Russia - 04

Russia: Power of Siberia: Gazprom Accepts Supply Deadline and Major Losses

In early June, Gazprom and CNPC signed an agreement specifying the start of gas deliveries through the Power of Siberia (PoS) pipeline. Gazprom has committed to launch the pipeline by 20 December 2019, about one year ahead of the deadline stipulated in the 2014 gas supply agreement between the two companies. The commitment was inked

Libya - 06

Libya: Final Constitutional Draft Sows Seeds of Future Contention

The UN and various Western diplomats effusively praised the CDA this week for at last agreeing on the long-delayed final version of the Libyan constitution. The CDA members had been tasked with drafting this constitution after being elected in a national ballot in early 2014. After a long, difficult gestation – during which CDA members

Turkey - 01

Turkey: German Firms Listed on Terrorism Watchlist: Implications for Investors

On 21 July, Turkey submitted the names of 681 German companies to the Interpol database for “suspicion of terror links.” The list included German economic powerhouses such as Daimler and BASF AG, generating EU-wide diplomatic protests. This incident follows a series of high-profile diplomatic escalations between Ankara and Berlin.

Mozambique - 03

Mozambique: Final Frelimo Meeting Before September Congress: Factions Dig In

In his opening remarks at the conference, Nyusi was unable to gloss over the divisions within the party that have been visible since he took office. His reference to “enemies of Mozambique and Frelimo” was clearly aimed at his critics, specifically those allied to former President Guebuza. Despite calling for Frelimo unity and strength, and

South Africa - 02

South Africa: Cape Town Case to Raise Pressure Over IPPs: Implications for Eskom

Cape Town Mayor Patricia de Lille announced on 27 July that the city will take Minister of Energy Mmamoloko Kubayi to court, in a bid to be allowed to purchase electricity directly from IPPs. Although Cape Town, led by the opposition Democratic Alliance (DA), is focused on renewable energy, the court case will have implications

Argentina - 01

Argentina: Dismissal of Central Bank Official Heightens Opposition Ire Against Macri

Last week Macri issued a decree firing Biscay (please see our Personality of the Week) for “poor conduct and violation of the obligations of prudence and responsibility in the position he occupies.” In addition, the decree – also signed by chief of staff Marcos Pena and Minister of Economy Nicolas Dujovne – stressed that Biscay’s

Brazil 6

Brazil: Arrest of Former CEO Unlikely to Slow Petrobras’ Recovery

Aldemir Bendine, the former CEO of state-owned oil company Petrobras and state-owned bank Banco do Brasil, was arrested last week within the context of the Lava Jato Federal Police investigations. Bendine (see our Personality of the Week) is suspected of having received $3mn reais (roughly $1mn) in bribes from business executives of the construction conglomerate

Kazakhstan - 03

Kazakhstan: UK Delegation Visit: Interest in Astana Investments; Skepticism over IPOs

A high-level UK government delegation visited the Astana Expo 2017 last week to advance several strategic investment plans. UK International Trade Minister Greg Hands met with Prime Minister Bakytzhan Sagintayev, Minister for Investments and Development Zhenis Kassymbek and Minister of Energy Kanat Bozumbayev, as well as representatives of Kazakh and British businesses. Minister Hands hosted

Argentina - 02

Argentina: Stubbornly High Inflation Undercuts Central Bank Targets

As October midterms loom, inflation remains one of Argentines’ most pressing concerns. At the outset of 2017, some estimates projected inflation in Argentina to decline to 22% by the end of the year (compared to over 30% in recent years). At the same time, the central bank set an aggressive target of 12–17% by the

Turkey - 05

Turkey: Daax Corporation Eyes a Piece of the Domestic Gas Market

Daax is appearing more frequently in discussions on Turkey’s gas sector. The company and its CEO, Umit Sonmez Inanc (see our Personality of the Week), featured in Genel Energy’s last four shareholder transactions. On 12 April and 26 May 2017, Inanc personally acquired around 5.08% of Genel’s shares, and Daax purchased another 26.90% on 31