American-Uzbekistan Chamber of Commerce

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In This Issue:
IMF on Learning to Live with Cheaper Oil : Policy Adjustment in MENA and CCA Oil-Exporting Countries
 
The significant and prolonged drop in oil prices since mid-2014 has changed the fortunes of many energy-exporting nations around the world. This applies particularly to countries of the Middle East and Central Asia, because these regions are home to 11 of the world's top 20 energy exporters.
Budgets have generally turned from surpluses to large deficits (Chart 1), growth has slowed, and financial stability risks have increased. In such a challenging environment, a policy of "business as usual" will not suffice-policymakers will need to adopt significant measures to put public budgets on a sounder footing, address risks to liquidity and the quality of assets in the financial sector, and improve growth prospects. This will be a difficult long-term process, but the good news is that many countries have made a strong start, especially in terms of budget policies.  Read more here.  

BP reviews Uzbekistan's oil, gas consumption
 
Uzbekistan's proved oil reserves stood at 100 million tons, natural gas reserves - at 1.1 trillion cubic meters on the results of 2015, says BP Statistical Review of World Energy 2016.
Uzbekistan decreased oil output by 3.1 percent - to three million tons in 2015, according to BP's report.
The company says that Uzbekistan's average output was 64,000 barrels of oil per day in 2015 (by 3.1 percent less than in 2014).
Oil consumption volume in the country decreased by 0.1 percent - to 2.8 million tons in 2015, as compared to 2014. Average daily consumption of oil was 59,000 barrels in Uzbekistan in 2015 (by 0.1 percent less than in 2014).
The review says that Uzbekistan produced 57.7 billion cubic meters of gas in 2015, which is by 0.8 percent more than in 2014. Gas consumption in the country amounted to 50.3 billion cubic meters in 2015.
Capacity of Uzbekneftegaz National Holding Company (NHC), the country's national operator on mining and processing of hydrocarbons, allows ensuring natural gas output at the level of 70 billion cubic meters and liquid hydrocarbons at the level of eight million tons per year.  


According to a diplomatic source, India's Prime Minister is to attend Shanghai Cooperation Organization summit scheduled to be held on June 23-24 in Uzbekistan.UTNIK
NEW DELHI (Sputnik) - India's Prime Minister Narendra Modi is to attend Shanghai Cooperation Organization (SCO) summit scheduled to be held on June 23-24 in Uzbekistan, a diplomatic source told RIA Novosti on Friday.
"We received an official confirmation that Prime Minister Modi will attend the [SCO] summit," the source said.
The SCO is a political, economic and military alliance comprising Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. In 2014 India who had observer status applied for SCO membership. The SCO summit held in the Russian city of Ufa last year approved inclusion of India and Pakistan to the list of member states and launched accession proceedings. The SCO leaders are expected to sign accession memorandum with Pakistan and India at the upcoming summit in Tashkent.

Invitation to Attend

2016 U.S.-UZBEKISTAN 
ANNUAL BUSINESS FORUM
 
8.00 am - 4.00 pm

Wednesday, November 30, 2016
Tashkent, Uzbekistan

Keynote address by:
 
Deputy Assistant Secretary 
Michael A. Lally 
U.S. Department of Commerce

(agenda to follow)

Click here to register

PLATINUM SPONSOR
GE

Please join us at the 2016 U.S.-Uzbekistan Annual Business Forum in Tashkent, which is a signature event by the AUCC member-companies.  

The AUCC delegation to Uzbekistan will be led by the chamber's Chairperson Carolyn B. Lamm and President Steven T. Nadherny.  We are pleased to announce that Deputy Assistant Secretary of Commerce Michael A. Lally will travel to Uzbekistan with AUCC member-companies to give stronger boost to our efforts and further promote bilateral trade dialogue.  Minister of Foreign Economic Relations, Investments and Trade, Elyor Ganiev, is expected to represent the Government of Uzbekistan. 

"We are delighted to take our signature event to Uzbekistan this year and have DAS Michael Lally's support and participation.  Without a doubt, AUCC is the best example of the Private-Public Partnership and the most effective conduit for the US bilateral trade with Uzbekistan. AUCC has successfully channeled our assessment and vision of the country's technological and industrial modernization through the forum and used it as a platform to declare our readiness and will to better serve the interests of the American and Uzbek peoples," said AUCC Chairperson Lamm. "The chamber sincerely hopes that our commercial aspirations will continue to be supported by the Governments of the US and Uzbekistan that have both outlined business and commerce as a pillar of their bilateral agenda.  We are grateful to DAS Michael Lally for his leadership and attention to this part of the world," added AUCC President Nadherny.   

AUCC is a private, non-governmental, 501 (c)(6) trade association that was established in 1993 in Washington, DC.  The chamber is the oldest business group in the US and the Republic of Uzbekistan that exclusively represents commercial interests of the US corporations before the governments of our two countries.  

REGISTRATION DEADLINE:

Register here to indicate your interest in the event. Registration deadline is Monday, September 26, 2016.
 
SPONSORSHIP: 

For sponsorship opportunities, please contact AUCC at info@aucconline.com. 

VISA, HOTEL AND TRANSPORTATION IN TASHKENT: 

AUCC will provide assistance with visa, hotel and transportation for AUCC members and guests. Please contact AUCC at info@aucconline.com for details.  

APPLICATION FEE: 

Free for AUCC members (will be verified) and US Government representatives.  

$1,000 per person for all other guests and participants - The fee is non-refundable. 

Click here to make a payment and register for the event. 

CONTACT INFORMATION:aucc logo
The American-Uzbekistan
Chamber of Commerce
 
1030 15th Street, N.W.,
Suite 555W
 
Washington, DC 20005
 
phone: 202.509.3744
 
info@aucconline.com

www.aucconline.com 


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