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Daily Archives: October 3, 2016

The Biggest Winners and Losers From OPEC’s Oil Deal

The Biggest Winners and Losers From OPEC's Oil Deal

Good news for oil producers is bad news at the pump. The Organization of Petroleum Exporting Countries’ agreement to cut production ends two years of Saudi Arabia’s pump-at-will policies, which had sunk oil prices to the joy of drivers in the Western world and the consternation of central bankers seeking to stave …

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Tourism Sector Revenues Hit Record Figures in 2016

Tourism Sector Revenues Hit Record Figures in 2016

In September 2016 the quantity of international visitors rose by 11% and the inflow of tourists increased by 34.2%. The statistical indicators were introduced by Giorgi Chogovadze, Head of the National Tourism Administration of Georgia. Only in September, 631 302 international visitors arrived in Georgia, up 62 615 ones compared to …

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National Bank Implemented 20 Currency Interventions in 2016

National Bank Implemented 20 Currency Interventions in 2016

In September 2016 the GEL exchange rate dropped by 1.7% in relation to USD. The September trades started by $1=1.3138 GEL exchange rate, while the month’s last trade registered  1$=1.3361GEL exchange rate. In September the National Bank of Georgia (NBG) implemented 2 currency interventions and supplied 60 million USD to the …

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SOCAR to Construct New Gas Pipeline in Georgia

gas pipeline

Azerbaijan’s state oil company SOCAR intends to construct a 360-kilometer gas pipeline in Georgia before late 2017, reads a message posted on the company’s website. The pipeline will make it possible to provide around 9,000 users with gas in Georgia. SOCAR President Rovnag Abdullayev, Azerbaijan’s Ambassador to Georgia Azer Huseyn, …

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September Records Inflation Slowdown

September Records Inflation Slowdown

In September 2016 the monthly inflation rate amounted to 0.3 percent in Georgia. Compared to the same month of previous year the Consumer Price Index change (annual inflation rate) posted a 0.1 percent increase. Compared to 2010 average the index rose 16.5 percent. The monthly inflation rate was mainly influenced …

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Independent Georgia’s Major HPP Put into Exploitation

dariali-hpp-cbw

The process of putting Dariali hydro power plant (HPP) into exploitation will start in early October, but the process is related to certain procedures and each aggregate should pass test regime, the executive director of Feri company, which has constructed Dariali HPP, told the Commersant. “Each aggregate will be put …

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TAP’s Construction Starts in Albania

TAP’s Construction Starts in Albania

The construction of the Trans Adriatic Pipeline (TAP) has started in Albania, TAP reported on Sept.30. The occasion was marked by an inauguration ceremony near the town of Fier, attended by the Prime Minister of Albania, Edi Rama, Minister of Energy and Industry, Damian Gjiknuri, and TAP Managing Director, Ian …

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Investment Agreement To Implement Anaklia Port Construction Has Been Signed

Anaklia sea port

Investment agreement between Georgian government and Anaklia Development consortium has been signed, the agreement implicates construction and operation of Anaklia deep sea port. The Port of Anaklia sits on the shortest route from China to Europe, a route that has become a major focal point of Chinese investments in infrastructure. As …

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