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LATEST NEWS :
DECEMBER 2006 |
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Two Aral project agreements
signed |
| 28.12.2006 |
| Today the members of the
Consortium of investors, which includes Uzbekneftegaz, LUKOIL Overseas,
Petronas Carigali Overseas, CNPC International Ltd. and KNOC Aral Ltd.,
signed a Joint Operating Agreement and the Single Operator Agreement in
order to implement the Production Sharing Agreement (PSA) concerning the
Uzbek sector of the Aral Sea.
In late October 2006, the Government of Republic of Uzbekistan adopted a
resolution on the measures to implement the project, which provides the
signing of the mentioned documents in two months' period.
The agreements set the terms and conditions for the establishment of the
operating company, identify its functions and cover relations between
the parties during the oil and gas operations under the PSA.
The effective date of the PSA is expected to come in the third decade of
January 2007 when all the conditions precedent of the PSA are met and
the protocol bringing the PSA into force is signed by the Government of
Uzbekistan and the Consortium of investors. It is planned to complete
the preparation of the memorandum of association and the founding
documents of the operating company and register it with government
authorities of the Republic of Uzbekistan by that time.
The tender to select the seismic contractor is planned to be concluded
in mid February 2007, with seismic operations starting in March 2007.
The PSA was signed on August 30, 2006 in Tashkent. Each member of the
Consortium holds an equal share interest in the project. Exploration
operations will be carried out in two phases. In the first phase, a 2D
seismic survey of 2,300 kilometers will be performed and two exploration
wells will be drilled for a minimal financial commitment of US$99.8
million under the minimal program during the first three years.
Based on the results of the first phase a feasibility study will be
drafted and approved with subsequent approval of the commercial terms of
the PSA, including the minimal program of the second phase, rates of
taxes and other payments, as well as other parameters. Phase two
exploration operations will be undertaken after the commercial terms of
the PSA are approved.
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Using
mobile phones while driving banned in Uzbekistan |
| 27.12.2006 |
President of Uzbekistan
Islam Karimov signed the Law "On introduction of amendments to the Code
of the Republic of Uzbekistan on Administrative Accountability" on
December 26, 2006.
The Law was passed by the Legislative Chamber on November 30, 2006, and
ratified by the Senate in December same year.
In conformity with the Law, Article 1281 has been added to the Code of
the Republic of Uzbekistan on Administrative Accountability. The article
states that a penalty fee of one minimum wage shall be charged using
phones while driving. "Second violation that takes place within less
than one year after the first administrative punishment shall result in
a penalty fee of two-three minimum wages, or the suspension of the
driver's license for the period of up to six months."
Amendments introduced to the Code are intended to prevent traffic
accidents on the roads arising through the fault of the drivers who use
mobile and radio-telephones when driving a vehicle, and preserve the
lives and health of citizens.
Uzbekistan has thus joined 77 countries, where a ban has been placed on
the use of mobile phones while driving.
The Law will enter into force as of 1st January 2007.
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Uzbekistan Railways completes railway reconstruction programme |
| 27.12.2006 |
Uzbekiston Temir Yullari
State Joint-Stock Railway Company has completed the project on
modernization of the Samarkand-Hojidavlet railroad segment worth US$155
million, Interfax reported.
According to a source in Uzbekiston Temir Yullari, the reconstruction
was conducted on the 341 km long railroad segment, part of the Central
Asian trunk-railway, which represents strategic importance for the
country's economy.
The source added that one of the priority areas of the project was the
installment of the fibre-optic communication line, which will allow
managing the transportation effectively using information systems.
As reported earlier, the financing of the project was provided by the
Asian Development Bank (US$70 million) and the OPEC Fund for
International Development (US$5 million). The remaining portion of the
project budget was financed by the state railway company.
The project closes the programme of railway reconstruction in Uzbekistan
launched with the financial assistance of the ADB in 1999.
In the framework of this programme, a project worth US$126 million on
reconstruction of the 320 km long Chingledy-Tashkent-Samarkand railway
segment was carried out in 2004. The project was funded through the ADB
loan of US$70 million and the company's own funds.
It is expected that the implementation of the railway reconstruction
programme will raise the efficiency of cargo and passenger
transportation, increase the average speed of passenger trains to 100
km/h, and freight trains – to 90 km/h.
The total length of Uzbek railway currently makes up 4,126.3km.
Approximately 1,000 km of railways are worn out and have exceeded the
limit of allowed depreciation. In the next few years Uzbekistan is
planning the reconstruction of 600 km of railways.
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Uzbekistan secured impressive economic results - seminar in Tokyo |
| 26.12.2006 |
The seminar "Investment
potential of the Republic of Uzbekistan" took place in Japan. The
Japanese Economic Fund and Ministry of Economy, Trade, and Industry of
Japan (METI) alongside the support of the Uzbekistan Embassy in Tokyo
organized the event, Jahon Information Agency reported.
Over 40 representatives of official and business circles of Japan,
including the Japanese delegation to have visited Uzbekistan on
November 1-4 this year to meet with the heads of a number of Uzbek
ministries and agencies participated in the seminar.
During their early November visit the Japanese delegation is reported to
have participated in the Uzbek-Japanese Business Forum held in Tashkent.
The seminar in Tokyo saw the presentation of the social and economic
development and investment potential of Uzbekistan, as well as the
discussion of prospects of attracting the Japanese direct investments to
the country's economy.
"I have been highly honored to meet the President of Uzbekistan Islam
Karimov twice during my visits to the country in 2000 and 2002," – the
chairman of the Japanese Economic Fund Noboru Hatakeyama said in his
opening speech, "indeed I have a warm feelings to the Uzbek people and
glad of learning that Uzbekistan for over the short period of time could
achieve the impressive economic results".
While commenting on the outcomes of the social and economic development
of Uzbekistan, the senior adviser to the "Toshiba Corporation", adviser
of the Japan-Uzbek Economic Cooperation Committee Tesuji Tanaka has
emphasized the current measures underway in Uzbekistan to democratize
the society and highly assessed the draft laws recently submitted by
President Islam Karimov to the national parliament aimed at
strengthening the role of political parties in the life of society.
According to T.Tanaka, this initiative by the Uzbek leader as a timely
move to improve the institutional system of the republic shall promote
not only the political development, but also the economic growth of the
country.
Director of the department for Europe, Middle East and Africa at the
METI Trade policy bureau Toshikazu Masuyama took floor at the seminar
and informed about the results of the himself-led Japanese delegation
visit to Uzbekistan in early November this fall.
He has underlined the need to facilitate the investment cooperation
between Japan and Uzbekistan, while considering the fact that the
investment climate in Uzbekistan promotes the attraction of foreign
investments.
On cooperation in the oil and gas sector and development of the uranium
deposits T.Masuyama has highlighted the need for close cooperation
between the interested ministries and agencies of Uzbekistan and
Japanese Oil, Gas, and Metals Corporation (JOGMEC). He believed the
possible exchange of information and training of cadres would promote
the Japanese investments into these spheres.
The JOGMEC adviser Kenji Sawada has positively assessed the prospects of
cooperation with Uzbekistan.
"The JOCMEC intends to actively participate in the development of
mineral deposits in Uzbekistan", - he has said.
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Press release of the Government and the Central Bank of the Republic
of Uzbekistan and the International Monetary Fund |
| Tashkent , December 13, 2006 |
A mission of the
International Monetary Fund (IMF) visited the Republic of Uzbekistan
from November 30 through December 13, 2006 to hold discussions with the
Government of Uzbekistan within the framework of 2006 Article IV
consultations. The mission was headed by Ms. Sena Eken, assistant
director in the Middle East and Central Asia Department of the IMF.
The discussions between the Government and the IMF mission focused on
economic developments in 2005-2006, the outlook for 2007 and the medium
term, and the economic reform program of the Government. The discussions
were very open and constructive. The mission expressed special gratitude
for an excellent cooperation.
The mission recognizes that the economic performance during the past two
years was generally strong, with high GDP growth of no less than 7
percent according to official data, large trade and external current
account surpluses mainly due to increases in exports, and sharp
increases in gold and foreign exchange reserves, which now amount to12
months of imports. Inflation started coming down recently.
On the policy side, the authorities implemented prudent fiscal policies
which resulted in budgetary surpluses despite the reduction in tax
rates. The strong balance of payments fueled monetary aggregates and
created challenges for monetary policy. In response, the Central Bank of
Uzbekistan tightened monetary policy appropriately in 2006. Structural
reforms continued at a gradual pace with welcomed progress in fiscal
reforms.
The mission notes that the economic outlook for 2007 is favorable with
continued strong performance projected for economic growth and the
balance of payments. The mission is encouraged by the intention of the
authorities to further reduce inflation and to this end continue to
tighten monetary policy and to pursue prudent fiscal policies.
To ensure continued high rates of economic growth over the medium term
in an environment of financial stability, the mission emphasized the
need to address the outstanding policy challenges, including to reduce
inflation, eliminate constrains to further development of the banking
system, and ease barriers to foreign trade. In this regard, the mission
made a number of recommendations, including: a more flexible exchange
rate policy; discontinuation of non-core functions undertaken by banks;
and reduction of tax and administrative costs related to foreign trade.
These recommendations will be thoroughly considered by the Government in
the formulation and implementation of economic policies.
The mission emphasized to the authorities that the Fund staff stands
ready to assist Uzbekistan in its reform efforts, including through
technical assistance.
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President Islam Karimov announced 2007 in Uzbekistan as the Year of
Social Protection |
| December 07, 2006 |
Meeting, dedicated to
14th Anniversary of Constitution of Uzbekistan, was held in Turkistan
Palace, Tashkent, on 7 December. Representatives of science, culture and
art, public members, as well as representatives of foreign embassies and
organizations participated in the meeting.
Speaking at the meeting President Islam Karimov pointed out that
Constitution includes avowed principles of democracy and freedom, it
considers historical and national features of our nation.
2006 was the Year of Year of Charity and Medical workers, it provided an
opportunity to implement consequent measures promote charity work,
increase the reputation and status of those who donate money to charity,
create legal basis for this process so that these unselfish and noble
actions find their deserved place in society.
Uzbek leader proposed to declare 2007 as the Year of Social Protection.
The suggestion of the head of the state was greeted with support at the
grand celebrations of the 14th Anniversary of the country’s constitution
on the eve of the Constitution Day.
Earlier years in Uzbekistan were named as follows: Year of Charity and
Medical workers (2006), Year of Health (2005), Year of Kindness and
Mercy (2004), Year of Mahalla (2003), Year of interests of the elderly
(2002), Year of mother and child (2001), Year of healthy generation
(2000), Year of women (1999), Year of family (1998), Year of human
interests (1997).
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