Tag Archives: construction

Turkmenistan to start building trans-country motorway

JAN. 26 (The Conway Bulletin) — Turkmenistan started work on construction of a $2.3 four-lane motorway that will run across the sandy Kara Kum desert and connect Ashgabat with Uzbekistan.

Serdar Berdymukhamedov, the son of President Kurbanguly Berdymukhamedov and widely regarded as his heir, launched the construction, highlighting its prominence. The project is seen as a continuation of Turkmenistan’s government policy to try to kickstart its economy through a combination of spending cuts on services and prestige infrastructure projects which aim to generate thousands of jobs and additional revenue.

Turkmen officials have said that the road, the biggest ever built in Turkmenistan, will also build up its position as a prominent stage-post for trade routes running across Central Asia.

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>This story was first published in issue 398 of The Conway Bulletin on Jan. 31 2019
Copyright The Conway Bulletin 2019

Another gas leak kills 7 workers in Tbilisi

TBILISI/Jan. 30 (The Conway Bulletin) — Seven construction workers living in a single-room apartment in Tbilisi died from carbon monoxide poisoning, bringing to 13 the number of people killed in the Georgian capital this month from gas leaks or explosions.

Only a few days earlier ministers had said that they wanted to make gas leak sensors obligatory in residential apartments. Georgian media said that the foreman from the construction site that the men were working discovered their dead bodies when he went to investigate why they hadn’t turned up to work.

Earlier this month a gas explosion killed four people and a gas leak killed two people in Tbilisi. Campaigners have said that although Georgia is experiencing a construction boom off the back of a growing economy and a booming tourism sector, it has lagged behind on safety standards.

Last year, two tourists from Oman also died from carbon monoxide poisoning in their Tbilisi hotel room. Media reports said that in 2016-18, 87 people died from carbon monoxide poisoning in Georgia.

Georgia’s construction industry will also come under scrutiny. In 2018 there were several deaths from accidents on construction sites and questions will be asked as to why seven workers were sharing a one-room apartment. Media reported that a makeshift boiler was the cause of the leak that killed the seven men. Georgia’s interior ministry declined to say whether they were migrant workers or Georgians.

Kazakh company KazTransGaz supplies gas to residential blocks in the city. It issued a statement denying any responsibility for the accident.

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>This story was first published in issue 398 of The Conway Bulletin on Jan. 31 2019
Copyright The Conway Bulletin 2019

Tajikistan increases cement exports

JAN. 14 (The Conway Bulletin) — Tajikistan increased its exports of cement to 1.44 tonnes, worth an estimated $65.4m, in 2018, media reported, up by around a third from 2017. The main markets for the exports are Uzbekistan, Kyrgyzstan and Afghanistan. Tajik cement is replacing Pakistani cement as the mainstay for the region.
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>>This story was first published in issue 397 of The Conway Bulletin on Jan. 20 2019

Berdymukhamedov says he wants to sue Belarussian constructor

NOV. 5 2018 (The Conway Bulletin) — Turkmenistan’s Pres. Kurbanguly Berdymukhamedov ordered his government to sue Belgorkhimprom, the Belarusian company that built the Garlyk potash plant. The plant was supposed to be the biggest in Central Asia with a capacity of 720,000 tonnes/year. Since it opened, though, in March 2017, it has produced a fraction of this. No official reason on why the plant’s output has been so low has been given. Belgorkhimprom has said that it hasn’t been paid for the construction of the plant.

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— This story was first published in issue 391 of the Conway Bulletin on Nov. 11 2018.

Uzbekistan says deal sign with France’s Bouygues to build new tourist zone

OCT. 8 (The Conway Bulletin) – France’s Bouygues has signed a deal with the Uzbek government to build a 100m euro “tourist zone” near Bukhara, Uzbek media reported. The deal, announced during a visit by Uzbek President Shavkat Mirziyoyev to Paris, has not been commented on by Bouygues, one of France’s biggest constructors.

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>>This story was first published in issue 388 of The Conway Bulletin on Oct. 17 2018

Tashkent metro being extended

JAN. 31 (The Conway Bulletin) –  Uzbekistan Railways is extending two of Tashkent’s metro lines and adding a third line, deputy chairman Oybek Khudoyqulov told media. The line extensions are part of a drive by President Shavkat Mirziyoyev to invest in infrastructure and create jobs. The Tashkent metro is one of the most ornate built by the Soviet Union. It was opened in 1977 and has roughly 36km of track.

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>>This story was first published in issue 360 of The Conway Bulletin

 

BGEO subsidiary agrees hotel deal

JAN 2 (The Conway Bulletin) — m2, a subsidiary of BGEO, bought a 50% stake in what it described as a boutique hotel in Tbilisi for $4.1m (Jan. 2). The unnamed hotel is expected to be completed by the end of the first quarter of 2019 . BGEO is the investment arm of Bank of Georgia and is being spun off into a separate listing on the London Stock Exchange in 2018. Tourism in Georgia is booming. The sector is concentrated on Tbilisi and its rise has spurred a hotel-building boom.

— This story was first published on Jan. 5 2018 in issue 356 of The Conway Bulletin

BGEO signs $11.6m contract to build shopping mall in Tbilisi

DEC. 28 (The Conway Bulletin) — BGEO, part of the Bank of Georgia group that is listed on the London Stock Exchange, said that its real estate unit m2 had signed an $11.6m contract to build the shell of a new shopping mall in Tbilisi (Dec. 28). This is the first major third-party contract for m2 since BGEO bought it in June. Bank of Georgia is spinning off BGEO into a separate company with a separate London stock listing in 2018.

— This story was first published on Jan. 5 2018 in issue 356 of The Conway Bulletin

Foreign direct investment into Georgia falls in H1 2017

SEPT. 11 2017 (The Conway Bulletin) — Foreign direct investments into Georgia, a vital part of its economy, fell by 5.5% in the first half of 2017, compared to the same period in 2016, data showed. FDI between January and June measured 751m, down from $794.4m. This was the lowest H1 result since 2014. Construction is the biggest driver of FDI and this fell by nearly a third from 2016 to $272m.
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— This story was first published in issue 343 of The Conway Bulletin on Sept. 15 2017

Investors snap up first Tajik sovereign debt issue

DUSHANBE, SEPT. 7 2017 (The Conway Bulletin) — Investors snapped up Tajikistan’s first sovereign bond issue, surprising Central Asia analysts who said the auction came with huge risk.

The $500m Eurobond issue came with a coupon of 7.125%, which analysts said was around 200 basis points more than the price paid by other frontier economies for debt. It is set to mature in 2027.

Tajikistan, considered the poorest of the Central Asian countries with an economy reliant on remittances, has said it wants to raise the cash to pay for construction of the giant Rogun Dam.
Lutz Roehmeyer, director at Landesbank Berlin Investment, invested in some of the debt.

“They don’t want to splash out the money on any nonsense, they want to build a dam and produce electricity which would be a massive boost for the local economy,” he was quoted by Reuters as saying. The Rogun dam is part of a wider project to supply electricity generated by hydroelectric power to Afghanistan and Pakistan.

Tajikistan has a reputation for corruption and analysts warned that investing in Tajikistan was a gamble. Last year, the government bailed out its commercial banks.

Max Lambertson of the EIU said yields on investment grade debt around the world were currently so poor that investors were looking at far riskier options to find profit.

“Investors typically show little interest in Tajikistan, which has a poor record with foreign investors and multilaterals,” he said.

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— This story was first published in issue 343 of The Conway Bulletin on Sept. 15 2017