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Armenian gold project go-ahead

DEC. 1 2015 (The Conway Bulletin) – Toronto-listed Lydian International said it had secured the $325m finance needed to exploit a major gold deposit in Armenia. The deposit at Amulsar could transform Armenia’s economy.

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(News report from Issue No. 259, published on Dec. 4 2015)

Kazakhstan opens $1.2b gas pipeline

DEC. 4 2015 (The Conway Bulletin) – Kazakhstan’s Kaztransgas, the state- owned pipeline monopoly, opened a third pipeline pumping gas to China, highlighting Chinese dominance over Central Asia’s energy resources.

Line C will bring the total capacity of the Kazakhstan-China pipeline to 55b cubic metres of gas a year. The Kazakhstan-China pipeline is part of

the 1,300km pipeline network that spans Central Asia. Its main purpose is to pump Turkmen gas to China, although Uzbekistan and Kazakhstan also contribute.

The pipeline cost $1.2b to build and was described by Kaztransgas as the biggest infrastructure project in independent Kazakhstan.

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(News report from Issue No. 259, published on Dec. 4 2015)

EBRD to boost activity in Armenia

DEC. 2 2015 (The Conway Bulletin) – The European Bank for Reconstruction and Development (EBRD) said that its priorities in Armenia over the next four years would be to improve small business competitiveness, develop local capital markets and improve public utilities. The EBRD is a major investor in Armenia with over $1b worth of investments.

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(News report from Issue No. 259, published on Dec. 4 2015)

Tajikistan extradites 2 men to Kyrgyzstan

NOV. 30 2015 (The Conway Bulletin) – The authorities in Tajikistan sent two Kyrgyz men to Kyrgyzstan for allegedly trying to recruit people to join the radical IS group in Syria and Iraq, media reported. Central Asian governments are worried about an increase in IS recruiting in the region.

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(News report from Issue No. 259, published on Dec. 4 2015)

Lukoil ups Ubekistan’s production

DEC. 1 2015 (The Conway Bulletin) — Russian oil company Lukoil said it increased both investment and production in Uzbekistan’s gas sector in the first nine months of 2015. Investment grew by 38% to $759m, compared to last year. Production rose to 4.7b cubic metres, up 26% from around 3.7b cubic metres last year. Lukoil is one of Uzbekistan’s biggest investors. Uzbekistan has said it wants to increase its gas production.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 259, published on Dec. 4 2015)

 

Kazakhstan faces lowest GDP growth since 1990s

DEC. 3 2015 (The Conway Bulletin) – The World Bank predicted that Kazakhstan’s economy would grow at its slowest rate since the mid-1990s, four days after President Nursultan Nazarbayev tried to shrug off the worsening economic outlook by telling listeners during a state-of-the- nation speech that they have never had it so good.

Throughout the year economists at the World Bank have been down- grading growth rates in Kazakhstan but a new lower GDP growth estimate of 0.9% this year, smaller than growth rates in the 2008/9 global financial crisis, still came as a shock.

And worse was to follow. The World Bank said GDP growth would measure only 1.1% in 2016.

“The uncertain external outlook will dampen private investment, while the pass-through effect of the tenge depreciation will reduce house- hold consumption and public consumption will remain modest due to the ongoing fiscal adjustment.” the World Bank said in its report.

From 2017, the economic outlook would improve mainly thanks to the giant Kashagan oil field coming on- stream. But the warning signs are there.

If the World Bank’s outlook comes through, it’ll be the first time for over 20 years that growth in Kazakhstan has been so low for two consecutive years.

Three days earlier Mr Nazarbayev had tried to rally his countrymen in a televised state-of-the-nation speech that was filled with talk about toughing out the economic malaise.

He blamed factors outside his control for the economic downturn and then told his audience that they have never lived in such a prosperous period.

“Never before have our people lived as well as they do now,” he said. “We have achieved a lot.”

And Mr Nazarbayev needs to put a brave face on things. Inflation has jumped to around 10% and the value of the tenge currency has halved in the past 18 months.

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(News report from Issue No. 259, published on Dec. 4 2015)

China signs deal on Kazakh refinery

NOV. 27 2015 (The Conway Bulletin) – China Petroleum Engineering & Construction signed a deal with Kazakhstan’s state-owned Kazmunaigas to modernise the oil refinery at Shymkent, south Kazakhstan. The upgrade will also mean the refinery’s capacity increases to 6m tonnes from 5.25m tonnes. Kazakhstan needs to increase its refinery capacity.

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(News report from Issue No. 259, published on Dec. 4 2015)

Azerbaijani security forces arrest 19 men

DEC. 2 2015 (The Conway Bulletin) – Azerbaijani security forces arrested 19 people during an operation in a Baku suburb which they said was designed to root out terrorists.

Tension is running high in the suburb of Nardaran. Last week six people died, two policemen and four gang members, during a shoot-out between the security forces and a group they said had been plotting a series of attacks.

Witnesses to the operation this week said that armed police surrounded Nardaran and moved in with armoured cars. Photos also showed Nardaran residents burning tyres and stockpiling stones ahead of the police operation. There were no reports, though, of fighting.

Azerbaijan is formally a secular country although the majority of the population are Shia Muslims. Nard- aran is one of the most conservative areas in the country, a place where most women wear head scarves. Head scarves have been banned at schools in Azerbaijan but they are still a common sight in Nardaran.

Azerbaijan’s pious Shia community often turns to Iran for support and state-linked media in Tehran has been reporting on the Azerbaijani security forces’ operations in Nardaran. It described the operation as the start of another crackdown on the Shia community.

Relations between Azerbaijan and Iran have been improving over the past few years. The security force’s action in Nardaran this week and the violence last week threatens to undo some of this improvement.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 259, published on Dec. 4 2015)

Auchan imports Tajik products

DEC. 2 2015 (The Conway Bulletin) — The Russian branch of French retailer Auchan said it would import goods from Tajikistan, Morocco and China to make up for the decline in imports from Turkey, which will be subjected to an import ban imposed by Russia after a Turkish plane shot down a Russian fighter-jet over Syria. Auchan will open a supermarket in Dushanbe in 2016. Auchan already operates a Russia-Tajikistan distribution line.

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(News report from Issue No. 259, published on Dec. 4 2015)

 

Fire breaks out on Azerbaijani oil rig

DEC. 4 2015 (The Conway Bulletin) – At least one person has died and another 29 people are missing after an oil platform in the Azerbaijani sector of the Caspian Sea caught fire.The platform is part of the Gunehsli field which is operated by BP.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 259, published on Dec. 4 2015)