Austria

Clariant was one of four companies that received a claim for damages of approximately 1 billion euros ($1.14billion) from Austrian Energy Company OMV, the company said on Tuesday. The claim is related to alleged violations of competition law on the market of ethylene purchases. The Swiss chemicals company clariant said: "Clariant rejects this allegation firmly and will vigorously defend its case in any proceedings." OMV confirmed that it filed a lawsuit against Clariant, but stated it couldn't comment on the ongoing legal proceedings. Clariant didn't name any of the other companies. OMV also did not name them. Clariant stated that...

According to LSEG and market sources, the number of Russian diesel and gasoil seaborne exports decreased in April due to refineries performing seasonal maintenance. The industry also held back supplies for the expected increase in domestic demand over the summer months. Calculations based on LSEG data and other market sources showed that the total diesel and gasoil exported from Russian ports dropped to about 3.3 millions metric tons in March, a 10% drop. Shipping data shows that in April, the two main importers of Russian gasoil and diesel were Turkey and Brazil. Last month, diesel and gasoil exported from Russian...

OMV, Austria's oil and gas group, said that it expects its first-quarter results to be boosted by the merger of Borealis and Borouge with ADNOC. Abu Dhabi National Oil Company (ADNOC) and OMV agreed last month to merge their polyolefin business to create Borouge Group International. The new company will have a $60 billion enterprise valuation. Vienna-based company stated that the positive impact of its clean operating results would be a mid-double digit million euro range for the first quarter compared to the final three months in 2024. Clean operating results are based on current costs of supply and exclude...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

OMV has actually gotten an arbitral award of over 230 million euros ($ 243.06 million) from the International Chamber of Commerce (ICC) in connection with irregular German gas products from Gazprom, the Austrian oil and gas group stated on Wednesday. The award, consisting of interest and costs, would positively contribute to its financial losses sustained in 2022, the business stated in a declaration. The oil and gas group anticipates a worsening of its contract with Gazprom Export, a subsidiary of the Russian gas giant, perhaps resulting in a halt of gas supply. The business validated it will balance out claims...

Stateowned Abu Dhabi National Oil Co, or ADNOC, has been pursuing a series of merger and acquisition deals with European business, with an aim to diversify and develop its chemicals and renewable resource operations. Here are the offers and talks ADNOC is associated with: COVESTRO ADNOC stated on Oct. 1 it had actually accepted buy German chemicals manufacturer Covestro for 14.7 billion euros ($ 16.34 billion), one of the most significant foreign takeovers by a Gulf state which is aimed at diluting the nation's heavy reliance on oil in the energy shift. OMV Austrian oil and gas business OMV has...

Austrian oil and gas group OMV reported a secondquarter changed operating result listed below expectations on Wednesday, weighed down by a lower earnings in its energy company. The Vienna-based business said its operating earnings, adjusted to get rid of one-off impacts and inventory gains or losses, rose 4%. to 1.23 billion euros ($ 1.33 billion) in the quarter, 4.5% below. the typical price quote of 1.29 billion euros in a company-provided. survey of experts. OMV warned earlier this month that the energy department, its. greatest by revenues, had actually been struck by legislative changes in. Romania throughout the second quarter....

Stateowned Abu Dhabi National Oil Co, or ADNOC, has been pursuing a series of merger and acquisition deals with European business, with a goal to diversify and develop its chemicals and renewable energy operations. Here are the offers and talks ADNOC is associated with: COVESTRO German chemicals firm Covestro said on Monday it had given ADNOC access to its books and was stepping up talks based on an enhanced 11.7 billion euro ($ 12.55 billion) takeover offer, after more than a year of courtship by the Emirati company. OMV Austrian oil and gas company OMV has remained in talks over...

Uniper this week won a $14 billion arbitration versus Gazprom about suspended gas deliveries given that 2022, a success for the German utility that was bailed out throughout Europe's energy crisis after the Russian firm business stopped materials. Below are some of the most important questions on the legal ramifications following the ruling, which was made by an arbitration tribunal in Stockholm on June 7. WHAT HELD TRUE ABOUT? For years, Russia provided Germany dependably with gas. This concerned an abrupt halt in 2022 following Moscow's intrusion of Ukraine, when Gazprom initially cut and later on suspended shipments to Uniper,...

Austrian energy group OMV raised its 2030 revenues and cashflow assistance during its capital markets day on Thursday, mentioning a more favorable market environment for oil, gas and refining margins. OMV is now targeting a tidy CCS operating result, which leaves out one-off products along with short-term energy inventory holding gains and losses, of a minimum of 6.5 billion euros ($ 7.03. billion) by 2030, compared to a goal of 6 billion euros. formerly. It also raised its projection for operating cash flow to at. least 7.5 billion euros, up from 7 billion euros previously,. partly assisted by a performance...

A Russian court has actually relieved constraints imposed on UniCredit in a suit over an aborted gas task, on Friday allowing the Italian lender to offer Russian sovereign bond holdings as security instead of other possessions and property. The St Petersburg arbitration court ruled in mid May that 462.7 million euros ($ 503 million) in securities, property and accounts coming from UniCredit, along with 100% of shares in UniCredit Leasing and UniCredit Garant, be seized. UniCredit Leasing and UniCredit Garant are subsidiaries of AO UniCredit Bank, the Italian group's Russian arm. UniCredit stated earlier in May that the seizure impacted...

LONDON, May 28 - Dutch and British wholesale gas rates mostly decreased on Tuesday early morning on higher Norwegian exports and above-normal wind power output. The benchmark front-month contract at the Dutch TTF center was down 1.43 euros at 33.80 euros per megawatt hour (MWh) at 0755 GMT, according to LSEG information. The July agreement was down 1.00 euro at 34.10 euros/MWh, while the British month-ahead agreement inched down by 0.45 pence to 81.60 cent per therm. Circulations from Norway are rebounding following outages and the existing upkeep schedule from the start of June will have a. negligible impact from...

Since Israel's military strike on Iran's nuclear facilities on 13 June, the U.N. nuclear watchdog that polices the global Nuclear Non-Proliferation Treaty has been unable to conduct inspections in Iran. The International Atomic Energy Agency has a number of inspection powers. IS THE IAEA UNIVERSAL IN JURISDICTION? No. The IAEA has separate agreements with other countries and is only responsible for the 191 signatories of the NPT. Iran is a signatory to the NPT, and is therefore subject to IAEA supervision. This includes inspections to ensure that nuclear material like uranium does not get "diverted", for example to be used...

U.S. strikes on the Isfahan complex, which houses Iran's vast uranium-enriched stockpile, caused damage to the tunnels that store a portion of the uranium. The U.N. nuclear watchdog confirmed this Sunday. The International Atomic Energy Agency issued a statement saying that "we have established that the entrances to the underground tunnels on the site were affected." Isfahan is the site where officials have said that a large amount of Iran's highly enriched uranium is stored. Rafael Grossi, chief of IAEA, confirmed in a statement made to the U.N. Security Council shortly after the IAEA's statement that the tunnels were part...

The U.N. nuclear watchdog revised its initial assessment on Tuesday after initially reporting that it was only indirectly hit. The International Atomic Energy Agency (IAEA) has provided updates since Israel launched a wide-ranging attack on Iran last Friday. However, it hasn't been able conduct inspections. IAEA previously stated that an above-ground enrichment pilot plant in Natanz had been destroyed, but the larger underground facility was not directly affected. However, IAEA Chief Rafael Grossi claimed on Monday that its centrifuges were very likely badly damaged due to a strike against the plant's electricity supply. On Tuesday, it was reported on X...

Diplomats confirmed that the Board of Governors of the U.N. Nuclear Watchdog will hold an extraordinary meeting on Monday in order to discuss Israel's attacks on Iran. At least one country requested it at the regular quarterly session of this body held on Friday. A meeting can be called by any country that is a member of the International Atomic Energy Agency's (IAEA) board. Diplomats reported that Iran, a member of the board but not a member, had requested a meeting. It was backed by Russia, China, and Venezuela. Diplomats differed on which board member made the initial request. Before...

Rafael Grossi, the chief of the International Atomic Energy Agency (IAEA), said that any deal between Iran and America which would impose new nuclear restrictions on Iran must include "very rigorous" inspections from the U.N. watchdog. Both countries are currently holding talks to curb Iranian nuclear activities, which have accelerated rapidly since Donald Trump pulled Washington from a 2015 agreement between Iran and major power that limited these activities. Iran increased its enrichment of uranium purity as the deal unraveled. Up to 60% The deal has increased the amount of nuclear weapons-grade material to approximately 90%, up from the 3.67%...

Rafael Grossi, the U.N. chief nuclear watchdog, defended his decision on Monday to send staff across Russian territory in order to relieve their colleagues at the Russian-occupied Zaporizhzhia Nuclear Power Plant in Ukraine as an "extraordinary" exception. Since September 2022 - roughly six months after Russia's full-scale invasion in Ukraine - the International Atomic Energy Agency has had a small presence there. Since then, the IAEA has replaced or rotated its staff 26 times. Ukraine's Energy Minister sent Grossi a note saying that the latest rotation which, for the first time, passed through Russian territory was "in violation" of Ukraine's...

The U.N. nuclear monitors arrived in Ukraine on Saturday for the first ever time via Russian territory at the Zaporizhzhia Nuclear Power Plant, which is owned by Russia. The IAEA's rotation was delayed for weeks by military activity on the site. Each side blamed the other, claiming that the rules were not followed to ensure the safety of the team. In a video posted on Telegram, Yuri Chernichuk said that it was important for the route to pass through Russian territory. He added that the arrival of three inspectors was guaranteed by Russia's Defence Ministry and National Guard and came...

Rafael Grossi, the head of International Atomic Energy Agency(IAEA), announced late Monday that he would be visiting Kyiv to inspect a substation critical to Ukraine's nuclear safety. Grossi wrote, "On my eleventh visit to Ukraine," since the beginning of the war. "I am heading to Kyivska Substation, which is critical to the safety of Ukraine’s nuclear power to assess damage and prevent a nuclear incident." The IAEA announced in a press release last week that Grossi will visit Kyiv to attend "high-level meetings" in order to ensure the safety of nuclear weapons in the war Russia began in February 2022....

Russia on Wednesday implicated the Ukrainian militaries of attacking an automobile utilized to transport specialists from the International Atomic Energy Company (IAEA) on Dec. 10, stating someone could have been killed. IAEA Director General Rafael Grossi stated on the day of the occurrence that a drone had actually hit and significantly harmed an official automobile of the agency on the roadway to Ukraine's. Russian-controlled Zaporizhzhia nuclear reactor on Tuesday,. but that there had been no casualties. Ukrainian President Volodymyr Zelenskiy said at the time. that the strike was a purposeful Russian attack that revealed. Moscow had total disregard for worldwide...

Iran is drastically. accelerating its enrichment of uranium to as much as 60% pureness,. near the roughly 90% level that is weapons grade, U.N. nuclear guard dog chief Rafael Grossi informed Reuters on Friday. The International Atomic Energy Firm later validated in a. private report to member states that Iran was accelerating. uranium enrichment, a process that refines the raw material so. that it can be utilized as fuel in civil nuclear power generation. or, potentially, nuclear weapons. The IAEA findings will deepen alarm in Western nations. that say there is no reason for enhancing uranium to such. a high...

Iran is significantly. increasing the quantity of uranium enriched to up to 60% pureness,. near the approximately 90% of weapons grade, that it has the ability to. produce, the watchdog's chief Rafael Grossi told Reuters in an. interview. The move is particular to trigger even greater alarm in Western. capitals currently arguing that there is no civil justification. for Iran's enrichment to that level as no other country has actually done. so without producing a-bombs, which Iran rejects pursuing. Iran currently has enough material enriched to up to 60%, its best enriched stock, for. four nuclear weapons in principle if...

Iran has notified the U.N. nuclear watchdog of plans to set up more uraniumenriching centrifuges at its Fordow and Natanz plants in addition to bring devices recently installed there online, a private report by the guard dog said on Thursday. The report to member states seen information what Iran has told the International Atomic Energy Company it plans to do, though it has actually done little to follow through up until now, having pledged to include thousands of centrifuges after a resolution versus Iran by the 35-nation IAEA board of governors. Iran already has well over 10,000 centrifuges operating at...