Tag Archives: business

E-space plans to develop electric car market in Georgia

TBILISI, NOV. 4 2016 (The Conway Bulletin) — Two charging points for electric cars have been installed in Tbilisi, media reported, the first move in a push to promote the sector.

E-space, a Georgian company, plans to install 25 more chargers across the city by the end of the year, then 70 more by the end of 2017, followed by chargers along motorways.

Sulkhan Gvalia, former deputy CEO of Bank of Georgia and now E-space CEO, said the sector was ripe for development in Georgia.

“The problem in Georgia is that there is no infrastructure. So that is why we started with that,” he told The Conway Bulletin.

Recharging an electric car will be free until the end of 2017. The Tbilisi city government has said it will pay for the power supply bills at the first two charging points. For the next charging points, E-space wants to sign agreements with shops to host and pay for the power. The shops will benefit from the extra trade generated by drivers stopping to re-charge.

So far, there are 50 electric cars registered in Tbilisi but Nata Kasradze, E-space’s chief product development officer, said sales will rise.

“The visibility of the chargers will change the mentality of people,” she said. “We haven’t imported a single car yet but we already have about 30 requests from people who want to buy a car.”

E-space has five founders and is self-funded. The founders said they had developed a three-point plan for its business. To develop the infrastructure, then open a showroom to sell cars, scooters and motorcycles and finally develop a service centre.

On the streets of Tbilisi not everybody was convinced, though.

Dato, 32, said Georgians with money want to flaunt their wealth by buying a BMW or Mercedes .

“Electric cars are still very expensive,” he said. “Georgians who can afford to spend this amount of money will not spend it on an electric cars which still do not represent wealth.” Gocha, a businessman, agreed.

“This market is for the middle class, but it has to be well marketed so that people can see the benefit coming from it. I do not think that Georgians are ready for that”

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Turkmenistan postpones air link with Georgia

NOV. 4 2016 (The Conway Bulletin) — Just weeks after announcing the new connection between Turkmenistan and Georgia, Turkmenistan Airlines suspended direct flights from Ashgabat to Tbilisi because of commercial concerns, Agenda.ge reported. The state-owned company had planned to start flights in September and later delayed the start date to November.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

EBRD gives loan to Armenia

NOV. 9 2016 (The Conway Bulletin) — The EBRD gave a $50m loan to Armenia to modernise a section of the Vanadzor-Bagratashen highway, which connects central Armenia to the border with Georgia. Repair and construction work will be carried out along a 51km section of the road. The European Investment Bank will support the modernisation of another section of the road with a $51m loan. Vanadzor is Armenia’s third-largest city. Armenia-Georgia ties have improved in recent years.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Tajiks and Russian resolve aviation row

NOV. 7 2016 (The Conway Bulletin) — The Tajik aviation authority agreed to give Russia’s Ural Air a licence to fly from Moscow’s Zhukovsky airport to Dushanbe and Khujand, dampening a row that had been intensifying. Last week, after Tajikistan’s initial refusal to allow flights from Zhukovsky, Russia’s aviation committee threatened to cut air links with Tajikistan. Under the new agreement, Tajikistan also won permission to open new routes to Ufa, Chelyabinsk and Barnaul.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Tethys says Kazakh police raided its offices

ALMATY, NOV. 6 2016 (The Conway Bulletin) — Guernsey-registered Tethys Petroleum accused Kazakh police of raiding the offices of its subsidiaries in Kazakhstan days after a financing deal with Kazakhstan- based Olisol collapsed.

Tethys also said it had sacked Alexander Abramov, a principal at Olisol and director at Tethys, the day after the police raids . It accused Mr Abramov and Olisol of triggering the raids.

“We understand that the case was initiated by Mr Abramov. On November 2, 2016 the investigation division of the Internal Affairs Department of Almaty conducted searches of the Company’s offices,” Tethys said. Mr Abramov and Olisol have not commented.

Tethys, which operates oil and gas fields near the Aral Sea, also accused Olisol of other underhand business tactics.

The company said that its two main gas supply contracts were terminated shortly before a deadline for Olisol to pay its proposed investment. This allowed Olisol to back out of the agreement.

Essentially Tethys accused Olisol of deliberately scuppering its finance plans. Tethys had been relying on investment of $10m from Olisol, in return for equity, to push through a tough period for the energy industry.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Kazakhstan’s flagship to put for auction

NOV. 3 2016 (The Conway Bulletin) — Kazakhstan’s sovereign wealth fund Samruk-Kazyna said it will put up for auction up to 25% of Air Astana, the country’s flagship carrier it co- owns with Britain’s BAE Systems. Samruk-Kazyna said that BAE Systems could also sell up to 25% of Air Astana, but that 51% of the shares should remain in the hands of Kazakh investors to comply with the law. Samruk-Kazyna owns 51% of Air Astana, BAE Systems owns the rest.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Turkmenistan settles row with Gazprom

NOV. 7 2016 (The Conway Bulletin) — Turkmenistan’s Turkmengaz and Russia’s Gazprom settled a row over gas pricing after a meeting between Turkmen President Kurbanguly Berdymukhamedov and his Russian counterpart Vladimir Putin last week, media reported. Earlier this year, Gazprom filed an arbitration case against Turkmengaz in a Stockholm court alleging that it had been over-charged for gas. Turkmengaz had previously accused Gazprom of not paying its debts.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Kazakh carmaker revives production

NOV. 4 2016 (The Conway Bulletin) — Despite a 29% fall in revenues, Kazakhstan-based carmaker AziaAvto turned a profit of 3b tenge ($8m) in the first nine months of 2016, compared to a loss of 13.4b tenge in the same period last year. In a statement, the company said that despite the slump in the market, AziaAvto has managed to contain costs and revive production. AziaAvto’s plant in eastern Kazakhstan produces cars for Lada, Skoda, Chevrolet and KIA.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Uzbek businessman complains to President

NOV. 8 2016 (The Conway Bulletin) — In a televised show, Olim Sulaimanov, director of a small trading company in Uzbekistan, explained how his company had been raided by Uzbek police, Eurasianet reported. Mr Sulaimanov, whose company exports fruits and vegetables to Russia, appealed to acting-President Shavkat Mirziyoyev to unfreeze his company’s assets.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)

Azerbaijan increases its cotton harvest but analysts doubt ambitious target

NOV. 7 2016 (The Conway Bulletin) — Azerbaijan harvested 50,400 tonnes of raw cotton in 2016, a 66% increase on last year, its statistics committee said.

The rise is important to the Azerbaijani government because with oil prices low and the economy tipping into recession it has revived promises to develop cotton.

In the Soviet Union, before its second oil boom in the late 1990s and early 2000s, cotton had accounted for up to 25% of Azerbaijan’s income. Investment, though, dropped away once oil became the focus.

“Next year, cotton production will lead to the creation of more than 100,000 jobs. As we expand our acre- age, this figure will grow,” President Ilham Aliyev said during a cotton- development conference in Sabirabad, Azerbaijan, on Sept. 17.

Azerbaijani authorities want to expand the cotton fields within three years by 500%, from the current 50,000 hectares. Even if Azerbaijan hits this target it will still be a fraction of the size of the world’s major cotton producing countries. Uzbekistan has around 1.25b hectares of cotton fields.

Economists, though, are sceptical on whether white gold – as cotton is dubbed in Azerbaijan – can fill the gap left by the drop in energy prices. Last year, they pointed out, cotton produced earned just $29m.

Ziya Mammadbayli, a Baku-based analyst, said that Azerbaijan didn’t even have the capacity to pick a bigger cotton harvest without forced labour.

“With low average salaries and without new equipment the has government started to send primary school teachers and doctors to cotton fields to pick it,” he told The Bulletin.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 304, published on Nov. 11 2016)