik market to Uzbek car exports. Uzbekistan’s largest carmaker, GM Uzbekistan, a JV between US-based GM and the Uzbek government, exports most of its cars to Russia.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

EBRD to funnel Kyrgyzstan MicroCredit Company

OCT. 24 2016 (The Conway Bulletin) — The European Bank for Reconstruction and Development (EBRD) has signed a deal with Kyrgyzstan’s First MicroCredit Company to funnel $1m to households in the south of the country for projects to improve their energy and water efficiency. Projects that will qualify for EBRD funding include installing energy efficient windows, doors and water pumps.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Kyrgyzstan-based Centerra completes deal

OCT. 21 2016 (The Conway Bulletin) — Kyrgyzstan-focused miner Centerra Gold said it completed the acquisition of Thompson Creek, a Canadian miner, in exchange for 8% of its shares. Centerra said that the deal is consistent with its diversification efforts. Under the Centerra brand, Thompson Creek will continue its operations in British Columbia. The Kyrgyz government owns a minority stake in Centerra and had opposed the transaction because it said it would have diluted its shareholding in Centerra.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Telia’s losses in Uzbekistan grow

OCT. 21 2016 (The Conway Bulletin) — Sweden’s Telia Company posted a net loss of $908m in Q3 2016 due to the settlement of court cases involving corrupt practices in Uzbekistan. Telia, which paid $1.4b to settle claims by US and Dutch courts in September, said that the court case is not yet closed, hinting of possible further claims. The company was accused of bribing Gulnara Karimova, daughter of late- Uzbek President Islam Karimov, to win telecoms licences.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Kazakhstan energy company posts 12% fall in oil output

OCT. 26 2016 (The Conway Bulletin) — Kazakhstan-focused energy company Nostrum Oil & Gas posted a 12% fall in oil output in the first nine months of 2016, compared to the daily average it maintained in the same period last year. Lower production and sustained low oil prices meant that revenues in Jan.-Sept. 2016 fell by 35%, compared to last year.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

China wants tourism investment in Kazakhstan

OCT. 24 2016 (The Conway Bulletin) — China wants to invest $11b in developing tourism on the banks of Lake Baikal in southern Kazakhstan, media reported. It said that a memorandum of understanding had been signed between two companies to start exploring the best way to invest the Chinese cash. Attracting Chinese tourist to Lake Baikal would be a potential boom for the area.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Kazkom rebrands

OCT. 21 2016 (The Conway Bulletin) — Kazkommertsbank, one of Kazakhstan’s largest banks, rebranded to Qazkom. The bank’s management chose its 25th anniversary to introduce the new branding. Kenes Rakishev, a powerful businessman with ties to the elite, owns, directly and indirectly, 71% of Qazkom. Mr Rakishev has gradually increased his shareholding, essentially taking it over from founder Nurzhan Subkhanberdin last year.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Pobeda starts flights to Armenia

OCT. 26 2016 (The Conway Bulletin) — Pobeda, a low-cost subsidiary of Russia’s flagship carrier Aeroflot, confirmed it will start flights to Armenia in the next few weeks. From November, it will fly from Moscow Vnukovo to Gyumri, Armenia’s second airport seven times a week. Earlier this month, Pobeda obtained permission to start Rostov- on-Don to Yerevan flights. Pobeda already flies to Almaty, Baku and Tbilisi.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)

Kazmunaigas production drops by 1.3%

OCT. 25 2016 (The Conway Bulletin) — KMG EP, a London-traded subsidiary of Kazakhstan’s state owned Kazmunaigas, said its oil production in the first nine months of the year fell by 1.3% to 9.1m tonnes, compared to the same period last year. Importantly, production from Ozenmunaigas and Embamunaigas, two of its loss-making subsidiaries in the west of the country, grew by 1% in this period.

ENDS

(News report from Issue No. 302, published on Oct. 28 2016)