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© 2009 The FINANCIAL. INTELLIGENCE BUSINESS PUBLICATION WRITTEN EXPRESSLY FOR OPINION LEADERS AND TOP BUSINESS DECISION-MAKERS

PRIM

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Anita Rachvelishvili, La-Scala’s Georgian Mezzo Soprano See on p. 34

http://www.fi nchannel.comMay 16, 2011 News Making MoneyGEORGIAN WEBSITE http://www.fi nancial.ge

Newspapers are

Recyclable

GLOBAL OIL CONSUMPTION DECLINED BY 1.2 MILLION B/D OR 1.7%, THE LARGEST DECLINE SINCE 1982

WORLD NATURAL GAS CONSUMPTION FELL BY 2.1%, THE LARGEST DECLINE ON RECORD

GLOBAL COAL CONSUMPTION WAS FLAT IN 2009, THE WEAKEST ANNUAL CHANGE SINCE 1999

WORLD PRIMARY ENERGY CONSUMPTION FELL BY 1.1% IN 2009, THE FIRST DECLINE SINCE 1982

HEADLINE NEWS & ANALYSIS2 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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May 16, 2011

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green business

Wissol, one of the largest business groups in Georgia, plans to make solid

investments in different operat-ing fi elds and develop dynami-cally in 2011 according to Mr. Soso Pkhakadze, Chairman of the Wissol Board of Directors.

The fi rst quarter company results are positive, and as Mr. Pkhakadze said, increased sales have been observed in different businesses of Wissol Group. “We have had an increase in sales in the fi rst quarter of 2011. The dynamics of 2010 that we had at Wissol Petroleum are con-tinuing. As for other companies incorporated in Wissol Group,

we have observed signifi cant improvements which mean that the country is recovering from the economic downturn. We are in the post crisis period and economy is picking up rapidly,” Mr. Pkhakadze added.

Wissol is one of the largest business groups in Georgia in-corporating Wissol Petroleum, Wissol Gas, Air Wissol, Wissol Gas Distribution Company, con-struction company JSC Delta and advertising company Vella-gio. Recently the company added Auto Express and through busi-ness diversifi cation has started developing a supermarket chain under the name Smart as well. `It’s our intention to create a nation-wide chain of modern supermarkets that will meet ex-pectations of wider pubic,” said Mr. Pkhakadze who currently

serves as a General Director of JSC Smart Retail.

Wissol will face several chal-lenges in 2011. “Firstly, we would like to sustain our lead-ing position on the market. The market leaders have even greater responsibility to conduct busi-nesses adhering with the most modern business ethics and practices. Being leader means constant control of product and service quality, being always an innovator, constantly imple-menting new innovative projects which make your clients highly satisfi ed and provide additional value to them. This is why Wis-sol is distinguished on the mar-ketplace and customer care gives us the basis for our success,” Mr. Pkhakadze added.

The company will be investing millions of GEL in core business

developments in 2011. Auto Express, new venture

with exclusive rights from Total, works in three directions: de-velopment of oil and lubricant change boxes located near Wis-sol petrol stations; tier service as well as transformation of cars on natural gas.

Wissol is the exclusive im-porter of oil lubricants of French company Total, one of the world’s major oil and gas groups.

Total lubricants will be avail-able in 15 locations throughout Georgia by the end of 2011. The company plans to make over 50 units in the country. The lubri-cant service points will be avail-able near Wissol petrol stations throughout Georgia.

By KETI CHKHIKVADZE The FINANCIAL

Continued on p. 5

Dr Soso Pkhakadze Chairman of Wissol Group Wissol operates in Georgia since

1998. Having set the right strategy of product diversifi cation and

being fl exible to market changes and externalities, nowadays Wissol

is a Group representing one of the largest commercial groups in

Georgia and is the leading player in the energy sector.

Accountability, transparency, respect for values, ethical business

practices are what creates trust and loyalty toward Wissol Group. Besides, Wissol feels responsibility

for environment protection and undertakes social investments, makes charity and implements

community projects for the well-being of the society at large.

Soso Pkhakadze, Chairman of the Wissol Board of Directors

Wissol Group Reports Increase in Business Operations

HEADLINE NEWS & ANALYSIS 3FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green business

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HEADLINE NEWS & ANALYSIS4 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

C M Y K

Advertiser: Radio Commersant. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com

marketing@commersant.ge+995 32 505 955

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May 13, 2011 – Continuing to deliver on its global growth

plans, Gap Inc. today an-nounced that it will intro-duce Gap brand to Serbia and Ukraine through new agreements with existing franchise partners.

The stores are scheduled to open in 2011 in the cities of Belgrade and Kiev where customers will be able to shop products from Gap, GapKids and babyGap.

“We look forward to bringing Gap’s distinctively American aesthetic to con-sumers in Ukraine , which is considered the fastest grow-ing retail market in Eastern Europe, and Serbia with its young customers who love to shop,” said Stephen Sun-nucks, President, Interna-tional, Gap Inc. “With few international brands on the scene today, both markets underscore the effectiveness of our fast and fl exible busi-ness model to successfully execute our global expansion strategy.”

Gap Inc. is focused on growing its share of the $1.4 trillion global apparel market.

To capitalize on its signifi cant global business opportuni-ties, the company recently announced the combining of its International operations into one division (read latest Gap Inc. international news and learn more about Gap Inc.’s global runway).

Over the last fi ve years, Gap Inc. has grown its fran-chise store base to about 180 and expanded from 2 to 24 countries throughout Asia, Europe, Latin America, the Middle East and Australia. With today’s announcement, the company now has fran-chise agreements in place to bring its brands to 28 coun-tries, including Chile and Egypt in fi scal year 2011. The company plans to double its number of franchise stores to 400 by fi scal year 2015.

Last year, Gap Inc. fi rst made its products available

to customers in Ukraine on-line through the company’s international shipping pro-vider. Gap expects to open its fi rst store this June in the capital city of Kiev . The store will be in an 836 square me-ter (9,000 square feet) space on Kreschatik Street, one of the city’s most famous and busiest streets. The country’s booming retail market – fi fth largest in Eastern Europe - and stable economy provide Gap Inc. with a terrifi c op-portunity to now introduce Gap brand stores to custom-ers in Ukraine.

Ukraine is the third coun-try to be managed under Gap Inc.’s franchise agree-ment with Fiba Holding A.S., which also manages the com-pany’s franchise locations in Turkey (Gap brand and Ba-nana Republic) and Russia (Gap brand).

Gap Inc. to Take Gap Brand to Serbia and Ukraine The FINANCIAL

HEADLINE NEWS & ANALYSIS 5FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green business

The fi rst Smart supermar-ket was opened in December 2010. Within 2-3 years the Smart supermarket chain will launch over 20 super-markets throughout Geor-gia, out of them 20% will be at Wissol stations and the remaining 80% will be in different locations, occupy-ing between 2,000-5,000 square metres. The compa-ny already employs 100 in-dividuals and is considering employing 3,000 staff mem-bers over the next 3 years.

Wissol Gas Distribution Company has been providing natural gas to Telavi since the year 2008, already sup-plying 10,500 families in the region. Since the year 2008 the company has provided gasifi cation to 16 villages, in 2010 alone the company added 7 villages to its gasifi -cation system.

In the territory of the Gori highway, Wissol started building of a rest and serv-ices complex, which will be opened in summer 2011. Within the framework of the project, the company will build a tourist information centre, service units and res-taurants, auto-tech service, a special car park for cars and buses and petrol station. The works are being conducted by JSC Delta, Construction Company of Wissol Group.

The year 2010 was special for Wissol as the company was awarded the ‘Ruban d’Honneur’ Prize and was named among the 10 best companies in Europe. This was the fi rst case of a com-pany from Georgia and from a post-Soviet Republic being named among the 10 best companies out of all 15,000 companies from the Euro-pean continent.

However, as Mr. Pkhakadze said, being awarded by two Mercury 2011 prises is vital for Wis-sol as a company operates in Georgia and is doing busi-ness on the local market. “The awards that were given to us by our customers and Georgian society at large is far more important than all the awards and prizes that we have been granted throughout our corporate history. We do business in Georgia, we serve the local people and it’s natural that the recognition of our suc-cessful business activities in our country is very exciting and incomparable fact for us” said Mr. Pkhakadze.

Wissol and Mr. Pka-hakadze personally, were awarded in two nominations – Wissol - The Employer of the Year and Mr. Pkhakadze - The Entrepreneur of 2011.

“This brings with it great motivation and stimulus to create new innovative projects and get further clos-er to the society, care about them and appreciate the trust they showed towards Wissol,” Mr. Pkhakadze said.

Q. What is the share Q. What is the share of Wissol in total petrol of Wissol in total petrol sales?sales?

A. if we take sales at pumps Wissol possesses ap-

proximately a 26-27% mar-ket share. There is observed increase in retail sales and customers have become aware of one fact. It’s better to pay a little more for pet-rol and choose a high qual-ity product, which in the end protects the car, motor, and other parts of the car. The profi tability is higher due to the high quality product purchase; this is pure eco-nomic-fi nancial profi t.

Q. The price of petrol Q. The price of petrol increased by 0.2 GEL increased by 0.2 GEL during the year 2011. during the year 2011. What circumstances What circumstances governed the change in governed the change in price?price?

A. There are several fac-tors which govern increase in the price of petrol. Georgia is wholly dependent on the prices on the international market. A change in price is directly refl ected in our country. Wissol, like other companies throughout the world, purchases fuel from international markets ac-cording to Platts, an inform-ative bulletin based on which price is calculated.

This year increase in price was governed by several fac-tors. Firstly, the US economy recovered from the crisis and the population of the USA is the consumer of 22-23% of totally produced oil products. The second factor was the ongoing processes in North

Africa and the Middle East. Libya was pumping over the world with 1,200,000 barrels of oil a day, consequently the ongoing crises and supply cut put additional burden on oil prices.

However, in recent periods the tendency has somehow been towards decrease. If the price of petrol decreases this will be both profi table for Wissol as well as for custom-ers. A low price provides sev-

eral advantages, such as sales increase. Besides, whereas a company previously spent 1.5 million USD per ship import, currently the price reaches 4 million USD.

Q. In your opinion Q. In your opinion how likely is a change in how likely is a change in petrol price during the petrol price during the year 2011?year 2011?

A. In previous years we have been forecasting oil prices, however due to the current rapidly changing en-vironment I will hesitate to do so. However our strong desire is for prices to be lo-

cally within 2 GEL range per litre.

Q. How many stations Q. How many stations does Wissol intend to does Wissol intend to open in 2011?open in 2011?

A. Wissol will continue de-veloping petrol chains during 2011-2012. The company has already added several petrol stations to its network and by the end of the year we intend to open in total 12 petrol sta-tions. The main strategy of Wissol is to wholly cover all

regions of Georgia, but still. In addition we will be adding stations in Tbilisi in those re-gions where demand for ad-ditional stations exists.

Q. Which products are Q. Which products are in highest demand at in highest demand at Wissol?Wissol?

A. We are observing in-creased demand for Europe-an products at Wissol, which already consist of 57% of total sales. Out of European products the highest sales are of API Premium and Euro Regular.

Q. Auto Express, the Q. Auto Express, the

daughter company of daughter company of Wissol, incorporates Wissol, incorporates three major directions three major directions under its operations. under its operations. What is the long-term What is the long-term strategy of Auto Ex-strategy of Auto Ex-press?press?

A. Wissol management pays huge attention to Auto Express. Firstly after a year’s negotiation we managed to reach an exclusive contract with French company To-tal, one of the world’s ma-jor oil and gas groups. The fact of Total being present in Georgia is not the suc-cess of Wissol alone, but of each investor operating and investing in our country this is an additional guarantee of stability and assurance. We formed good relationships with key fi gures at Total - this is a dynamic, fast-grow-ing and interesting company from which we are learning a lot.

Secondly, in Georgia you cannot fi nd a chain similar to Auto Express. Despite the fact that it’s not a product of daily use the demand for the service was, is, and will always be, high. At present Auto Express employs 30-40 individuals but in the future the company will recruit ap-proximately 400-500 indi-viduals. Auto Express will be a big chain of service stations in Georgia, as the infrastruc-ture will be developed in Tbi-

lisi as well as in other cities of Georgia for added comfort for clients.

Q. Auto Express for a Q. Auto Express for a month already has been month already has been offering the transfor-offering the transfor-mation of cars on gas. mation of cars on gas. What advantages does What advantages does this service bring to the this service bring to the population?population?

A. The company has Ital-ian equipment and new bal-loons have been imported also. Auto Express provides customers with all the safety norms during transforma-tion of petrol cars to natural gas and later individuals will have the guarantee to safely use the car. All quality pa-rameters are protected at the same time as considering all safety parameters. The serv-ice is quite quick. Wissol in-tends to add several service centres due to the high de-mand for the service.

There are several advan-tages natural gas can provide to society. Firstly, the price of natural gas is twice lower than one litre of petrol. With 1 cube of natural gas an in-dividual can travel the same distance as he would be able to with 1 litre of petrol. Sec-ondly, considering the fact that we have Italian equip-ment and highly trained spe-cialists we have created an economically profi table and safe product.

Q. How popular is Q. How popular is Total production with Total production with Georgian clients?Georgian clients?

A. Total lubricants have become quite popular with Georgians. Those who have changed oil at Auto Express admitted that they will con-tinue visiting the centres. Individuals arriving at Auto Express units will get a full service package. By the sup-port of a special computer programme, the consultant will enter all the parameters of the car and the programme will advise on the type and quantity of oil the car needs, as well as the time period of oil change.

Q. In your opinion, Q. In your opinion, what will the share of what will the share of Total be on the Georgian Total be on the Georgian market by 2011?market by 2011?

A. The year 2011 is the fi rst year for Total consequently we do not forecast a signifi -cant market share. However if we consider that currently the company already oper-ates four service centres, intends to add two more in June and six more by the end of the year, the share of Total will be quite solid in 2012.

Q. Wissol Group did Q. Wissol Group did business diversifi cation business diversifi cation in December 2010 when in December 2010 when it opened its Smart su-it opened its Smart su-permarket chain. What permarket chain. What is the long-term strat-is the long-term strat-egy of Smart?egy of Smart?

A. Smart is a separate enti-ty with its own management, business and fi nancial plan-ning. Wissol is paying huge attention to Smart develop-ment and within 3-5 years we intend to be operating a wide chain of supermarkets in Georgia. Clients like the new supermarket and we are satisfi ed with sales fi gures. Currently Smart is under construction in six differ-ent places and by the end of the year we will be operating seven Smart supermarkets.

Wissol Group Reports Increase in Business Operations

Continued from p. 2

“We are observing increased demand for European products at Wissol, which already consist of 57% of total realization.”

HEADLINE NEWS & ANALYSIS6 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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green business

Pay less, save money, heat and light your house for twice as less. This is possible

and can even work for busi-nesses. The key is primarily in installing energy effi cient technologies which are mu-tually benefi cial for your wallet and the environment you live in. By installation of energy effi cient technolo-gies Georgian companies can reduce operational en-ergy consumption costs and contribute to environmental protection. Read the follow-ing article to fi nd out how.

The energy effi ciency tech-nologies include: the most widespread and easiest to apply energy effi cient light bulbs with occupancy sen-sors as well as condensing boilers for heating, heating systems with thermostats which allow regulation of room temperature, double glazed windows etc.

“Through the applica-tion of energy effi ciency measures, it is possible to reduce energy consumption without sacrifi cing comfort, which often happens when someone tries to reduce en-ergy consumption simply by saving,” said Karina Me-likidze, Director of the Sus-tainable Development and Policy (SDAP) Centre.

“For instance a family can

reduce the amount of energy used for lighting purposes by sitting together in one room and switching off the electricity in all the others, but it can also install energy effi cient (fl uorescent) bulbs and keep electricity on in all the rooms spending no more (maybe even less) electricity than before without caus-ing inconvenience. In the case of a company one can for instance also apply so-called “occupancy sensors”, which allow electricity to be switched on only if someone is present in the room,” said Melikidze.

“By constructing a new building with energy effi -cient building blocks the en-ergy consumption of a heat-ing system can be reduced by about 50% during one season of heating. In other words this means that in-door climatic conditions will remain comfortable but fuel (mostly natural gas) con-sumption needed for opera-tion of the heating system during one season will be halved,” added Melikidze.

“Energy effi ciency invest-ments can help industrial companies to reduce energy consumption while improv-ing the production process. Benefi ts can also be gained through environmental im-provements and from the demonstration effect on the business community,” said Irakli Vardigoreli, EBRD

Energy Effi ciency Business Development Manager.

Melikidze believes that together with saving money and energy for the com-pany, this also aids the re-duction of CO2 emissions; depending on the type of the company’s operations this reduction may be direct and signifi cant.

“Energy effi cient technol-ogies allow one to save en-ergy and money in the me-dium to long run, however initial one-time investments may be hard to come by, thus such loans are playing a signifi cantly positive role in the promotion of energy effi ciency,” Melikidze said.

Energy effi ciency loans are now accessible for corpora-tions as well as for physical individuals in Georgia from TBC Bank, Bank of Georgia and Cartu Bank, the three leading profi table banks in Georgia according to the fi rst quarter results of 2011.

EBRD has provided a 35 million USD credit line to the banks for loans to cover investment in replacing old equipment such as boil-ers, compressors, fans and pumps, with new equipment which uses less energy. Loans are available of up to 2.5 million USD.

“The energy saving pro-vides extra income for the fi rm to pay back the loan. After the loan is paid back, the fi rm has reduced its

costs and will become more effi cient and profi table,” said Vardigoreli.

“The Bank’s strategy in the energy effi ciency sector is to fi nance energy-saving projects and assist its clients in identifying and develop-ing energy effi ciency oppor-tunities within their exist-ing operations. Via its loans EBRD also helps companies to develop carbon credits arising from emission-re-duction projects. This im-proves the bankability of emission-cutting projects,” Vardigoreli added.

EBRD has established the Georgian Energy Effi ciency Programme - a credit line facility through local par-ticipating banks. The local banks provide sub-loans to companies and households for investment in renewable energy production and im-proved energy effi ciency.

Companies will have the opportunity to use a credit line for different purposes such as boilers rehabilita-tion/change, energy man-agement, saving distribution and installation/rehabilita-tion of accounting systems, rehabilitation of stream distribution systems, instal-lation of solar technologies, and rehabilitation of small hydro-power stations.

For obtaining energy ef-fi ciency loans the lender should in the early stage present the provider’s in-

voice of the product. The provider should be author-ized on the energy credit webpage www.energocredit.ge.

The total amount of phys-ical individual loans for en-ergy effi ciency is more than 150,000 USD at TBC Bank. There are 150 physical indi-viduals who have taken this loan. The major purpose of loan taking among TBC Bank clients is for central heating and windows. The main ad-vantage of the project is that the lender gets 15% of total cost back during the pur-chase period.

Lending of an energy effi -ciency loan is available in all branches of TBC Bank. The distribution is as available as mortgage and consumer loans with the following in-terest rates: Consumer loan fi xed 20% interest rate, and mortgage loan 1% less than a standard loan.

EBRD has provided Bank of Georgia with a 10 million USD credit line for fi nancing energy effi ciency. Despite the advantages of saving en-ergy and increasing market competitiveness, and as well as profi table loan terms com-panies have the opportunity to conduct an energy-audit free of charge. The terms of the loans are 10% annual with total loan capacity of 2.5 million USD, with a term of 12-60 months.

The consumer loan will

be given out with an interest rate from 14%. Moreover the borrower has the opportuni-ty to return 15% of the total cost which presents a sub-sidiary fi nanced by BP and its oil and gas partner com-panies (Socar, StatoilHydro, Chevron, INPEX, TPAO, ExxonMobil, ITOCHU, Az-BTC Ltd., Total, Amerada Hess, Lukoil, NICO, ENI and ConocoPhillips).

The term of loans in GEL is under 36 months and in USD under 120 months. The amount of the loan is up to 50,000 GEL at Bank of Georgia.

Cartu Bank has already distributed a total amount of 1,780,000 USD worth of energy effi ciency loans to six corporations. The major purposes of loan taking are thermal insulation, double glazing, gas boilers, heating and cooling systems, hy-dro power plants. The Bank does not provide loans for physical individuals.

“EBRD provides TA i.e. Energy auditors help the borrowers to work out an energy effi cient project. They make fi nancial calculations and write a Project Assess-ment Report. Based on the latter EBRD approves the amount of the loan. The in-terest rate for EE loans is 1% lower than the current Aver-age Market Rate,” explained Inga Gagnidze, IFI Relations Offi cer at Cartu Bank.

Personal Finance:How to Save Money with an Energy Effi ciency Project The FINANCIAL

HEADLINE NEWS & ANALYSIS 7FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green business

“Print is the difference

between seeing a car and

actually wanting to have it.”

Stephen Norman, Senior Vice President,

Global Marketing RENAULT

To order the brochure online, take a

picture of this code with your mobile.

Learn more at www.printpower.eu

Add print, add power

www.printpower.eu

Desirability is the key to the Renault

brand. And nothing creates desirability

better than a print ad - Print has an

unbeatable immediacy, in terms of

promotional and practical messaging.

Plus it attracts very large audiences –

something that is important for a volume

manufacturer like Renault.

Print represents 20% of media spend

at Renault, and the company expects

this percentage to remain stable. Print

remains the company’s first choice

for communicating brand messages.

In fact, for its range of affordable electric

vehicles and the new Clio IV, Renault

expects brand advertising in magazines

and newspapers to push sales over the

tipping point.

If car manufacturers are not advertising in the motor magazines or newspapers, you’re

not in business”. Steve Nor-man, global marketing chief of Renault

Steve Norman, the 55-year-old global marketing chief of Renault, is a self-proclaimed car nut. He has owned a Re-nault Vel Satis 3.0 dCi, and Clio III TCE, a Corvette C5 coupe, a Land Rover Defend-er. Small wonder that people joke about Norman having Castrol oil running through his veins.

The quintessential car man, Norman commands mar- keting for Renault, the world’s fourth-largest car maker, thanks to its partner-ship with Nissan. More spe-cifi cally, he is responsible for the marketing of the Renault, Dacia and Renault Samsung brands. The Alliance spends €800 million on media around the world.

A MEASURED VIEW

For Norman, the real challenge is how best to in-vest this budget in the face of changing priorities and

consumer demands. A fi fth of his global budget is spent on print every year, the lion’s share of this being page ad-vertising. ‘Looking forward,’ he says emphatically, ‘whilst there will be an increase in digital, I do not see that 20% [spend] being reduced.”

Norman’s views on page advertis- ing are by no means an isolated case.

Automotive advertisers, emerging slowly but surely from the worst downturn in living memory, actually in-creased their ad pages and rate-card ad spending in US magazines in the fi rst quarter of this year, compared with the fi rst quarter of 2009, ac-cording to the Publishers In-formation Bureau.

It is the fi rst time car ad-vertising rose by both meas-ures since 2007, just before the recession and the start of the automotive industry’s well-documented woes. Nor-man feels strongly that there are ‘things that print can do that digital cannot do.’

PRINT ADVERTISING’S IMMEDIACY

‘If car manufacturers are not advertising in the motor magazines or newspapers,’ Norman asserts, ‘you’re not

in business. Print, in particu-lar newspapers, has an imme-diacy in terms of promotional and practical messaging, and can attract very large audi-ences. For Renault and Da-cia, being volume manufac-turers, that [attribute is] very important.’

To that end, Renault uses the full spectrum of print media in its core markets of France and Germany. Ti-tles such as Le Figaro and Le Monde, Le Tribune, Les Echos ensure Renault gets coverage in urban areas, while France’s 70 or so re-gional newspapers provide a communications pipeline to smaller conurbations. For Europewide advertising, Re-nault uses titles such as The Wall Street Journal and The Financial Times.

According to Norman, print media is clearly a vital element of the marketing mix, but a balance should be struck between what Renault does in terms of page ads, and its presence online and on TV. Norman concedes that ‘digital is going to absorb a lot of spend,’ promoting models such as Laguna and Megane, but there will cer-tainly be ‘a complementary role for explaining in print what Renault represents.’

Are we seeing something of a role renaissance then,

where print ads return to their original brand-building function? Norman seems to think so. He talks about print ads as being ‘a fi rst choice for communicating brand message’ and newspaper ads ‘coming back into fashion as digital takes on more of the one-to-one communications’ burden.’

A NOBLE ROLE FOR PRINT

Norman is no old-school marketer wallowing in a Mad Men-style past free of the internet, car bloggers and iPads. ‘In the 70s print was king—we won’t see that again,” he says. Instead, he believes that print ads need to take on ‘a more noble and profound role in addition to the more tactical one.’ But the new, post-internet wis-dom—that print ads serve a mono-functional, promo-tional role in pushing events like car scrapping and fi -nance deals—is not one that Norman subscribes to.

A good example of this deeper role for press ads is Renault’s big push of its Z.E. or zero- emission range of models, Twizy, Fluence, Kangoo and Zoe, due to hit the market in 2011. Press ads are being used to create

in- creased anticipation. ‘We started advertising the fore-runners of the electric range in summer 2009, on the 4th of July, in newspapers and magazines across Europe,’ says Norman.

For the Renault brand, the key word is ‘desirability,’ and he talks about ‘tipping points’ for using marketing to fi x this idea in consumers’ minds. ‘I guess the fi rst tipping point in terms of design was in 2008 with the [release of the] fi rst of the new Megane family. The second tipping point will be in 2012, when we com- plete our range of affordable electric vehicles and when we also launch the Clio IV.

The point at which desir-ability will be fi xed is the sec-ond half of 2012. Everything we’re doing in marketing has to be to prepare the ground for that.’

Having experienced the full spectrum of press adver-tising, Norman is not that impressed with ads that he has to read more than once.

‘Print media is very good at communicating simple mes-sages. For example, I could see a three-quarter page news-paper format be- ing used in a headline format for Renault or Dacia, in order to get the mes-sage across. I see print as a very good medium for tactical offers or campaign messages.’

His favourite ads are those with clear mes- sages, but still compelling to read, including some of those by Renault. ‘The work that Re- nault did for the Eco 2 in 2006 and in 2007 and the ads we did on Z.E., were some of the best ever. You didn’t have to deci-pher anything.’

Renault’s quest to get the biggest bang for its market-ing buck continues apace. As the recession took hold in 2008, the company had al-ready put a cap on marketing spend per unit that year and maintained this for 2009.

Renault secured some sig-nifi cant savings when media owners pushed their prices down to give Renault good deals in TV, radio and news-papers, and he is not lured by digital’s alleged cheapness in relation to other channels.

“You have to turn to Shake-speare-to the character Shy-lock, who wanted the pound of fl esh that was closest to the heart,” Norman muses. ‘The so-called cheapness of digital is part of the offer—but it’s not just a question of pounds and dollars. It’s about effec-tiveness and cost-per-unit across the board. We have to drive costs down in digital too. Digital is much cheaper than other media but it’s not a reason to throw everything that way

Why Renault’s chief marketer loves being in the papers ? The FINANCIAL

HEADLINE NEWS & ANALYSIS8 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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green businessHow To Start – Home Wind Power The FINANCIAL

As you spend time learning about wind energy, you will soon fi nd that

there is a difference be-tween home wind power, or “small wind”, and wind and solar power are often used together

commercial wind farms or “large wind”. Small wind is what you might be inter-ested in and involves in-stalling one or more smaller wind turbines for the home, either to fully provide en-ergy or to supplement your energy supply. Home wind turbines need to be of suffi -cient size that they produce more energy than they con-sume, but they do not have to be huge.

SO WHERE DO YOU START? WHO DO YOU TALK TO?

First establish whether you have suffi cient wind in your area to make an instal-lation viable. You will need specialist tools to gauge this accurately and you may choose to hire someone to do this for you.

Look on local wind web-sites for information on wind patterns

Speak to your local au-thority to check if there are any special planning per-mits required

Find out how much ener-gy you currently use so you know what size turbine to consider. Your current en-ergy provider can help you interpret your energy bill.

Do a basic energy audit and see if you can insulate your home better to reduce energy consumption.

Decide whether you want to use a commercial supplier or build your own windmill or home wind turbine

Check out ready made kits and fi nd out about separate installation costs

It will certainly be cheaper to build your own turbine but it will require effort and some skill. Larger turbines are not usually suitable for an inexperienced handyman

It is still worthwhile doing some research into home wind turbines even if you employ a commercial sup-plier to educate yourself as to the suitability of the products that may be rec-ommended.

Wind turbines only pro-duce energy when the wind blows, and are often used in conjunction with solar pan-els to give continual energy supply

Home wind turbines also require a specialized battery to store energy

Do not shop on price alone. Be aware of noise requirements for your area – certain models are much quieter than others

THE MINISTER OF ENVIRONMENT PROTECTION SPEAKS ABOUT RENEWABLE ENERGY IN GEORGIA The FINANCIAL

Use of renewable energy is regu-lated by demand for such products

on the market, believes Goga Khachidze, Minister of the Ministry of Environment Pro-tection of Georgia. The poten-tial of its development also depends on the people who want to use it. The Minister says that Georgia is a carbon neutral country, as electricity is mainly supplied by hydro-electric stations.

“We have to agree that wa-ter energy is a renewable en-ergy as well,” Khachidze told The FINANCIAL in an inter-view. “Somehow in Georgia when we talk about renewable energy people think of only wind or solar energy. Georgia is one of the best examples of how renewable energy can be used. 86% of the electricity we consume in Georgia is from hydroelectric power stations. It’s the best indices for our country to be named a carbon neutral country. We have very clean energy and we don’t need to adopt any new legisla-tion for renewable energy.”

“Solar energy use is not very developed in Georgia,” the Minister says. “It’s mostly used as additional energy. Perhaps because we don’t have enough sunny days during the year. But it’s important to know that so-lar energy use is totally free of charge compared to the elec-tricity we receive from hydro-electric stations.

“The Government and the State can advise people that solar energy is useful and ab-

solutely free of charge except for battery and installation purchase prices. The Govern-ment can’t take any legislation which obliges the population to absolutely transfer to and install solar batteries,” Minis-ter Khachidze believes.

The Ministry of Environ-ment Protection is among the few users of solar energy in Georgia.

“We have installed solar batteries on the roofs of ad-ministration buildings in the protected areas. We are actually already using them at guesthouses in Tusheti. Solar batteries can’t be used everywhere. In the western part of Turkey all the roofs are installed with solar bat-teries because there are so many sunny days there and in general really hot weather,” Khachidze said.

There is no offi cial statisti-cal data about the usage of so-lar energy in Georgia.

“As far as the Ministry is aware large solar batteries are getting installed at Ilia State University in the frame of an international project devel-oped by the Japanese Govern-ment. I hope that the project will be successful and that they will start to consume this energy very soon.”

WIND ENERGY

“We have nearly the same situation with wind energy that we have with solar energy in Georgia,” said Khachidze. “There is a slight difference as we have more wind resource potential in the country. Very seldom, private persons, but not large companies, use small wind turbines. To install large wind turbines and make a wind electric power station requires a huge investment.”

The Ministry of Energy and Natural Resources is in charge of wind energy development, but as I know there are several impediments to the improve-ment of wind energy. Inves-tors demand guarantees for purchasing generated energy.

They set the prices as well. If that energy were free for trade and the market could decide the consumption price then this energy could have more potential. These terms com-plicate the process of wind energy improvement as well.”

HYDRO POWER “Several months ago we

opened a small hydro electric power station in one of the villages of the Racha region. We tested it and checked the product as well. In a period of drought the energy the station produces isn’t enough for the whole village. Besides it isn’t easy to provide each family with this energy separately. So we offered to connect this station to the common net. But as this energy is free of charge, it will be accumulated and then subtracted from the whole amount.

Like this station there are some hydro electric power stations which are enough for only 2-3 families. There aren’t any strict laws, but we have some safety standards and norms which should be satis-fi ed while constructing small energy stations in Georgia.”

Q. Two years ago the Q. Two years ago the Ministry started the Ministry started the project Plant a Tree. Is project Plant a Tree. Is this project still running? this project still running? What are the current What are the current projects the Ministry is projects the Ministry is implementing to do with implementing to do with the planting of green-the planting of green-ery?ery?

A. Yes, the project was started the year before last by the initiative of the Ministry of Environment Protection of Georgia. The project was followed by similar projects from Tbilisi City Hall, like Plant a Tree, Make Tbilisi Green. The project was also very successful with the help of the appeal of the Catholicos Patriarch of Georgia. Even the fi rst year was very successful; we planted almost half a mil-lion saplings in just one year.

The project isn’t under our control anymore, though

there are still many ongoing activities with planting trees, not only in Tbilisi, but in Rus-tavi, Racha and many other regions of Georgia.

Q. What are the indices Q. What are the indices of air pollution in Geor-of air pollution in Geor-gia these days?gia these days?

A. Nowadays in Tbilisi and in many other regions of the country air monitoring is done every day. I can’t say that Tbi-lisi is the cleanest city in the world, but the parameters of our air are far better than in other countries, which look cleaner on sight. This is the result of natural conditions. Of course we need to improve the control on emissions for example, but we have noth-ing to complain about at the moment in regards to air pol-lution.

Q. How can we reduce Q. How can we reduce the number of cars in the number of cars in the city? Are there plans the city? Are there plans to build bike lanes in the to build bike lanes in the city?city?

A. First of all we have to think about the terrain of the city. How realistically the ter-rain can be used in the build-ing of bike lanes, in order for bicycles to become one of the means of transport in the city. We have slightly complicated terrain in Tbilisi. However I know that City Hall has a plan to build bike lanes in some recreation zones.

The fact that the number of the cars has increased is the accompanying process of urban development. I think that we have some good traf-fi c regulations, like new traffi c lights, etc. Besides City Hall launched a very good initia-tive - a new tramway system, which will help a lot in un-loading traffi c in the city.

Q. Last year the Minis-Q. Last year the Minis-try strengthened the leg-try strengthened the leg-islation against littering. islation against littering. Has there been any im-Has there been any im-provement in regards to provement in regards to that issue?that issue?

A. Georgian legislation adopted some fi nes against littering in the city two years ago. Last year one law was added. The law envisages a

fi ne against throwing waste from cars. The Ministry sup-plied 30 cars with control-ling video cameras all over the country. We can’t say that these numbers are enough to control every car in Georgia, but it really was a very im-portant step. You can see the results in the city. Tbilisi is much cleaner than it used to be several years ago.

Q. Which recently-dis-Q. Which recently-dis-covered endangered spe-covered endangered spe-cies in the country are cies in the country are under threat of extinc-under threat of extinc-tion? How is the Ministry tion? How is the Ministry battling the issue?battling the issue?

A. Some breeds of oak and willow have recently entered the Red List. What’s more we have found out that chestnut trees have a disease which is dangerous for its fruit and needs special treatment. To solve the issue we have some options, but they are not very desirable, these include completely cutting down the trees, stripping of the bark, complete burning of the for-est, etc. Chestnuts in Georgia today are at real risk and we have to decide how to best solve this issue.

Q. What about the fu-Q. What about the fu-ture plans of the Minis-ture plans of the Minis-try?try?

A. We have some concrete short and long term plans. Some of them are usual rou-tine works, like current ac-counts and monitoring. We are members of many inter-national organizations. This membership is connected with many obligations. One of them is the Ramsar conven-tion which envisages the pro-tection of wetland territories.

As for the future plans, we are going to expand protected areas and even create some more new ones. The newest plan is fi nishing our internet website. This page will give the opportunity to Georgian peo-ple to get very precise weather forecasts. Furthermore we are going to improve and import the newest weather forecast technologies, to get even bet-ter results.

Making Georgia a Carbon Neutral Country

HEADLINE NEWS & ANALYSIS 9FINANCIALFINCHANNEL.COM | MAY 16. 2011

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From its inception up to the present day, Blake Oil & Gas has pro-duced 718,920 metric

tons of oil and 302640,352 MCM of gas.

Blake Oil & Gas has been involved in oil and gas explo-ration in Georgia since 1996.

Blake has one producing fi eld in Ninotsminda. During 2010, Blake Oil and Gas en-gaged independent petroleum engineering consultants to undertake a full evaluation of Georgian assets. The evalua-tions had shown that there is signifi cant oil and gas poten-tial in the acreage owned by the company.

“Blake plans to move for-ward with the exploration, appraisal and exploitation of those assets, for which a sig-nifi cant capital investment would be required. Hence the company is looking for the best suitable options to fi -nance those projects,” Mikheil Nibladze, Country Represent-ative, Blake Oil and Gas.

The company and its pre-cursor CanArgo invested over 200 million USD in the Geor-gian oil and gas sector during 1996-2010.

Blake Oil and Gas, formerly CanArgo, has been operating in Georgia since early 1996. Developing its production, development and exploration projects, the company has proved to be one of the larg-est foreign investors in the oil and gas exploration sector in Georgia.

Blake Oil and Gas limited (Blake) as a private compa-ny owns and operates 100% interest in three highly pro-spective production sharing

contracts, namely Ninots-minda, Norio and Nazvrevi, in the Kura Basin, onshore Georgia. The PSCs include existing production from Ni-notsminda fi eld, which has undeveloped reserves in un-drilled closure, large apprais-al/development potential in the Manavi and Norio oil dis-coveries and additional up-side in several large undrilled exploration leads.

All of Blake’s oil and gas operations are performed through its wholly owned op-erating company, CanArgo Georgia, which is almost en-tirely Georgian staffed and managed. CanArgo Georgia has its own drilling rigs and equipment and drills most of its own wells. CanArgo Geor-gia was the fi rst to introduce horizontal drilling and other modern western technologies in Georgia.

Since 1996 the company has drilled a total of six horizon-tal wells on the Ninotsminda Field resulting in a signifi cant

increase in oil production a few years ago. It has partici-pated in drilling several deep exploration wells with new oil discoveries at Manavi and Norio, which need further ap-praisal.

Q. Are you going to Q. Are you going to start exploration in other start exploration in other blocks within the terri-blocks within the terri-tory of Georgia?tory of Georgia?

A. Blake does not currently have plans to pursue oil and gas upstream activities out-side of its licensed area.

Q. How does the legal Q. How does the legal system in Georgia work system in Georgia work for Blake?for Blake?

A. Blake operates on its licensed territory and the company’s exploration, de-velopment and production activities are carried out un-der three production sharing agreements (“PSA”) namely: Ninotsminda, Norio and Nazvrevi. PSA with the State, conforming to the interna-tional standards of oil and gas considers that the investor invests 100% of the funds and

takes the risk for exploration. The investor recovers expens-es only when commercial pro-duction is established.

Q. Have you assessed Q. Have you assessed the capacity of Georgia the capacity of Georgia to produce oil and gas it-to produce oil and gas it-self? self?

A. As mentioned above we think that based on the in-dependent evaluation of our acreage potential there is a signifi cant upside in Georgian Oil & Gas upstream sector within our blocks. We think that if and when this poten-tial is realized Georgia can be put back on the world energy map.

Q. Where does the oil/Q. Where does the oil/gas produced in Georgia gas produced in Georgia get sold?get sold?

A. Production from the Ninotsminda Field is con-ditioned for sale at an oil treatment facility located at Sartichala some 10 km from the Ninotsminda Field. This facility is owned by the Geor-gian Oil and Gas Corporation and has storage and process-

ing capacity of 70,000 bopd. Blake’s 100% subsidiary com-pany Ninotsminda Oil Com-pany sells its share of the oil to buyers at that point where it is then transported to the Black Sea port of Batumi, where oil can be loaded on tankers for international shipment. Infra-structure at Batumi includes a terminal capable of handling tankers up to 80,000 tons (600,000 barrels).

Q. What is Blake’s envi-Q. What is Blake’s envi-ronmental policy?ronmental policy?

A. Blake recognizes that health, safety and environ-ment issues are the company operations’ indivisible and privileged concerns with equal status to other business objectives.

The company’s policy is to strictly follow the national regulations for health, safety and environment for conduct-ing oil and gas operations, as well as to comply with the in-ternational standards and ex-perience in this sphere. Blake carries out its activities in

such a manner as to prevent any accident and negative im-pact on environment and peo-ple’s health.

Q. What about safety Q. What about safety standards at Blake? standards at Blake?

A. Blake ensures that em-ployees, contractors and as-sociates are provided with suitable information on in-herently dangerous or po-tentially hazardous activities, plant and equipment and arti-cles and substances to ensure their safe handling, storage and transport during work activities to minimize the risk to themselves or others who may be affected by their acts or omissions.

Q. What about energy Q. What about energy education in Georgia? education in Georgia? Have you taken the ini-Have you taken the ini-tiative to introduce some tiative to introduce some trainings or faculties trainings or faculties where good profession-where good profession-als could be prepared?als could be prepared?

A. The company policy is to employ local personnel as much as possible which by it-self involves the needed train-ing and education in order for them to comply with Western standards.

We also periodically hold trainings for media represent-atives to upgrade their knowl-edge in this industry.

Q. How many people Q. How many people are employed by CanAr-are employed by CanAr-go and what are their go and what are their qualifi cations?qualifi cations?

A. Currently around 150 ex-perienced staff are employed at Blake in Georgia, among them: qualifi ed geologists, technical personnel and engi-neers, all with extensive expe-rience in the oil and gas sector. We anticipate this number to signifi cantly increase once we fi nd a suitable partner and restart an active drilling cam-paign on our acreages.

green businessBlake Oil & Gas has Invested 200 million USD in Oil Exploration Since 1996 The FINANCIAL

Cut fl owers make us feel happy. Flowers are one of the best ways to say “Thank

you”, “I’m sorry” and “I love you”. They help us to cel-ebrate special events. Many people have no idea that some fl owers contain many differ-ent pesticides and chemicals. While buying fl owers for our friends, loved ones or just for our family members, we don’t usually think about what these beautiful fl owers could contain. Everyone knows that pesticides are used in fruits and vegetables, and due to this fact people prefer to buy organic products. But many fl ower shops all around the world including in Georgia use chemicals to make cut fl owers look better too.

Flower shops in Georgia use some special chemicals to keep fl owers looking fresh for longer.

“We actually use special vitamins to make our cut fl owers last longer,” said Na-tali Jariashvili, Director of Geofl ora, Orchid and Bam-boo. “We always try to sell the cut fl owers as soon as we can, but they are often kept for a long time. In this case we buy special German pesticides, chemicals that are sold in the hypermarket Goodwill. These

chemicals aren’t harmful to people’s health, they just help the fl owers keep their beauty for slightly longer.”

“We don’t use a huge number of chemicals in our cut fl owers. Of course they’re not harmful, but even so you should try not to use a large dose, as they are chemicals nonetheless. We don’t use any chemicals or pesticides for potted plants fl owers. If peo-ple need any vitamins for pot-ted fl owers we suggest they buy special fertilizers which are natural and don’t contain any chemicals,” Jariashvili said.

“Flower shops mostly use chemicals for cut fl owers in order to maintain the beauty of bouquets. They use fairly well known chemicals which are widespread all around the world. Many of these products are imported from the USA or Russia. These are vitamins used to stimulate the growth of the fl owers. These chemi-cals aren’t dangerous for the health and don’t cause allergic reactions, but even so it is best to keep the fl owers naturally,” said Temur Gureshidze, Di-rector of Ecopark.

“We don’t use chemicals as we only sell our customers

potted fl owers. They are ab-solutely free of any chemicals and are natural. Cut fl owers may be kept for a maximum of 5 days before they begin to wilt,” Gureshidze said.

“We import fl owers mostly from Holland and Ecuador,” said Natalia Chkonia, from ‘Flowers.Ge’.

“Flowers demand special care, they need to be kept at a specifi c temperature and constantly have fresh water. We change the fl owers every 7 days. We don’t keep fl owers any longer than that so there is no need to use any addi-tional pesticides or chemicals.

We look after our fl owers in the right way so we don’t need to use any chemicals,” Chko-nia said.

According to the Clean Air Gardening Store, you can al-ways use fl oral preservatives to help extend the life of your cut fl owers, but there is no need to add artifi cial chemi-cals to the equation at this stage of the game. As Clean Air Gardening notes, to help your fl owers stay perky for over a week the organic way, follow these tips:

• Start with the freshest fl owers possible.

• If the fl owers are from your garden, be sure to cut them early in the morning, but after the dew has dried.

• Make sure that at least some of the fl owers are just budding, and are still tightly closed.

• Include naturally long-lasting fl owers like chrysan-themums, carnations, and statice.

• Keep the fl owers as cool as possible until you can get them into a vase.

• Select a large, capacious vase so the fl owers won’t be crowded.

• Clean the vase with hot, soapy water to ensure that it’s sterilized before you add the fl owers. Any surviving bacterial or fungal spores will decrease the shelf life of your bouquet.

• Fill the vase with 3-4 inch-es of tepid water. Any more than that will promote exces-sive stem decay.

• Remove any foliage that will be below the water line, because it will degrade quick-ly and encourage bacterial growth. Too much bacterial growth will reduce the stems’ ability to take up water.

• Use a pruner or fl oral shears to cut 1-2 inches off the ends of the stems. Never use a pair of household scis-sors, no matter how sharp, because they tend to crush the stems, not cut them cleanly. Crushing encourages bacte-rial growth.

• Cut at a 45-degree angle underwater for best results; either running or standing water is fi ne.

• Immediately place the fl owers in the vase, and move them out of direct sunlight.

• Keep your fl owers away from ripening fruit, because the ethylene gas the fruit emits will make your fl owers wilt very quickly.

• To avoid using commer-cial preservatives, which con-tain chemical biocides, you’ll need to change the water in the vase every day.

• Be sure to trim the stems every time you change the water, in order to remove de-cayed segments and limit bac-terial buildup. A quarter-inch at a time is fi ne.

Flowers Without Pesticides The FINANCIAL

HEADLINE NEWS & ANALYSIS10 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

C M Y K

green business

The European r e c y c l i n g rates for pa-per increased

to 72.2% in 2010. The highest ever record-ed.

The European pa-per industry is a lead-ing recycler and, with local collecting sys-tems improving, will increase its recycling rates signifi cantly fur-ther.

Some paper fi bres, for example hygienic tissues, wall cover-ings, permanent doc-uments can not be recycled.

Recovery of Euro-pean print and paper waste products

‘ Two Sides supports the implementation of effective recycling schemes and the mini-misation and eventual elimination, of print and paper waste in landfi ll.’ -- Two sides principles, 2009

It is estimated that, with improved-recov-ery, signifi cant reduc-tion in landfi ll can be achieved. Paper and print is one of the few materials which is able to be completely recycled.

In a multimedia world, print and pa-per may be the sus-tainable way to com-municate.

Electronic waste is now the fastest grow-ing component of the municipal waste stream

The amount of elec-tronic products dis-carded globally has sky rocketed recently with 20-50 million tones generated every year

In Europe, e-waste is increasing at 3-5% a year, almost three times faster than the total waste stream

Source: Greenpeace, The e-waste problem, 2009

Paper production is not a major cause of deforestation

Responsible wood, pulp and paper pro-duction ensures healthy, growing for-ests

Paper is a fully re-newable, sustainable resource

For every tree logged in managed forests, 3-4 are replanted (not all grow to maturity with natural wastage and thinnings being part of the forestry process)

Forest certifi cation promotes wood from managed forests

The annual increase of forest cover in Eu-rope is equivalent to more than 1.5 million football pitches

People mistakenly

think paper making is a voracious energy consumer. But look more closely and you will discover some surprisingly small statistics about paper and energy...

As industries go, paper making is a large scale undertak-ing and you’d expect it to generate some frightening statistics. It doesn’t. On aver-age it takes 500 kilo-watt-hours (kWh) of electricity to produce 200kg of paper, the average amount of paper that each of us consume each year.

The paper industry is one of the biggest users of renewable, low carbon energy and over half the energy used to make paper in Europe comes from renewable sources.

Does 500 kilowatt-hours, 200kg of paper, the average amount each of us use every year, sound a lot? It’s the equivalent to:

_ Powering one computer continu-ously for fi ve months

_ Burning a 60w light bulb continu-ously for one year

_ The energy con-sumed by a typical household leaving its electronic equipment on stand-by for a year

Paper & The Envi-ronment, ATS Con-sulting August 2007

‘ A sustainably man-aged forest can be rel-atively carbon neutral if logging is balanced with re-growth.’ The Sustainable Procure-ment of wood & Paper products: An intro-duction.

The pulp and paper industry has reduced the emissions of CO2 per tonne of paper produced by 42% compared to 1990 and down by 8% overall.

Industry research indicates that mail comprises 0.1% of total household CO2 emissions in Europe. The 14 kg of CO2 emitted is the equiva-lent of:

One 70 km car jour-ney

Five CheeseburgersNine litres of milk6.6 minutes of

transatlantic fl ightEMIP, The Facts

Of Our Value Chain, 2008

Defi nition: A Car-bon Footprint is a measure of the impact that human activities have on the environ-ment in terms of the amount of CO2 and other greenhouse gases released into the atmosphere, that have arisen through the manufacture and distribution of a prod-uct or service.

Newspapers and Environment The FINANCIAL

15 companies, from Georgia, Armenia and Azerbaijan, are waiting for funds in order to start implementation of the Cleaner Produc-tion project developed by Rec Caucasus. The project includes pro-motion of Cleaner Pro-duction and Energy Effi ciency technology through development of business planning practices for Cleaner Production and Energy Effi ciency projects.

According to Rec Caucasus offi cials, the overall objective of this project is to contribute to sustainable devel-

opment and minimise environmental impact from the industrial sec-tor by stimulating small and medium sized enterprises (SMEs). The objective will be reached via increase of SMEs’ capability in the preparation of fi nan-cial documentation for Cleaner Production and Energy Effi ciency projects.

“All of the factories use quite a signifi cant amount of gas, water and electricity. The Cleaner Production project works on de-creasing the consump-tion of energy. Facto-ries should upgrade their technologies or create some reforms

in the direction of con-suming less energy in the frames of this project. The owners of the companies under the frame of this project are doing everything to make factories energy effi cient; use less en-ergy and not pollute the environment,” said Zurab Vasadze, Rec Caucasus Information Offi cer.

“This project has a very good index ac-cording to which the factory owner receives profi t. Whereas nowa-days the owner spends a certain amount of money while installing and upgrading energy effi cient technologies, in a very small period

of time the company will receive profi t from it. In this case less wa-ter, less gas and elec-tricity is consumed. So it’s easy to guess what advantages energy ef-fi cient technologies have,” Vasadze said.

“In the case of in-stalling more energy effi cient technologies, a factory has fewer ex-penses, fewer natural resources are spent on launching different products and at the same time pollution of the environment de-creases signifi cantly. The idea of the project was to choose com-panies from different spheres in the Cauca-sus region, Azerbaijan,

Armenia and Georgia,” Vasadze said.

As Vasadze says, South Caucasian coun-tries have limited ex-perience in Cleaner Production and Energy Effi ciency project pro-motion in the business sectors.

“We started working on this project in 2009. This project is fi nanced by the Government of the Netherlands. Com-panies have realised the importance of energy effi ciency in the frames of this project. We are going to launch a pub-lication about Cleaner Production soon and companies will receive information about it,” Vasadze said.

Environment pro-Environment pro-tection and tree plant-tection and tree plant-ing is one of the main ing is one of the main priorities of Georgian priorities of Georgian banks implementing banks implementing CSR activities, accord-CSR activities, accord-ing to most of Geor-ing to most of Geor-gian banks. gian banks.

“ E n v i r o n m e n t a l “ E n v i r o n m e n t a l protection is respon-protection is respon-sibility of everyone”, sibility of everyone”, Tiko Janashvili Com-Tiko Janashvili Com-munications and PR munications and PR Coordinator, of Bank Coordinator, of Bank Republic, believes. Republic, believes. “BR became involved “BR became involved in the environmental in the environmental protection campaign protection campaign of Green Offi ce, which of Green Offi ce, which involves recycling of involves recycling of used paper. Paper is used paper. Paper is the most prevalent the most prevalent material in municipal material in municipal solid waste and paper solid waste and paper recycling can help us recycling can help us signifi cantly contrib-signifi cantly contrib-ute in protection of ute in protection of natural resources and natural resources and reduce the amount of reduce the amount of waste,” Tiko Janash-waste,” Tiko Janash-vili said.vili said.

“Protection and “Protection and safeguarding the envi-safeguarding the envi-ronment is one of the ronment is one of the key points, where the key points, where the staff does its best to staff does its best to individually and col-individually and col-lectively contribute lectively contribute to the nature protec-to the nature protec-tion”, Bank Republic tion”, Bank Republic offi cials note.offi cials note.

“Under the world-“Under the world-

wide environment im-wide environment im-provement program provement program of Société Générale of Société Générale Group, Bank Repub-Group, Bank Repub-lic is fully involved in lic is fully involved in environmental pro-environmental pro-tection issues. After a tection issues. After a campaign for reduc-campaign for reduc-ing water, energy and ing water, energy and paper consumption paper consumption in 2009, we have put in 2009, we have put in place an action for in place an action for collecting papers for collecting papers for recycling in 2010, ” recycling in 2010, ” Bank says.Bank says.

Bank of Georgia, pe-Bank of Georgia, pe-riodically implements riodically implements different events in the different events in the sight of environment sight of environment and nature protection. and nature protection. Among the projects Among the projects about environment about environment protection was the protection was the patronage of Borjomi-patronage of Borjomi-Kharagauli Park, via Kharagauli Park, via Fund of Bank of Geor-Fund of Bank of Geor-gia. gia.

Bank of Georgia in Bank of Georgia in October 2009 and in October 2009 and in 2010 allocated USD 2010 allocated USD 75 000 for supporting 75 000 for supporting Borjomi-Kharagauli Borjomi-Kharagauli park. Allocated sum park. Allocated sum was consumed for was consumed for looking after the for-looking after the for-est in Borjomi-Khara-est in Borjomi-Khara-gauli territory and gauli territory and fi nancing the current fi nancing the current expanses.expanses.

According to Bank According to Bank offi cials, BOG was offi cials, BOG was actively involved in actively involved in forest building proc-forest building proc-ess, in the regions ess, in the regions that were harmed by that were harmed by

the fi re. And in 2008, the fi re. And in 2008, special product, green special product, green deposit was created deposit was created for reconstructing for reconstructing the forests that were the forests that were burnt during the Au-burnt during the Au-gust War in Georgia.gust War in Georgia.

“In case of opening “In case of opening Gel 500 or up, Term Gel 500 or up, Term or Childrens Deposits, or Childrens Deposits, Bank of Georgia plant-Bank of Georgia plant-ed a tree in Borjomi-ed a tree in Borjomi-Kharagauli Park. In Kharagauli Park. In frames of this project frames of this project our bank planted 45 our bank planted 45 000 different types 000 different types of trees. All of the of trees. All of the needed procedures needed procedures for planting the trees for planting the trees were executed. Since were executed. Since the planting of seeds the planting of seeds till nowadays and for till nowadays and for the end of the year the end of the year 2012, we still continue 2012, we still continue to implement our ac-to implement our ac-tivities for supporting tivities for supporting growing up the seeds growing up the seeds in a right way. In 50 in a right way. In 50 years on this territory years on this territory there will be a forest,” there will be a forest,” Khatuna Kakabadze, Khatuna Kakabadze, Traditional Media Traditional Media Planner, Branding Planner, Branding Department of Bank Department of Bank of Georgia notes.of Georgia notes.

Bank Republic, is Bank Republic, is taking into considera-taking into considera-tion the commitment tion the commitment of suppliers, whenev-of suppliers, whenev-er possible, regarding er possible, regarding environment, accord-environment, accord-ing to its offi cials. ing to its offi cials.

“From 2008 we use “From 2008 we use copy and laser paper copy and laser paper made from 100% El-made from 100% El-

emental Chlorine Free emental Chlorine Free pulp only. We allocate pulp only. We allocate the specifi c green ar-the specifi c green ar-eas around the of-eas around the of-fi ces (2000 Sq/M), fi ces (2000 Sq/M), for example in front for example in front of the Head Offi ce. of the Head Offi ce. We will pursue the We will pursue the permanent process permanent process regarding quality and regarding quality and protection of envi-protection of envi-ronment. The special ronment. The special comprehensive tool-comprehensive tool-box, energy effi ciency box, energy effi ciency oriented, that will oriented, that will help Bank Republic to help Bank Republic to improve the manage-improve the manage-ment of environmen-ment of environmen-tal issues, is already tal issues, is already applicable,”Janashvili applicable,”Janashvili says.says.

Bank of Georgia is Bank of Georgia is also actively involved also actively involved in the programme of in the programme of using Green Recycle, using Green Recycle, according to its offi -according to its offi -cials and at the offi ces cials and at the offi ces of BOG green recycle of BOG green recycle bins are available.bins are available.

Bank Constanta has Bank Constanta has allocated GEL 50 000 allocated GEL 50 000 last year for CSR ac-last year for CSR ac-tivities.tivities.

“CSR is one of the “CSR is one of the values of Bank Con-values of Bank Con-stanta, we are maxi-stanta, we are maxi-mally trying to imple-mally trying to imple-ment it as in banking ment it as in banking service so in different service so in different projects and activities. projects and activities. Environment protec-Environment protec-tion is one of the parts tion is one of the parts of CSR activities, so of CSR activities, so it’s one of the priori-it’s one of the priori-ties for our bank as ties for our bank as

we are more oriented we are more oriented on agro sector and on agro sector and development of this development of this sphere. It’s much im-sphere. It’s much im-portant to care about portant to care about country’s’ ecology and country’s’ ecology and natural resources. natural resources. Our bank often takes Our bank often takes part in the projects part in the projects connected to envi-connected to envi-ronment protection,” ronment protection,” Bank Constanta notes.Bank Constanta notes.“In 2010 bank Con-“In 2010 bank Con-stanta with the sup-stanta with the sup-port of the Ministry of port of the Ministry of Environment Protec-Environment Protec-tion of Georgia imple-tion of Georgia imple-ments environment ments environment project in Tserovani project in Tserovani on the territory of on the territory of internally displaced internally displaced people. The aim of the people. The aim of the Project is to reestab-Project is to reestab-lish natural wind lines lish natural wind lines that will reduce the that will reduce the infl uence of climate infl uence of climate change and supports change and supports to maintain the eco-to maintain the eco-logic stability. logic stability.

“We have planted “We have planted 1000 different types 1000 different types of trees, and our bank of trees, and our bank will look after these will look after these trees for 3 years,” trees for 3 years,” Nana Chkhikvadze, Nana Chkhikvadze, PR Offi cer at Bank PR Offi cer at Bank Constanta says.Constanta says.

“We have special “We have special budget for environ-budget for environ-ment protection ment protection projects and we will projects and we will keep on fi nancing dif-keep on fi nancing dif-ferent projects in this ferent projects in this direction,” Chkhik-direction,” Chkhik-vadze says.vadze says.

Green Banks

in Georgia The FINANCIAL

Businesses Becoming

Greener The FINANCIAL

HEADLINE NEWS & ANALYSIS 11FINANCIALFINCHANNEL.COM | MAY 16. 2011

C M Y K

green business

The country’s combina-tion of breathtaking nature, centuries-old cultural heritage and a

varied topography makes Geor-gia a highly desirable place for eco-enthusiast travellers. The country is now expecting 3 mil-lion tourists by the end of this year. 2011’s statistics have al-ready shown a 41% increase in number of tourists compared to the same period of 2010.

Overland camping trips near to protected areas of the coun-tryside offer tourists an insight into the impact of human be-ings on the environment and foster a greater appreciation of our natural habitats.

The total area of such pro-tected areas at present reaches 495,892 hectares, which is about 7% of the country’s total territory, in addition about 75% of protected areas are covered by forests.

There are 14 Strict Nature Reserves, 8 National Parks, 12 Managed Nature Reserves, 14 Natural Monuments and 2 Pro-tected Landscapes in Georgia.

Such a size of protected ar-eas and alpine forests sets the country aside from mass tour-ism destinations worldwide and provides a cutting edge al-ternative for tourists willing to explore and discover thrilling examples of fl ora and fauna.

Tourists attracted by various such travel routes have already led to a 41% increase in the number (1st quarter) compared to the same period last year.

As Maia Sidamonidze, Chair-woman of the Georgian National Tourism Agency said in an in-terview with The FINANCIAL, “The number of tourists coming

to Georgia is expected to reach 3 million by the end of the year, peak season being the coming summer.”

“Georgia has beautiful natu-ral resources and sites but we do not preserve and conserve our surrounding environment properly. Any policy that the Government introduces won’t be effective if the Georgian pop-ulation does not practise and implement it. I think that the major problem here is waste.”

Development of sustainable tourism is very important for Georgia as it also means devel-opment in a way that does not have a negative impact on the environment, on the local com-munity and does not reduce the availability of natural resources and wildlife in the country.

The number of eco-friendly travellers is increasing in Geor-gia. Eco-tourism is trendy, pop-ular and in high demand. It’s not

only about visiting natural sites but is also about conserving the environment. It is playing a part in the green movement but one should not confuse Green Tour-ism with Eco-Tourism. They have different defi nitions and are very often misused as both are very trendy.

Q. Can Georgia be brand-Q. Can Georgia be brand-ed/labelled a destination ed/labelled a destination of eco-tourism? Which of eco-tourism? Which part of Georgia can be con-part of Georgia can be con-sidered one of those best sidered one of those best destinations?destinations?

A. For sure! The distribution of eco-tourism products is so rich, even among the less ob-viously touristic regions of the country.

Q. What other eco-tour-Q. What other eco-tour-ism-related plans do you ism-related plans do you have for this year?have for this year?

A. We need to create an eco-tourism development strategy with the aid of UNWTO. We need to develop new products,

new routes and attract more eco-friendly travellers to Geor-gia.

Q. How about the impor-Q. How about the impor-tance of protected areas tance of protected areas in Georgia - how can they in Georgia - how can they best be used to develop the best be used to develop the eco-tourism direction and eco-tourism direction and how many such sites do we how many such sites do we have?have?

A. Eco-tourism means visit-ing natural resources and sites that also represent the country’s protected areas. The impor-tance of protected areas is vital in developing eco-tourism.

At present the total area of Protected Areas is 495,892 hec-tares, which is about 7% of the country’s territory. About 75% of Protected Areas are covered by forests.

There are 14 Strict Nature Reserves, 8 National Parks, 12 Managed Nature Reserves, 14 Natural Monuments and 2 Pro-tected Landscapes in Georgia.

Georgia has numerous such sites and the Agency of Protect-ed Areas is working very actively to further develop such sites.

We have just started working on this with UNWTO. We be-lieve that eco-tourism should be one of the major fi elds of niche tourism in Georgia attracting travellers of specifi c interests to the country who are willing to explore natural sites and at the same time contribute to conser-vation. There are various issues but with the right strategy the result should be positive.

Currently GNTA is preparing for the summer season. We have many projects and initiatives to promote Georgia internation-ally, to increase tourist infl ow in the country, to boost domestic tourism, to develop infrastruc-ture, to improve information availability for tourists, to ex-ceed expectations of travellers in the hospitality services sec-tor and fi nally to provide value for money for domestic and international travellers. We will introduce specifi c projects and initiatives to the media and to the private sector shortly, be-fore the summer season starts.

Georgia has a unique and diverse tourism product and therefore the fi elds of poten-tial tourism are also diverse. Such fi elds include: Adventure Tourism, Cultural Tourism, Wine Tourism, Rural Tourism, Eco-Tourism, Gourmet Tour-ism, etc. All of them are more or less developed and practiced in Georgia. But we should not forget about developing new products in order to gain the competitive advantage on in-ternational markets. Especially when the country has rich natu-ral resources and wildlife we should exploit those opportuni-ties in developing not only eco-

tourism but also responsible, sustainable and green tourism where all of them somehow contribute to preservation of the local environment and com-munity.

It is very popular to talk about “Green” nowadays. Words such as sustainability, responsible and green are used very often but also misused most of the time. They all differ in defi ni-tion. More or less what they have in common is environ-ment preservation and conser-vation, minimizing negative impacts on the environment; they represent a form of tour-ism that does not reduce the availability of natural resources and wildlife. In Green Tourism travellers are eco-friendly who minimize waste, are energy ef-fi cient and recycle. Finally, in eco-tourism travellers go to visit natural resources and sites at the same time as conserving the environment.

Q. How about the devel-Q. How about the devel-opment of bicycle lanes in opment of bicycle lanes in the capital city or in other the capital city or in other tourism spots (Signagi, tourism spots (Signagi, Mtskheta) - is it likely that Mtskheta) - is it likely that tourists will use bicycles tourists will use bicycles rather than taxis/cars to rather than taxis/cars to get around the city and get around the city and enjoy cycling throughout enjoy cycling throughout their travel in Georgia?their travel in Georgia?

A. Cycling is very good not only for tourists but for the lo-cal population as well as it pro-motes a healthy lifestyle. It’s not impossible but it would be more diffi cult in Tbilisi as the land surface is not fl at enough and for people like me it would not even be considered safe enough to ride a bicycle. But Batumi has already done it and it’s very popular with tourists. Bicycle taxi is also an excellent idea for destinations such as Signagi, Kvareli, Mtskheta, etc.

Georgia Striving to Become Eco-Tourism Destination The FINANCIAL

“Georgian companies do lack the principles of sustainability, charitable giving and understand-ing social concerns with respect to CSR. CSR is less systematic and more spontaneous for them and not under actual CSR frames,” said Molly Elizabeth Hall, visiting guest speaker at the US Embassy Speak-er programme on environmental sustainability, climate change and corporate social responsibility.

Molly E. Hall has broad expe-rience of being an environmental attorney focusing primarily on regulatory issues and litigation in the US. Ms. Hall has handled environmental, administrative agency, land use, municipal law, and Indian law cases. She repre-sented the U.S. Environmental Protection Agency in the enforce-ment of federal statutes including the Clean Air Act, Clean Water Act, Superfund and has worked with various other fi elds of envi-ronmental issues.

Ms. Hall visited Georgia on 9 May for the fi rst time. Last week The FINANCIAL talked with her about issues related to environ-mental sustainability, climate change and CSR.

Q. You’ve met a number of Q. You’ve met a number of companies in Georgia, what companies in Georgia, what is your impression about is your impression about their environmental and their environmental and CSR activities?CSR activities?

A. First of all I have to note that I’m not expressing the views of the US Embassy and the view is my own.

Georgian companies are be-coming aware of CSR and environ-ment sustainability issues at this moment compared to in previous years. During my stay in Georgia, I’ve also taken a look at the 2007 CSR report where only a third of large companies were participat-ing. In addition what I’ve noticed with respect to CSR is that there is a lack of principles of charitable giving, sustainability and under-standing social concerns which aren’t under actual social respon-sibility or CSR frames. The latter is less systematic and more spon-taneous.

Conversely one of the duties of CSR is the process, the process of identifying goals, setting indica-tors in order to measure whether a corporation is meeting its goals on an ongoing basis with objective data.

Q. Which CSR activities Q. Which CSR activities are most common among are most common among Georgian companies?Georgian companies?

A. From my understanding it’s more charitable giving in Georgia - a similar model is working in the US. However it should be integra-tion of sustainability, procedures and principles as I mentioned al-ready.

The reason why companies avoid integration of such activi-ties is that it’s much more expen-sive as it requires a large commit-ment for corporations to say “Ok - we’re going to hire a consultant to put in place an environmental management system” (such as E-mass, which is very big in the EU, the most elaborate example).

It’s therefore necessary to look and monitor how a company han-

dles waste, whether it has an LED system of lighting, usage of en-ergy, etc.

When looking at a company’s profi le - it’s usually large compa-nies that are involved in CSR.

Principles should change among Georgian companies in this regard - and they have to look beyond mere economic profi t and at the same time to look at the impact of the corporation on the environment.

Q. You’ve handled envi-Q. You’ve handled envi-ronmental, administrative ronmental, administrative agency, land use and mu-agency, land use and mu-nicipal law as part of your nicipal law as part of your job. How would you evalu-job. How would you evalu-ate how well such things are ate how well such things are handled in Georgia?handled in Georgia?

A. I’ve met with the Ministry of the Environment - about 25 colleagues there and I was really impressed by the changes that are taking place.

One of the strengths of the Georgian Government is about protected areas - setting aside lands for protection. I think the strength of the Government is about identifying opportunities for renewable energy also.

I’ve learned that 85% of elec-tricity comes from hydro-power which is a tremendous thing. In the US for example President Obama is trying to identify the goal of 80% of energy from clean energy sources.

Clean energy actually includes clean coal which environmental-ists still debate whether it’s re-ally clean or not. It also includes nuclear power which is still under question. Currently the US gets 20% of power from nuclear sourc-

es and when President Obama articulated this goal - I think the idea was to increase nuclear pow-er and diminish coal usage which is now 50% of US energy supply.

On the Georgian side what im-pressed me about energy use was the hydro power that the Geor-gian Government is going to offer countries which can give support to it. In climate change protection, under the Copenhagen agreement one important aspect is offsetting - countries which have met a lot of carbon dioxide emissions such as the US can subsidize and support Georgia to strengthen hydro pow-er - a renewable energy line.

Q. Do you think the Gov-Q. Do you think the Gov-ernment of Georgia needs to ernment of Georgia needs to make much tougher regula-make much tougher regula-tions in these fi elds? How tions in these fi elds? How about other countries’ expe-about other countries’ expe-riences of the same issues?riences of the same issues?

A. There are a lot of steps to be taken in order to put in place rel-evant laws. The US has been very progressive since its strict envi-ronmental laws/acts since the late 1970s.

There are lots of ways enforce-ment plays out - Step 1: gather-ing information - done by asking companies to disclose/report discharges into water, emissions etc. Step 2: to be able to enforce the disclosure of information or to force companies to pay the fi ne to disclose it.

In the US it works perfectly and I think the same example should be taken in Georgia as well, which will be very helpful.

Enforcement of environmental laws has not yet been a priority of the Georgian Government. What

is happening now in the Georgian Government is that they have many priorities especially consid-ering the post war period as well as many other economic challeng-es so I respect that.

The practice of other countries’ governments about permitting companies to do business in that country is also interesting. For ex-ample in Germany companies are required to comply with environ-mental rules/regulations before they’re allowed to get established there and this permitting process in Germany is quite expensive. Hence those interested investors were saying that instead of invest-ing in Germany they’d go and in-vest in the US.

Studies in fact have shown that an environmental regulatory sys-tem and cost of permitting and inspection are not the biggest de-cision-making factors when the company is deciding whether to invest or not in a particular coun-try. More importantly it’s the work environment, skilled labour and natural resources available there.

Q. How about climate Q. How about climate change in the region? Is it change in the region? Is it a threat for countries in the a threat for countries in the Caucasus? And the world en Caucasus? And the world en masse?masse?

A. Climate change is a real problem for the Caucasus region.

The snow cap that’s melting in Georgia for instance may lead to a great deal of fl ooding.

Climate change in general is about severe weather that we’re having that includes huge snow-falls and droughts or fl ooding which the US is experiencing now.

In addition to snow cap melt-

ing - there’s severe weather that Georgia will experience and also the habitat that may result in fl ooding and erosion.

Even though Georgia is unlike some coastal countries, it’s going to experience global warming as well.

Q. You’ve represented the Q. You’ve represented the U.S. Environmental Protec-U.S. Environmental Protec-tion Agency in the enforce-tion Agency in the enforce-ment of federal statutes in-ment of federal statutes in-cluding the Clean Air Act, cluding the Clean Air Act, Clean Water Act and Super-Clean Water Act and Super-fund. Do you think such stat-fund. Do you think such stat-utes could be introduced in utes could be introduced in Georgia? As you know the Georgia? As you know the rivers (especially the Mtk-rivers (especially the Mtk-vari) are largely polluted.vari) are largely polluted.

A. The clean air act and water act are crucially important ones to be enacted. Such acts were introduced in the US in the late 1970-80s and come under the su-pervision of EPA (Environment Protection Agency).

Actually more economically developed countries have more sophisticated environmental reg-ulations put in place. However I think our environmental regula-tory systems began in the 1970s and now almost 40 years later we’ve a lot of technology and in-formation that can help us fi nd how it works without being as costly as was before.

Number two - Georgia antici-pates becoming part of the Euro-pean Union - I think it’s one of the major requirements for the coun-try to comply with.

And now there’s actually mon-ey available from the EU to help build such systems and take care of the environment.

“Take More Care of the Environment,” says Environment Expert The FINANCIAL

HEADLINE NEWS & ANALYSIS12 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

C M Y K

green business

“It’s a small step from direct

mail to actually flying”Per Møller Jensen, Vice President Brand,

Marketing and Eurobonus SAS

To order the brochure online, take a

picture of this code with your mobile.

Learn more at www.printpower.eu

Add print, add power

www.printpower.eu

At SAS direct mail works hand-in-

hand with digital and print advertising

aimed at brand building and customer

acquisition.

Direct mail, together with print ads,

has been SAS’ preferred media for 20

years. And this cost-effective channel still

claims the biggest share of the airline’s

worldwide marketing budget.

SAS soars with direct mail - In these

times of crowded inboxes, direct mail

helps SAS standout from the crowd.

The airline uses it to establish a deeper

dialogue with its customers, and connect

with the 3 mil l ion members of i ts

frequent flyer programme. With direct

mail, SAS can explain more and involve

its customers more than it can with other

media. That’s why the medium is SAS’

main channel for recruiting, retaining

and rewarding flyers.

We do advertise on TV in home markets but it’s still not the main driver, which

is print,” - Per Møller Jensen, the Vice President Brand, Marketing & EuroBonus at Scandinavian Airlines (SAS)

The rise of digital channels makes print-based marketing more relevant than ever, the SAS marketing chief tells Print Power.

He may not have seen George Clooney’s latest movie, Up in the Air, but Per Møller Jensen, the Vice President Brand, Marketing & EuroBonus at Scandinavian Airlines (SAS), really should. In the Oscar-nominated fi lm about a corporate hatchet man who spends more time in airplanes than in his offi ce, airline travel has never seemed so glamorous, or romantic.

Down on the ground, reality for national airlines like SAS is a little different. The rise of the low-cost operator and an eco-nomic downturn that took even the wisest marketers by sur-prise, have provided challenges aplenty. Now there’s a new mood amongst airline marketers as they emerge, leaner and wiser, from that downturn. Every chan-nel must earn its place in the mar-keting mix, with digital no longer the shoo-in it was two years ago. Møller Jensen’s opinion of print-based marketing epitomises this revised thinking.

A graduate of leading Europe-an business school INSEAD and

a 20-year veteran of SAS, Møller Jensen points out that while SAS embraces digital marketing in all its forms – banner ads, viral and email – the airline relies heavily on print too. “The more online the world becomes, the more relevant print is,” Møller Jensen asserts. Email is proliferating as a marketing channel but Møller Jensen is wary of putting all his marketing eggs in that basket. Though SAS achieves good open rates on its email communica-tions, gaining standout in crowd-ed in-boxes is getting harder. “You get hundreds of emails at work,” Møller Jansen says.

CALCULATING THE RETURN

This is why print – both in

terms of direct mail and press advertising – still claims the big-gest share of the airline’s inter-national marketing spend. The return on SAS’ TV advertising investment is less than that of printed direct marketing. “We do advertise on TV in home markets but it’s still not the main driver, which is print,” Møller Jensen points out. In fact, he says, print has been the airline’s preferred media for the past 20 years.

In that time both Scandinavian Airlines and the travel business have undergone seismic chang-es. Headquartered in Stockholm, SAS, the core subsidiary of SAS Group, was founded in 1951 when four airlines operating to the Scandinavian countries of Norway, Denmark and Sweden joined forces to form the Scandi-

navian Airlines System.Now SAS is the largest airline

in Northern Europe, transport-ing nearly 21.4 million passen-gers last year, and is the national carrier of all three Scandinavian countries. The triumvirate own 50% of the company between them, with Sweden’s Wallen-berg family controlling a further 7.6%. The airline operates three hubs to over 170 destinations on four continents.??But back in the 1950s, the air travel market was a much simpler proposition. SAS has since learned to cope with a severe economic downturn and stiff competition from other in-ternational carriers such as BA and KLM – not to mention low-cost European operators such as Easyjet.

BEST OF BOTH WORLDS

Møller Jensen is clear on the distinct functions played by press ads and direct mail, though the two “work hand in hand,” he says. Direct mail is a crucial way to connect with three million members of the SAS EuroBo-nus frequent fl yer programme, a pioneering loyalty scheme launched in 1992 which now has 60 partners and co-branded credit cards. Press advertising, meanwhile, enables SAS to grow its market share amongst new customers.

When it comes to recruiting, retaining and rewarding busi-ness and consumer fl yers, direct mail is SAS’ main channel. While paid search generates traffi c to

the www.fl ysas.com website, di-rect mail is vital to initiating and sustaining a dialogue with those consumers it recruits. “When executing our campaigns, we combine all channels to send the same messages to customers across platforms,” Møller Jensen says. “However, direct mail can often take the messages a step further, explaining and involving the customer more than banner ads or print ads.” The rich insight SAS has on its customer base is used in true one-to-one fashion “because we know where they are and what they like, and so can tailor the communication”. The database features both regular fl yers and those who have signed up to offers, who may not yet be fully engaged with the brand.

There are “plenty of opportu-nities” to do segmented mailings, Møller Jensen says, but messag-ing must all be relevant “or it just won’t work”. You get the sense that the term ‘junk mail’ is not part of this marketer’s lexicon.

Campaigns to EuroBonus members are personalised, with segmentation based on age, sex, or passengers’ past use of the air-line’s Economy Class, Economy Extra or Business Class. “We know where our customers are, what class they fl y, what hotels they stay in, the car they rent, and the points they’ve earned,” Møller Jensen says proudly.

WHEN GLOBAL GOES LOCAL

Though SAS is a global compa-ny, it is careful to keep its direct

mail messaging local. There is a database in every country where SAS is present and rather than do a single direct mail campaign to three million people, mail cam-paigns vary country-by-country, and are managed in-house.

For SAS, direct mail and dig-ital advertising in particular have been proved to complement one another. This month the airline is running a campaign to busi-ness travelers which will high-light the airline’s time effi ciency – in 2009 SAS was ranked as the most punctual airline in Europe – with online banners and direct mail generating traffi c to fl ysas.com.

Press ads are particularly cost-effective as a broader medium that lets SAS approach an audi-ence it doesn’t yet have. Media are carefully targeted, with SAS using papers such as the London Times and Boersen, Denmark’s equivalent of the Financial Times, to trumpet business fea-tures such as the SAS Fast Track security service.

The current defl ation in news-paper media costs adds to these effi ciencies. “We’re getting more bang for our bucks [right now], for sure,” Møller Jensen says cheerfully. “We’ve been able to create more noise for the same amount of money.”

TIMING IS EVERYTHING

SAS has three main sales pe-riods for consumer and business travellers per year, with cam-paign timings guided by the com-

pany’s sophisticated sales mod-elling. Such models take market and SAS data into account, with an overlay of the wider societal picture. For Møller Jensen, the purpose of sales modelling is simple: “We look at when people are more inclined to buy,” he ex-plains.

The timing of leisure commu-nications differs completely from business campaigns, which begin in earnest in August when busi-ness people return from holidays and start planning their autumn work trips. January and Febru-ary are the favoured months for holiday bookings, and SAS cam-paigns will not just push the air-line’s features and convenience, but also the desirability of Scan-dinavian countries as a holiday destination.

These are testing times for air-lines such as SAS, as it consoli-dates its well-publicised fi nan-cial recovery plan, Core SAS. In a review of its print advertising conducted last year, SAS identi-fi ed the technological develop-ments that will affect its use of print, including ticketless travel-ling and biometric identifi cation, where a passenger’s fi ngerprints are matched to their respective checked baggage for security purposes. But for airline mar-keters like Per Møller Jensen, cut-throat competition means there is a huge imperative on communicating with consumers anytime, any place and through every medium. It’s no surprise that for SAS, the reach and cost effectiveness of print are the core reasons why it still fi gures highly in SAS’ marketing hierarchy.

Print in the driving seat for Scandinavian Airlines The FINANCIAL

HEADLINE NEWS & ANALYSIS 13FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green business

Bank of Georgia, one of the leading banks in Georgia with total net profi t of 10 mil-

lion GEL according to the fi rst quarter results of 2011, has introduced new offer SOLO Family to clients of the exclu-sive personal banking service SOLO.

Clients of SOLO will now have the opportunity to share the benefi ts with family mem-bers. SOLO Family will pro-vide the chance to the fami-lies of SOLO clients to get the exclusive banking service and share those advantages that SOLO clients currently have.

SOLO banking provides a wide spectrum of offers, with exclusive and privileged serv-ices. Since its foundation in

2009 it has been developing dynamically, with increases in the number of customers and special offers. SOLO provides its customers with an indi-vidual approach, service of SOLO bankers, specially allo-cated SOLO Flagship Branch and SOLO corners at Bank of Georgia Branches, the best quality in service, pleasant and quiet atmosphere as well as exclusive means to obtain-ing an American Express Gold Card.

Those clients of SOLO Family, like SOLO clients, will have the chance to use the most profi table terms on banking products and get se-lected service in a maximally comfortable environment.

SOLO Family clients will be served by a SOLO banker who will provide complex consult-ing and will operatively solve

any issues connected with banking or insurance prod-ucts. The client will be able to save time as well as money as in place of the client a per-sonal banker will take care of

banking issues and give sup-port in taking the best fi nan-cial decisions.

A SOLO Family card has been designed specially for

SOLO clients, with unique advantages and special sales, like the SOLO card.

SOLO Family optimally meets family requirements as it offers the most profi table

mix of banking products and includes: free distance bank-ing service, exclusive offer on deposits, +1% on children’s deposits for SOLO Family cli-

ents, 14 day travel insurance without charge.

A 24 hour call centre will be available to SOLO Fam-ily clients exclusively on the number: 444 400.

In addition SOLO Family clients have the chance to use such products and services specially designed for SOLO clients, these include: Ameri-can Express® Gold supple-mentary card, courier service and exclusive terms on insur-ance products from insurance company Aldagi BCI.

The possibility to purchase SOLO Family is only available to SOLO clients’ family mem-bers.

American Express Gold Card that is exclusively for SOLO clients is distinguished by high credit limit, a long-term grace period, Member-ship Rewards loyalty pro-

gramme and Selects offers that offer discounts in differ-ent trade and service facili-ties, both within Georgia and abroad. It also provides the opportunity to its owner to use American Express Gold Travel Service and get high quality tourist service and ex-clusive travel offers. Holders of an American Express Gold Card can use travel and health insurance. Travel Inconven-ience Insurance insures them against the main costs in case of fl ights being cancelled, de-layed or postponed, or lost baggage, as well as if the cli-ent has missed a connecting fl ight.

SOLO customers can be physical individuals, for addi-tional information please call at 444 400, send an email to solo@bog.ge or visit the web-page www.solo.ge.

SOLO Family - New Offer from Bank of Georgia The FINANCIAL

According to the lat-est data of the Ecol-ogy and Greenery Department of Tbi-

lisi City Hall there is 450,000 hectares of green area in the capital.

“The Ecology and Greenery Department of Tbilisi City Hall was established 2 years ago. 45 hectares of green terri-tories have been added to the area of the capital since that time,” said Giorgi Korkashvili, Director of the Department.

“The surrounding areas of Tbilisi Sea and the former Gldani rubbish yard are under our patronage,” Mr. Korkash-vili said. “We have started to make the territories greener. As for the rubbish yard itself, there is need for more com-plex works there. This year we will start to change the ground within this territory, after which it will be ready for planting trees. We will start the planting process by the be-ginning of next year. Of course it’s not as though there will suddenly be an oasis in one year. The place needs some time to recover. The result-ing pleasant environment and fresh air will be benefi cial not only for the people who live in the Gldani district but also for the whole capital.

As well as this we are work-ing with some international organizations like WWF and GTZ and have 3-4 year long projects with them. One of these projects envisages the restoration of 70 hectares of forest area around the city which have been cut and de-stroyed over the years. One clear example is the forest of Khudadovi. We have already started the process of resto-ration with our resources, which will be fi nished within 3 years.

In regards to the aesthetic side of the city, we have a very important project on at the moment - reconstruction of the Jansug Khakhidze square, which occupies 15,000 square metres. In previous years this square has always proved to be one of the favourite leisure places of citizens.

In addition we are nearly fi nished with the planning of the central park project, which involves the joint re-construction of the old Mziuri and Zoo area. It will be the most important project of the

city. It will become one of the biggest centres of tourism as well. We have already fi nished the project of reconstruction of Vake Park. Supposedly our department will start the re-construction process by the end of this year, which will be fi nished by the end of 2012 by all accounts.

Not just reconstruction of big parks but also restoration of small squares is a target ac-tivity of our department. We have built and reconstructed plenty of squares around the city. Almost 80% of recently reconstructed squares are in the suburbs of Tbilisi. The fact that the city’s residents spend their time enjoying these parks is testament to

the success and importance of our works.

Q. What is the budget Q. What is the budget of the Ecology and Green-of the Ecology and Green-ery Department of Tbilisi ery Department of Tbilisi City Hall?City Hall?

A. Our entire budget for this year is about 12 million GEL, which includes all activities implemented by our depart-ment. This is not only the pur-chase of saplings and planting of greenery, but also processes of upkeep like watering, the putting down of manure etc.

Q. How many private Q. How many private partner companies do partner companies do you have at the moment?you have at the moment?

A. We have nearly 85 part-ner companies, including green service, green house, where more than 1,000 indi-

viduals are employed. Today these companies are in charge of making all the squares within the city greener.

Q. Does your depart-Q. Does your depart-ment employ socially vul-ment employ socially vul-nerable people?nerable people?

A. Of course the municipal-ity gets plenty of applications from socially vulnerable peo-ple. We try to employ as many as we can. However we have to be able to ensure that the per-son can manage the work our project requires. Not everyone can handle such strenuous physical work.

We have a very successful partnership with the Cen-tre of Vocational Training as well. Last year they sent us highly qualifi ed staff. Today

these people are employed in many companies. We must note that we constantly need recruitment of new personnel, because of the constant en-largement of green territories within the city.

We are putting an accent on evergreen trees, such as pine trees, cypress and fi r trees, but we also plant trees such as lime trees, maple, acacia and many other species. We are continuing the project Plant a Tree, Make Tbilisi Green, but we have slightly changed the routine of the project.

Last year people where able to choose locations for plant-ing according to their wish. That could cause problems for urban development in the

city. As it’s impossible to plant trees wherever you want, this year they have the opportuni-ty to plant saplings in territo-ries we choose, like the areas of Khudadovi Forest, Tbilisi Sea etc. As the results show participation in the project has become a favourite activ-ity of the population.

Q. You say that mak-Q. You say that mak-ing the city greener has ing the city greener has become a favourite pas-become a favourite pas-time for many people. If time for many people. If a person wants to par-a person wants to par-ticipate in the planting of ticipate in the planting of greenery, where is it pos-greenery, where is it pos-sible to take part in such sible to take part in such a project and purchase a project and purchase desired species?desired species?

A. Our department is open to any interested persons who want to consult us. First of all when we make projects like this we discuss the map of the city so as not to encroach on somebody’s private land. That’s why we put an accent on land that is under the pa-tronage of City Hall. After fi nding the relevant piece of land a person can choose the species they want to plant and we will provide them with all the facilities necessary for the planting works.

When private persons or companies appeal to us, we al-ways prefer to offer them our territories, because we then continue the care of the sap-lings totally at our expense.

Q. What are the ap-Q. What are the ap-proximate expenses of proximate expenses of the reconstruction of one the reconstruction of one of the city’s squares?of the city’s squares?

A. It’s hard to state an exact amount because we have to defi ne which works have to be done in each specifi c case. If we want to lay grass, the price for one square metre is about 9.60 USD. For each fl ower we plant, we pay 0.35 USD, though we have to mention that we plant millions of fl ow-ers all over the city. So it’s re-ally very hard to list the exact reconstruction expenses for each square.

Q. Where do you pur-Q. Where do you pur-chase the greenery that chase the greenery that you plant today?you plant today?

A. Usually we announce tenders. Our department displays a list specifi c to the project regarding which kinds of saplings we need. The small private companies provide us with their products in the con-ditions we ask for. The average size of a sapling we acquire is usually 1.5-2 metres in height. As for the retail price we pay about 15-20 USD per tree.

Making Tbilisi Greener The FINANCIAL

HEADLINE NEWS & ANALYSIS14 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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green business

IEA ‘roadmap’ report shows how biofuel production can be expanded in a sustainable way, and identifi es needed technologies and policy actions The FINANCIAL

A new report from the International En-ergy Agency (IEA) in Washington says

that the widespread deploy-ment of biofuels can play an important role in reducing CO2 emissions in the trans-port sector and enhancing en-ergy security, when produced sustainably.

With the transportation sector growing considerably, and demand for transport fuels rising globally, the IEA assesses biofuels – liquid and gaseous fuels derived from biomass (organic material derived from plants and ani-mals) – as one of the key tech-nologies to reduce CO2 emis-sions and reduce dependency on liquid transport fuels. The report shows how global bio-fuel consumption can increase in a sustainable way – one in which production of biofuels brings signifi cant life cycle en-vironmental benefi ts and does not compromise food security – from 55 million tonnes of oil equivalent (Mtoe) today to 750 Mtoe in 2050; this would mean that the global share of biofuel in total transport fuel would grow from 2% today to

27% in 2050.“While vehicle effi ciency

will be the most important and most cost-effi cient way to reduce transport-emissions, biofuels will still be needed to provide low-carbon fuel al-ternatives for planes, marine vessels and other heavy trans-port modes, and will eventu-ally provide one fi fth (2.1 gi-gatonnes of CO2) of emission reductions in the transport sector,” Bo Diczfalusy, the IEA’s Director of Sustainable Energy Policy and Technol-ogy, said at the launch of the report today in Washington.

The IEA prepared the Tech-nology Roadmap Biofuels for Transport in consultation with representatives of gov-ernment, industry, academia and non-governmental or-ganizations. The roadmap provides an overview of the current status of different conventional and advanced biofuel technologies and the latest research on sustainabil-ity issues related to biofuel production. It also charts a course for expanding the pro-duction and use of biofuels to 2050, in a sustainable way.

This report is the latest in the IEA’s series of technology roadmaps, which aim to guide governments and industry on the actions and milestones needed to achieve the poten-tial for a full range of clean energy technologies.

EFFICIENT TECHNOLOGIES NEEDED

Biofuels can provide trans-port fuel with substantially lower CO2 emissions than conventional gasoline or diesel when comparing the entire “life cycle” of produc-

tion – that is, from the fi eld to the vehicle. But there are caveats: it is important to re-duce the use of fossil energy during cultivation, transport and conversion of biomass to biofuel. It is also important to avoid direct or indirect land-use changes, such as con-verting forests to grow bio-fuel feedstocks, which release large amounts CO2 and could offset the CO2 reduction po-tential of biofuels.

Most conventional biofuels (produced mainly from starch, sugar and oilseed crops) must therefore be improved in terms of conversion- and land-use effi ciency to achieve considerable greenhouse-gas reductions. In addition, ad-vanced biofuel technologies currently at the demonstra-tion stage (produced mainly from lignocellulosic biomass such as wood and straw), need to be commercially deployed within the next ten years and will provide the major share of biofuels in 2050.

“Further support for ad-vanced biofuel research, de-velopment and demonstra-tion is still needed to improve conversion effi ciencies and reduce costs. In addition, investments in commercial-scale production units will be a key to enable advanced biofuels to reach full market maturity,” said Mr. Diczfalusy at the launch in Washington. “Government action is needed to provide a stable, long-term policy framework for biofuels that allows for sustained in-vestments in biofuel expan-sion. Specifi c support meas-ures that address the high investment risk currently as-sociated with pre-commercial advanced biofuel technologies will be vital to trigger industry investments in fi rst commer-

cial plants.”With these substantial

investments in place, most biofuel technologies could get close to cost-competitive-ness with fossil fuels, or even be produced at lower costs in the longer term. In total, the report assesses the expendi-ture on biofuels required to meet the roadmap targets between USD 11 trillion to USD 13 trillion over the next 40 years, depending on the actual production costs. “This fi gure may seem large, but in fact even in the worst case bi-ofuels would only increase the total costs of transport fuels by around 1% over the next 40 years, and could in fact lead to cost reductions over the same period.”

SUSTAINABILITY IS KEY

“With world population growing by more than 30% to 9 billion people in 2050, and food demand increasing ap-proximately 70% according to estimates by the Food and Ag-riculture Organization of the United Nations, competition of biofuel production for land with food, fodder, as well as fi ber production needs to be carefully addressed to avoid negative impacts from biofuel expansion on food security,” said Mr. Diczfalusy.

There is a great potential for using low-risk sources that re-quire limited land expansion, and should not compete with food production, to provide feedstock for the expanding biofuel industry. The report says the use of residues and high-yielding energy crops as feedstocks, and the effi cient use of biomass, for instance through integrating biofuel

and bio-material production (so-called biorefi neries), will be vital to reduce land com-petition. In addition, sustain-ability certifi cation of biofu-els, following internationally agreed sustainability criteria, will be an important step to-wards ensuring that biofuel production and use have a positive environmental, social and economic impact.

Around 3 billion tonnes of biomass per year will be needed in 2050 to produce the amount of biofuels envi-sioned in the IEA roadmap. The report assesses that 1 billion tonnes of biomass residues and wastes would be needed, and this would need to be supplemented by pro-duction from around 100 mil-lion hectares of land - around 2% of total agricultural land. This would be a three-fold increase compared with to-day, but the yield of biofuels could increase by a factor of 10 through the use of wastes and residues and through the use of more productive crops and processes.

The report stresses that governments should adopt mandatory sustainability standards for biofuels, and ensure they are internation-ally aligned, to avoid acting as barriers to trade. Since many points of criticism on biofuels’ sustainability are in fact issues concerning the whole agricultural sector, the report concludes that biofuel policies should be aligned with those in agriculture, for-estry and rural development. An overall sustainable land-use management strategy for all agricultural and forestry land will be the only way to avoid land-use changes with negative impacts on the envi-ronment and CO2 emissions,

and to support the wide range of demands in different sec-tors.

INTERNATIONAL COLLABORATION IS VITAL

The report stresses that reducing tariffs and other trade barriers will be impor-tant to expanding the trade in biomass and biofuels to reach the levels necessary to meet emerging demand in different regions of the world. Interna-tional co-operation will also be needed to further develop analyses of sustainable land and biomass potentials, and obtain detailed regional data on suitable feedstocks for biofuel production. To ensure developing countries can suc-cessfully adopt sustainable biofuel production, interna-tional collaboration on capac-ity building and technology transfer will be necessary, the report stresses. Developing countries interested in in-troducing biofuels can profi t from the experience of other regions, including lessons learned and best practices for biofuel production, as well as the government policies that can help ensure that required investments are benefi cial for local economies.

The International Energy Agency (IEA) is an autono-mous organisation which works to ensure reliable, af-fordable and clean energy for its 28 member countries and beyond. Founded in response to the 1973/4 oil crisis, the IEA’s initial role was to help countries co-ordinate a col-lective response to major dis-ruptions in oil supply through the release of emergency oil stocks to the markets.

Biofuels Can Provide up to 27% of World Transportation Fuel by 2050

The FINANCIAL, By Nina Burjanadze

In Skra, Gori region has just fi nished the installation of the 10 kW wind turbine, which is ready to be connected to the central electric station of Geor-gia. The wind powered electri-cal generator is the pilot project of USAID and Karenergo, Geor-gian Scientifi c Wing Energy Center. Scientists prove that in Georgia ,the last 10years,have considerably grown the speed and the frequency of the wind, which can be used as very im-portant energy source.

“This is the fi rst wind electic generator, which will be trans-ferred to the central energy sta-tions,” said Archil Zedgenize, Director of Karenergo. ”The prime cost of the turbine is about $25000. It produces only 22,000 KW energy per year, which won’t be enough even for Skra settlement. The turbine needs only about 2-3 square meter. Energy stations are very friendly to the environment. I don’t mean that small turbines and short term usage can be re-ally benefi cial, but long term ex-ploitation will give us really best results. We will constantly have 100% clean energy.”

The project started in 2008,

when Karenergo won the grant of USAID- the Energy Capacity Initiative Project.

”Till today we could manage to install only this one demon-strative wind turbine, because we don’t have any stable legis-lative bases for wind energy de-

velopment in Georgia,“ added Zedgenidze. “We need an at-tractive legislation and tariffs for investors to get interested to invest in wind electric power stations in Georgia.”

We consume about 10 MW billion energy per annum. As

Manana Gelovani, Leading Ex-pert of Karenergo explained Georgia has 2000MW resource of wind on its whole territory.

“It makes 5billion KW hours per year. A 500MW Wind Ener-gy Station will produces about 1,2billion KW hours. That will

cover about 50% of energy that Georgia consumes,” contin-ued Gelovani. “The optimal for Georgia will be 3MW turbines. As a rule, 1MW costs about EURO 1million. The number of the turbines is defi ned with the size and wind potential of the area,maximum from 10 to 20 on each mall. The most perspec-tive places are the gorge of river Chorokhi,Paravani lake, moun-tain range of Likhi, the fi eld of Mukhrani, outskirts of Kutaisi and west-eastern part of Tbi-lisi. Also, outskirts of Rustavi and the areas between Khashuri and Gori.

Tornike Gotsiridze, Energy Expert of the Energy Capacity Initiative Project complained that Government often men-tions that the demand in the market defi nes need of any re-newable energy in the Country.

“This is a wrong consid-eration of the subject,” noted Gotsadze.”In most of the west-ern countries this non-tradi-tional energy is developed with the help and support of the state. The turbine expenses itself is considerably high and it won’t be interesting for the investors to invest in the wind malls if they don’t get so called feed-in tariffs from the government.

So as it’s known everywhere, there are two ways to attract and interest investors either to set feed-in tariffs, or the govern-ment and state organizations purchase renewable energy. We don’t need to look for the exam-ples in the Western countries. Even in Armenia was offi cially adopted the legislation to en-courage investors to invest in renewable energy. As a result, nowadays they have a fl ow of investors for nontraditional en-ergy in our neighbor country.”

The territory for the pilot project wasn’t randomly cho-sen. Skra is one of the windiest places, among others we have in Georgia.

“We chose the place because of its potential. Besides this is near the settlement of internally displaced people and we thought it would be kind of an advantage for them,” noted Gotsiridze.”The main idea of this grant was to test whether we have the wind potential energy experts talk about since the last 10years. In reality it was the hint for the gov-ernment to become interested with wind energy. We recently received the letter from the Ministry of Energy and Natural Resources that they want to con-tinue the project we started.”

Georgia has 5 billion KW Wind Energy Potential Per Annum

HEADLINE NEWS & ANALYSIS 15FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green businessMAY 16, 2011

Clubs, Pubs…21:00-00:30 - The Nali BandAmerican Bar “Hadson & Hooker” 67 Beliashvili Str. Mob: 855 32-83-6020:00-23:00 - Georgian DancesRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Classic, modern, Russian estrada songs, chansons, romances and gipsy songsRestaurant “Matryoshka” Hero’s Square, Tel: 365-36523:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-3020:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3020:30 - Maidan Jazz BandRestaurant “Maidan”6, Bambis Rigi Str. Tel: 75-11-88; 890 75-11-8821:00-24:00 - Band “Pub”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7221:00 - Kakha JagashviliCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3720:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3020:30-23:30 - Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-3021:00-24:00 - Band “Goblins” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:45-00:00 - Band “Wheels”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-54

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)

GalleryExhibition FascismOn May 9at Gudiashvili 99 artists - Alexander Berdysheff, Jan Vorisek, Jemal Kukhalashvili, Denis Gonobolin, Rocko Iremashvili, Konstantin Mindadze, Yuri Berishvili, Zura Sekhniashvili, Andria Dolidze. Exhibition will last 9 daysGallery 9 9, Gudiashvili Str. Tel: 99-59-54, 858 24-25-96 11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-14 12:00-19:00 - “We come from Nikoladze” - The Exhibition is dedicated to the 100th Anniversary of the former director of this Institute, an signifi cant art fi gure - Kote Kiknadze and the 50th Anniversary of Nikoladze Art Instistute’61 graduates. 15 Artists will take part into the exhibition. Will be represented about 50 artworks of Painting and GraphicGallery “Vernissage” 7, Brothers Zubalashvili Str. Tel: 99-99-02 The “Hobby” Gallery Cordially invites You to the personal exhibition of Nino Chakvetadze “Back to the Childhood”“Hobby” Gallery 14, Chonkadze Str. (Sololaki area) 12:00-19:00 - Painter Kako Topuria’s works. On exhibition will be presented paintings on paper with gouache and oil, and also sculptureArt Gallery “Chardin” 13, Rustaveli Ave. (“Tbilisi Marriott”); Tel: 99-09-2512:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-1310:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-90

MAY 17, 2011

Clubs, Pubs…21:00-00:30 - The Nali BandAmerican Bar “Hadson & Hooker” 67 Beliashvili Str. Mob: 855 32-83-6020:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian songs with live performanceRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Classic, modern, Russian estrada songs, chansons, romances and gipsy songsRestaurant “Matryoshka” Hero’s Square, Tel: 365-36522:00 - Dini Virsaladze Live Band24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-3020:30 - Georgian folk ensemble “Urmuli”, georgian dancesRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 21:00-24:00 - “Cloud Blues Band”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7220:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3021:00 - Maia KankavaCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-24:00 - Jazz BandRestaurant “Chardin 12”12 Chardin Str. Tel: 92-32-38; Mob: 877 480-46021:00-24:00 - Band “Goblins” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3020:30-23:30 - Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-3020:45-00:00 - Band “Wheels”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-54

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)

Theatre20:00 - “Soul on call” Premiere -

(Ticket Price - 11 GEL)Marjanishvili Theatre (Theatre in Attic) 8 Marjanishvili Str. Tel: 955-966 20:00 - “Luarsab Tatkaridze” - (Ticket Price - 4 - 11 GEL)Marjanishvili Theatre 8 Marjanishvili Str. Tel: 955-966 19:00 - “Titus” - (Ticket Price - 5 GEL)Pantomime Theatre 37 Rustaveli Ave. Tel: 99-63-14

GalleryExhibition FascismOn May 9at Gudiashvili 99 artists - Alexander Berdysheff, Jan Vorisek, Jemal Kukhalashvili, Denis Gonobolin, Rocko Iremashvili, Konstantin Mindadze, Yuri Berishvili, Zura Sekhniashvili, Andria Dolidze. Exhibition will last 9 daysGallery 9 9, Gudiashvili Str. Tel: 99-59-54, 858 24-25-96 11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-14 12:00-19:00 - “We come from Nikoladze” - The Exhibition is dedicated to the 100th Anniversary of the former director of this Institute, an signifi cant art fi gure - Kote Kiknadze and the 50th Anniversary of Nikoladze Art Instistute’61 graduates. 15 Artists will take part into the exhibition. Will be represented about 50 artworks of Painting and GraphicGallery “Vernissage” 7, Brothers Zubalashvili Str. Tel: 99-99-02 The “Hobby” Gallery Cordially invites You to the personal exhibition of Nino Chakvetadze “Back to the Childhood”“Hobby” Gallery 14, Chonkadze Str. (Sololaki area) 12:00-19:00 - Painter Kako Topuria’s works. On exhibition will be presented paintings on paper with gouache and oil, and also sculptureArt Gallery “Chardin” 13, Rustaveli Ave. (“Tbilisi Marriott”); Tel: 99-09-2510:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-9012:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-13

MAY 18, 2011

Clubs, Pubs…21:00-00:30 - The Nali BandAmerican Bar “Hadson & Hooker” 67 Beliashvili Str. Mob: 855 32-83-6020:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian DancesRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Classic, modern, Russian estrada songs, chansons, romances and gipsy songsRestaurant “Matryoshka” Hero’s Square, Tel: 365-36521:00 - “Evening Project” Program:Salome Gotsiridze (Vocal)Teona Tsiklauri (Vocal)Tato Jinjikhadze (Guitar)Badri Tereladze (Keyboard player)Restaurant “Kalakuri” (Lounge bar) 3 Shavteli Str. Tel: 365-36520:30 - Maidan Jazz BandRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 22:00 - Mariko Ebralidze & Giorgi Sukhitashvili24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-30 21:00-24:00 - Band “Band’a’roll”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7220:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3020:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3021:00 - Maia BaratashviliCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-01:00 - Band “Wheels”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-5421:00-24:00 - Band “Zarebi” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00-23:30 - Piano and Violin (In the Salon Hall);Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-30

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)

Gallery11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-14 12:00-19:00 - “We come from Nikoladze” - The Exhibition is dedicated to the 100th Anniversary of the former director of this Institute, an signifi cant art fi gure - Kote Kiknadze and the 50th Anniversary of Nikoladze Art Instistute’61 graduates. 15 Artists will take part into the exhibition. Will be represented about 50 artworks of Painting and GraphicGallery “Vernissage” 7, Brothers Zubalashvili Str. Tel: 99-99-02 12:00-19:00 - Painter Kako Topuria’s works. On exhibition will be presented paintings on paper with gouache and oil, and also sculptureArt Gallery “Chardin” 13, Rustaveli Ave. (“Tbilisi Marriott”); Tel: 99-09-2510:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-9012:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-13

MAY 19, 2011

Clubs, Pubs…22:00 - Resident DJ TakoLounge Bar “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 22:00 - Maia Kvirkvelia & DJ DachiClub “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian songs with live performanceRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Classic, modern, Russian estrada songs, chansons, romances and gipsy songsRestaurant “Matryoshka” Hero’s Square, Tel: 365-36521:00 - Band “Band’a’roll”, DJ Datuna

SkyyBar 22 Metekhi Str. Mob: 892 32-32-3220:30 - Georgian folk ensemble “Urmuli”, georgian dancesRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 22:00 - Nodiko Tatishvili & Salome Bakuradze24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-30 21:00-24:00 - Megi & CoBar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7220:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3020:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3021:00-24:00 - The Nali BandBar “Hangar”20 Shavteli Str. Tel: 93-10-80; Mob: 899 23-60-6921:00 - Guliko ChanturiaCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-24:00 - Jazz BandRestaurant “Chardin 12”12 Chardin Str. Tel: 92-32-38; Mob: 877 52-97-7921:00-01:00 - Band “Wheels”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-5421:00-24:00 - Band “Zarebi” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00-23:30 - Piano and Violin (In the Salon Hall);Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-30

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)From May 19 in Tbilisi Cinemas“Pirates of the Caribbean: On Stranger Tides”

Theatre19:45 - “The Visitor” - (Ticket Price - 6, 7 GEL)Rustaveli Theatre (Experimental Stage) 17, Rustaveli Ave. Tel: 72-68-68 20:00 - “Lie-true” - (Ticket Price - 11 GEL)Marjanishvili Theatre (Theatre in Attic) 8 Marjanishvili Str. Tel: 955-96620:00 - “Veris Ubani’s Melodies” - (Ticket Price - 10, 15 GEL)V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 34-80-90 19:00 - “Forge of the Souls or Blood to Blood” - (Ticket Price - 5 GEL)Ilia University Theatre 32, I. Chavchavadze Ave. Tel: 29-47-15

Gallery11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-14 12:00-19:00 - “We come from Nikoladze” - The Exhibition is dedicated to the 100th Anniversary of the former director of this Institute, an signifi cant art fi gure - Kote Kiknadze and the 50th Anniversary of Nikoladze Art Instistute’61 graduates. 15 Artists will take part into the exhibition. Will be represented about 50 artworks of Painting and GraphicGallery “Vernissage” 7, Brothers Zubalashvili Str. Tel: 99-99-0210:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-9012:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-13

MAY 20, 2011

Clubs, Pubs…Group “Diet Band” will offer you “Second hands” of famous songs. Two 45 minutes sets. Collect the numbers of visits and get 50% discount for 18th visitArt-Cafй 11 45 Betlemi Str. Tel: 857 91-01-3621:00 - Agora Live Band, DJ DatunaSkyyBar 22 Metekhi Str. Mob: 892 32-32-3220:30 - Maidan Jazz BandRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 22:00 - Nodiko Tatishvili & Khatuna Jalaghonia24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-30 22:00 - Resident DJ TakoLounge Bar “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 22:00 - Gio Khutsishvili & DJ DachiClub “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian DancesRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Cancan, belly dance, russian and gipsy dancesRestaurant “Matryoshka” Hero’s Square, Tel: 365-36521:00-24:00 - Band “Pub”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7220:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3021:00-24:00 - The Nali BandBar “Hangar”20 Shavteli Str. Tel: 93-10-80; Mob: 899 23-60-6922:00-01:00 - Group “Comic Condition”Tavern “Scarlet Sails”25, Leselidze Str. Tel: 93-10-2820:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3021:00 - Keti ParesashviliCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-01:00 - Band “Wheels”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-5421:00-24:00 - Band “Zarebi” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00-23:30 - Piano and Violin (In the Salon Hall);Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-30

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)

“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)From May 19 in Tbilisi Cinemas“Pirates of the Caribbean: On Stranger Tides”

Theatre19:45 - “I’m craving for the straight wind” - (Ticket Price - 6, 7 GEL)Rustaveli Theatre (Experimental Stage) 17, Rustaveli Ave. Tel: 72-68-68 20:00 - “The Art” - (Ticket Price - 4 - 11 GEL)Marjanishvili Theatre 8 Marjanishvili Str. Tel: 955-966 20:00 - “Beautiful Georgian Woman” - (Ticket Price - 5, 10, 15 GEL)Liberty Theatre 2 Rustaveli Ave. Tel: 98-58-21 20:00 - “Veris Ubani’s Melodies” - (Ticket Price - 10, 15 GEL)V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 34-80-90 19:15 - “Autumn of my Springtime” +12 - (Ticket Price - 5, 8, 10, 15 GEL)Gabriadze Theatre 13, Shavteli Str. Tel: 98-65-90, 868 78-18-97 18:00 - “Marriage” - (Ticket Price - 5 GEL)Griboedov Theatre 2 Rustaveli Ave. Tel: 93-11-06 19:00 - “There where my home is” - (Ticket Price - 7, 10 GEL)Akhmeteli Theatre 8 Vekua Str. Tel: 62-54-37, 62-59-73, 62-61-97 19:00 - “Romeo and Juliet” - (Ticket Price - 5 GEL)Ilia University Theatre 32, I. Chavchavadze Ave. Tel: 29-47-15

Gallery11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-14 12:00-19:00 - “We come from Nikoladze” - The Exhibition is dedicated to the 100th Anniversary of the former director of this Institute, an signifi cant art fi gure - Kote Kiknadze and the 50th Anniversary of Nikoladze Art Instistute’61 graduates. 15 Artists will take part into the exhibition. Will be represented about 50 artworks of Painting and GraphicGallery “Vernissage” 7, Brothers Zubalashvili Str. Tel: 99-99-0210:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-9012:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-13

MAY 21, 2011

Clubs, Pubs…20:00 - Nika Kocharov - “Young Georgian Lolitaz”Gia Iashvili - “Sky Diving Penguins”Dima Oganesian - “Nebo SSSR”Nino Togonidze - “Electric Appeal”Plus Special Guests - (Ticket Price - 10 GEL)Club “Night Flight” Right Embankment, Under the Baratashvili Bridge Tel: 92-30-1621:00 - Band “Band’a’roll”, DJ DatunaSkyyBar 22 Metekhi Str. Mob: 892 32-32-3222:00 - Duet “Georgia”, DJ BasaCity Club 22 Metekhi Str. Mob: 892 32-32-3220:30 - Maidan Jazz BandRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 22:00 - Resident DJ TakoLounge Bar “Kalakuri” 3 Shavteli Str. Tel: 365-365 22:00 - Disco Party - Khatuna Jalaghonia & Maka Gamkrelidze with David Iluridze Live Band24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-30 20:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 22:00 - Merab Sephashvili & DJ DachiClub “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian songs with live performanceRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Cancan, belly dance, russian and gipsy dancesRestaurant “Matryoshka” Hero’s Square, Tel: 365-36521:00-24:00 - “Cloud Blues Band”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-7220:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3021:00-24:00 - The Nali BandBar “Hangar”20 Shavteli Str. Tel: 93-10-80; Mob: 899 23-60-6922:00-01:00 - Group “Comic Condition”Tavern “Scarlet Sails”25, Leselidze Str. Tel: 93-10-2821:00 - Guliko ChanturiaCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-24:00 - Jazz BandRestaurant “Chardin 12”12 Chardin Str. Tel: 92-32-38; Mob: 877 52-97-7921:00-01:00 - Band “Dila”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-5420:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3021:00-24:00 - Band “Rustavi 2” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00-23:30 - Piano and Violin (In the Salon Hall);Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-30

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)From May 19 in Tbilisi Cinemas“Pirates of the Caribbean: On Stranger Tides”

Theatre19:45 - “Play Strindberg” -(Ticket Price - 10 GEL)Rustaveli Theatre (Grand Stage) 17, Rustaveli Ave. Tel: 72-68-68 20:00 - “Extravaganza” (Finger Theatre) - (Ticket Price - 11 GEL)Marjanishvili Theatre (Theatre in Attic) 8 Marjanishvili Str. Tel: 955-966 20:00 - “The Art” - (Ticket Price - 4 - 11 GEL)Marjanishvili Theatre 8 Marjanishvili Str. Tel: 955-966 20:00 - “I Love You, I Love You, I Love You” - (Ticket Price - 5, 10, 15 GEL)Liberty Theatre 2 Rustaveli Ave. Tel: 98-58-21 20:00 - “Forbidden Games” - (Ticket Price - 10 GEL)V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 34-80-90 19:15 - “The Battle of Stalingrad” +12 (in russian) - (Ticket Price - 5, 8, 10, 15 GEL)

Gabriadze Theatre 13, Shavteli Str. Tel: 98-65-90, 868 78-18-97 18:00 - “Marriage” - (Ticket Price - 5 GEL)Griboedov Theatre 2 Rustaveli Ave. Tel: 93-11-06 19:00 - “Taxi Driver Givi’s Love Story” - (Ticket Price - 7, 10 GEL)Akhmeteli Theatre 8 Vekua Str. Tel: 62-54-37, 62-59-73, 62-61-97 19:00 - “The Engine” - (Ticket Price - 5 GEL)Ilia University Theatre 32, I. Chavchavadze Ave. Tel: 29-47-15 12:00 - “Then with whom should I play?”15:00 - “Telephone” - (Ticket Price - 5 GEL)Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 95-78-74, 95-39-27

Gallery11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-1412:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-1310:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-90

MAY 22, 2011

Clubs, Pubs…21:00-00:30 - The Nali BandAmerican Bar “Hadson & Hooker” 67 Beliashvili Str. Mob: 855 32-83-6021:00 - Agora Live Band, DJ DatunaSkyyBar 22 Metekhi Str. Mob: 892 32-32-3220:30 - Georgian folk ensemble “Urmuli”, georgian dancesRestaurant “Maidan” 6, Rkinis Rigi Str. Tel: 75-11-88; 890 75-11-88 22:00 - Latino Party - Paata Iluridze Live Band & “Vernisage” Dancers24:00 - DJClub “Two Side” 7 Bambis Rigi Str. Tel: 30-30-30 20:00-23:00 - “Kalakuri’s Quartet” - with live performance of city songs, and also universal songsRestaurant “Kalakuri” 3 Shavteli Str. Tel: 365-365 22:00 - Karaoke Party! Host - Salome Gogiashvili & DJ DachiClub “Kalakuri” 3 Shavteli Str. Tel: 365-365 20:00-23:00 - Georgian songs with live performanceRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 365-365 20:00-23:00 - Classic, modern, Russian estrada songs, chansons, romances and gipsy songsRestaurant “Matryoshka” Hero’s Square, Tel: 365-36521:00-24:00 - Band “Band’a’roll”Bar “Fahrenheit” 5 Vashlovani Str. Tel: 99-67-72 20:00 - Live Folk Music performance by “EgAri”Restaurant “Maspindzelo” 7, Bambis Rigi Str. Tel: 30-30-3021:00 - Guliko ChanturiaCafй “Kala”8/10 Erekle II Str. Mob: 899 79-97-3721:00-24:00 - Jazz BandRestaurant “Chardin 12”12 Chardin Str. Tel: 92-32-38; Mob: 877 52-97-7921:00-01:00 - Band “Dila”Tavern “Toucan”8 Kiacheli Str, Tel: 99-65-53, 92-25-5420:00 - Georgian Folk and Pop Songs, Traditional Georgian Dances (Live Performance)Restaurant “Shadow of Metekhi”29 K. Tsamebuli Ave. Tel: 30-30-3021:00-24:00 - Band “Rustavi 2” (Covers)Pub “Dublin”8 Akhvlediani Str, Tel: 98-44-6720:00-23:30 - Piano and Violin (In the Salon Hall);Georgian Civil Music, Quartet (In the Noble Hall)Puris Sakhli7 Gorgasali Str. Tel: 30-30-30

CinemaRustaveli Cinema 5 Rustaveli Ave. Tel: 932-253, 555-000 “Hop”;“Go Brother, Go”;“Fast Five”;“Rene is going to Hollywood”;“Thor” 3D;“Born in Georgia”;“Rio” 3D;“Scream 4”(Ticket Price - 6 - 11 GEL)“Amirani” Cinema 36 Kostava Str. Tel: 99-99-55 “Hop”;“Go Brother, Go”;“Fast Five”(Ticket Price - 6 - 11 GEL)“Sakartvelo” Cinema 2/9, Guramishvili Ave. Tel: 30-80-80; 69-66-47“Fast Five”;“Go Brother, Go”;“Rio” 3D;(Ticket Price - 6 - 8 GEL)From May 19 in Tbilisi Cinemas“Pirates of the Caribbean: On Stranger Tides”

Theatre19:45 - “The Misfortune of Darispan” - (Ticket Price - 6 - 12 GEL)Rustaveli Theatre (Grand Stage) 17, Rustaveli Ave. Tel: 72-68-68 20:00 - “Soul on call” Premiere - (Ticket Price - 11 GEL)Marjanishvili Theatre (Theatre in Attic) 8 Marjanishvili Str. Tel: 955-966 20:00 - “Book” - (Ticket Price - 4 - 11 GEL)Marjanishvili Theatre 8 Marjanishvili Str. Tel: 955-966 19:00 - “God! Save us and People” - (Ticket Price - 5, 10 GEL)Liberty Theatre 2 Rustaveli Ave. Tel: 98-58-21 20:00 - “Forbidden Games” - (Ticket Price - 10 GEL)V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 34-80-90 19:15 - “The Battle of Stalingrad” +12 (in russian) - (Ticket Price - 5, 8, 10, 15 GEL)Gabriadze Theatre 13, Shavteli Str. Tel: 98-65-90, 868 78-18-97 12:00, 14:00 - “Scarlet Flower” - (Ticket Price - 5 GEL)Griboedov Theatre 2 Rustaveli Ave. Tel: 93-11-06 19:00 - “Perfi dy and Love” - (Ticket Price - 7, 10 GEL)Akhmeteli Theatre 8 Vekua Str. Tel: 62-54-37, 62-59-73, 62-61-97 19:00 - “The Dream and the Reality + Bidzina Makharadze” - (Ticket Price - 5 GEL)Pantomime Theatre 37 Rustaveli Ave. Tel: 99-63-14 19:00 - “Somebody else’s wife and husband under the bed” - (Ticket Price - 5 GEL)Ilia University Theatre 32, I. Chavchavadze Ave. Tel: 29-47-15 12:00 - “The Little Red Riding Hood and the Sucking Pig”15:00 - “The Ransom of Red Chief” - (Ticket Price - 5 GEL)Tbilisi Nodar Dumbadze State Central Children’s Theatre 99/1, D. Agmashenebeli Ave. Tel: 95-78-74, 95-39-27

Gallery11:00-19:00 - Murtaz Shvelidze’s personal exhibition - “Big Games”Gala Gallery 27 Atoneli Str. Tel: 93-14-18; Mob: 899 42-54-1412:00-22:00 - Mixed Exhibition of Georgian Artists - (paintings, graphics, porcelain, enamel, woodcraft...)Gallery “Cameo”11, Rkinis Rigi Str. Tel: 72-48-72; Mob: 893 31-92-6612:00-19:00 - Cloisonne Art ExhibitionEnamel Gallery “Ornament”7 Erekle II Str. Tel: 98-90-1310:00-18:00 - Modern Fine and Applied Art Exhibition“Manana Art Saloon”12, Baratashvili Str. Tel: 93-25-90

www.info-tbilisi.com E-mail: afi sha@info-tbilisi.com

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From Tbilisi TO Day Depart Arrive Flight#

Aktau 3.7 00:40 03:20 DV 842

Amsterdam 6 05:10 07:45 A9 651

Athens 4 07:00 08:55 A9 693

Baku DAILY 00:50;11:30 03:10;13:50 J2 224/226

Batumi 2,3,5,7 09:30 10:15 CRJ

Dubai 3.5 19:40 22:40 A9 703

Donetsk 6 04:55 05:40 VV/713

Frankfurt 3.6 19:35; 22:05 A9 621

Frankfurt 2,5,6,7 09:35 11:55 LH 769

Istanbul DAILY 04:05;17:15 05:35 18:45TK

1387/1383Istanbul DAILY 06:30 06:45 PC/738

Kiev DAILY 07:50;17:55 09:25;19:35 VV 418

Kiev DAILY 05:50 07:20 PS 728

Kharkov 2,6 05:30;11:00 06:20;11:50 A9 CRJ

London 1.4.6.7 06:55; 08:50 12:05; 14:00 BD 966

Minsk 5.7 17:30;12:00 19:20;13:50 A9 671

Minsk DAILY 03:30 05:35 B2 1736

Munich DAILY 04:55 05:55 LH 3215

Odessa 1,5 22:!5; 23:35 VV 440

Paris 5 17:00 20:05 A9 627

Prague 2,3,5,6 04:20 06:10 OK 935

Riga X3,4 06:40 09:15 BT 723

Tel-Aviv 4,7 16:50;21:00 18:45;22:45 A9 695

Vienna 4,7 08:30 10:00 A9 681

Days=( 1-Monday., 2-Tuesday., 3-Wedsday., 4-Thursday., 5-Friday., 6-Saturday., 7-Sunday. D-Daily; X-except off)

Tel: 999 662

HEADLINE NEWS & ANALYSIS16 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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Tel: 439494Addr: 13 Shavteli Str.

info@ambasadori.ge; www.ambasadori.ge

Tel: (+995 32) 242400Fax: (+995 32) 242403

Kobuleti, GeorgiaE-mail: info@gph.ge

www.gph.geAddr: 275 Agmashenebeli Ave.

GEORGIA PALACEHOTEL

Tel: (+995 32) 77 20 20Fax: (+995 32) 77 21 20

Addr: 20 Telavi Str.www.sheraton.com/tbilisi

Tel: (+995 32) 50 99 99Mob: (+995 95) 25 99 99

D.Agmashenebeli ave.#154 www.green-offi ce.ge

Georgian Real Estate Management

The Green Building, 6 Marjanishvili Street, 0102 Tbilisi,

Republic of GeorgiaTel: (+995 32) 43 30 77Fax: (+995 32) 43 30 79www.fi rstbrokerage.ge

E-mail: info@fi rstbrokerage.ge

Tel: (+995 32) 988 988Fax: (+995 32) 988 910

E-mail:gmt@gmt.gewww.gmt.ge

Addr: 4 Freedom Square LUCA POLARE

Addr: # 12 Eristavi Str. (at the round garden)

# 34 Leselidze Str.Phone: 99 03 99

8 74 74 25 25info@lucapolare.comwww.lucapolare.com

32 Abashidze Str. Tel: (+995 32) 22 40 83

Addr: # 35 Abashidze Str. Phone: 22 17 70

www.thai.ge

THAILE MARAIS

43 Abashidze Str.Tel: 22 60 18

8, VAKHTANG GORGASALI STR.

BATUMI GEORGIA Tel: 888 222 7 48 45

info@hotelgalogre.comwww.hotelgalogre.com

HOTEL “O. GALOGRE”

13 Shavteli Str.Tel: 365 365

www.gmcgroup.ge

KALAKURI

Berika International LTDGSA for Czech Airlines in Georgia

Phone: +995 32 227941Fax: +995 32 222941

16 Rustaveli Ave.17 Akhvlediani Str.

Tel: 519 966

For advertising please contact:

877 741 700marketing@fi nchannel.com

146 Agmashenebeli Ave.,T/Fax: +91 02 49

Email: info@kenari.ge

78 Chavchavadze ave.; Tel.: 225 626 / 235 626;

reception@primefi tness.ge

15 Lubliana Str.,Tel: 51 00 01;Fax: 53 00 44

info@zarapxana.gewww.zarapxana.ge

37 Chavchavadze Ave.; Tel.: 91 30 26; 91 30 76

1 Brother Kakabadze Str.,Tel: 92 29 45;Fax: 92 29 46;

tk@mcdonalds.ge

3 Vashlovani Str.;(“Super Babilon” oposit)

Tel.: 98 90 86

5 Chavchavadze Ave.,Tel: 22 44 17;8 77 22 99 22

plasticsurgerygeo.com

36 Al. Kazbegi ave. Tbilisi, 0177, Georgia

Tel/Fax: 29 43 43info@intercontinental.gewww.intercontinental.ge

Tel: 888 222 2900www.sheraton.com/tbilisi

The tickets are availableat tbilisi international airport

freedom square 4courtyard marriott hotel,

1st fl oorTel: 400 400; 400 040

Radisson Blu Iveria Hotel Rose Revolution Square 1

T: +995 32 402 200; F: +995 32 402 201 info.tbilisi@radissonblu.com radissonblu.com/hotel-tbilisi

13, Rustaveli Avenue.; Tel.: +995 32 779 200

www.TbilisiMarriott.comtbilisi.marriott@marriotthotels.com

4, Freedom Square,Tel: +995 32 779 100

www.CourtyardTbilisi.comcourtyard.tbilisi@marriotthotels.com

BUSINESSTRAVELCOM

HOTTEST TOURSTEL: 999662

Red Café- Tel: 201 211info@redcafe.ge

# 71 Vazha-phavela Ave.

green business

Most of the leading hotels in Geor-gia have reduced energy consump-

tion, mostly use of electricity. As hotel representatives say, they don’t use solar energy yet, but they are actively pro-moting linen and towel re-use programmes helping to reduce energy use.

“Radisson Blu Iveria Hotel has signifi cantly reduced en-ergy consumption in order to make the hotel more green,” Atakan Turhan, General Man-ager of the Hotel, told us.

“We have improved a lot, saving energy since the open-ing of the hotel. Our building has an automation system. Now we have an intelligent building. We have decreased energy consumption by 40% with better management and optimization. This environ-mental protection system is one of the focuses of our hotel chain. We have to report the consumption of utilities to our head offi ce every month and we have to come up with differ-ent resource-saving activities,” Turhan said.

“We have to make sure that we are consuming less and less energy and are improving our effi ciency. We spend a great deal of time on this issue. Re-turn on investment is evident in our saving money and also using less energy resources. It’s good for the environment around us, it’s good for the re-sources of the country and thus

we spend a lot of time on this issue. It’s called being a respon-sible business that is a part of the responsible business pro-gramme that the Rezidor Hotel Group has,” Turhan said.

The Marriott Hotels in Georgia have reduced energy consumption by about 8-12%. As its offi cials note, the Hotel doesn’t use solar energy for heating yet but they actively participate in linen and towel re-use programmes.

“In each guest room there are special notes that inform guests what procedures they should follow in the case that they are willing to help us re-duce energy consumption. We have special motion detectors at our hotel and water savers,” said Elene Baratashvili, PR and Marketing Coordinator at the Marriott Hotels.

Another 5 star hotel, the Sheraton Metekhi Palace Ho-tel, has calculated the savings it has made since a policy of en-ergy effi ciency was introduced:

“Electricity savings - 678,989 kw/h, equal to the usage of 71 5-person families for a period of 12 months, or 28 kindergartens with 50 children for a period of 12 months; Natural gas savings - 46,364 m3, equal to the usage of 26 5-person families for a pe-riod of 12 months; Water sav-ings - 19,417 m3, equal to the usage of 231 5-person families over a period of 12 months, or 720 kindergartens with 50 chil-dren for a period of 12 months,” said Nino Isakadze Complex Sales & Marketing Administra-tive Manager of the Sheraton Metekhi Palace Hotel.

“Our hotel has been sepa-rating and recycling its waste since 2010. We don’t use solar energy at the moment. We have a linen change programme and we have green notes for the guests to avoid energy wast-age. Our hotel doesn’t have automatic taps and electricity, but Sheraton Metechi Palace started full renovation and is planning to have low fl ow taps, oxygen shower heads and LED light bulbs, as well as a special key system for electricity in the rooms,” Isakadze noted.

According to the Marriott Hotels’ representatives, they use energy-effi cient light bulbs and environmentally responsi-ble cleaners.

“Green Hotels are environ-mentally-friendly properties whose managers are eager to institute programmes that save water, save energy and reduce solid waste while saving money to help protect our one and only earth,” said the Green Ho-tels Association.

According to the Green Ho-tels Association, being green means guests, staff and man-agement are healthier. There’s just no doubt that when odours, fumes, soot, droplets and residues of toxic, poison-ous chemicals are not in the air, on our food or on anything we touch, we are not absorbing or breathing them. Sooner or later all properties will be sold, and any green property will demand a higher price because its value is much enhanced by lower utility bills per square foot, its healthier aspects and owner care.

Trend: Hotels in Georgia Cut Energy Consumption The FINANCIAL

HEADLINE NEWS & ANALYSIS 17FINANCIALFINCHANNEL.COM | MAY 16. 2011

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green business

IF YOU DON’T PRESERVE NATURE BY USING LOW-WATTAGE BULBS, WHO WILL?Today, with simple everyday actions, everyone can help preserve the environment and save power at the same time.

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HEADLINE NEWS & ANALYSIS18 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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green business

Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com

HEADLINE NEWS & ANALYSIS 19FINANCIALFINCHANNEL.COM | MAY 16. 2011

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COFFEE GE27, Abashidze Str.Tel: (+995 32) 225066

SIANG-GAN41, Gamsakhurdia Str.Tel: (+995 32) 379688

DUBLIN IRISH PUB8, Akhvlediani Str.Tel: (+995 32) 984467

BUFFALO BILL16, Akhvlediani Str.Tel: (+995 32) 936052

SANTA FE20, Akhvlediani Str.Tel: (+995 32) 935848

SCAN TO READ IN MOBILE

Restaurants in Tbilisi

VERASTEAKHOUSE37, Kostava Str.Tel: (+995 32) 983767

SEGAFREDO ZANETTI ESPRESSO26, Chavchavadze AveTel: (+995 32) 223677

TSISKVILIBeliashvili Str.Tel: (+995 32) 530797

SANCHO23, Akhvlediani Str.Tel: (+995 32) 982598

TOUKAN8, Kiacheli Str.Tel: (+995 32) 996553

DISCOVERY40, Chavchavadze Ave.Tel: (+995 32) 294230

PICASSO4, Vashlovani Str.Tel: (+995 32) 989086

Hangar Bar# 20 Shavteli Str.Tel: (+995 32) 93 10 80

DONUTS10/12, Abashidze Str.Tel: (+995 32) 253985

ENGLISHTEEHOUSE5, Marjanishvili Str.Tel: (+995 32) 94162032, Paliashvili Str.Tel: (+995 32) 221109

| places we strongly reccommend to visit |

Better seen than heard

Better seen than heard

PREGO2, Vazha pshavela Ave. Tel: 3736107, Paliashvili Str. Tel: 25 22 5825, Tarkhnishvili Str. Tel: 25 25 16

Entree13 Taktakishvili Str.Tel: 89119839820 Rustaveli Ave.Tel: 89119396819 Petriashvili Str; 7 Pekini Str. French - European

bar-restaurantPleasant and cozy atmosphereHigh quality service,live music every day

Belle Ville26, l.Kiacheli Str.Tel: (+995 32) 93 65 53

Prospero’s Books34, Rustaveli Ave. Tel: (+995 32) 923 592

LITERATURULI CAFÉ

2, Tarkhnishvili Str.Tel: (+995 32) 44454631, Pekini Str.Tel: (+995 32) 31305722, Abashidze Str.Tel: (+995 32) 22027636, Kostava Str.Tel: (+995 32) 990746

64, Paliashvili Str.Tel: (+995 32) 250669

24/24

dining

4 Freedom Square,

Tel: 54 70 30

E-mail:tbilisi.fs@citadines.com

www.citadines.com

DZVELI SAKHLI3 Mtkvari Right Embankment.

Tel: 365 365www.gmcgroup.ge

HEADLINE NEWS & ANALYSIS20 FINANCIALMAY 16. 2011 | FINCHANNEL.COM

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Advertiser: Wissol. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com

green business