Yesterday Kyrgyzstan parliament approved the agreement between the Kyrgyzstan and Russian governments to transfer ownership of the national gas operator Kyrgyzgas to Russian Gasprom for one dollar in the first reading.
The document was signed in July 2013 in Moscow. According to the agreement, all assets of Kyrgyzgas, including gas pipelines, gas distribution stations and underground storages, are transferred to Gasprom. Kyrgyzstan guarantees an exceptional right of Russian company to import natural gas into the country and protection of investments of Gasprom and its daughter companies from expropriation and nationalization.
Russia has committed itself to invest at least 20 billion rubles ($608 million at the current rate) into upgrade of Kyrgyzgas gas infrastructure within five years and will take upon itself all debt obligations of the company. By July 1, 2012 the account payable of Kyrgyzgas totaled about $40 million.
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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