Sarke: newsletter of 2 April 2009

TODAY:

economics

ENERGY RESOURCES DEVELOPMENT AND TRANSIT ISSUES ARE DISCUSSED IN TBILISI

The 8th International Conference on Oil, Gas, Infrastructure and Energy GIOGIE-2009 was opened today in Tbilisi. The 2-day event is organized by ITE Group Plc (Great Britain).

MEMORANDUM TO BE SIGNED ON WHITE STREAM PIPELINE PROJECT

On April 3, the government of Georgia will sign a memorandum with the company White Stream on gas pipeline construction project, told journalists Deputy Energy Minister Mariam Valishvili. The document will state both sides’ will on cooperation during implementation of White Stream gas pipeline project, Valishvili noted.

EGYPTIAN COMPANY FRESH TO CREATE FREE INDUSTRIAL ZONE IN KUTAISI

Georgian Economic Development Ministry announced that Egyptian company Fresh is going to create a free industrial zone at the territory of automobile plant in Kutaisi. The owner of the company, Ibrahim Khalil, will visit Georgia on April 6.

FOOD PRODUCERS AND IMPORTERS TO STATE CLEARLY RAW MATERIALS USED

Agrarian committee of the Georgian Parliament considers that food producers and importers should print on packs clear information about raw materials used. The committee initiated corresponding amendments in the law “On Protection of Consumers”, which were discussed in the second hearing today by branch economy and economic policy committee.

WORKS ON IGOETI-SVENETI SECTION ARE RENEWED

Georgian Motor Roads Department reported that road covering with concrete was renewed today on Igoeti-Sveneti section of East-West highway. As the Department reports, reconstruction of the mentioned section is implemented in two stages.

business

AGREEMENT WAS SIGNED WITH ENSEARCH PETROLEUM AND JINDAL STEEL & POWER ON XIB LICENSE BLOCK

Georgian National Agency for Oil and Gas reports that agreement was signed these days with consortium, which compounds of Indian companies EnSearch Petroleum and Jindal Steel & Power Limited, on oil and gas extraction on XIB license block. The block, located on territory of Sagarejo and Gardabani districts, consists tentative reserves of oil, amounting to 7 million t, while of gas – 2.5 billion cubic m.

ARAB INVESTORS TO OPEN MTATSMINDA PARK

RAK Investment Authority Georgia (Georgian subsidiary of Arab Rakeen Development) reported that Mtatsminda Park in Tbilisi will be opened on April 4. Marketing and PR service of Mtatsminda Park company announced that new park amusements will be added by the end of 2009, a funicular will be launched, etc.

NEW CONCRETE-MIXING PLANT TO BE LAUNCHED THIS MONTH

LLC HeidelbergCement Caucasus announced that new concrete-mixing plant, built in Ponichala (Tbilisi suburbs), will be launched before the end of April. Output of the plant is 80 cubic m/hour.

IFC LODGED CREDIT OF $10M TO BANK REPUBLIC

International Finance Corporation (IFC) announced lodge a line of credit to bank Republic, amounting to $10 million. In terms of this sum, the bank will finance foreign trade operations of local companies, including small and middle-sized enterprises.

HSBC BANK GEORGIA POSTPONED AGAIN ISSUING OF CREDIT CARDS

HSBC Bank Georgia reports that issuing of credit cards, which was planned to take place on April 1, is delayed for a month. As the bank explains, issuing of Visa cards (Classic and Gold) was dragged on because of the test process.

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Sarke