Uzbekistan: delegation of Korea Telecom visits FIEZ Navoi

A delegation of Korea Telecom led by Vice President Mr. Baek-hee Lee paid a visit to the free industrial zone Navoi.

During the meeting the current state and prospects of cooperation in investment spheres were discussed.

Korea Telecom is one of the leading companies in Korea introducing universal telephone and communication services. (UzDaily/Business World Magazine)

Azerbaijan: car plant groundbreaking ceremony held

A groundbreaking ceremony for construction of a joint Azerbaijani-Iranian car plant was held on August 6, in Azerbaijan’s Neftchala industrial quarter. The plant is a joint project of Azerbaijan’s AzEuroCar LLC and Iran’s giant automaker Iran Khodro. Azerbaijan’s Economy Minister Shahin Mustafayev and Iran’s Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh participated in…

Belarus: BelOil redirecting export flows

Belarus Petroleum Company (BelOil) has redirected part of its export routes from Ukrainian ports to Lithuania’s Klaipeda, a source in the profile ministry said. The redirection is connected with more favorable logistic conditions. Belarus Petroleum Company (BelOil) was founded in May 2007. The main shareholder is Belorusneft (52% of shares), with Naftan and Mozyr refineries…

Belarus to continue WTO accession talks

Belarus will continue negotiating its accession to the World Trade Organization (WTO), representatives of the Foreign Economic Affairs Department of the Belarusian Ministry of Foreign Affairs reported. The negotiations will be aimed at shaping and agreeing upon balanced and favorable terms of Belarus’ membership in the World Trade Organization. Work to that effect will be…

Belarus: exports to go up by 2020

Belarus’ Council of Ministers approved of the national export promotion program for 2016-2020 and a roadmap for its implementation. The plan is outlined in Decree No. 604 of August 1, the press service of the Belarusian government reported. “The national program does not provide a detailed forecast for external trade in 2016-2020 but spells out…

Belarus: electrical power output down H1 2016

Electrical power output of Belarus’ power generating companies reduced by 2.8% YoY in January-June, to 16.6 billion kilowatt-hours (kWh), an official with the National Statistics Committee of Belarus (Belstat) reported.

Thermal energy output in H1 2016 went up by 0.9% YoY, to 32.8 million gigacalories. (Prime-TASS/Business World Magazine)

Belarus: gold and forex reserves up in July 2016

In July Belarus’ gold and foreign exchange reserves rose by $315.4 million if calculated in accordance with methods of the International Monetary Fund. According to preliminary data, the reserves totaled $4,629.6 million as of August 1, according to the Information and PR Department of the National Bank of the Republic of Belarus. In national terms…

Azerbaijan: export & investment opportunities with China expand

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the China Council for the Promotion of International Trade (CCPIT) signed a memorandum of understanding. The memorandum was signed during the meeting of representatives of AZPROMO and CCPIT in Baku. The memorandum stipulates expanding joint export and investment opportunities between Azerbaijan and China, as well as…

Ukraine: Ukroboronprom to supply 60mm caliber mortars meeting NATO standards

Public joint-stock company Plant Mayak (Kyiv), part of Ukroboronprom State Concern, is preparing for batch production of new 60mm caliber mortars “Kamerton” designed to meet NATO technical standards AQAP-2000. At the presentation of a sample Mayak Director Oleksandr Perehudov said that batch production of new Kamerton mortars was scheduled for August after finishing tests by…

Russia: sunflower stocks up

As of July 1, oilseed stocks at Russian enterprises were 675 KMT, up by 268 KMT or by 66% YoY.

Sunflower seed stocks are 100% higher than last year. Thus, there were 389 KMT of sunflower seed against 184 KMT. (UkrAgroConsult/Business World Magazine)

Russia: vegoil production down

In May Russia produced 283 KMT of sunflower oil against 267 KMT in April 2016 and 283 KMT in May 2015. Since the beginning of the season (September-May) sunflower oil production equaled 3084 KMT, down by 10% YoY. Production share of processed sunflower products is more than 80% of the total vegoil production (3833 KMT).…

Russia: seaports of Krasnodar Krai export 9 million tons of grains in January-July 2016

In January-July the seaports Yeysk, Kavkaz, Novorossiysk, Temryuk, Taman and Tuapse shipped for exports 572 vessels with grains and by-products, at the volume of more than 8.9 million tons, the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) declared. In particular, the share of wheat in the general structure of grain exports from the reporting…

Russia: quality of new crop wheat down

According to market participants, in the current season in the European part of Russia the qualitative characteristics of new crop of wheat became significantly lower compared with last year. In particular, rather insufficient volumes of high-quality 3-grade wheat are observed. Therefore, during two recent weeks the market often demonstrated high prices for the grain. Qualitative…

Ukraine to become a gas-exporting state

Ukraine soon will be able not only to buy gas, but also to produce it for sale, according to Ukrainian Vice Prime Minister, Housing and Utilities Economy Minister Hennadiy Zubko. The minister said that “Ukraine is interested in transferring from the state that imports to the state that exports gas”. According to him, this can…