Economy

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Turkey expects investments from South Korea

A cooperation agreement between Turkey and South Korea was signedduring Turkish President Abdullah Gul's visit to South Korea, TRTreports.Gul was welcomed by South Korean President Lee Myung-bak at the 'BlueHouse' palace. They discussed economic and energy issues and signed 4agreements. Turkish Minister of Energy and Natural Resources TannerYildiz noted in his interview with TRT that the agreement he signedwith his South Korean counterpart will be finalised after the G20summit in Seoul.

Yerevan cognac factory sales drop by quarter

Sales of the Yerevan cognac factory dropped in the first 5 months ofthe year by 26%, compared with the same period in 2009, the executivedirector of the factory, Ara Grogoryan, said, News Armenia reports.He emphasized that the factory had spent 1 million euros onmodernizing production. The factory will also change the appearance ofits products and reconsider the price policy.

US to invite investment in Georgian hydro-energy

USAID has started inviting investments in Georgian hydro-energy. Theproject was presented at the Courtyard Marriott hotel, Trend reports.Approximately $9 billion will be invested in the project. The projectis aiming at adding a renewable part of the energy system, namely anecologically clean 400 megawatt system. USAID said that the projectwill make Georgia energy-independent and it will sell energy to thegrowing Turkish and East European markets.

Small and medium business in Ingushetia

Small and medium business in Ingushetia

Development of small and medium business in Ingushetia has become a priority

New 1000-ruble banknotes in Russia

The board of directors of the Bank of Russia has approved the new1000-ruble banknote to be printed in December 2010. The banknote willhave a new complex of protective features, the first deputy of thebank, Georgiy Luntovsliy, said, RIA Novosti reports.The director of the department of currency circulation, AlexanderYurov, emphasized that it will be the world's most protected banknote.

Iran plans to import water from Tajikistan

Iran will import water from Tajikistan under a trilateral agreement tobe signed by Iran, Tajikistan and Afghanistan, Iranian Minister ofEnergy Medjid Namju said, Trend reports. The water will be used inpower plants. Namju did not clarify the amounts of water to bepurchased.

Lukashenko plans to visit Iran

Belarusian President Alexander Lukashenko plans to visit Iran inOctober to participate in the opening of the Jufeyr oil field, whichwas presented to Belarus for development, RIA Novosti reports, citingthe Iranian ambassador to Belarus, Seyed Abdolla Khosseyni.

Turkey puts Azerbaijani gas price up to $300 per thousand cm

Turkey has increased the price of gas bought in Azerbaijan within theframework of the Stage-1 development of the 'Shakh-Deniz' project,1news.az reports, citing the Turkish newspaper 'Sabakh'. The price forone thousand cubic meters rose from $120 to $300.'Shakh-Deniz-2' gas will cost more.The price for gas transit along the Turkish territory will reach $45,making the Turkish profit from gas transit $300 million.

Construction head satisfied with preparations for Sochi Olympics

The head of the International Olympic Committee, who has recentlyvisited Sochi to take part in a conference devoted to the VancouverOlympics - 2010, highly valued the implementation of Winter Olympics2014 construction projects , the head of the Olympstroi CorporationTaimuraz Bolloev said, RIA Novosti reports.

Iran seals contracts amounting to $21 billion

The Iranian authorities have signed contracts on development of theworld's largest gas-field "South Pars" amounting to $21 billion, Trendreports, citing Iranian media.Mahmoud Ahmadinejad called these deals "a new chapter in the historyof the Iranian oil industry", pointing out that the development of"South Pars" will be carried out using only Iranian technologies. TheIranian president also accused foreign companies of having violatedthe terms of previous contracts.

Telman Ismailov's hotel recognized as most successful in Turkey

The Mardan Palace Hotel, owned by the Russian businessman TelmanIsmailov, has won first place in a competition among five-star hotels,which took place within the framework of the annual contest "Mostsuccessful investment projects in Turkey - 2010".The hotel was opened in May 2009 at an estimated cost of $1.4 billion.

Ukraine strives for Caspian gas

Ukraine strives for Caspian gas

Favourable conditions for Azerbaijani economic expansion into Ukraine

UN to allot Georgia $190 million

The UN will allot Georgia financial aid amounting to $190 millionby2015. The respective program has been signed by the Georgian premier,Nikolai Gilauri, and the UN's permanent coordinator, James McGoldrick.The document also specifies the main strategic directions ofUN-Georgia cooperation over the next five years, Georgia Timesreports. In particular these are economic cooperation (fightingpoverty), education and health service, democratic development andreduction of disasters risks.

Ferry communication restored between Georgia and Ukraine

Ferry communication has been restored between the Ukrainian port of Ilyichevsk and the Georgian city of Batumi, Rosbalt reports. The Ukrainian ferry "Greisfald" will make weekly sailings.An increase in trade and tourism between the countries is expected. The ferry is built to hold 130 passengers and 50 cars. It will depart from Batumi on Saturdays and sail back on Tuesdays.

Chechnya: economic overview

Chechnya: economic overview

A Sberbank branch has opened in Grozny and tax corruption cases can be reported via an anti-corruption telephone hotline

Israel freezes contract on supply of unmanned planes to Turkey

The Israeli air plane construction concern "Elbit" and "TaasiyaAvirit" have put on hold a deal with Turkey on supply of unmannedaircraft, "Today Azaman" reports. These types of aircraft are designedfor intelligence purposes. The contract was put on hold due to theflotilla crisis, but is still in force.After the Israeli specialists were recalled from Turkey, Ankara drewup an alternative intelligence program using Turkish unmanned planes,designed by BAYKAR.

Opening of railroad transportation Yerevan-Batumi route put back until July

The opening of the Yerevan (Armenia) - Batumi (Georgia) transportationroute has been postponed until July, announced Georgian railways,referring to a lack of passengers caused by bad weather conditions onthe Black Sea, Armenia Today reports.

Yanukovich proposes Russia, Kazakhstan joint uranium production

Ukraine is ready for close cooperation with Kazakhstan and Russia in sphere of uranium production, Ukrainian president Yanukovich said. According to the newspaper Gazeta.ru Kiev already has started negotiations on this issue.“Kazakhstan holds share in Russian nuclear extraction plant in Angarsk, we are ready to join this project, as this is the main supplier of uranium to the Ukraine,” he said.Yanukovich also added that there plans to build a uranium production plant in Ukraine in cooperation with Kazakhstan and Russia.

China and Kazakhstan agree on construction of second stage of pipeline

The Chinese National Gas Corporation and the Kazakh company "GazMunayGas" have signed an agreement on the construction of the second part of the China-Kazakhstan pipeline, ITAR-TASS reports.

Ajaria to cooperate with Turkey in tourism

The government of the Ajarian autonomy and the Turkish province of Artvin have signed a memorandum on cooperation, which suggests a project for Turkish tourists to visit Batumi, Business Georgia reports.The framework of the program involves tours from Artvin to Batumi.