Tag Archives: Georgia

Georgia’s energy minister meets Gazprom CEO

OCT. 27 2015 (The Conway Bulletin) – Georgia’s energy minister Kakha Kaladze met with Gazprom CEO Alexei Miller in Milan, their second meeting in a month to discuss Georgian gas supplies from Russia. Georgia needs to increase gas imports to meet demand but buying gas from Russia, they fought a war in 2008, has irritated many people.

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(News report from Issue No. 254, published on Oct. 30 2015)

 

Georgia plans to boost foreign investment

OCT. 29 2015 (The Conway Bulletin) – Georgian PM Irakli Garibashvili chaired the first session of Georgia’s Investors’ Council, a body that aims to bring local businesses and major international financial institutions together. Mr Garibashvili set up the Council in May. Foreign investment plays a significant role in Georgia’s economy. The government wants to stimulate the economy by giving potential investors a boost.

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(News report from Issue No. 254, published on Oct. 30 2015)

 

Georgia investigates Saakashvili’s alleged plot

OCT. 29 2015 (The Conway Bulletin) – Prosecutors in Georgia have opened an investigation into recordings of phone conversations that allegedly showed former president Mikheil Saakashvili discussing a potential revolution in Georgia. Mr Saakashvili is currently serving in Ukraine as the governor of Odessa.

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(News report from Issue No. 254, published on Oct. 30 2015)

 

Georgia Healthcare Group sets price range for London IPO

OCT. 25 2015, TBILISI (The Conway Bulletin) — Georgia Healthcare Group set a price range for shares at its IPO in London later this year of between 215p and 315p, an IPO that will give investors a rare chance to buy into the South Caucasus region.

This share price range gives Georgia Healthcare Group, the largest healthcare provider in Georgia, a value of between £257m – £347m ($400m – $535m).

Georgia Healthcare Group wants to raise $100m in the IPO to give two hospitals it owns in Tbilisi a makeover.

With economic conditions across the region slowing, various planned IPOs for companies from Central Asia and the South Caucasus have been cancelled or postponed.

Georgia Healthcare Group owns 42 hospitals in Georgia, giving it a 27% share of the hospital beds in the country. It used to be part of Bank of Georgia.

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(News report from Issue No. 254, published on Oct. 30 2015)

 

 

Georgian PM attacks UNM

OCT. 22 2015 (The Conway Bulletin) – Georgian PM Irakli Garibashvili accused the opposition UNM of being a criminal gang that didn’t deserve to exist after videos of security officers abusing prisoners during the UNM’s time in office were leaked. The West has accused Mr Garibashvili and the Georgian Dream coalition of pursuing a witch-hunt against the UNM.

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(News report from Issue No. 253, published on Oct. 23 2015)

 

KazTransOil liquidates Georgian subsidiary

OCT. 16 2015 (The Conway Bulletin) — After a lengthy legal spat, Kazakhstan’s oil pipeline company KazTransOil (KTO) liquidated Batumi Terminals Ltd, its subsidiary in Georgia. Earlier in March, a Georgian court seized Batumi Terminals’ assets on charges that it had abused its monopolistic position. The charges were eventually dropped.

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(News report from Issue No. 253, published on Oct. 23 2015)

Georgia’s rebel region wants referendum to join Russia

OCT. 20 2015, TBILISI (The Conway Bulletin) — Triggering a furious reaction from Tbilisi, the Georgian rebel region of South Ossetia said that it planned to hold a referendum on whether to join Russia.

South Ossetian leader Leonid Tibilov made the announcement after meeting with Russian President Vladimir Putin in Moscow, a vote that commentators said would mimic a similar vote in Crimea last year which preceded Russia’s annexation of the Ukrainian region.

“The referendum, the positive outcome of which I have no doubt, will allow us to unite our people,” media quoted Mr Tibilov as saying after meeting Vladislav Surkov, an adviser to Mr Putin.

He didn’t put a timeframe on the vote but did say that it would only go ahead with the express permission from Moscow.

And this appeared to have disappeared very quickly. The following day, the Kremlin released a statement which said that a referendum on South Ossetia joining Russia had not even been discussed at the meeting.

Georgia fought a war in 2008 against Russia over South Ossetia. After the war, Russia recognised the independence of South Ossetia and Georgia’s other breakaway region of Abkhazia.

Only a handful of other countries followed the Kremlin’s lead and recognised South Ossetia’s independence.

Any referendum in South Ossetia would strain relations between Russia and Georgia and predictably the Georgian government reacted strongly to Mr Tbililov’s statement.

“It just confirms the provocative policy which Russia is pursuing on South Ossetia. It is a continuation of Russia’s policy of ‘creeping occupation’,”Gigi Gigiadze, Georgia’s deputy foreign minister, told media.

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(News report from Issue No. 253, published on Oct. 23 2015)

 

Georgians protest against Gazprom

OCT. 17 2015 (The Conway Bulletin) – Hundreds of people demonstrated in central Tbilisi against a potential deal with Gazprom to supply gas to Georgia. The demonstration was a response to a meeting last month between the Georgian government and Gazprom. Georgia and Russia fought a war in 2008 and relations are still strained.

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(News report from Issue No. 253, published on Oct. 23 2015)

 

Georgia’s President visits Israel

OCT. 19 2015 (The Conway Bulletin) – Georgia’s President Giorgi Margvelashvili flew to Israel for an official visit, further proof that relations between the two countries are improving after a shaky spell under former President Mikheil Saakashvili. Israel and Georgia last month opened a factory outside Tbilisi that will produce aviation parts.

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(News report from Issue No. 253, published on Oct. 23 2015)

 

Stock market: Nostrum, Tethys, KAZ Minerals

OCT. 23 2015 (The Conway Bulletin) — Oil companies suffered from a fall in oil prices this week. The Brent index closed at $48/barrel on Friday, down 5% this week.

Nostrum Oil & Gas lost around 9% this week, recovering on Friday to end at 475p per share in London. Nostrum’s summer objective Tethys Petroleum continued its slump, reaching the lowest level in 2015 on Oct. 22, trading at 0.06 Canadian dollars per share in Toronto on Thursday, rebounding slightly to 0.07 Canadian dollars on Friday. Kazakhstan-focused Roxi Petroleum gained 2%, after it issued new shares earlier in October. Roxi closed at 9.63p on Friday.

Last week, the price of copper fell by 2% before recovering to $2.40 per lb. Britain-based miner KAZ Minerals was hit by the market crunch this week and recorded a 7% loss, closing at 127p in London on Friday.

The upside was represented by Centerra Gold, whose shares gained almost 9% despite slower gold production in Kyrgyzstan. The final price in Toronto was 8.28 Canadian dollars.

In the banking sector, Bank of Georgia rose by almost 7% this week to 214p. The stability of the lari currency kept the market optimistic.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 253, published on Oct. 23 2015)