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Oil Refineries

Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.

The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of...

Oil & Gas

Russia claims Ukraine "virtually destroyed" Sudzha Gas Station

Russia accused Ukraine of attacking its energy infrastructure on Friday, despite a ban on such strikes. It said a major piece of gas pipeline in Sudzha was virtually destroyed. An official from Ukraine said that Russia was responsible for the attack on Sudzha's gas transit point. It was not possible to confirm independently which side was responsible. Separate agreements were announced by the United States and Russia on February 2 to stop their attacks in the Black Sea, and to target each other's energy. These agreements are potential stepping-stones that Washington hopes can lead to a complete ceasefire and to...

Oil & Gas Refining

As peace talks continue, the most dangerous city in Ukraine is desperate for a break from drones.

Kherson, a Ukrainian city on the frontline of the conflict with Russia for three years, has more reasons than others to want to see an end to it. They are wary of talks because they have experienced occupation and constant attacks after Russian forces were pushed out. Serhiy (64), a security guard, is lying in a hospital with his foot bandaged. He claimed he was on his way to work as a security guard, when he was struck by a grenade that was dropped by a drone operated by Russian forces. He refused to reveal his family name, and asked...

Oil & Gas Refining

The average price of Russian oil fell by 24% in March, compared to the budgeted target.

Calculations show that the price of Russia's oil mix in roubles is currently on average 24% lower than the budgeted level for 2025, due to the strengthening currency and the weakening global oil prices. This drop in spending will put more pressure on the budget already under strain due to high military expenditure. Since the middle of January, the rouble has been rising amid hopes for a resolution to the conflict in Ukraine. The average rate of 87.4 roubles per $1 has been averaging 87.4 so far this year, down from 92.9 roubles last month. When calculating the average tax...

Oil & Gas

Moldova signs 30 million euro deal with France for energy efficiency

After meeting her French counterpart Emmanuel Macron, Moldovan President Maia Sandu announced that the French Development Agency and Moldova signed a deal worth 30 million euros ($32.5million) on Monday. The agreement aims to improve energy efficiency in the post-Soviet country. Sandu said at a joint press conference that the agreement with Agence Francaise de Developpement would help "reduce energy wastage, lower costs and increase our energy independence". The pro-European Moldovan government accused Russia of creating a fake energy crisis in order to destabilize the country before parliamentary elections. This came after Russian gas producer Gazprom halted exports of its product...

Oil & Gas

Russian prosecutors try to recover assets from former Gazprom manager

A court spokeswoman announced on Friday that Russian prosecutors had filed a lawsuit to recover assets of former Gazprom Manager Kirill Seleznyov. Interfax reported that Seleznyov, along with two other defendants, were suspected of diverting 150 billion roubles (about $1.75 billion) from Gazprom. Darya Lebedeva posted on Telegram, that the Frunzensky Court in St. Petersburg had registered the lawsuit but did not specify the value. Seleznyov has been a close ally to Alexei Miller, the CEO of Gazprom for many years. He served as a member of its management board for over 15 years. Seleznyov is the head of RusChemAlliance...

Oil & Gas

ADNOC's agreements with European companies

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...

Oil & Gas

EU Commission delays announcement of plan to phase-out Russian energy imports

A schedule released on Wednesday showed that the European Commission had, for a third time, postponed its announcement about its plan to reduce the region's dependence on Russian energy imports. The original date was March 26, but it has now been pushed back to an unknown date. The Commission refused to comment on the new date. In November, Energy Commissioner Dan Jorgensen stated at a parliament hearing that the plan would be presented during his first hundred days as a commissioner. However, this date has been delayed twice. Originally, the plan was to be unveiled in February. After Russia's full-scale...

Refined Products

Oil prices steady as market eyes Russia-Ukraine peace deal

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

Oil & Gas

Stocks surge in Russian rouble after Trump-Putin meeting

The Russian rouble, and its stocks, surged Thursday following a phone conversation between U.S. president Donald Trump and Russian president Vladimir Putin. In the call the two leaders discussed how to end the Ukraine War. According to data on the over-the counter market, at 0745 GMT the rouble had risen 3% against the dollar and was trading at 90.90, its highest level since September 2024. During the trading session, the rouble briefly reached the highest level since September 11 at 89.90. The rouble has gained 20% against the dollar since the beginning of the year. The Moscow Exchange index (MOEX),...

Oil & Gas

Governor of Krasnodar says that a drone attack caused a fire at an oil depot in Russia.

The governor of Krasnodar said that a drone attack from Ukraine overnight caused a fire to break out at an oil storage depot in the southern Russian region. 55 firefighters were battling the blaze. In recent days, a series of drone strikes by Ukraine against Russia's energy infrastructure has sparked fires at a major refinery in Volgograd and at the Astrakhan Gas Processing Plant. Veniamin Kodratyev said, "The fire is contained and there are no injuries," on Telegram, as a team of 19 firefighters tried to extinguish flames. Kondratyev didn't specify which depot was burning or the extent of damage....

Oil & Gas

Moldovan opposition leader forms coalition against Sandu in parliament elections

The Moldovan opposition leader, Alexandr Stoianoglo who lost the presidential vote held in November, announced on Friday that he would lead a coalition consisting of three parties against the pro-Western majority ruling at the parliament elections this year. Last year, the former prosecutor general was closer than anyone expected to unseating pro Western President Maia Sandu. She lost in a runoff after campaigning on a balanced foreign policies that looked to Russia and West. He was backed by a pro-Moscow party. The election is expected to be a close one and could result in Sandu's pro Western PAS party losing...

Fossil Fuels

Fossil Fuels

JSW, a Polish miner, suffers a net loss of $500,000 due to lower coal prices and weak demand

The company reported on Tuesday that the decline in coking coal prices, and a weaker demand for coal led to a loss of 7,24 billion zlotys (1.85 billion dollars) in 2018 from a profit of 993.9 millions zlotys (993.9 million dollars) made by JSW between 2023 and 2018. The results were in line with the preliminary data that was reported by the company at the beginning of March. Why it's important JSW is Europe's largest coking coal producer, essential to steel production. The EU has listed coking coal as a critical raw material because steel is essential for the construction...

Fossil Fuels

Why one Eastern European nation won't give up its Russian oil addiction: Vladimirov

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives. According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian...

Electric Utilities

Putin allows Armenian fund to buy Goldman Sachs shares in Russian public companies

According to a Wednesday decree, Russian President Vladimir Putin authorized Armenian investment firm Balchug Capital, to purchase shares held by Goldman Sachs Russian subsidiary, in nine major Russian companies, mainly in the energy sector. Balchug Capital, Goldman Sachs and other companies did not respond immediately to our requests for comments. Balchug Capital is The green light According to a separate order, the U.S. Bank will purchase Goldman Sachs’ subsidiary in Russia by January. This will allow the bank to exit the Russian market, and to extract some of the capital that is stuck there. Since the beginning of the Ukraine...

Crude Oil

Mining

Mining

On Tuesday, the EU will begin retaliating for U.S. tariffs

The European Union's members decided on Wednesday to launch their first countermeasures in response to the tariffs imposed by U.S. president Donald Trump. They will join China and Canada, who have already retaliated and escalated a global conflict. The approval was given on the same day as Trump's "reciprocal tariffs" on the EU, and dozens of other countries, including massive 104% tariffs on China. This extended his tariff assault and encouraged more widespread sales across the financial markets. Trump's plan to target countries that he claims impose high barriers against U.S. imports includes tariffs of 25% on steel, aluminium and...

Mineral Resources

Greece is expecting EU response to US tariffs. The economy can handle challenges, says PM.

KyriakosMitsotakis, the Greek Prime Minister, said that the economy could withstand new challenges posed by U.S. Tariffs. The country is awaiting a united European Union position on this issue. The financial markets were shook by Donald Trump's tariff plans after he warned that foreign governments would need to pay "a great deal of money" in order to remove the taxes he called "medicine". From Wednesday, the 27-nation EU will face import tariffs of 25% on steel, aluminium and automobiles and 20% unilateral tariffs for nearly all other goods. The EU is weighing up whether to approve a set of targeted...

Mining

Junta-ruled Guinea to hold referendum in September as possible step towards democracy

According to a state-television announcement on Tuesday, the military leader of Guinea has set a date for a referendum on constitutional reforms on September 21, 2025. This could be a first step in returning to constitutional democracy. Mamady Doumbouya, who seized power through a coup on September 20, 2021, proposed in 2022 a two-year period of transition before elections. However, he did not organise any vote. Guinea is a producer of bauxite, iron ore, and other minerals. West African countries Where the military has taken control and stopped a return to civil rule. The military authorities set a deadline of...

Mineral Resources

India launches antidumping investigation against met coke imports

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

Mineral Resources

Tesla sales in France fall to the lowest level in four quarters

Elon Musk’s electric car brand's first quarter sales in France have been the lowest since 2021, according to data released on Tuesday. Tesla's sales have been in decline ahead of its much-anticipated Model Y midsize SUV launch. The billionaire CEO is a close ally to U.S. president Donald Trump and has courted far-right parties across Europe. Data from the French auto body PFA revealed that Tesla sold 3,157 cars in France in March, a drop of 36.83% from last year. This equates to 6,693 registrations for the first quarter. The PFA's share of the country's market dropped to 1.63% for...

Mineral Resources

Czech cyanide producer Draslovka finds new revenue driver in the sodium-ion batteries market

The CEO of Czech chemicals manufacturer Draslovka, Pavel Bruzek Jr., said that the company expects to earn more than a quarter of its total gross income in five years due to a growing demand for sodium-ion battery. In recent years, the company has grown and derived most of its revenue from U.S. operations. It has partnered with Natron Energy this month to supply Prussian Blue material for their batteries. Prussian Blue is made by Draslovka from sodium cyanide. It's a product that it produces in both the United States and Czech Republic. Bruzek said late on Friday that a Czech...

Oil & Gas Refining

India court rejects JSW Steel and Trafigura requests to clear certain metcoke imports

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

Mining

Ukrainian gas company reports damage caused by Russian strike during energy ceasefire

Officials said that a Russian drone attacked warehouses belonging to Ukraine's state-owned gas producer in Poltava, a central region, during a ceasefire on energy strikes. The company also said it had suffered damage. Washington announced on Tuesday that Kyiv, Moscow and other countries had agreed to cease striking each other's power plants. However, both sides accuse each other of violating the U.S.-brokered agreement and seem to interpret it differently. Poltava’s governor stated that drones had hit storage sites belonging to a division of Naftogaz, a company which produces gas in Ukraine. The region is a major hub of Ukrainian production,...

Mining

Document shows that Italy, France, and Slovakia have demanded changes to the EU carbon border levies

A document obtained by revealed that France, Italy, and Slovakia had asked the EU to amend its border carbon tax this year in order to simplify rules for the businesses covered by the scheme. The European Commission already proposed changes to exempt 90% companies from the border carbon levy. This levy will be imposed on imports that are heavy in CO2, such as steel and cement, from 2026. The goal of the policy is to protect European producers from cheaper competitors in countries that have less ambitious climate legislation, and to prevent them from shifting their investments to other countries,...

Mineral Resources

Net result for KGHM in the fourth quarter of Poland is 1.56 billion zlotys

KGHM Polska Miedz, Poland's largest copper miner, posted a net income of 1,56 billion zlotys (US$402,11 million) in the fourth quarter of last year compared with a loss of 4,53 billion zlotys a previous year. The adjusted EBITDA for the full year 2024 rose from 5.36 billion to 8.46 billion. The group revenue for the fourth-quarter rose by more than 17%, to 9,18 billion zlotys. This was primarily due to higher prices of silver, gold, and copper. In a press release, CEO Andrzej szydlo stated that while production was similar year-on-year the cost of materials, fuels, and energy carriers had...

Mineral Resources

US envoy Witkoff is optimistic about Ukraine talks and says Putin wants peace

Steve Witkoff, the U.S. Special Envoy to the Ukraine war, expressed optimism ahead of the high-stakes negotiations in Saudi Arabia on Sunday. He said that he thought Russian President Vladimir Putin wished to end the conflict. Witkoff, a Fox News reporter, said: "I think he's looking for peace." Later on Sunday, a U.S. delegation will hold discussions in Saudi Arabia with Ukrainian officials about a possible partial truce between Ukraine and Russia. U.S. officials and Russian officials are scheduled to hold further talks Monday in Saudi Arabia. "I believe that on Monday you will see some real progress in Saudi...

Mineral Resources

Minister: Poland wants to resume production anti-personnel minings

Poland has announced that it is ready to resume production of antipersonnel landmines. This comes after the Baltic States and Warsaw both announced plans to withdraw from the treaty which bans the use of these mines. The three Baltic Republics and Poland will be able to stockpile and use anti-personnel land mines once again if they decide to withdraw from the 1997 Ottawa Convention. More than 160 countries have ratified the convention or joined it. This is part of the response to what the Baltics say is an increasing threat by Russia. When asked about plans to leave the Ottawa...