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Oil & Gas

Oil & Gas

As US sanctions Russia's Rosneft and Lukoil, oil prices continue to rise

The oil prices increased by over $1 per barrel in the last session after the United States placed sanctions on Russian oil firms Rosneft, and Lukoil for the Ukraine conflict. Brent crude futures rose by $1.76 or 2.81% to $64.35 at 0041 GMT. U.S. West Texas intermediate crude futures also increased by $1.68 or 2.87% to $60.18. The U.S. has said that it is prepared to take additional action, as it calls on Moscow to immediately agree to a ceasefire of its war in Ukraine. U.S. president Donald Trump did not impose sanctions against Russia for the war before, instead...

Oil & Gas

Orlen offers $278 million to purchase all shares of Grupa Azolty Polyolefins

Orlen, a Polish oil refiner, has offered to purchase all the shares in Grupa Azoty Polyolefins. GAP is a petrochemical division of Grupa Azoty - a state-controlled chemical company. Orlen owns 17.3% GAP and said that its offer valued at $1.02 billion (about $278.20m) includes financing for GAP to continue restructuring debts and claims, as well as purchasing shares from other shareholders. Orlen and Azoty have been discussing the future of polymers, which Azoty's core business is losing money in, since 2024. The country's largest oil refiner announced earlier this year that it would not purchase more shares of Azoty’s...

Oil & Gas

Russia announces changes to its budget aimed at decreasing oil revenue dependence

The Russian Finance Ministry announced on Thursday a new measure that it claimed was designed to shield the state budget against oil price fluctuations as well as Western sanctions targeted at Russian energy exports. The government is lowering the price cutoff for oil that oil revenues are deposited into the fiscal reserves fund. This will ensure the fund has enough money to replenish it. At a public meeting, Finance Minister Anton Siluanov stated that "to make our finances more robust, we propose a reduction of dependence on different constraints, whether they are price-related or volume related, in the budget’s reliance...

Oil & Gas

Von der Leyen: EU proposes faster phase-out for Russian energy

The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission...

Oil & Gas

NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Oil & Gas

Slovak leader Fico sets out conditions to support more Russia sanctions

Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban...

Oil & Gas

Polish stocks fall after NATO member shoots down Russian aircraft in its airspace

Polish stocks fell on Wednesday, after Poland shot down Russian Drones that had entered its airspace as part of a Russian offensive in western Ukraine. At 0829 GMT the Warsaw blue-chip index slid to 2.6%, making it one of only a few European indices that were trading lower. Konrad Ryczko is an analyst with DM BOS. He said that the future of the situation was uncertain. Robert Maj, an Ipopema Securities analyst, said that the drop was a reaction to overnight events, and gave investors a reason to take advantage of recent gains. Maj added: "It is also a form...

Oil & Gas

Trump is ready to launch a second phase of sanctions against Russia over the Ukraine conflict

Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump...

Oil & Gas

Kurier reports that Austrian oil giant OMV is planning to reduce its staff by a twelfth in the evening across the globe.

The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis...

Oil & Gas

The Sakhalin Governor of Russia says that Exxon's return to Russia would be beneficial

The Governor of Russia's Sakhalin region in the far east told reporters on Thursday that a possible return of U.S. Energy Major Exxon Mobil could be a boon for local oil and gas businesses. Last month, Russian President Vladimir Putin issued a decree that would allow foreign investors to recover their shares in the Sakhalin-1 project. This includes Exxon Mobil, a major U.S. oil company. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska at a summit, where the agenda included opportunities for business collaboration and investment as well as...

Natural Gas Utilities

Serbian Vucic wants to increase cooperation with Russia

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Oil & Gas

Before Putin's Beijing trip, signs of Chinese influence are everywhere in Moscow

Chinese business centres near traditional Chinese pavilions. Russian adults practicing Kung Fu and learning Mandarin. Sizzling food being served at Chinese restaurants. Signs of Beijing's influence are everywhere in Moscow as President Vladimir Putin prepares to visit China next week. It seems like the contacts with China have intensified. "A mutual interest is increasing," said Natalia Gerasimova. She was a manager of a Russian company, and visited the Chinese landscape park in Moscow. "They are welcoming to us and they treat us well." In Russia, I also do not see resistance to these relationships. "Yes, we may have different mentalities...

Fossil Fuels

Fossil Fuels

After the Ukrainian attack, Russia will ask its reservists for help in defending refineries

The top brass of the Russian army said that it will use reserve soldiers to protect civilian infrastructure, such as oil refineries, after an increase in drone attacks from Ukraine deep into Russia during recent months. In the midst of a conflict with the West regarding Russia's involvement in Ukraine, Vladimir Putin ordered that the regular army be increased to 1.5 active personnel, making it the world's second largest army after China's. Putin said at least 700,000. Russian legislators say that there are another 2,000,000 men in the active reserves - those men who signed a contract as reservists but...

Fossil Fuels

Minister says JSW Poland will not receive energy fund contributions back

The Polish finance minister announced on Wednesday that the state-controlled coal firm JSW could not get back the 1.6 billion Zlotys (412 million dollars) it had paid into a fund set up to offset rising energy prices. At 0840 GMT, the company's stock was down 4.6%. Poland's government requested a contribution by JSW in order to fund a mechanism that would freeze energy prices. JSW asked for a refund. Contribution that it paid between 2023 and 2024 citing its financial difficulties. Europe's biggest producer of feedstock for the steel industry, which is affected by the falling price of coking coal...

Fossil Fuels

UK targets shadow fleet, sanctions Russia's Lukoil, Rosneft

The UK targeted Russia's largest oil companies Lukoil, Rosneft and 51 tankers of the shadow fleet on Wednesday in a new attempt to tighten sanctions against energy and cut off Kremlin revenue. While on a visit to the United States, Finance Minister Rachel Reeves informed reporters that "we are introducing targeted sanction against the two largest oil companies in Russia - Lukoil & Rosneft". "At the time, we increase pressure on companies located in a number of third-country countries, such as India and China, who continue to facilitate the flow of Russian oil onto international markets." She said that "there...

Crude Oil

Power Markets

Power Markets

Ukraine accuses Russia that it deliberately severed the external link with Zaporizhzhia Plant

Ukraine's Foreign Minister accused Russia of intentionally severing an external power line that connected the Zaporizhzhia Nuclear Power Station, which is owned by Russia, to Moscow's grid. Andrii Sybiha, Ukrainian Foreign Minister, said that Moscow is testing a reconnection with Russia's grid. Ukraine has long been concerned that Moscow might try to redirect output from the plant to its grid. Russian officials, however, have denied that they intend to restart the power plant which was seized by Moscow forces during the first weeks of their February 2022 invasion. Despite the fact that it is currently without electricity, this plant has...

Power Markets

Zelenskiy: Russia waited until bad weather to attack energy sites

Volodymyr Zelenskiy, the Ukrainian president, said that Russia deliberately waited until bad weather conditions existed before launching a massive attack on Ukraine's power system. He added that the bad weather conditions had reduced the effectiveness of Ukraine's air defences between 20 and 30 percent. Zelenskiy, a reporter in Kiev, said that the main assault took place in four areas. I believe the weather conditions have affected our ability to repel by about 20-30%. Overnight, Russian drones and rockets attacked Ukrainian energy facilities, plunging Kyiv in darkness, cutting off power and water for homes, and stopping a metro line across the...

Power Markets

Russian draft law limits power companies' dividends in order to encourage them to invest more

According to a draft of a law, the Russian Energy Ministry wants to limit dividend payments by electricity companies to raise funds for major infrastructure upgrades. All Russian companies engaged in the generation, transmission and distribution of electricity would be affected by this proposed measure. Currently, companies set their dividends and borrow money to finance investments. The new law will force them to prioritize investment over dividends when allocating their profits. This is according to an industry source as well as a source who has been involved in the drafting of the bill. One source said that there are many...

Power Markets

Russia withdraws from the plutonium agreement signed with the United States

The lower house of the Russian parliament approved on Wednesday a withdrawal from a landmark deal with the United States that aims to reduce vast stocks of weapons-grade Plutonium leftover from thousands of Cold War nucleotide warheads. In 2000, the Plutonium Management and Disposition Agreement, or PMDA, was signed by both Russia and the United States. This agreement committed them to dispose of a minimum of 34 tonnes each of weapons-grade Plutonium, which U.S. officials estimated would be enough for up to 17,000 nuclear bombs. It was signed in 2011. A Russian note about the legislation that would withdraw Moscow...

Power Markets

Grossi: Ukraine's Zaporizhzhia Nuclear Plant now without offsite electricity for six days

Rafael Grossi, chief of the U.N. Atomic Watchdog, said that Zaporizhzhia Nuclear Power Plant has been without power offsite for six days. Since the beginning of the conflict, the plant in southeast Ukraine was under Russian control. Both sides have accused each other of shelling the facility and compromising nuclear safety. Grossi, the director general of International Atomic Energy Agency (IAEA), wrote on X about his meeting with Ukrainian Foreign Minister Andrii Sbiha and their exchange of views regarding the plant. He also said that the IAEA is working to restore power. UKRAINE WANT TEMPORARY IAEA STEP-IN FOR PLANT Oleh...

Nuclear Power

Belarus claims it can supply nuclear energy in parts of Ukraine that are controlled by Russia

Belarus has proposed to build a nuclear plant in the eastern part of the country, which could provide electricity to parts of Ukraine controlled by Russia. President Alexander Lukashenko announced this on Friday. Lukashenko brought up the idea with Russian President Vladimir Putin during Kremlin discussions in Moscow. Lukashenko used the same language as Moscow to describe the territory of Ukraine that was captured by Russia. The offer highlighted the close relationship between Putin and Lukashenko even though U.S. president Donald Trump pursues an incentive-based strategy to encourage the Belarusian leaders to release political prisoners and improve relationships with the...

Power Markets

The EU's highest court has ruled against Hungary's nuclear aid

The EU's highest court ruled on Thursday that the European Commission shouldn't have approved Hungarian aid to expand its Paks nuclear plant by a Russian firm, as the Commission hadn’t checked whether the contract complied with EU rules. As part of a bilateral agreement between Russia and Hungary regarding the peaceful use nuclear energy, Hungary awarded the contract directly to Nizhny Novgorod Engineering of Russia. The Russian government then provided Hungary with an official loan to help finance the majority of the construction of the new reactors. In 2017, the European Commission also approved the project. In 2018, Austria, a...

Power Markets

Minister says Poland will freeze energy prices for the fourth quarter

Energy Minister Milosz Motyka announced on Friday that the Polish government would extend the price limit for electricity through the fourth quarter. This could eliminate one uncertainty regarding the inflation outlook of the country. Motyka announced that the power prices would be frozen in the fourth quarter at 500 zlotys ($137) per Megawatt Hour. The central bank has warned that the electricity price cap in Poland for households will expire at the end of October. This is a factor which could lead to inflation and uncertainty. Last month, President Karol Nwrocki vetoed legislation that included regulations to extend a price-freeze....

Coal

Minister: Romania is in negotiations with the EU to extend the operation of coal-fired power plants

Romania has been in negotiations with the European Commission for at least five more years to delay the shutdown of 2.6 gigawatts coal-fired power generation, said Romanian Energy Minister Bogdan van on Tuesday. Romania generates electricity using a combination of gas, coal and renewables. Under its European Union-funded package of recovery aid, the government committed to phase out lignite coal and hard coal by 2026. The state-owned lignite holding CE Oltenia partnered with OMV Petrom and Tinmar to build gas-fired plants and solar parks to replace coal assets. However, the projects are expected to be completed later than originally planned....

Nuclear Power

Hungary to import US small modular reactor technology with Polish partner

Hungary has made a major step in importing technology for small modular reactors by partnering up with Poland's Synthos Green Energy. Synthos Green Energy holds the central European rights to GE Vernova Hitachi technology. Hunatom, a Hungarian firm that develops nuclear energy in Hungary, signed a letter with Synthos. Synthos is the project developer of BWRX 300 reactors for this region. Peter Szijjarto, the Hungarian Minister of Foreign Affairs, said that this agreement was about initiating technological, infrastructure, financial and legal preparations needed to bring American nuclear technology into Hungary. GE Vernova Hitachi, a joint venture of General Electric and...

Nuclear Power

Russia claims it is too soon to estimate the damage caused by US bombs to Iranian nuclear facilities

The Kremlin stated on Wednesday that the damage caused by U.S. airstrikes on Iran's nucleus facilities last weekend was still too early to determine. Dmitry Peskov, spokesman for the Kremlin, said "No" when asked if Russia held its own data on the extent of damage. I don't believe that anyone has realistic data at this time. "It's likely too early to have such data. We need to wait for them." The U.S. president Donald Trump claimed at the weekend that these strikes "obliterated Iran's nuclear facility". Three sources familiar with the situation said that an initial U.S. Intelligence assessment determined...

Power Markets

InterRAO, a Russian energy company, says that electricity exports will fall by 4% in this year due to lower supplies to China

The head of the state-owned energy company InterRAO stated that Russian electricity exports have fallen by around 4% this year due to a large drop in supplies going to China. He also predicted that the amount would fall by the exact same amount by 2025. InterRAO's total exports fell by 17.6% to 8,53 billion kilowatt hours in 2024. The decline in exports was caused by the Russian Far East's power system restrictions, which reduced exports to China. Kazakhstan will account for 54% of Russia’s electricity exports by 2024. This makes it the largest export market. "As at mid-June total electricity...