Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
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Oman, Tanzaina Set up Joint Investment Fund

Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)
Tanzanian President Samia Suluhu Hassan attends the signing of several MoUs on Monday, June 13, 2022. (Oman News Agency)

Oman and Tanzania have set up a mutual investment fund that aims to invest in several sectors, including agriculture, fishing and mining, the Sultanate's Foreign Minister, Badr al-Busaidi, announced on Monday.

Busaidi expected the volume of bilateral trade exchange to increase in the future as both countries have signed several memoranda of understanding in the fields of economy, investment, tourism and energy.

Oman and Tanzania signed on Monday six MoUs, covering the fields of energy, tourism, natural resources, higher education and vocational training, as well as national museums.

The MoUs were signed on the sidelines of President Samia Suluhu Hassan’s current visit to Oman.

A trilateral MoU was also signed between the Oman Chamber of Commerce and Industry (OCCI), the Tanzanian Chamber of Commerce, Industry and Agriculture (TCCIA) and the Zanzibar National Chamber of Commerce (ZNCC).

Private sector MoUs were also signed between the Oman Airports Management Company and Kilimanjaro International Airport, the Oman Society for Petroleum Services (OPAL) and the Association of Tanzania Oil and Gas Service Providers (ATOGS), the Al Bashayer Meat Company and the National Company for Live Animals and between the Oman Food Investment Holding Company (OFIC) and the Tanzanian Horticultural Association.

A deal was also signed between the Oman Investment Authority (OIA) and the Zanzibar Investment Promotion Authority (ZIPA).

It aims to bolster bilateral investments and financial sustainability and develop a strategy to boost the historical and economic ties between the two countries.

Hassan held talks with male and female entrepreneurs from both countries to discuss ways to bolster economic and investment cooperation and increase trade exchange.

This came on the sidelines of the Omani-Tanzania Business Forum, which was organized by the OCCI on Monday.

She underscored the importance of exerting efforts from both sides to increase the volume of trade exchange and investment and urged Omani businessmen and women to invest in the fields of agriculture, minerals, tourism and fisheries.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.