Russia: oil price to fall in few years

The oil price can fall to $30 per barrel over the next few years and can decrease further over a 20-year period, Alexei Kudrin, former finance minister and current head of the Center for Strategic Research, said. “After the oil price has fallen, the budget deficit will be 3.7% (of gross domestic product) this year…

Russia: export duties on wheat zeroed down

On September 23, Russia zeroed down the export duties on wheat, the Minister of Agriculture of Russia Alexander Tkachev declared. According to the forecast of Tkachev, in the current year the grain exports will reach 35-40 million tons. At the same time, as of the morning of September 23, the officials still did not make…

Ukraine: flour output down in January-August 2016

In January-August Ukrainian flour milling enterprises produced 1.212 million tons of flour, down by 5.9% YoY, the State Statistics Service of Ukraine declared. In particular, the production volumes in August totaled 176 thousand tons, up by 18.4% MoM and by 1.1% YoY. In January-August the production volumes of crude sunflower oil in Ukraine totaled 2.4…

Belarus: IFRS introduction to improve investment climate

The introduction of the international financial reporting standards (IFRS) in Belarus will help improve the investment climate. Belarusian Finance Minister Vladimir Amarin made the statement in an interview published in the September edition of the Ministry’s magazine Finance. Accounting. Auditing. According to the source, for the sake of effective implementation of the decision in favor…

Egypt: Russian wheat purchased

On September 22, Egypt purchased 240 KMT of milling wheat from Russia with shipment on October 21-31, at the average price of $187.03/MT C&F. The price at the previous tender equaled $185.52/MT C&F. The purchase included: – 60 KMT of Russian wheat from Aston at $186.80/MT C&F ($179/MT FOB with a freight rate of $7.80/MT);…

Belarus to launch BelGee car factory in H1 2017

The Belarus-China car assembly company BelGee JV (based in Borisov, Minsk region) plans to launch its own car factory in the first half of 2017, Belarusian First Deputy Industry Minister Gennady Svidersky reported. The construction of a factory by the Belarusian-Chinese car assembly company BelGee is in the final stage, the new premises are ready,…

Belarus: oil export proceeds down in January-July 2016

Belarus’ proceeds from exports of domestic crude oil reduced by 32.3% YoY in January-July to $253.704 million, Belarus’ National Statistical Committee (Belstat) said in an official report. In January-July Belarus exported 945,900 tons of crude oil, up by 0.7% YoY. Belarus’ sole authority on oil exports is a state-controlled monopoly officially designated as Belorusneft. Germany…

Azerbaijan to showcase first hybrid engine UAV

Azerbaijani company AZDynamics will introduce the first hybrid engine unmanned aerial vehicle (UAV) with increased duration of autonomous flight. The hybrid drone will sport an internal combustion engine along with rechargeable batteries and an electric motor, making it possible to increase the duration of autonomous flight from 25 minutes to two hours. The drone will…