Tag Archives: business

Kazakhstan Airline to increase flights to China

SEPT. 28 2016 (The Conway Bulletin) – Kazakhstan’s flagship carrier Air Astana plans to increase air links to China and tap Kazakhstan’s potential as a transport hub. Peter Foster, the company’s CEO, said Air Astana aims to transport 1m Chinese tourists and businessmen within three years. To achieve this goal, the company aims to triple from 20 to 60 the flights it operates with China and to hire more Chinese-speaking staff.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Kazakh government appears confused over re-launching oil project

SEPT. 29 2016 (The Conway Bulletin) – Kazakhstan’s government appeared confused over when the giant Kashagan oil project in the Caspian Sea would re-start production after a three year hiatus to repairs leaky pipes. It first said that Kashagan would restart on Oct. 23, surprising analysts, before correcting themselves by announcing a year-end re-start date. Analysts have been expecting a year-end re-start.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Armenia to replace Mestamor

SEPT. 27 2016 (The Conway Bulletin) – Armenia will decide within the next two years what to replace the Metsamor Nuclear Power Plant with when they decommission it in 2026, media reported quoting government officials. Metsamor, which lies 30km from Yerevan is controversial. It supplies 40% of Armenia’s power but the EU and the US want it closed down because they say it is a safety risk.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Stock market: Central Asia Metals

SEPT. 30 2016 (The Conway Bulletin) – Kazakhstan-focused copper producer Central Asia Metals continued to gain this week, rallying on its positive half-year report it published in mid-September.

Its stock price in London was up 1.3% to 182.3 on Thursday compared to last week. It has averaged a growth of 1.2% over the past three weeks.

In its half-year report, published on Sept. 13, the company said it increased copper production by 27% to 6,908 tonnes, which helped its revenues to grow marginally to $30.9m despite a sharp fall in copper prices, which have fallen by 17.5% compared to last year.

Importantly too, the company managed to cut production costs by 40%.

“[H1 2016 was] another record period of copper production, resulting in a continued strong financial performance for the Group. The devaluation of the local currency has been a key factor in our reduced costs of production,” Nick Clarke, Central Asia Metals’ executive chairman said in a note.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Kazakh oil company revenue drops

SEPT. 28 2016 (The Conway Bulletin) – Kazakhstan-focused oil company Roxi Petroleum posted revenues of $896,000 in the first half of 2016, 7.6% lower than in the same period last year. After tax, the company posted a loss of $2.5m, compared to a profit of $13.2m last year when Roxi sold the Galaz oil field. In a statement, chairman Clive Carver stressed the importance of the company’s success in reducing operating costs.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Turkmen railways to cut 30% work-force

SEPT. 25 2016 (The Conway Bulletin) – Turkmenistan’s ministry of railway transport will cut 30% of its work- force by the end of the year, opposition news outlet Alternative News of Turkmenistan (ANT) reported. Sources in Ashgabat reported the sacking of 15 workers in mid-September. ANT has previously reported on government job cuts and unpaid salaries.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Azerbaijan to have talks with Bulgaria on exports

SEPT. 29 2016 (The Conway Bulletin) – Bozhidar Lukarski, Bulgaria’s minister of economy, will hold talks with an Azerbaijani delegation to explore the possibility of buying 1b cubic metres of gas. SOCAR and Bulgargaz, the two state-owned companies, signed a supply agreement in 2014. So far, however, the Interconnector Greece-Bulgaria, the pipeline through which Azerbaijan’s gas will be pumped, has not been built. Azerbaijan sees exports to Europe as key to growing its client base.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Azerbaijan’s export to Turkey declines

SEPT. 27 2016 (The Conway Bulletin) – Azerbaijan exported to Turkey 2.9% less gas in Jan.-July 2016, compared to the same period last year, the Turkish energy regulator said. Azerbaijan’s exports in the first seven months of the year stood at 3.8b cubic metres, mostly originating from the Shah Deniz gas field. Azerbaijan’s supplies to Turkey make up around 20% of Turkish gas imports through pipelines. Oil and gas exports are vital to Azerbaijan’s economy.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Tajik power plant to use Siemens-branded equipment

SEPT. 28 2016 (The Conway Bulletin) – The Rogun dam and power station, under construction in Tajikistan, will use Siemens-branded switch- gears, the German edition of Focus reported. In July, Italy’s Salini Impregilo won a $3.9b contract to build the Rogun dam, which will become the tallest dam in the world, at 355m.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)

Turkmen brewer borrows $2.8m to build factory to produce crisps

SEPT. 29 2016 (The Conway Bulletin) – Turkmenistan may be known around the world for making intricate carpets, breeding fine horses and pumping enough gas out of the ground to help power China, but now it wants to branch out into crisp production.

The EBRD said that it was lending Turkmen brewer Berk $2.8m to build a potato crisp plant.

“Already a leading producer on the Turkmen beer market, Berk hopes to also become a frontrunner in potato chips production in the country, where most chips (crisps) are currently imported,” the EBRD wrote in a press release.

Berk and the EBRD will face some significant cultural challenges trying to spread crisp eating in Turkmenistan, though.

Sales of spirits, mainly vodka, currently dwarf beer sales and, while crisps are particularly popular as a beer snack in Britain, they are still viewed with suspicion in other countries. In Russia, for example, the norm is to eat salty, chewy cheese with beer.

ENDS

(News report from Issue No. 298, published on Sept. 30 2016)