Tag Archives: business

South African company to buy gold mine in Kyrgyzstan

JULY 17 2012 (The Conway Bulletin) – South Africa-based Gold Fields is preparing to buy the 40% of the Talas gold mine in Kyrgyzstan it doesn’t already own for $10m from London- based Orsu Metals, the companies said. Gold mining is important to the Kyrgyz economy although there have recently been a series of high-profile set backs for investors. Last year armed horse riders raided the Talas gold mine.

ENDS

(News report from Issue No. 097, published on July 20 2012)

Uzbekistan suspends MTS’s licence

JULY 17 2012 (The Conway Bulletin) – The authorities in Uzbekistan formally accused Russian mobile provider MTS of violating the terms of its contract and suspended its operating licence for 10 days.

MTS, which is listed on New York’s stock exchange and operates under the Uzdunrobita brand, denies any wrong-doing and has accused the Uzbek government of trying to steal the company.

The case against MTS appears to boil down to not paying enough taxes. Earlier this month, police in Tashkent arrested a handful of senior Uzdunrobita executives, although the Uzdunrobita CEO had already fled to Moscow, and accused them of tax evasion.

Uzdunrobita is small-fry for MTS. It may have 9.5m subscribers in Uzbekistan but its revenues account for just 3.5% of MTS’s total turnover.

For both sides the row, which has been played since the end of June, is negative publicity.

This is the second time in 18 months that MTS has lost an operating licence in Central Asia. Last January, the Turkmen authorities scrapped a licence and although it has manoeuvred itself into a position to resume operations, MTS is still currently frozen out of Turkmenistan.

Either MTS has become careless or it’s being bullied. For Uzbekistan, whether it has a strong case or not, the row worsens its already tarnished business image.

ENDS

(News report from Issue No. 097, published on July 20 2012)

Turkmenistan extends gas supply role

JULY 9 2012 (The Conway Bulletin) – With the announcement of the TANAP pipeline, Europe is likely to settle for less ambitious volumes of gas to push through the South Caucasus and Turkey to its cities.

This has forced Turkmenistan to turn east once more for new markets for its vast gas reserves.

Turkmenistan has already carved out a niche as one of Asia’s emerging main gas suppliers. China, Iran, the Gulf states and Afghanistan, Pakistan and India have all signed deals over the past 18 months to boost gas imports from Turkmenistan.

Now Bangladesh can, almost, be added to the list. Bangladesh wants to convert the so-called TAPI pipeline into TAPIB, media reported.

The Asian Development Bank, which is funding construction of the TAPI pipeline, has said it is still waiting for a formal application from Bangladesh but if, and when, it does come, it seems like an obvious extension to an already ambitious project.

All this is likely to be music to the ears of Turkmen President Kurbanguly Berdymukhamedov. Since coming to power in 2007, he has overseen the boom in export markets for Turkmen gas.

Analysts estimate that over the next few years, Turkmenistan will produce 75b cubic metres of gas annually, nudging into the world’s top ten gas producers.

ENDS

(News report from Issue No. 096, published on July 13 2012)

Armenia’s national airline cancels jet order

JULY 11 2012 (The Conway Bulletin) – Armavia, Armenia’s national airline, cancelled an order to buy a second Sukhoi Superjet 100, media reported. Armavia and Areoflot, the Russian airline, had been the only airlines to operate a Superjet, which is a medium-range passenger plane. In May, a Superjet crashed into a mountain in Indonesia on a display flight.

ENDS

(News report from Issue No. 096, published on July 13 2012)

MTS pulls out of Uzbekistan

JULY 10 2012 (The Conway Bulletin) – Russian mobile operator MTS temporarily shut down some of its operations in Uzbekistan after the authorities accused it of tax evasion, media reported. MTS, which has 9m subscribers in Uzbekistan, says the accusations are untrue and that the authorities are trying to pressure it into relinquishing control of the company.

ENDS

(News report from Issue No. 096, published on July 13 2012)

Uzbek authorities detain MTS’s officials

JULY 6 2012 (The Conway Bulletin) – Uzbek police detained several senior officials at the local unit of Russian mobile operator MTS for allegedly not paying enough tax, the company said in a statement. MTS denied the charges and said the investigation may force it to close its operations in Uzbekistan where it has 9m subscribers.

ENDS

(News report from Issue No. 095, published on July 6 2012)

French company finds oil reserves in Azerbaijan

JULY 1 2012 (The Conway Bulletin) – French energy company Total confirmed huge gas reserves at the Absheron field in the Azerbaijani sector of the Caspian Sea. Socar, Azerbaijan’s state energy company, and GDP Suez, another French company, are also shareholders in Absheron. Total said the field holds up to 300b cubic metres of gas, seven times larger than France’s annual gas consumption.

ENDS

(News report from Issue No. 095, published on July 6 2012)

Turkmenistan to pursue gas dispute with the UN

JUNE 30 2012 (The Conway Bulletin) – Turkmen energy minister, Kakageldy Abdullayev, said Turkmenistan would pursue its claim to the disputed Kapaz oil field in the Caspian Sea with the UN, media reported. Azerbaijan also claims ownership of the field. The Caspian Sea littoral states have been locked in a long-running argument over ownership rights.

ENDS

(News report from Issue No. 095, published on July 6 2012)

Chinese bank buys stake in Georgian bank

JULY 4 2012 (The Conway Bulletin) – China’s Hualing group bought a 90% stake in the Georgia’s Basisbank from the EBRD and the bank’s founder, Zurab Tsikhistavi, the company said. Media reported that this is the first time a private Chinese bank had bought an overseas bank. The EBRD and Mr Tsikhistavi will both retain a 5% stake in Basisbank.

ENDS

(News report from Issue No. 095, published on July 6 2012)

Kyrgyz officials vote against nationalising Kumtor

JUNE 27 2012 (The Conway Bulletin) – Parliamentarians in Kyrgyzstan voted against nationalising the Kumtor gold mine owned by Canada’s Centerra Gold, after a report accused it of a series of environmental infringements. Instead, parliament ordered a review to recommend boosting its stake in Centerra Gold, which currently stands at 33%.

ENDS

(News report from Issue No. 094, published on June 29 2012)