East European Countries

The Kremlin announced on Thursday that Russia is interested in attracting more foreign investment. This comes after the Wall Street Journal reported that the U.S. peace plan in Ukraine included proposals to invest in Russian rare Earths and energy. The Journal reported that the plans, which were detailed in the appendices of peace proposals drafted by U.S. president Donald Trump's administration and given to European counterparts during recent weeks, included proposals to restore Russian supplies to Europe. The Journal reported that U.S. firms would also invest in Russian strategic areas such as rare earth extraction and oil drilling in the...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

According to a report by the state news agency TASS on Tuesday, dividends from the state-owned Russian electricity companies will fund investments in the industry. The article quoted Yevgeny G. Grabchak, Deputy Minister of Energy as saying that the hydro-generation company Rushydro along with grid operator Rosseti will be included in this scheme. Dividends will be paid to a special institution for development and used to help power companies. This includes subsidizing bank interest rates. According to a draft of a law, the Energy Ministry proposed last month that electricity companies limit dividend payments in order to release funds to...

Serbian President Aleksandar Vucic announced on Tuesday that the country will continue to allow payments and transactions with the U.S. sanctioned Russian oil company NIS, until the end the week. This is despite the threat of secondary sanctions. Gazprom and Gazprom of Russia, who own the majority of NIS, are required to sell their shares in the company. The U.S. has imposed sanctions on NIS because it is owned by Russians. Vucic, the president of Serbia, said that payments made with NIS by its banks, which includes the central bank will continue through Monday. After meeting with government officials responsible...

Rosneft, Russia's biggest oil producer, reported a 70% drop in net income from January to September, falling by $3.57 billion or 277 billion Russian roubles. The company attributed the decline to high interest rates and cheaper oil, as well as a stronger rouble. Shell and TotalEnergies have seen their quarterly profits fall due to lower oil prices. Rosneft stated that the increased "anti-terror" security was putting additional pressure on its results. The company didn't elaborate on specific security measures. Ukraine has increased drone attacks against Russia's energy infrastructure. Rosneft reported that its revenues dropped 17.8% to 6.29 trillion rubles in...

The Polish Financial Regulator KNF announced on Thursday that it is investigating the plan of state-controlled refiner Orlen to buy out minority investors in its utility unit Energa. Orlen announced the buyout plan on Wednesday. The regulator stated that it would examine all aspects of this and publish its findings as quickly as possible. The regulator stated on its website that "the KNF is undertaking explanatory activities which cover all aspects of this issue." KNF's spokesperson said that the statement it released contained all of the information they could provide at this time and declined to comment further. Orlen announced...

Orlen, a Polish state-controlled refiner, announced on Wednesday that it intends to purchase the remaining shares of its utility unit Energa in order to become a full owner. The price is estimated at 709 million Zlotys (about 189 million dollars). Orlen will integrate the utility deeper into its strategy for energy transition. The refiner offers 18.87 zlotys for each share it does not own. In a filing with the regulatory authorities, the company stated that shareholders can submit offers to sell between December 1 and 17. It also said it would start purchasing Energa's shares from the market on November...

The NOVA.RS TV in Belgrade reported that the operations at Serbia's Russian owned NIS oil refinery had ceased due to a shortage of crude oil. This is the latest indication that U.S. sanction on the project may threaten fuel supplies throughout the Balkan nation. NIS officials and the Serbian government declined comment. In January, the Office of Foreign Assets Control of the U.S. Treasury Department placed sanctions on Russia’s oil sector, including NIS. NIS is owned in majority by Russia’s Gazprom and Gazprom. US repeatedly granted NIS waivers until the sanctions came into force in October. The banks then stopped...

On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has...

The Energy Minister Bogdan Bogdan Ivan stated on Tuesday that Romania must control the Romanian subsidiary of Russian Lukoil in order to protect jobs, enforce international sanctions, and ensure a stable national energy system. Lukoil operates 320 petrol stations across Romania, is the third-largest refinery in the country and has offshore exploration rights for a part of the Black Sea. Ivan didn't elaborate on which assets or how the state should take control. The U.S. imposed sanctions on Lukoil and Rosneft in connection with the war that has raged for more than three-and-a-half years in Ukraine. These sanctions will take...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has only one month's worth of gasoline left, as it prepares for the impending U.S. sanction against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, and the majority of its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter,...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

Thyssenkrupp’s steel unit announced that it would temporarily stop production of electrical steel, a material key to wind turbines and electricity grids. It blamed 'cheap imports' from Asia, which it warned were putting an additional '1,200 jobs in danger. According to industry sources, the move was previously unknown and highlights the struggles Europe's steel industry faces in the face global trade frictions which have forced Chinese competitors to sell surplus capacity on the continent at a lower price, even by a quarter. Thyssenkrupp Steel Europe, Europe's second largest steelmaker, has already cut or outsourced 11,000 jobs as a response to...

Kazakhmys, a Kazakh copper producer, announced on Wednesday that it had signed an?framework contract? which would transfer the control of?company? to a new investor. The?signing?of?the document marks the beginning of the transfer of the control. The company stated that all the necessary obligations and measures under the agreement would be completed in the near future 'according to established procedures. This will then be followed by the signing a'share purchase agreement. Vladimir Kim and Eduard?Ogay, the board chairman of Kazakhmys, signed the agreement. Kazakhmys has not said who will take control. Local media reported that Nurlan Artykbayev founded Qazaq Stroy and...

Critical Metals announced on Tuesday that it would form a joint-venture with FPCU, a Romanian company. The two companies will set up a facility to process 'rare earth minerals' from the Tanbreez mine of Critical Metals. In premarket trading, shares of the company increased by 4%. The company has said that it will supply half of the Tanbreez Project's?rare-earth concentrates to the Romanian joint venture for the entire?lifespan?of the mine, at "mutually agreeable competitive market terms". Tanbreez is a critical project as it provides an alternative source for heavy rare earths, which are vital to the production of electric vehicles,...

Investors analyzed corporate updates and economic statistics ahead of next week's U.S. Federal Reserve rate decision. The blue-chip FTSE 100 closed up 0.2%, while the midcap FTSE 250 gained 0.3%. After the Russia-Ukraine talks broke down, aerospace and defence stocks gained 2.5% for the third session in a row. Rolls-Royce gained 2.6% and BAE Systems about 2.6%. Investment banks and brokerages rose by 2.2%. The investment firm 3i Group topped the FTSE 100 index with a 5.1% increase. Personal goods rose by 2.8%, with Burberry gaining 3% as HSBC increased the price target for the stock. Diageo fell 3.9% as...

The Astana International Trade website reported that Kazakhstan's steelmaker Qarmet had placed bonds for seven years worth $500 million at a coupon of 10.2%. The company has issued 5 million bonds at a par of $100. This is the second issue of this kind since it placed $500 million in bonds priced at 11% annually back in September. Trading will start on December 5. Qarmet will use $150 million for refinancing existing loans, and $350 millions to finance investment projects. This includes reimbursement of capital expenditures and refinancing debts. Qarmet, owned by ArcelorMittal until 2023, was sold to Qazaqstan Investment...

The UK's FTSE 100 rose on Thursday as investors assessed corporate updates and data that suggested potential weakness. Burberry also gained following an HSBC increase in price target on the luxury goods manufacturer. The blue-chip FTSE 100 rose 0.1% at 11:15 GMT Thursday, and the midcap FTSE 250 gained 0.3%. The S&P Global monthly purchasing managers' Index showed that British construction activity has contracted at the fastest rate since May 2020. The employment index fell to its lowest level since August 2020, as the pace of job losses accelerated. The survey's measure of optimism fell to a three-year low. Cost...

The European Parliament voted on Wednesday to delay the implementation of the European Union deforestation legislation by an additional year. The European Parliament announced that companies will have another year to comply with the new EU regulations to prevent deforestation. The obligations of the regulation will apply to large operators and traders as of December 30 2026 and to micro and small businesses from June 30 2027. The EU's green agenda is built around the ban on cocoa, palm and other products linked to deforestation. This policy, a world first, aims to stop the 10% global deforestation caused by EU...

Boguslaw Olesky, the acting CEO of Polish coal miner JSW, said that an internal survey showed that more than 6,000 workers were interested in the planned reduction in workforce. This is almost twice the number eligible to participate. Oleksy stated that the plan is contingent on a newly enacted mining law and aims to reduce jobs in two ways: "mining leaves", which are state-funded furloughs leading to retirement for more than 3,100 workers; and voluntary severance package for 700 others. JSW is facing a cash crunch. Oleksy said that the stabilization fund of the company was "on its way to...

On Tuesday, U.S. president Donald Trump backed off a deadline of Thursday for Ukraine to accept a U.S. peace plan. He said "the deadline is when this is over." Trump told reporters aboard Air Force One, as he was flying to Florida to celebrate Thanksgiving, that U.S. negotiators had made progress in their discussions with Russia and Ukraine and that Moscow had accepted some concessions. He did not specify them. The first report of a U.S. framework for ending the conflict, which was made last week, has prompted new concerns that the Trump Administration might be willing and able to...

The Polish coal miner JSW, controlled by the Polish government, reported a net profit of 218.0 million dollars for the third quarter of this year. This is compared to 315.3 million dollars in the same time period last year. The miner has suffered a series of losses in the past quarters as it battles a market with falling coal prices, and a weak demand. This has outpaced the efforts of the company to return to profitability. Why it's important JSW is Europe's leading producer of hard coking coal. JSW is the largest producer of high-quality hard coking coal in the...

Stephane Sejourne, the EU's industry chief, said that recycling could be the answer to the EU's dependence on China for critical raw material imports. The Critical Raw Materials Act, which entered into force in 2013, has set the EU a recycling target of 25% by 2030 to meet the demand for critical minerals. Less than 1 percent of rare earths are recycled in the EU. Sejourne, speaking at a Brussels conference, said that the EU should also speed up the process of negotiating deals for raw materials critical to its economy instead of waiting to sign multi-year agreements. Sejourne stated...

Early results show that the far-right Jose Antonio Kast is close behind Jeannette Jara, the candidate of the governing coalition in Chile, who has 26.2%. This early result shows the strength of the conservative opposition. Kast had 24.9% with about 15% of the votes counted. Jara would be the first candidate of the Communist Party in the country to make it to a runoff if she maintains her lead. Two political extremes will face off in a runoff on December 14, pitting them against each other during a period when voters are concerned about Crime and immigration These law-and order...