East European Countries

Six European Union countries called on the European Commission to decrease the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would decrease Moscow's revenues to continue the war in Ukraine while not causing a market shock. Cost caps on Russian seaborne crude in addition to refined petroleum items were set by G7 countries to suppress Moscow's. profits from oil trade and in this method limitation the nation's. capability to fund its invasion of Ukraine. Procedures that target incomes from the export of oil are. crucial considering that they lower Russia's single most important earnings....

Following new United States sanctions against Russia's oil sector, Gazprom Neft will be offered 45 days to exit ownership of Serbian oil business NIS , Serbian President Aleksandar Vucic said on Friday. NIS is bulk owned by Gazprom Neft which holds a 50% stake and Gazprom which holds 6.15% of shares. The Serbian federal government holds an additional 29.87% with little shareholders accounting for the rest. The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia's oil and gas incomes in an attempt to offer Kyiv and the inbound administration of Donald Trump leverage to reach...

Russian oil manufacturer Gazpromneft brushed off the effect of significant brand-new U.S. sanctions on Friday, while insurance provider Ingosstrakh said they would produce a market vacuum that would benefit less credible rivals. The outbound administration of President Joe Biden on Friday imposed its broadest bundle of sanctions yet, targeting Russia's oil and gas profits in an attempt to offer Kyiv and the inbound administration of Donald Trump leverage to reach an offer for peace in Ukraine. A U.S. official said the procedures need to expense Russia billions of dollars a month. Gazpromneft, likewise hit by British sanctions, stated it would...

Polish oil refiner Orlen has actually reached a settlement to recoup $100 million out of $ 400 million in prepayment for Venezuelan and other oil which the business never ever received, a source acquainted with the matter stated. Under the settlement, state-controlled Orlen will recover the $100 million in numerous tranches by the end of the year from Dubai-based Horizon Global. The company is still attempting to recover the staying prepayments transferred to other business. The settlement was first reported by Polish broadcaster Radio Zet. Horizon Global did not respond to Reuters request for discuss Wednesday. In 2015, Horizon Global...

Agents of European Union countries failed on Friday to approve a 15th package of sanctions on Russia, that included an extension for the Czech Republic to import Russian oilbased items coming mainly through Slovakia, diplomats said. Two member states blocked the passage over an argument about extending the time provided to European business disinvesting from Russia, diplomats said. EU members will come back to the package later. The plan also includes sanctions on tankers carrying Russian oil. Within the plan was a debate on extending an EU exemption allowing the Czechs to continue importing diesel and other products originated from...

Russian oil producer Rosneft invested $20 billion in India just recently, the Indian government quoted Russian President Vladimir Putin as stating in a statement on Thursday, without offering information. Putin said in January that Rosneft prepared to expand its existence in India and Indian government authorities stated in July that India might look for deals with Rosneft and other oil companies as it wanted to reinforce its energy ties with Russia. We are also prepared to establish our manufacturing operations in India ... Our company believe that purchasing India pays, Putin stated at the 15th VTB Russia Calling Investment Online...

Investors of Poland's Orlen backed a resolution on Monday enabling the company to seek compensation from 13 former top executives consisting of exCEO Daniel Obajtek for monetary losses the refiner suffered during their term. Poland's pro-European federal government sees Orlen as a sign of efforts by the previous administration to utilize state-controlled companies for political functions. Obajtek has actually turned down any accusations of misbehavior. After reshuffling Orlen's management early this year, district attorneys introduced a number of probes into actions of the former management group led by Obajtek, consisting of Orlen's pricing of fuel ahead of the 2023 elections...

Investors of Poland's Orlen backed a resolution enabling the business to look for compensation from 13 former magnates consisting of exCEO Daniel Obajtek for financial losses the refiner suffered under their term. Poland's pro-European federal government sees Orlen as a symbol of efforts by the previous administration to use state-controlled firms for political functions. After the management modification prosecutors released several probes into actions of the former management group led by Obajtek, including Orlen's fuel pricing ahead of the 2023 elections and agreements by the business's Swiss system for oil it never received. Obajtek has previously turned down any accusations...

Rosneft, Russia's. biggest oil producer, stated on Friday it might delay updating. its refineries due to high rate of interest and taxes, as its. ninemonth profit fell 13.9% year on year to 926 billion roubles. ($ 8.7 billion). Industry sources told Reuters this month that a minimum of three. Russian refineries, consisting of Rosneft-owned Tuapse plant, had to. stop processing or cut runs due to monetary losses amid export. curbs, increasing unrefined costs and high borrowing costs. Rosneft's head Igor Sechin, a longstanding ally of President. Vladimir Putin, has actually long criticised the central bank for its. tight financial policy....

The worldwide oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a RussiaOPEC conference. OPEC+ nations, which are pumping around half the world's. oil, are taking all essential decisions to keep market. stability, Novak also said after meeting OPEC Secretary General. Haitham Al Ghais in Moscow. Today, while talking about the scenario and projections, we. examine the existing market as balanced. That's thanks primarily. to the actions of OPEC+ nations and collaborated actions to. adhere to the quotas, voluntary commitments of OPEC+ count,....

Britain has barred Angolan billionaire Isabel dos Santos and Ukrainian oligarch Dmytro Firtash and has frozen their UK possessions, the federal government announced on Thursday, in what it said became part of a new crackdown on ' dirty cash'. The procedures were the first step in tightening Britain's. anti-corruption sanctions program as promised in July's election,. the Labour federal government stated. These deceitful people selfishly deny their. fellow people of much-needed funding for education, healthcare. and infrastructure - for their own enrichment, Foreign. Secretary David Lammy said in a declaration. Dos Santos, whose daddy Jose Eduardo dos Santos ruled. Angola...

Azerbaijan's oil output fell by 4.8% to 24.1 million metric tons in the first 10 months of 2024, from 25.3 million heaps a year previously, the Energy Ministry said on Monday. Production of oil in Azerbaijan has been decreasing for several years as the output at Azeri-- Chirag-- Gunashli complex of offshore oilfields, run by BP, has passed its peak. Azerbaijan belongs to the OPEC+ group of leading oil producers, which has actually been curbing output to prop up costs. According to a report published by Ministry Energy on Monday, Azerbaijan's oil production in October edged up to 484,000 barrels...

Poland's oil refiner and gas retailer Orlen aims to invest 380 billion zlotys ($ 91.5 billion) by 2035, it said on Thursday as it revealed its new method. That compares to 320 billion zlotys of investments over an eight-year duration envisaged in the 2022 strategy. Orlen said its ensured dividend payment in 2025 would increase from 4.30 zlotys to 4.50 zlotys per share, while upholding its policy for a yearly increase of 0.15 zlotys per share thereafter. The business will also have the versatility to advise higher dividend payments of as much as 25% of annual operating money flows, net...

German gas imports fell by 11%. in 2024 compared to the year before, with Norway the biggest. supplier, while exports more than halved, the country's network. regulator stated on Wednesday. According to initial figures from the Bundesnetzagentur,. German gas imports fell to 865 terawatt hours (TWh) in 2024 from. 968 TWh in 2023. Norway, with 48% of shipments, was followed by the. Netherlands at 25% and Belgium at 18%, it stated. Exports from Germany, meanwhile, dropped to 89 TWh in 2024. from 187 TWh the year before, with the Netherlands, the Czech. Republic and Austria among its most important consumers....

A Russian assisted bomb attack on Saturday wounded 10 individuals, including two children, in a town in Ukraine's northeastern Sumy area, near the Russian border, local authorities stated. The area borders Russia's Kursk region and has been frequently shelled by Russian forces for months. Video published by President Volodymyr Zelenskiy revealed parts of a building in the village of Svesa minimized to rubble. Rescue groups ferried homeowners out of the building on stretchers. A whole block of the building, from the ground to the fifth floors was destroyed, Zelenskiy said in his nighttime video address. Neighbouring houses were likewise damaged....

Dutch and British wholesale gas prices increased slightly at an early stage Monday, as they traded in a. narrow variety, caught in between low wind speed and uncertainty over. Russian gas streams to Europe when the Ukraine gas transit deal. expires at the yearend. The benchmark front-month contract at the Dutch TTF center. edged up by 0.84 euro to 44.65 euros per megawatt. hour (MWh), or $14.3/ mmBtu, by 1016 GMT, while the day ahead. contract was up 1.08 euro at 44.38 euros/MWh. In Britain, the day-ahead agreement was 2.25. pence higher at 110.25 p per therm. The spot and...

Abu Dhabi National Oil Company has signed an arrangement to provide German energy company EnBW with 600,000 tons per year of liquefied natural gas from its Ruwais job for 15 years, ADNOC said on Monday. The sales and purchase agreement (MEDICAL SPA), which will see the United Arab Emirates state oil giant ship LNG beginning in 2028, settles a heads of arrangement reached in May. More than 8 million tons per year (mtpa) of Ruwais' overall 9.6 mtpa expected production has been committed through long-lasting arrangements, ADNOC stated. ADNOC sees LNG and gas, together with petrochemicals and renewables, as pillars...

The United States is ruling out going back to Ukraine the nuclear weapons it quit after the Soviet Union collapsed, White House national security consultant Jake Sullivan said on Sunday. Sullivan made his remarks when questioned about a New york city Times article last month that stated some unknown Western officials had actually suggested U.S. President Joe Biden could offer Ukraine the arms before he leaves workplace. That is not under factor to consider, no. What we are doing is surging different traditional capabilities to Ukraine so that they can effectively safeguard themselves and take the battle to the Russians,...

A surge on Friday night harmed a canal in northern Kosovo providing water to 2 coalfired power plants that create nearly all of the country's electrical energy, authorities said, blaming what they called a terrorist act. There were no instant reports of injuries and the cause of the blast was unclear. Kosovo Interior Minister Xhelal Svecla told local media from the scene that the explosion, which took place before 7 p.m. ( 1800 GMT), was a terrorist act and that part of the canal was damaged. Previously on Friday, Kosovo cops announced increased security measures after two current attacks where...

French authorities are drawing up strategies to offer an interestfree loan to stateowned power utility EDF to finance a considerable portion of the construction of six brand-new nuclear reactors, two people knowledgeable about the matter stated. The financing would clear a major obstacle for among the nation's most significant public tasks in years. The strategies resemble financing agreed recently for a single reactor in the Czech Republic, and although the size of the loan is not yet understood, it shows the growing need for state assistance in funding brand-new nuclear projects in Europe. The strategies also include a long-lasting guaranteed...

Slovakia will intend to launch a tender to construct a new nuclear power system in the middle of 2025 and pick a provider in 2027, the Economy Ministry stated on Wednesday. The nation is wanting to develop its nuclear power capability in the coming decades to meet growing usage. Nuclear power has actually also drawn restored interest by several European nations amid a drive for carbon-free energy, including Slovakia's neighbours Poland, the Czech Republic and Hungary. Slovakia has said it wishes to develop a new nuclear power unit of around 1,200 megawatts (MW) and completely owned by the state at...

Russia has imposed constraints on the export of enriched uranium to the United States, the government stated on Friday, producing supply risks for U.S. nuclear power plants which in 2015 imported a quarter of their enriched uranium from the nation. Russia stated the short-term limitations were a reaction to Washington's ban on imports of Russian uranium, which was signed into law earlier this year, however consisted of waivers enabling deliveries to continue in case of supply concerns through 2027. Russia is the world's sixth largest uranium manufacturer and controls about 44% of global uranium enrichment capacity. In 2023, the U.S....

Blasts expanded across Kyiv on Wednesday morning after authorities stated Russia released its very first missile attack on the Ukrainian capital because August, requiring elderly females and small children to nestle in an underground metro station. Ukrainians have actually been waiting on a big rocket attack for months, fretted that it could deal a new blow to the hobbled energy system and cause long blackouts as winter season sets in. Air defences intercepted two inbound cruise missiles, 2 ballistic missiles and 37 drones throughout the nation, the air force stated. No casualties or significant damage were reported in Kyiv. Putin...

The Czech antimonopoly workplace UOHS has been looking into prospective anticompetitive collusion of electricity manufacturers CEZ, EPH and Veolia Energie in a federal government auction for state help for developing power plants, UOHS said on Tuesday. News site www.seznamzpravy.cz reported UOHS was looking into whether the three business coordinated bids in the auction implied to choose business to develop gas or biomass power and heat plants as part of a decarbonisation drive. I can validate that UOHS is dealing with this matter, a. UOHS spokesperson said when asked to comment on the report,. confirming the 3 business were included. He...