News in Brief - April 25, 2007 -

politics
OIL AND GAS REGULATING AGENCY REORGANIZATION IS PLANNED
The Parliament approved today in first hearing package of amendments, according to which Oil and Gas Resource Regulating National Agency will be replaced by Gas and Oil National Agency. It will be established as substructure of Energy Ministry.
LOCAL TAXES AND FEES WILL BE COMPLETELY DIRECTED TO LOCAL BUDGETS
The Parliament adopted today in first hearing amendments to bills “On Basis of Fee System” and “On Tax, Non-Tax and Capital Revenues Distribution Between Budgets”.
Dimitri Kitoshvili, parliament secretary of the president, said that the amendments were conditioned by the inconsistence in legislation.

economics
AGREEMENT WITH FRANCE ON DOUBLE TAXATION AVOIDANCE IS RATIFIED
Parliament has ratified the agreement between Georgia and France on avoidance of double taxation of income and profit. The agreement was signed on March 4.
LIABILITIES TO KFW TO PASS FROM NATIONAL BANK TO FINANCE MINISTRY
Agreement with German KfW bank has been certified by the Parliament today. The agreement envisages handing over obligation on KfW-allocated credit for emergency rehabilitation in Georgian energy sector.
NET PROFIT OF BANKING SYSTEM MADE UP 25.4M LARI IN Q1
As National Bank of Georgia (NBG) informs, net profit of banking system amounted to 25.4 million lari in the 1st quarter. This figure exceeds last year’s showing by 36.6%.
SECOND STAGE OF GAS MAIN RECONSTRUCTION TO LAUNCH FROM KAZBEGI
As Georgian Oil and Gas Corporation informs, the second phase of North-South gas main rehabilitation will start from Kazbegi district (Mtskheta-Mtianeti region). Millennium Challenge Georgia (MCG) foundation allots $25 million for that.

business
AVERAGE WEIGHED PRICE OF BANK OF GEORGIA’ STOCK INCREASED FROM 32.799 LARI TO 50.896 LARI
Share of Sakartvelos Banki (Bank of Georgia) increased from 32.799 lari (January 4) to 50.896 lari (April 24), Georgian Stock Exchange informs.
Securities of the mentioned bank hold the leading position in the Exchange’s turnover in 1st quarter – 313,650 stocks worth of 12.7 million lari (37% of total).
LEASER TO CARRY OUT KUTAISI RAILWAY STATION RECONSTRUCTION IN HALF A YEAR
Kutaisi railway station reconstruction should be accomplished in 6 months, LLC Georgian Railway reports. The reconstruction should be conducted by leaser, who has to invest 300,000 lari.
SPORTS GROUND WITH LAND PLOT ESTIMATED FOR $1M
Ministry of Economic Development announces an auction on sports ground in Digomi district of Tbilisi. Starting price of the object is $1 million lari.
TWO HESS IN KOBULETI DISTRICT ARE BROUGHT AT AN AUCTION
The Ministry of Economic Development has put KinkishaHES and AchiHES with attached land plots at auction. Applications are to be submitted to May 24.

LAST WEEK REVIEW
politics & society
ACTUAL WARMING OF RELATIONSHIPS NOT EXPECTED
Tensions between Russia and Georgia are still in the limelight. Georgian Foreign Minister Gela Bezhuashvili considered current tense atmosphere between the countries during his Moscow visit with his colleague.

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