Tag Archives: Uzbekistan

GM Uzbekistan to produce new model car

MAY 30 2016 (The Conway Bulletin) — Car manufacturer GM Uzbekistan will produce a new model of Chevrolet Aveo cars for both the domestic market and exports to Russia, state-owned Uzavtoprom said. GM Uzbekistan, 75% owned by Uzavtoprom and 25% owned by US- based GM, said production of the new model will cost around $100m and its Uzbek plant will manufacture 73,600 cars/year. GM Uzbekistan is an important part of the Uzbek economy as it is one of its biggest JVs outside oil and gas.

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(News report from Issue No. 283, published on June 3 2016)

Uzbek officials remove satellite dishes

MAY 27 2016 (The Conway Bulletin) — Uzbek authorities have removed dozens of satellite dishes from homes on Prospekt Kosmonavtov, a main road in Tashkent which runs down to the official residence of Uzbek President Islam Karimov. The website El Tuz, based outside Uzbekistan, said the action was connected to a face-lift for the capital city ahead of the upcoming summit of the Shanghai Cooperation Organisation.

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(News report from Issue No. 283, published on June 3 2016)

Mega Uzbek gas processing complex starts work

MAY 22 2016 (The Conway Bulletin) — The Ustyurt Gas Chemical Complex in Uzbekistan, bigger than any other petrochemical complex in Europe and Asia, officially started operating, marking a coming-of-age for the Uzbek-Korean joint venture that has built and will operate the plant.

The plant cost around $4b and took five years to build. Ustyurt will process around 4.5b cubic metres of gas per year. Uz-Kor Gas Chemical, a joint venture between state-owned

Uzbekneftegaz and South Korea’s largest petrochemical company Lotte Chemical, said that it has already received gas for processing.

At a ceremony to celebrate the event, Lotte Chemical, a subsidiary of South Korea’s Lotte Group, said this was a first step in their campaign to expand westwards.

“The completion of the complex will significantly help Lotte Chemical expand its business territories to Russia and North Africa as well Europe and Central Asia,” Lotte said in a statement.

Uzbek and South Korean PMs Shavkat Mirziyoyev and Hwang Kyoahn also attended the ceremony.

Uzbekistan is among the top 15 gas producing countries and considers the Ustyurt gas complex to be vital to its economic plans. It is also planning parallel investments to increase gas production at its ageing fields in Karakalpakstan, west Uzbekistan, where the Ustyurt complex is located.

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(News report from Issue No. 282, published on May 27 2016)

Uzbekistan receives loan from World Bank

MAY 25 2016 (The Conway Bulletin) — The World Bank sent a $20m loan to Uzbekistan to fund the update of the cadastre system, through which the government registers properties. Outdated registers and complicated bureaucratic procedures, as well as rampant corruption and a lack of legal protection for companies, have kept Uzbekistan among the worst countries to do business in.

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(News report from Issue No. 282, published on May 27 2016)

GM Uzbekistan to stop selling cars to Russia

MAY 24 2016 (The Conway Bulletin) — Life.ru, a Russian newspaper, said that GM Uzbekistan might soon stop selling its cars to Russia, as the company’s distributor in Voronezh is on the brink of bankruptcy. GM Uzbekistan, a joint venture between US-based GM and state owned UzAvtosanoat, faced problems last month, when a corruption case hit its top managers and slowed car exports to Russia. It is one of the most important industrial units in Uzbekistan outside the oil and gas sector.

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(News report from Issue No. 282, published on May 27 2016)

Lukoil improves ties with Uzbekistan

MAY 23 2016 (The Conway Bulletin) — Russian energy company Lukoil said it had reached an agreement with the Uzbek government to improve the terms of its production sharing agreement (PSA) for the development of its oil fields at Kandym, Khauzak, Shady and Kungrad. Details of the new PSA were kept confidential. Lukoil had said that sustained low oil prices had made these projects more costly.

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(News report from Issue No. 282, published on May 27 2016)

Currency woes in Uzbekistan, Georgia and Armenia

MAY 16 2016 (The Conway Bulletin) – An IMF paper on the state of money markets across the South Caucasus and Central Asia said that most currencies are still overvalued against the US dollar, despite depreciations that have taken place over the past 18 months. The IMF highlighted that in January the Uzbek sum was 30% above its market value, and the Georgian lari was around 15% overvalued. The Armenian dram was the only currency that, according to the IMF, traded below its value.

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(News report from Issue No. 281, published on May 20 2016)

Azerbaijan and Uzbekistan sign energy deal

MAY 18 2016 (The Conway Bulletin) – Azerbaijani and Uzbek state-owned energy companies signed a memorandum of understanding to explore and exploit oil and gas fields in Uzbekistan. SOCAR’s president Rovnag Abdullayev and Uzbekneftegaz’s chairman Alisher Sultanov met in Tashkent on the sidelines of an international oil and gas conference to sign the deal. It is perhaps telling that with oil prices so low, the Azerbaijani and Uzbek governments are having to fund development of their oil and gas sectors themselves.

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(News report from Issue No. 281, published on May 20 2016)

Uzbekistan opens language studies

MAY 13 2016 (The Conway Bulletin) – The Uzbek government opened the first state university devoted entirely to the study of Uzbek language and literature. The new university, named after Alisher Navoi, a 15th century linguist and poet, is located in Tashkent. The Uzbek government considers Uzbek language as part of its national brand and an important part of its nation building.

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(News report from Issue No. 281, published on May 20 2016)

Uzbek and Bulgarian oil companies open recycling plant

MAY 17 2016 (The Conway Bulletin) — Bulgarian oil company Prista and Uzbekistan’s Uzneftprodukt opened a new oil recycling plant in Angren, eastern Uzbekistan. The new plant will process 43,000 tonnes of used oil and produce 30,000 tonnes of fuel per year. The venture spent around $15m building the plant. Bulgarian PM Boyko Borisov travelled to Tashkent to take part in the inauguration ceremony.

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(News report from Issue No. 281, published on May 20 2016)