AUG.12 2014 (The Conway Bulletin) – Azerbaijan has said it will export power to Iraq and Afghanistan, media reported. The deal is particularly important for the US which has urged Azerbaijan to increase its involvement in regional politics. Azerbaijan has become relatively rich through oil and gas exports.
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(News report from Issue No. 195, published on Aug. 13 2014)
AUG. 5 2014 (The Conway Bulletin) – Exports of Georgian wine, a national icon for Georgia, nearly doubled in the first seven months of the year, media reported quoting the national wine agency. Most of this increase, the agency reported, was to Russia which has reopened its markets to Georgian products over the last year.
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(News report from Issue No. 194, published on Aug. 6 2014)
AUG. 4 2014 (The Conway Bulletin) – Kazakhstan’s Alliance Bank agreed a debt restructuring deal with creditors ahead of a merger with Temirbank and ForteBank, owned by Kazakh billionaire Bulat Utemuratov. It’s an important deal for the government, which owns 51% of Alliance Bank and has been looking to sell it.
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(News report from Issue No. 194, published on Aug. 6 2014)
JULY 25 2014 (The Conway Bulletin) – Releasing GDP figures for post-Soviet states inthe first quarter of the year, theEuropean Bank for Reconstruction and Development (EBRD) said Turkmenistan’s economy had grown by 10.3%. Gas sales, mainly to China, have boosted Turkmen GDP enormously.
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(News report from Issue No. 193, published on July 30 2014)
JULY 25 2014 (The Conway Bulletin) – TALCO, Tajikistan’s aluminium smelter and its most important industrial asset, cut production by nearly 50% in the first half of the year to 61,100 tonnes because of a fall in demand, media reported quoting an official. TALCO is the mainstay of Tajikistan’s economy.
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(News report from Issue No. 193, published on July 30 2014)
JULY 22 2014 (The Conway Bulletin) – Kairat Kelimbetov, the Kazakh Central Bank chief, announced new measures to strengthen Kazakhstan’s banking sector. He said that from 2016, banks will have to hold capital of $30b and from 2017 $50b. Kazakhstan has been trying to protect its finance sector from future economic shocks and weed out the smaller banks.
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(News report from Issue No. 193, published on July 30 2014)
JULY 21 2014 (The Conway Bulletin) – Azerbaijan’s oil output has continued to fall in 2014 despite attempts by BP, the country’s biggest foreign investor, to stem the decline. Reuters quoted a source in the Azerbaijani statistics department as saying that output was down 2.8% in the first six months of the year.
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(News report from Issue No. 193, published on July 30 2014)
JULY 29 2014 (The Conway Bulletin) – Tajikistan’s national energy company Barqi Tojik has blamed another massive state-run concern, the aluminium smelter TALCO, for part of its growing $300m debt.
Over a third of Barqi Tojik’s debts are owed to a pair of hydroelectric power facilities, which TALCO officially co-owns with Russia and Iran. Other debts are unpaid taxes to the state, salary arrears, and unpaid loans.
In an interview with Asia-Plus, a Barqi Tojik official said TALCO owed the company $50 million in unpaid energy bills. TALCO, which as reported is itself suffering from a major slump in demand for its products, has denied the allegations.
Barqi Tojik and TALCO are two of Tajikistan’s most significant state-owned companies and both appear to be in trouble.
Barqi Tojik’s debts have grown as public sector clients like TALCO (which alone consumes at least a sixth of national energy production) and other major industrial facilities renege on payments. TALCO reportedly haemorrhaged $40m last year and laid off a fifth of its workforce. The company has suffered from low prices for aluminium and alleged corruption within the political elite. Tajikistan’s economy looks increasing fragile.
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(News report from Issue No. 193, published on July 30 2014)
JULY 8 2014 (The Conway Bulletin) – Armenia’s government confirmed that it had lowered its economic growth predictions to 4% from 5.2% because of sanctions imposed on Russia, its most important trading partner, since it annexed Crimea from Ukraine earlier this year. Most countries in the former Soviet Union have downgraded growth estimates because of sanctions.
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(News report from Issue No. 192, published on July 9 2014)
JULY 7 2014 (The Conway Bulletin) – Remittances to Uzbekistan from workers in Russia decreased by nearly 10% in the first quarter of the year, compared to the same period in 2013, media reported quoting the Central Bank. This is roughly similar to figures reported by other countries in the former Soviet Union and reflect Russia’s weakened economic state.
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(News report from Issue No. 192, published on July 9 2014)