MARCH 19 2015 (The Conway Bulletin) – SOCAR, Azerbaijan’s state energy company, said that it had issued $750m worth of 15-year Eurobonds. It had earlier said that it would issue debt but didn’t specify how much. SOCAR said the debt issue was linked to the fall in oil prices.
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(News report from Issue No. 224, published on March 25 2015)
MARCH 20 2015 (The Conway Bulletin) – Officially, Georgia’s economy grew by 4.8% in 2014, up from 3.3% in 2013, the Georgian national statistics office said. Georgia has been enjoying growth for a few years. Economists have predicted a slowdown, though, because of a regional economic trough.
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(News report from Issue No. 224, published on March 25 2015)
MARCH 16 2015 (The Conway Bulletin) – Canada-based Condor Petroleum halted oil production at its Shoba oil field in west Kazakhstan because the oversupply of cheaper Russian oil products has dented domestic production.
A fall in oil prices and the imbalanced between the Russian rouble and the Kazakh tenge are hurting foreign energy companies in Kazakhstan. “Kazakhstan is experiencing an oversupply of refined oil products, including diesel, which is causing downward pricings pressures on domestically produced diesel and on crude oil,” Condor Petroleum said in a statement.
“Currently, Kazakhstan refineries are either not operating or the offering prices are below the Company’s cost of operations.”
This is, in effect, a criticism of the Kazakh government’s determination to defend the tenge despite the imbalance with the rouble.
Earlier this month a Kazakh official said important upgrade work to Kazakh refineries would have to be postponed because Russian oil products had destroyed their profitability.
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(News report from Issue No. 224, published on March 25 2015)
MARCH 19 2015 (The Conway Bulletin) – Armenia issued a 10-year $500m bond with a yield of 7.5%. Governments in Central Asia and the South Caucasus have been borrowing to offset a drop in their economies.
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(News report from Issue No. 224, published on March 25 2015)
MARCH 15 2015 (The Bulletin) – Hundreds of people demonstrated in Baku against the devaluation by 33% of the manat currency last month. The size of the march was contested with its organisers saying 10,000 people attended and police saying there were a few hundred.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 14 2015 (The Bulletin) – Georgia received nearly 8% less visitors in January and February this year compared to the same period last year, media reported quoting government figures. Some analysts blamed the drop on tightened visa regulations for visitors from China, Iran, Iraq and Egypt.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 16 2015 (The Bulletin) – Food prices in Azerbaijan rose in February by 6.6%, media reported quoting the state statistics agency. Economists have been warning that Azerbaijan may be facing inflation after a sudden devaluation by 33% of the manat in February.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 12 2015 (The Bulletin) – Armenia is planning a bond issue to help it through the current financial crisis, Reuters reported quoting sources. Armenia’s last bond was issued in September 2013 and was worth $700m.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 13 2015 (The Bulletin) – Garment production in Kyrgyzstan dropped by 50% in the first two months of the year, media quoted the Kyrgyz national statistics agency as saying. The agency did not say why clothing output had plummeted but it may be linked to the regional economic downturn.
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(News report from Issue No. 223, published on March 18 2015)
MARCH 17 2015 (The Bulletin) – Azerbaijan’s economy will probably grow by 1.5% in 2015 despite a downturn in regional conditions, Reuters quoted EBRD economist Dmitry Gvindadze as saying. He said Azerbaijan’s oil fund, worth $50b, had created a buffer that meant Azerbaijan could weather the economic storm.
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(News report from Issue No. 223, published on March 18 2015)
