Serbia expects multi-million euro investments from UAE

Updated 13 January 2013
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Serbia expects multi-million euro investments from UAE

BELGRADE: Serbia expects the UAE to sign investment deals worth hundreds of millions of euros, making the UAE one of its most important economic partners, government ministers said.
Struggling with a double-dip recession, the Balkan nation is looking east for investors to make up for waning interest from crisis-hit Europe and the Middle Eastern cash will add to finance already coming from Russia and China.
The UAE will sign a deal next week concerning Serbia’s weapons industry worth some 100 million euros ($132 million), Defense Minister and Deputy Prime Minister Aleksandar Vucic told the Beta news agency.
Speaking after a three-day visit by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, Vucic said two other defense contracts would follow by the end of the month. He gave no further details.
“Serbia and the UAE have agreed deals and investments that are so far the best we have ever achieved in bilateral relations with another country,” Beta quoted Vucic as saying.
He said the UAE was also interested in the construction of an “exclusive building” on the location of the former army headquarters in downtown Belgrade, a mess of mangled concrete and metal since it was bombed by NATO in 1999 during the Kosovo war.
Finance Minister Mladjan Dinkic told the Serbian daily Blic that he would sign a deal with Abu Dhabi’s Al-Dahra agricultural company on a joint investment in eight Serbian farm cooperatives worth some 100 million euros.
He also said the UAE might invest in Serbia’s JAT Tehnika aircraft maintenance company.
Serbia has asked China for an 850 million euro loan to build two new highways and Russia said earlier it was considering a request for a $1 billion loan to help stabilize the Serbian budget.


Brent crude oil rises for a sixth day as supplies tighten amid strong demand

Updated 24 April 2018
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Brent crude oil rises for a sixth day as supplies tighten amid strong demand

  • US West Texas Intermediate crude futures were at $68.98 a barrel, up 34 cents
  • The potential of renewed US sanctions against Iran is pushing prices higher

SINGAPORE: Brent crude oil rose for sixth day on Tuesday, passing $75 a barrel, on expectations that supplies will tighten because fuel is rising at the same time the US may impose sanctions against Iran and OPEC-led output cuts remain in place.
Brent crude oil futures climbed to as high as $75.20 a barrel in early trading on Tuesday, the highest since Nov. 27, 2014. Brent was still at $75 a barrel at 0311 GMT up 29 cents, or 0.4 percent, from its last close.
Brent’s six-day rising streak is the most since a similar string of gains in December and it is up by more than 20 percent from its 2018 low in February.
US West Texas Intermediate (WTI) crude futures were at $68.98 a barrel, up 34 cents, or 0.5 percent from their last settlement. On Thursday, WTI rose to as high as $69.56, the most since Nov. 28, 2014.
Markets have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market.
The potential of renewed US sanctions against Iran is also pushing prices higher.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA said new sanctions against Tehran “could push oil prices up as much as $5 per barrel.”
The US has until May 12 to decide whether it will leave the Iran nuclear deal and re-impose sanctions against OPEC’s third-largest producer, which would further tighten global supplies.
“Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world’s oil supply,” ANZ bank said.
“Oil strength is coming from Saudi Arabia’s recent commitment to get oil back up to between $70 to $80 per barrel as well as inventory levels that are back in the normal range,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
OPEC’s supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the world’s biggest oil consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam.
One of the few factors that has limited oil prices from surging even more is US production, which has shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia’s output of around 10 million bpd.
As a result of its rising output, US crude is increasingly appearing on global markets, from Europe to Asia, undermining OPEC’s efforts to tighten the market.