Tag Archives: business

Kazakh Halyk Bank profit rises

DEC. 2 2014 (The Conway Bulletin) – Halyk Bank, Kazakhstan’s second biggest lender, said profits for the first nine months of the year had risen by around two-thirds, mainly because of an increase in the number of loans it has given out. The results are good news for Kazakhstan’s economy which has been under pressure from falling oil prices.

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(News report from Issue No. 211, published on Dec. 3 2014)

Gas blast kills seven in Kazakhstan

NOV. 30 2014 (The Conway Bulletin) – A gas explosion in a block of flats in the city of Taldykorgan in south Kazakhstan killed at least seven people, media reported. Media quoted the emergency services as saying improper use of gas cylinders had caused the explosion. The accident highlights poor infrastructure used in Kazakhstan.

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(News report from Issue No. 211, published on Dec. 3 2014)

Kazakhstan supplies power to Kyrgyzstan

DEC. 2 2014 (The Conway Bulletin) – Under a deal thrashed out last month, Kazakhstan started supplying Kyrgyzstan with electricity, media reported. Kyrgyzstan has been desperate to secure electricity because of a dry summer that has left reservoirs feeding hydropower sites low on water.

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(News report from Issue No. 211, published on Dec. 3 2014)

Uzbek President travels to Astana

NOV. 25 2014 (The Conway Bulletin) – Uzbek President Islam Karimov made a rare trip to Astana where he met Kazakh leader Nursultan Nazarbayev to discuss plans by Kyrgyzstan and Tajikistan to build extra hydropower capacity, an issue that has threatened to destabilise the region. Uzbekistan relies on water from Tajikistan and Kyrgyzstan to feed its important cotton fields.

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(News report from Issue No. 210, published on Nov. 26 2014)

 

Kazakhstan-Turkmenistan-Iran rail to open

NOV. 25 2014 (The Conway Bulletin) – A new railway running from Kazakhstan, through Turkmenistan to Iran will open on Dec. 3, Iran’s minister for urban development, Abbas Akhoundi, said. The route is an important part of a new north-south Silk Road. Turkmenistan wants to encourage trade across its territories.

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(News report from Issue No. 210, published on Nov. 26 2014)

 

Swiss president visits Tashkent

NOV. 21 2014 (The Conway Bulletin) – As part of a tour of Central Asia, Swiss President Didier Burkhalter travelled to Uzbekistan. This was a rare trip to Uzbekistan by a Western leader, who are keen to avoid the Uzbek stigma of human rights abuses.

In a meeting, Uzbek President Islam Karimov and Mr Burkhalter discussed “mutual ties, the situation in the world, bilateral business relations and international organizations’ roles,” the official Uzbek media dryly report.

Although little official information is available about Mr Burkhalter’s visit, it is clear the Uzbek side had a few topics to discuss with him.

One issue was the $1b sitting in Swiss bank accounts that allegedly belongs to Gulnara Karimova, the Uzbek president’s daughter. Swiss banks froze that money after prosecutors launched a criminal investigation into suspected money laundering activities.

Ms Karimova is believed to be under house arrest in Tashkent, while other people the Swiss prosecutors wanted to interview have been jailed by Uzbek courts. The Uzbek side will probably use the Swiss president’s visit to attempt to salvage the frozen assets.

Another matter the official Tashkent would have been eager to discuss is the parliamentary elections in December, because Mr Burkhalter is also OSCE Chairperson- in-Office. The OSCE’s Office for Democratic Institutions and Human Rights (ODIHR) sent a mission to Uzbekistan late October to assess elections monitoring needs. The ODIHR assessors recommend sending a limited observation mission due to a lack of competition.

Perhaps to incline Mr Burkhalter toward benevolence, President Karimov signed a decree on introducing amendments to a Swiss-Uzbek agreement on avoiding double taxation.

Azerbaijan welcomes Total targets

NOV. 20 2014 (The Conway Bulletin) – French oil major Total expects to start gas production at the Apsheron field by 2021, media reported by quoting Eric Meyer, Total’s planning development manager. The announcement will no doubt be welcomed by Azerbaijan which wants its energy production credentials increased.

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(News report from Issue No. 210, published on Nov. 26 2014)

 

Abdullayev visits Turkmenistan, again

NOV. 20 2014 (The Conway Bulletin) – Azerbaijani media reported on yet another trip to Ashgabat by the head of Socar, Azerbaijan’s oil and gas company, Rovnag Abdullayev.

Mr Abdullayev was in Ashgabat for the opening of major gas conference. It’s an important time for Azerbaijan- Turkmenistan relations because Turkmen President Kurbanguly Berdymukhamedov has agreed to sign up to a new pipeline running from Baku, the Azerbaijani capital, to Europe.

Visits by Mr Abdullayev to Ashgabat may appear fairly routine but each trip brings the two countries closer together.

Europe sees Turkmen gas as critical for reducing its reliance on Russian energy and considers the pipeline running from the Caspian Sea to central Europe to be the easiest way to supply the gas.

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(News report from Issue No. 210, published on Nov. 26 2014)

 

Telenor worries in Uzbekistan

NOV. 19 2014 (The Conway Bulletin) – Norway’s government summoned the head of Telenor, the telecoms company in which it owns a 54% stake, to explain newspaper reports which have alleged that VimpelCom, a part-owned subsidiary, paid bribes in Uzbekistan to win business, Bloomberg reported.

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(News report from Issue No. 210, published on Nov. 26 2014)

 

Pakistan aims to import Tajik electricity

NOV. 22 2014 (The Conway Bulletin) – Pakistan wants to export Tajik electricity on to other consumer countries, Pakistani media quoted a senior government official as saying. The announcement is, potentially, good news for Tajikistan which is looking for markets for its hydropower. Tajikistan and Pakistan are working on a grid system called CASA-1000.

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(News report from Issue No. 210, published on Nov. 26 2014)