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Daily Archives: October 19, 2014

GEORGIAN OIL MARKET FACES UNPRECEDENTED CHAOS

After July, oil prices, and consequently, fuel prices decreased by almost 25%, while  in Georgia petroleum products fell only by 2.5% – this means that chaos reigns on the Georgian oil market that  has never occurred  before – “Rezonansi” newspaper writes. A long and steady decline in oil prices has …

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Twelve Companies Show Interest in Anaklia Seaport Construction

The deadline for submitting interest expressions for constructing and managing a new deep-water seaport in Anaklia, the Samegrelo Region, is over. A total of 12 companies from various countries have submitted interest expressions for the seaport construction. “We are glad 12 companies have submitted applications. They represent various countries, including, …

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Kazakhstan eyes new oil export routes through Azerbaijan

Kazakhstan is considering oil export routes which could go beyond Russian oil, including oil transportation from the Aktau port through the Caspian Sea, then through Azerbaijan and beyond. These remarks were made by Kazakh Energy Ministry on October 14. “The current situation suggests that the anti-Russian sanctions will not affect …

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Uzbekistan to export 580,000 tons of cotton fiber

Uzbekistan concluded contracts to export 580,000 metric tons of cotton fiber and textile goods worth over $1 billion, Uzbek Minister of Foreign Economic Relations, Investments and Trade Elyor Ganiev said. He made the remarks at the closing of the International Uzbek Cotton Fair in Tashkent, where the contracts were signed. …

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MasterCard to comply with new rules and remain in Russia – CEO

The MasterCard international payment system will continue operating in Russia and comply with the new rules set out by the Central Bank of Russia, CEO Ajay Banga has said. “We have intentions to remain in Russia,” TASS quotes Ajay Banga the President and Chief Executive of MasterCard. “My approach is …

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Russia’s two largest banks plan SWIFT alternative

The two biggest banks in Russia, Sberbank and VTB, are in talks to create an alternative to the SWIFT global system for interbank financial communications, VTB head Andrey Kostin said. According to Kostin, Russia has two options: either use the system run by the Russian Central Bank or create a …

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Ukraine, Georgia and EU candidate countries line up for anti-Russian sanctions

EU candidate countries Norway, Iceland, Montenegro, Albania and Lichtenstein, as well as Ukraine and Georgia have joined the third package of sanctions against Russia, according to the European Union. “The candidate countries, former Yugoslav Republic of Macedonia, Montenegro, Iceland, and Albania, and the EFTA countries Liechtenstein and Norway, members of …

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Kiev files new $5bn lawsuit against Gazprom in Stockholm

Ukraine’s Naftogaz has filed a second lawsuit with the Stockholm arbitration institute against Gazprom claiming it should repay $5 billion for transit gas “under-delivered” between 2009 and 2014. In the claim sent Monday Ukraine insists Russia’s Gazprom delivered less gas for transit than the 2009 contract stipulates, says the head …

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Richest 1% own 50% of world wealth- Credit Suisse report

World wealth has reached a record $263 trillion but is concentrated in fewer hands. The richest 1 percent have accumulated more wealth, and own almost 50 percent of it, which could trigger recession, according to a new report by Credit Suisse. The Credit Suisse Global Wealth Report, released Tuesday warns …

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Global oil glut sends prices plunging to 5-year low

Oil prices have hit a 5-yr low after the International Energy Agency (IEA) predicted a sharp drop in global oil consumption, cutting its forecast for global demand growth by about 22 percent. The Paris-based energy watchdog cut its forecast for world oil demand this year by 250,000 barrels a day, …

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