Page 72 - Ekonomija i Biznis_oktomvri 2016.indd

FLASH WORLD
SAUDI ARABIA IS
ONCE AGAIN THE
WORLD’S LARGEST OIL
PRODUCER
Saudi Arabia once again returned
to the throne as the world’s
largest oil producer. According to
the Report of the International
Energy Agency, the scope of
oil production in Saudi Arabia
increased by 400,000 barrels a
day, while in the United States,
which so far was first ranked
according to oil production, a
fall of 460,000 barrels a day has
been observed. This past year oil
prices saw a sharp drop which
led to reduced investments by oil
companies. However, although
its pace decelerated compared to
2015, the scope of oil production
continues to grow. The greatest
reduction of the production, 1.4
million barrels a day in total,
is observed in the countries
outside the Organization of the
Petroleum Exporting Countries
(OPEC), whose costs for
extraction are higher. Half of this oil and/or gas will be found. The
reduction belongs to the United
States where a vast number
of companies for shale oil
extraction ceased to operate due
to unprofitability. According to
the report from the International
Energy Agency, the offer will
continue to prevail over the
demand in the following period,
and stabilization is expected in
the second half of the next year.
72 October 2016
MONTENEGRO
STARTS WITH OIL ANG
GAS RESEARCHES
After seven years of prepara-
tions, Montenegro officially
signed an Agreement to research
the Montenegrin coast in regard
to presence of oil and gas. In the
presence of the Prime Minister of
Montenegro, Milo Djukanovic, as
well as the highest political lead-
ership of Montenegro, the Agree-
ment was signed by the Minister
of Economy of Montenegro, Vlad-
imir Kavarikj, as well as the repre- approximately two billion dollars
sentatives of the companies ENI,
Carlo Vito Russo, and NOVATEK,
Andrei Popov. This companies in
this Italian-Russian consortium
have an equal share (50:50), and
with the Agreement they were
given the right in the next 30
years to perform extraction on
the territory of the Monenegrin
coast of 3,000 square kilometers,
where it is assumed that com-
mercially abundant sources of
value of the research venture is
assessed in an amount of more
than 100 million Euros, divided
into two stages. In the first, more
extensive stage, the assessments
are that more than 90 million
Euros will be invested, while ap-
proximately 12 million Euros will
be invested in the second stage.
According to the Prime Minister
Djukanovic, the goal of Monte-
negro is to apply the Norwegian
model where the entire income
from oil in the country will flow
into the state fund.
THE IMF APPROVED
ONE BILLION
DOLLARS FOR
UKRAINE
The International Monetary
Fund (IMF) approved a tranche
of one billion dollars for Ukraine
whereby the total amount of
funds stipulated for Ukraine
reached 7.62 billion dollars.
While meeting the program
criteria, in November Ukraine
would be able to get a tranche of
1.3 billion dollars, and in February
this year another payment of
follows. Poroshenko welcomed
the allocation of funds indicating
that IMF’s decision is a proof
that Ukraine is introducing the
required reforms. According to
Poroshenko this will contribute
for the stabilization of the
Ukrainian currency, hryvnia, and
it will provide macroeconomic
stabilization. In this manner,
Ukraine gets the green light
to provide one billion dollars
credit guarantee from the
United States, as well as a loan
of 600 billion Euros from the
EU. According to the Ukrainian
Minister of Finance, Alexander
Danilyuk, the loan from the
IMF will help Ukraine to repay
the due amount and to preserve
the stability of its currency and
financial system.
Miroslav Sazdovski