The $6 billion ACE project is the latest development phase in the Azeri-Chirag-Guneshli (ACG) fields

Russian President Vladimir Putin held a telephone conversation with Turkish President Recep Tayyip Erdogan on June 24, the Kremlin press service said. The situation involving Azerbaijan and Armenia was a central topic.

Annual inflation stood at 7.7 percent in May, up from 7.2 percent in April and beyond the 3 percent target. On monthly basis, consumer prices were up 0.7 percent in May from a month earlier after rising 0.9 percent in April.

The government and the World Bank were in talks over a $95 million loan and had planned to come to an agreement within two to three months.

Total income stood at 2.307 billion lari compared to 1.915 billion lari in January-May last year.

Realising that fossil fuels would not last forever, Kazakhstan took steps to diversify its economy. This included a new focus on its tourism industry. Though under-developed, officials knew it was an area that had much to offer.