OCT. 7 2015 (The Conway Bulletin) – Armenia’s Metsamor nuclear power plant will shut down in two stages in 2017-2018 as part of a planned modernisation of the plant, the Armenian government said. The ministry of energy had planned one 6- month long closure in 2017, but pressure on electricity prices have forced the government to split the period into two phases.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 7 2015 (The Conway Bulletin) – Trade between Azerbaijan and Iran is growing, media quoted a senior official in its eastern province as saying, and it will continue to increase as Iran strengthens ties with Russia. Iran views Azerbaijan, increasingly, as a gateway to Russia.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 5 2015 (The Conway Bulletin) — State-owned Japan Oil, Gas and Metals National Corporation said it will explore Kazakhstan for mineral deposits. Preliminary investigations will be conducted, jointly with Kazakhstan’s state-owned company Kazgeologiya, in 2016. Japan has bought large amounts of oil from Kazakhstan this year.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 7 2015 (The Conway Bulletin) — Russian carmaker AvtoVAZ will build two new models of its Lada brand in Kazakhstan starting in 2017. AvtoVAZ said its plant in Ust-Kamenogorsk, east Kazakhstan, will receive investments for around $840m.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 7 2015 (The Conway Bulletin) — Banks in Kazakhstan and Kyrgyzstan are bracing themselves for tough times ahead. The currency crisis that has hit the region has, it feels, still a long way to run. Central Banks in both countries have pledged to help commercial banks in the short term to prevent falls in the values of the tenge and som from spiraling into panic and a run on the banks.
This is sensible.
The Kazakh Central Bank said it would compensate savings accounts in tenge that have so far lost 46% in US dollar terms after the regulator moved to a free-float policy. Across the border, in Bishkek, the Central Bank laid out new measures to help customers pay their dollar- denominated mortgages, which have become more expensive as the som lost value.
When people lose confidence in their currency, as is happening across Central Asia and the South
Caucasus, Central Banks intervene. In both countries, new policies were adopted to limit the amount of loans in foreign currencies, to ensure stability in the market.
These short-term measures, however, may have serious repercussions down the road. Bailouts can have an adverse effect on these countries’ sovereign ratings and they could, in any case, be insufficient to reverse the economic downturn.
Let’s see how these policies fair against a falling currency market.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 6 2015 (The Conway Bulletin) – Telenor, a Norwegian telecoms firm, said it is ready to sell its stake in Vimpelcom, a Russian company that also operates in Central Asia under the Beeline brand (Oct. 5). Vimpelcom is under investigation in the US and in the Netherlands for allegedly paying a bribe to enter the Uzbek market.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 8 2015 (The Conway Bulletin) — NORINCO International, a Chinese engineering contractor, will build a coal-fired power plant in the Basht district, about 100km to the east of Dushanbe, helping the country increase its power generation capacity. The new plant will have a 350MW capacity. TBEA, another Chinese company, is currently building a similar power plant in Dushanbe, highlighting China’s growing role in Tajikistan.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 7 2015 (The Conway Bulletin) -Tajik authorities arrested Samikhon Kurbonov, the former chairman of Fononbonk, because of his family ties to Saidumar Khusaini, a high- ranking member of the now banned Islamic Renaissance Party of Tajikistan (IRPT). Last week, Tajikistan’s Central Bank also placed Fononbonk under receivership.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
YEREVAN, OCT. 9 2015 (The Conway Bulletin) — After buying Armenia’s electricity network last week, the Russia-based Tashir Group is on the brink of buying the Hrazdan thermal power station, one of the country’s biggest and most important electricity generating plants.
The Armenian Public Services Regulatory Commission said it approved a deal for Tashir, which is owned by Armenian businessman Samvel Karapetyan, to buy Hrazdan from Russia’s Inter RAO. Inter RAO also sold the electricity network to Tashir.
After a summer of popular protests against electricity price increases that Inter RAO had wanted to impose, Tashir Group, which has a large property portfolio, will now dominate the Armenian electricity sector.
Mr Karapetyan, who is based in Moscow and is one of the richest men in Russia, is the brother of Karen, a member of the Armenian parliament.
The Armenian government backed the deals involving Tashir Group, although details have not yet been disclosed.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)
OCT. 6 2015 (The Conway Bulletin) — Azerbaijan hired US-based consulting firm Hill International on a $3.7m contract to manage the construction of the Baku Tower, a 50-storey skyscraper on the man-made Khazar island, outside the Azerbaijani capital. Avesta Group, an investment company linked to the Azerbaijani elite, has invested $2b into its Baku Tower project.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 251, published on Oct. 9 2015)