• KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01190 0%
  • KZT/USD = 0.00211 0%
  • TJS/USD = 0.09438 0.21%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 93

Saudi and Chinese Companies to Cooperate on Wind Power Projects in Uzbekistan

The Saudi company ACWA Power has announced that it has sold 35% of its stake in two wind power plants in Uzbekistan to China Southern Power Grid International. The Bash and Dzhankeldy plants in the Bukhara region are currently under construction. The deal is the first joint investment project between ACWA Power and China Southern Power Grid International in renewable energy sources in Central Asia. The cost of building the two wind power plants, which have a total capacity of 1 GW, is $1.3 billion. The agreement was signed on July 17 by Uzbekistan's Minister of Energy, Jorabek Mirzamahmudov. The terms of the deal were not disclosed. In December 2022, ACWA Power signed agreements with Chinese partners to finance, invest in, and build renewable energy projects in Saudi Arabia and ACWA Power’s Belt and Road Initiative countries. The Times of Central Asia has previously reported on projects being implemented by ACWA Power in Uzbekistan.

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Roundtable on Uzbekistan’s Reform Agenda

The 2nd Roundtable of Uzbekistan’s Country Platform was held last week in Tashkent. Backed by the European Union, the event provided a platform for discussions amongst over 80 government partners and international institutions on Uzbekistan’s reform agenda and coordinate support activities. As reported by the Delegation of the European Union to Uzbekistan, the participants agreed to continue collaboration through more than 13 sectoral working groups supporting issues prioritized by the Uzbekistan–2030 Strategy including agriculture, energy security, green growth, and the rule of law. Led by the Agency for Strategic Reforms (ASR) under the President of Uzbekistan and the Ministry of Economy and Finance of Uzbekistan, and with secretarial assistance from the European Union, the Country Platform aims to foster effective coordination. Bakhodir Rakhmatov, Director of the Agency for Strategic Reforms, commented: “Constructive collaboration between development partners and government ensures achievement of the priority reform objectives identified by President Mirziyoyev aimed at creating a more prosperous and sustainable future for all. The ASR plays a pivotal role in coordinating the engagement of ministries and agencies with development partners.” Taking over the support previously provided by the World Bank in May, the European Union committed to assisting the Country Platform until the end of 2025. “The European Union is honored to co-chair and promote the Country Platform as a forum for open dialogue, cooperation and collaboration between Uzbekistan and development partners,” said Charlotte Adriaen, Ambassador of the European Union to Uzbekistan. “The common goal is to support Uzbekistan in its reform path. The Platform is an opportunity to join forces, to effectively move together bringing prosperity, sustainable development, leaving no one behind.”    

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SCO Summit: Tokayev and Xi Laud Kazakhstan-China Ties

On the eve of the 2024 Shanghai Cooperation Organization (SCO) Summit, hosted this year by Kazakhstan in its capital Astana, the leaders of Kazakhstan and China were keen to highlight the strength of their countries’ partnership. The SCO is a political, security and economic alliance in the wider Eurasia region, aimed at promoting trade and investments between member states, as well as global security. The Organization – which includes nine full members, four observer states and 14 dialogue partners – covers half of the world’s population, and almost a third of global GDP.  In comments to China’s Xinhua news agency, Kazakh President Kassym-Jomart Tokayev spoke of a “close political dialogue” between the two countries, supported by the SCO, thanks to which “China is consolidating its position as Kazakhstan’s leading trade and investment partner”.  Mutual trade between the countries reached a historic record of $41 billion in 2023. Tokayev added that “China became one of the top four foreign investors in Kazakhstan in 2023, investing around $2 billion in direct investments, a year-on-year growth of 16.4%. The total volume of Chinese investment in the Kazakh economy is over $25 billion. Around 4,700 Kazakh-Chinese enterprises operate in our country.” In his comments to Xinhua Tokayev also highlighted Kazakhstan’s growing cultural ties with China, mentioning a new agreement on a visa-free regime between the countries, the creation of cultural centers in both nations, and the fact that 2024 has been named the “Year of Kazakhstan tourism in China”. The president himself lived in China for eight years, where he studied Chinese in Beijing before working for the Soviet Union’s embassy to China. In turn, in a letter published by the Kazinform news agency, China’s leader Xi Jinping noted: “China is now Kazakhstan’s largest trading partner and its top export destination. Major strategic projects including the Zhanatas wind farm, Turgusun hydropower station, and the modernization of Shymkent Oil Refinery have been completed and commissioned. China-Kazakhstan crude oil and natural gas pipelines are operating in a safe and stable manner. The ‘green lanes’ for fast customs clearance of agricultural products are available at all border ports between the two countries, which makes green agri-products of high quality from Kazakhstan easily accessible for Chinese consumers. The potential for cooperation in new energy and transportation infrastructure has been unleashed. The transport and logistics terminal in Xi’an, the Western Europe-Western China Highway, and the China-Europe Railway Express all operate smoothly, providing a strong boost to the development of both China and Kazakhstan.” Kazakhstan has a multi-vector approach to its foreign policy; its role within the SCO complements the country's cooperation with the United States through the C5+1 platform, and a constant dialogue with the European Union. In a recent speech about Kazakhstan's chairmanship of the Shanghai Cooperation Organization this year, President Tokayev commented: "Kazakhstan is committed to multilateral cooperation. In our foreign policy we proceed from the national interests, and are in favor of solving all disputable issues on the basis of rational compromise. In addition to the...

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Decline in Uzbekistan’s Production of Natural Gas, Oil and Coal

According to data released by the Statistics Agency of Uzbekistan, from January – May, the country’s production of natural gas amounted to 18.8 billion cubic meters, one billion cubic meters less than in the same period last year. Natural gas production in Uzbekistan has seen a steady decline in recent years and from 2019-23, fell by 22.8 percent. In 2022, gas production decreased from 53.8 billion to 51.67 billion cubic meters, or 4%, and in 2023, from 51.67 billion to 46.71 billion cubic meters, or 9.6%. To compensate for the drop in domestic production, Uzbekistan has increased its import of natural gas from Turkmenistan and Russia. In the first 5 months of this year, Uzbekistan also saw a decrease in coal and oil production. Coal production fell by 73 thousand tons, to 1.9 million tons, and oil production, by 22 thousand tons, to 305 thousand tons.  

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Testing Limits: Marathoners Head For the Shrinking Aral Sea to Run in the Desert

The dry bed of the Aral Sea, a symbol of ecological disaster in Central Asia, will host one of the world’s more extreme marathons on Sunday. Supported by aid stations and medical staff, a small band of athletes will run on sand, gravel and stones, inhaling salty air in scorching temperatures and bracing themselves against strong winds. The Aral Sea Eco Marathon is being held in Karakalpakstan, Uzbekistan and planners aim to draw attention to what was once the fourth biggest saltwater lake and is now about 10 percent of its original size. Race promoters also want to highlight the need for sustainable use of water. The marathon roughly coincides with the United Nations-designated day to combat desertification and drought, which falls on June 17.  Andrey Kulikov, founder of the ProRun running school in Uzbekistan, ran a marathon distance in the area last year with American ultramarathoner Dean Karnazes in 4:51:18. Kulikov planned this year’s event with the help of Aziz Abdukhakimov, Uzbekistan’s minister of ecology, environmental protection and climate change. A limit of 100 runners was set, though far fewer signed up. Still, Kulikov said participants are from countries including Japan, China, France, Pakistan, Kenya, Togo and the Philippines. He hopes to expand the event next year. Uzbek participant Denis Mambetov said in a text interview on Telegram that he is taking part because of “a passion for adventure, for something new and unusual, to test one’s strength, and, of course, to draw the attention of others to an environmental problem of global proportions.” The Aral Sea, which lies between northern Uzbekistan and southern Kazakhstan, began shrinking significantly in the 1960s when water from the rivers that fed it was rerouted for Soviet-led agricultural irrigation. The subsequent emergency of the Aralkum Desert and the sand and dust storms arising from the world’s newest desert have polluted the environment and severely affected health in local communities. There are regional and international efforts to restore the Aral Sea ecosystem, including seed-planting and the implementation of water-saving technologies. The five Central Asian countries - Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan – formed a group three decades ago, soon after independence from Soviet rule, to address the problem. The gap between goals and results is wide, though the countries are recognizing the wider threat of water scarcity as the planet becomes hotter.  “Colleagues are well aware that the problem of water shortage in Central Asia has become acute and irreversible and will only worsen in the future,” Uzbek President Shavkat Mirziyoyev said at a regional meeting on the Aral Sea last year. “Experts believe that in some regions of Central Asia pressure on water resources will increase three times by 2040. Economic damage could eventually reach 11 percent of regional gross product.” Nurbek Khusanov, who will run the marathon on Sunday,  works at SQB, a top bank in Uzbekistan, and is a leader of its efforts to promote “green” policies that aid the environment. The marathon will “attract more people to the Aral...

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World Bank Awards Uzbekistan $7.5 Million in Carbon Credits for Emissions Reduction

On 21 June, it was announced that the Uzbekistan is the first country in the world to receive payment from the World Bank for reducing carbon emissions through a policy crediting program. The pioneering project known as the Innovative Carbon Resource Application for Energy Transition (iCRAFT) was designed to support Uzbekistan in implementing energy efficiency measures, phasing out energy subsidies, and transitioning to cleaner energy sources. Under the iCraft project, the World Bank awarded Uzbekistan a $7.5 million grant for cutting 500,000 tons of carbon emissions. Congratulating the country on this significant achievement, Marco Mantovanelli, the World Bank Country Manager for Uzbekistan, said: “This initiative is the world’s first to leverage climate finance in support of policy reform. The iCRAFT project aims to transition from individual transactions to program-level carbon trade interventions. We are eager to see how this pilot can set a precedent for reforms in other sectors in Uzbekistan and for other countries to follow its example.” Jamshid Kuchkarov,  Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, highlighted the significance of this climate finance transaction: “The first payment transferred under the iCRAFT Project marks a key step for Uzbekistan towards reducing energy subsidies and achieving cost recovery in the energy sector. It also contributes to the government’s broader efforts for a green economy to foster economic growth and reduce poverty.” The payment is the first of several anticipated payments under the Emissions Reduction Payment Agreement (ERPA) concluded between the government of Uzbekistan and the World Bank as part of the iCRAFT Project. Under the agreement, Uzbekistan could receive up to $20 million in grants for verified emission reductions or carbon credits generated through its energy subsidy reforms. Uzbekistan aims to reduce 60 million tons of CO2, with iCRAFT set to purchase approximately 2.5 million tons of CO2. Using systems and processes established by iCraft, the country can sell the remaining carbon credits on international carbon markets.  

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