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Energy Markets

Ukrainian prisoners describe torture and sexual abuse they suffered while detained in Russian custody

Former Ukrainian detainees as well as?Ukrainian officials, on Monday, accused Russia of torturing civilian and prisoners of war, keeping them incommunicado, and subjecting?thousands of people still held captive to beatings, shocks, and sexual abuse. Russia has rejected the claims made during a?informal U.N. Security Council Meeting. Its Deputy U.N. representative Maria Zabolotskaya called it "a campaign of disinformation" and claimed that Russian prisoners were being subjected "to torture and degradation, as well as moral and physical abuse." Khuan Levya-Garsiya is still an active member in the Ukrainian military. He claims that his Russian captors tortured him for 1,183 days. "Yes...




Energy Markets

Oil & Gas

Oil Refineries

Ukrainian prisoners describe torture and sexual abuse they suffered while detained in Russian custody

Former Ukrainian detainees as well as Ukrainian officials have accused Russia of torturing civilian and military?detainees. They also said that they held them incommunicado, subjected them to electric shocks, and sexually abused thousands of people. Russia has rejected the allegations that were made during an informal U.N. Security Council Meeting. Its Deputy U.N. representative Maria Zabolotskaya called it "a campaign of disinformation" and claimed that Russian prisoners held in Ukraine had been subjected "to torture and degradation, and moral and physically abuse." Khuan Levya-Garsiya is still an active member in the Ukrainian military. He claims that his Russian captors tortured...

Oil & Gas

Sinochem, a Chinese company, sells a 14% Pirelli share to Michal Strnad (a Czech billionaire).

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

Refined Products

Seven warehouse workers killed in Russia by Ukrainian drones after fire breaks out at Moscow oil depot

Regional governors reported on Saturday that waves of Ukrainian drone attacks killed seven people who were working at a warehouse in the capital region. They also caused a fire to break out at an oil depot. Evgeniy Pryshov, the governor of Tambov, said that 25 people were injured when Ukrainian drones?slammed? into a warehouse belonging to Wildberries, Russia’s?largest?online retailer?, in the town of?Kotovsk, located 475 kilometres (290 miles) south of Moscow. Pervyshov posted on Telegram that "Seven people working the nightshift?died right there on the spot." 28 UAVs were destroyed on approach. If they had succeeded in their mission, the...

Oil & Gas

Seven warehouse workers killed in Russia by Ukrainian drones after fire at Moscow oil depot

Regional governors reported on Saturday that waves of Ukrainian drone attacks killed seven warehouse workers and injured dozens more. Another attack caused a fire to break out at an oil depot within the capital region. Evgeniy Pryshov, the governor of Tambov, said that 25 people were hurt after Ukrainian drones crashed?into the warehouse of Wildberries, Russia’s largest online retailer?in Kotovsk, located 475 km (295 miles) south of Moscow. Pervyshov, a Telegram user, wrote: "Seven night workers died right there on the spot." He added that 28 drones had been?also fired upon as they approached. He said that if they had...

Natural Gas Utilities

Serbia promises aid to Ukraine, but ducks calls for more pressure on Russia

Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused...

Refined Products

Central Asia is feeling the impact of Russia's fuel shortage

Traders and fuel market participants reported that the fuel?shortages?in Russia caused by?Ukrainian drone attacks on its refineries?have reached Central Asian nations, who are dependent on Russian supplies. Sources claim that the amount of jet fuel shipped by rail by Central Asia and Afghanistan dropped 92% from May to 3,800 metric tons in June, while gasoline supplies fell 34% to 99 300 tonnes. According to traders, diesel exports grew?in June from 167.500 tons in May to 237.700 tons. Despite the larger drop in June, Russian fuel imports to Central Asia & Afghanistan rose by 7% from a year earlier to 3,82...

Refined Products

Tajikistan has enough fuel to last 60 days, despite Russian shortages

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

Oil & Gas

Kyrgyzstan will rely on fuel supplies from China and Belarus to compensate for the Russian shortage

Kyrgyzstan said it was awaiting fuel deliveries from China and Belarus to help deal with the 'knock-on effect' of a fuel shortage in its main supplier Russia. According to local media, Deputy Premier Daniyar Amangeldiev said that Kyrgyzstan has signed contracts with Belarus and China for 3 metric tons jet fuel and 10 metric tons diesel. Last week, Kyrgyzstan - which gets more than 90% its fuel from Russia - appealed for help to ensure stable fuel supplies. It asked Kazakhstan, Belarus and Azerbaijan as well as Uzbekistan and Turkmenistan. Fuel?shortages are affecting Russia following an attack by Ukrainian drones...

Oil & Gas

Sberbank of Russia lowers expectations for corporate lending as bad debts increase

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Oil & Gas

Sources say that Kazakhstan has agreed to provide 50,000 tonnes of gasoline to Russia

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Oil & Gas

Zelenskiy: Ukraine strikes Russian oil refinery, missile component factory

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Oil & Gas

Radev, Prime Minister of Bulgaria, says Bulgaria will not accept new EU sanctions against Russia

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

Fossil Fuels

Fossil Fuels

Finland bans certain parts of Baltic Sea after Latvia shoots drones in its airspace

On Friday morning, fighter jets participating in a NATO air defense mission reportedly'shot down' a drone which had entered the airspace of Latvia - a member state of NATO and European Union. A threat to airspace in the vicinity of Russia was also raised by the armed forces. Finland, a member of the EU and NATO that shares a border in part with Russia, has temporarily restricted aviation and maritime traffic to certain areas within the eastern Gulf. This is a precautionary move against drones. The armed forces of Latvia did not immediately disclose any details about the drone's origin...

Fossil Fuels

Governor of Yaroslavl, Russia says that oil refinery is on fire in Russia after a drone attack by Ukraine

The governor of the region, Mikhail Evrayev said that a major refinery in Russia's Yaroslavl area is on fire following a large Ukrainian drone attack. Emergency services are working to extinguish the flames. Images posted on social media that have not been verified show plumes of black smoke rising above the facility. Evrayev stated in a statement on Telegram that the refinery’s storage tanks were struck by falling drone debris. He described this as the largest enemy attack on Yaroslavl to date, located about 250 km (160 mi) northeast of Moscow. "Today, the region successfully repelled the biggest attack by...

Fossil Fuels

Austria's OMV quarterly profits jump 65% due to price increases

Austrian oil and gas company OMV reported a record?quarterly profit on Friday, surpassing estimates. Price?hikes?across-the-board more than offset sales impact from the Middle East conflict. Oil companies have benefited as a result of the increased volatility in energy markets, as the U.S./Israeli conflict against Iran has caused sharp fluctuations in crude oil and gas prices. OMV's operating profits jumped by 65% year-on-year, to EUR1.71bn ($1.97bn), exceeding analysts' expectations. The company has confirmed that it expects the Brent price to range between $85-$95 per barrel for the entire year, "subject to the resumption of shipping through the Strait of Hormuz". Brent...

Oil & Gas Refining

Environment

Power Markets

Hungary seeks to cool nuclear plant using Danube engineering

In a video posted on Facebook, Peter Magyar, the Prime Minister of Hungary said that the government would carry out engineering works?on the Danube River to raise water levels and ensure cooling for Paks Nuclear Plant. In recent weeks, the Danube fell to record lows amid a heatwave and a drought that lasted across Europe. The plant is now only operating at around 25% of capacity with only two out of eight turbines still running. The summer droughts have caused havoc on the European power industry, shipping and health care systems. Romania's neighbor, for instance, may shut down its final...

Power Markets

Romania may shut down its nuclear reactor Thursday due to the fall in Danube levels

Nuclearelectrica, the state-owned producer of?nuclear energy?in Romania, could close its last reactor working on August 13, as the levels on the Danube continue to drop, the company said on Tuesday. This is despite attempts to divert cooling waters to the plant. Nuclearelectrica was forced to shut down a reactor due to the record-low river levels in late July. Two reactors are located in Cernavoda, on the Danube. They account for about a fifth of the power produced by the country. Romania has taken unprecedented steps to keep its only working reactor operating. These include detonating an obstruction of rocks out...

Environment

Hungary switches one Paks generator back on as Danube levels rise

After a rise in the water level on the Danube River, which cools the plant, Hungary began to turn back on a generator at the Paks nuclear power plant on Monday. This will provide some relief for the facility that supplies nearly half of the country's electricty. In recent weeks, the Danube reached record lows amid a heatwave and a drought that lasted across most of Europe. The plant was forced to run at just 10% of its full capacity. Only one of eight turbines remained operational. The droughts in Europe this summer have already caused havoc with the power,...

Environment

Bosnia's UNESCO Vjetrenica wind cave' offers relief from heatwave

The UNESCO listed Vjetrenica Cave is a refuge for tourists in spite of the 40 degree Celsius heat in southern Bosnia. Vjetrenica (wind cave) is situated in the south part of Bosnia-Herzegovina, approximately 25 km (15 miles) north of Dubrovnik. In high season, cruise ships arrive daily with thousands of tourists. The cave is only open to a limited number of people due to the sensitivity of its environment. The cave's constant temperature of 11 degrees Celsius (52 F), year-round, has made it a haven for biodiversity and humans alike. Visitors groups up to 80 people can explore the labyrinthine...

Nuclear Power

Hungary and Albania both cut power in the face of Europe's heat

Emergency services in Albania battled a wildfire?in the southern region Mallakaster while?Hungarians?cut back on power consumption due to a heatwave?and drought?that continued to affect large parts of Europe's south and east. This summer, Europe, the continent that is warming up fastest in the world, was ravaged with record-breaking temperatures and devastating wildfires. France and Spain were particularly hard hit. It is now Italy that has been focusing on the heatwave. Temperatures in some places reached around 40 degrees Celsius. It was the heat that prompted the Vatican's decision to move Pope?Leo's weekly general audience, which had been held in St...

Climate Change

Low Danube power crisis escalates in Hungary and Romania

The prime minister of Hungary said that the Paks nuclear plant in Hungary, which produces nearly half the country's electricity could be closed for weeks. Meanwhile, Romania declared a state-of-emergency due to low water levels along the Danube. The heatwave expected to increase demand for electricity in both countries will lead them to rely more on imported power. The government has asked major industrial consumers to reduce consumption. Ilie Bolojan, premier of Romania, said that the country will seek to import additional electricity from Ukraine. Greece and Bulgaria. Bolojan stated, "I declared a state of alarm on a nationwide level...

Environment

Five Bosnian climbers believed dead on Russia's Mount Elbrus

A Bosnian climbing rescue team said that five Bosnian climbers were believed to have died after being caught in a violent storm on Russia's Mount Elbrus. Russian rescuers are still searching for the bodies. The Emergencies Ministry of Russia said that rescuers saved two more?climbers who were evacuated and taken to medical care. The ministry said that the bodies of two "further" members of the group were located at an altitude 5,350 metres (17,550 feet). They would be removed when the weather permitted. The ministry said that the search for three more bodies was ongoing without specifying the nationality of...

Electric Utilities

Danube's water level is lowest in 30 years and has a negative impact on farming and shipping

The Danube River in Romania dropped to its 'lowest level since 1996 at the weekend. This led to a'restriction on irrigation for farmers and a partial disruption of shipping and tourism along the river banks. The 'Climate Monitor' shows that the waterways of Europe are being affected by the prolonged heatwaves this year. The Romanian state agency for water management said that the level of the second-longest European river at the Romanian entry point was 1,700 cubic metres of water per second, compared to a range of 4,700 cubic metres per second in July. The footage shows long stretches of...

Environment

South32 Q4 copper output declines, missing market estimates

South32, a diversified Australian mining company, reported lower fourth quarter copper production on Monday. This was below market expectations, due to the 'impacts of 'inclement weather that continue to impede mining operations in Chile at the Sierra Gorda Project. Heavy rainfall in March caused access to an area of mining to be restricted. South32 announced that the 'operating costs for fiscal year 2027 will be around 10% higher than the forecasted financial year 2026 due to the timing of an earlier announced one-off?payment for the workforce and higher diesel prices. Sierra Gorda, located in Chile’s mineral-rich Antofagasta Region, is jointly...

Climate Change

Hungary uses water to protect UNESCO bird sanctuary amid drought

The Hungarian authorities are 'channeling' water into a large area of the Hortobagy Park National Reserve, a UNESCO World Heritage Site, in order to prevent its marshlands from drying out due to this year's severe dry spell. Hortobagy, or "Puszta", is a tourist magnet in eastern Hungary. It consists of plains and wetlands and is a stopover for thousands of birds that migrate to Africa. They build nests here and breed before flying south as the autumn approaches. The largest marshland is "Fekete ret", which was once part of the?former Tisza floodplains, and its lower lying parts were irrigated with...

Environment

The Tour de France stage nine will be shortened due to the heatwave.

The organisers of the race announced on Saturday that Sunday's stage nine will be reduced by 30 km due to heat risks. However, it will still have its original start and finish locations. In a press release, the organizers announced that the stage from Malemort, originally planned for 185.5km, will now be a 155.5km route. The statement said that Meteo-France had placed the Department of?Correze under red alert because of an intense heatwave. "In light of that... the race is going to?divert the original route in the neutral area, taking the D921 from Brive-la-Gaillarde and heading straight to Lanteuil 147.8km...

Climate Change

Study says climate change will affect Italy's economic growth in the long term and increase debt risks.

A study published on Wednesday suggests that climate change could have a significant impact on Italy's economic growth in the long term and make its heavy debt burden even harder to sustain. The output of Italy could be reduced by as much as 6% by 2050. These findings are coming at a time when 'Europe, including Italy, is grappling with an intense heatwave which has seen temperatures rise above normal seasonal levels and been linked to thousands deaths on the continent. The Euro-Mediterranean Centre on?Climate Change's (CMCC) analysis argues that the damage caused by climate change goes beyond direct economic...