Tag Archives: Azerbaijan

Former Kyrgyz customs chief extradited from Azerbaijan

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DEC. 28 (The Conway Bulletin) — Azerbaijani authorities extradited Adamkul Junusov, Kyrgyzstan’s former customs chief, to Bishkek where he has been charged with corruption and abuse of power. Mr Junusov, who was customs chief from 2013-16, was detained in Baku on Dec. 5. He is just the latest former high-ranking official under ex Kyrgyz president Almazbek Atambayev to be arrested and charged with corruption. Kyrgyz officials accuse him of stealing $2.1m.
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>>This story was first published in issue 396 of The Conway Bulletin on Jan. 11 2019

Armenia and Azerbaijan keep interest rates steady

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DEC. 25/16 The Conway Bulletin) — Armenia and Azerbaijan both left their interest rates unchanged because of continued low inflation. Weak inflation has been a factor across the region since it recovered from a 2014-17 economic downturn.
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>>This story was first published in issue 396 of The Conway Bulletin on Jan. 11 2019

Platts expects ACG to continue to decline in 2019

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DEC. 26 (The Conway Bulletin) — Platts the energy-specialist news service said it expected oil output at Azerbaijan’s Azeri-Chirag-Guneshli (ACG) Caspian Sea field to continue to decline in 2019. ACG is critical to Azerbaijan’s oil production but has been on the decline for the past eight years or so despite BP, its operator, spending millions of dollars patching up its ageing infrastructure. Platts said it expected ACG to produce 510,000 barrels of oil per day in 2019, down from 530,000bpd in 2018.
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>>This story was first published in issue 396 of The Conway Bulletin on Jan. 11 2019

Creditors win appeal against IBA debt restructuring

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DEC. 20 (The Conway Bulletin) – A court in London ruled that International Bank of Azerbaijan (IBA) couldn’t block its creditors from trying to recover fees and assets lost during its 2017 debt restructuring. The appeal against the IBA injunction was brought by Russia’s Sberbank, which had lent IBA $20m, and asset manager Franklin Templeton, which held IBA debt. Both companies had opposed the $3.3b restructuring deal by the state-owned bank.

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>>This story was first published in issue 395 of The Conway Bulletin on Dec. 23 2018

France’s Alstom delivers train engines to Azerbaijan

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DEC. 19 (The Conway Bulletin) – French train manufacturer Alstom delivered the first of 40 Prima T8 AZ8A freight locomotives, built at its plant in Astana, to a depot near Baku, Azerbaijan. The locomotives will operate along the Baku-Tbilisi-Kars route, linking Azerbaijan, Georgia and Turkey, a new trade corridor for goods crossing Central Asia and the South Caucasus.

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>>This story was first published in issue 395 of The Conway Bulletin on Dec. 23 2018

Aliyeva sisters linked to London property deal

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DEC. 20 (The Conway Bulletin) – Leyla and Arzu Aliyeva, the two daughters of Azerbaijani president Ilham Aliyev, tried to buy a $72m London property in 2015 through a mechanism that suggested there was a “significant money laundering risk”, a court in London said. The potential Knightsbridge property deal, which never materialised, came to light during the tribunal of the Aliyevas’ lawyer Khalid Sharif for failing to conduct proper money laundering checks.

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>>This story was first published in issue 395 of The Conway Bulletin on Dec. 23 2018

Anglo Asian shares soar after trading update

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OCT. 3 (The Conway Bulletin) – London-listed gold miner Anglo Asian Mining said gold output had risen by 47% in July-Sept. compared to 2017, immediately pushing up its share price by 12% to an all-time high of 74.5p.

The announcement followed a dividend for shareholders for the first time in September and guidance that gold output would be at the higher end of expectations. Since the start of September, Anglo Asian’s share price has risen by 76%.

CEO Reza Vaziri said: “Given the strong production in the year so far, I am expecting production for the full year to be at the upper end of our guidance.”

Anglo Asian’s operations are focused in Azerbaijan. In Q3 2018, it produced 21,318 ounces of gold compared to 14,684 ounces in Q3 2017.

Anglo Asian has been able to exploit its main Gedabek mine more quickly than anticipated and it also announced an increase in reserves at the mine.

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>>This story was first published in issue 388 of The Conway Bulletin on Oct. 17 2018

Azerbaijani jailed banker’s wife suspected of money laundering

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OCT. 10 (The Conway Bulletin) – A woman under investigation in Britain’s first case involving an Unexplained Wealth Order (UWO) for spending $21m at the London department store Harrods, buying a nearby townhouse and also a golf course outside London was named as Azerbaijani Zamira Hajiyeva. Ms Hajiyeva is the wife of Jahangir Hajiyev, the former chairman of International Bank of Azerbaijan who was jailed in 2016 for fraud.

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>>This story was first published in issue 388 of The Conway Bulletin on Oct. 17 2018

Tension rises around Nagorno-Karabakh

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SEPT. 25/28 (The Conway Bulletin) – Armenia-backed forces in the region of Nagorno-Karabakh staged fighter-jet exercises that the Azerbaijani defence ministry immediately condemned as ‘provocative’. Observers have warned that tension over the disputed region is running at a near all-time high. A UN ceasefire organised in 1994 keeps a shaky peace over Nagorno-Karabakh, although fighting broke out in 2016.
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>>This story was published in issue 387 of The Conway Bulletin on Oct. 1 2018

Azerbaijanis shop in crisis-hit Iran

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SEPT. 23 (The Conway Bulletin) – The number of Azerbaijanis shopping in neighbouring Iran this year has increased by 43.4% from last year because of a collapse in the Iranian economy, media reported quoting government figures. Re-imposed US sanctions have hit Iran hard and devalued its rial currency. This has meant that, with improved Iran-Azerbaijan relations, Azerbaijanis have been able to travel across the border on short-term visas for inexpensive shopping trips.
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>>This story was published in issue 387 of The Conway Bulletin on Oct. 1 2018