Finland

Finnish petrol station operator Teboil is owned by Russian oil giant Lukoil and said that it was preparing to close its operations when fuel ran out due to U.S. sanction against its parent. Teboil announced that stations would close in stages once the fuel stock is sold out. The United States last week imposed sanctions on Lukoil for its involvement in the war in Ukraine. On Friday, the Trump administration gave potential buyers clearance to speak to the Russian company regarding buying their products. Non-Russian assets According to the website of Teboil, there are 430 Teboil stations in Finland. This...

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

ExxonMobil has halted 100 million euros (118.4 millions) in investment in European Plastic Recycling due to draft EU rules that define the recycled content of a final product. Two projects are being developed by the U.S. energy company to recycle chemicals at its existing plants in Rotterdam, and Antwerp. The project will process 80,000 tons of plastic waste annually. In an interview, Jack Williams, Senior Vice-President of ExxonMobil, said that the two projects were now halted due to the EU draft rules which he claimed discriminated against existing petrochemicals facilities versus standalone installations. "Everything is going according to plan." He...

Neste, the Finnish oil refiner and biofuel producer, reported stronger-than-expected core earnings for its second quarter. The company cited a surge in sales of sustainable aircraft fuel (SAF), aided by an increase in production capacity. Neste's comparable quarter earnings before interest taxes, depreciation, and amortization (EBITDA), rose by 42% compared to a year ago, reaching 341 million euro ($401 million). According to a consensus provided by the company, analysts had forecasted 302,5 million euros in average. Heikki malinen, CEO of the company's renewables refinery Rotterdam, said that "our sustainable aviation fuel (SAF) sales increased by close to 80% from quarter...

Court filings show that a Russian court postponed the legal proceedings in a $2.9 Billion lawsuit brought by Rosatom, Russia's nuclear energy company, against Finland's Fortum & Outokumpu by over nine months. In May, documents filed in court and a Rosatom press release revealed that the state-controlled nuclear energy company Rosatom was seeking compensation of 227.8 billion Russian roubles (about $2.9 billion) for the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Court documents, which did not provide any further information, showed that the hearing at the Moscow City Arbitration Court scheduled for Wednesday morning has...

Neste, a Finnish biofuel producer and oil refiner, expects U.S. Tariffs to have only a small direct impact on their business. However, they warned about the oversupply of renewable fuels and market volatility. Heikki malinen, Neste's Chief Executive Officer said that "we expect European policymakers will safeguard an equal playing field and the competitiveness of European Industrial Companies." The Finnish group warned that it would continue to face challenges in the future due to the excess supply of renewable fuels, the weak global economy and the low demand for these fuels. Neste, a company that has a joint-venture with Marathon...

Microsoft's director of AI Infrastructure, who is responsible for the data centres, said that Microsoft will shift its strategy so as to be driven more by power availability than by user demand or supply. The Nordic region, he added, would be a great place to have emission-free capability to support artificial intelligence. Microsoft, which has about 300 data centres around the world and will invest an additional $80 billion in them before the end of the month, is aiming to be carbon-negative by 2030. This means it must find a renewable energy source that emits no emissions to support the...

The Finnish utility Fortum reported on Tuesday that its fourth-quarter operating profit was below analysts' expectations. It cited lower volumes of hydro and nuclear power and weaker prices. Fortum says that the fall in Nordic spot prices was partially offset by the ongoing recovery of Nordic power demand. According to a poll conducted by the company, analysts had expected 280 million euro in operating profit. Fortum CEO Markus Rauramo stated in a press release that the comparable operating profit of the Generation segment decreased due to lower volumes for hydro and nuclear and lower spot and hedge price. Operating profit...

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....

Neste has briefly closed down its refinery in Rotterdam, the Netherlands due to a fire, it said on Friday, and lowered its fullyear guidance for eco-friendly products sales volumes. Shares in the Finnish business were down 4% at 1537 GMT. Neste stated in a declaration the fire at the refinery was snuffed out and no persons were injured in the occurrence. Based upon our initial evaluation, the Rotterdam refinery production will be down for numerous weeks affecting the sustainable diesel customer deliveries, the company stated. It stated it due to the temporary closure now saw sustainable products' overall sales volumes...

Neste has actually withdrawn from a financial investment into renewable hydrogen production at its plant in Porvoo, Finland, the oil refiner and biofuel maker said after its quarterly core profits missed out on market expectations on Thursday. The Helsinki-listed group stated it would need to re-evaluate any brand-new financial investments due to the tough market conditions, and added it was looking for alternative methods to make use of renewable hydrogen in Porvoo. Neste, whose eco-friendly diesel can substitute its fossil counterpart to cut emissions of existing automobiles, has actually been struck by falling costs for the fuel amidst weak global...

Nordic utility Fortum faces cyberattacks on a daily basis in Finland and Sweden and has often spotted drones and suspicious people near its sites, its CEO told Reuters, including the company had asked the authorities to investigate. Security services in Finland and Sweden decreased to comment on specific incidents, but both have actually declared a pick up in destructive activities by Russia in the last few years. Russia's foreign ministry or embassy in Helsinki did not right away respond to a written request for comment. Finland and Sweden angered eastern neighbour Russia by signing up with the Western military alliance...

Donald Trump, the U.S. president, has linked his desire to seize control of Greenland with his failure to receive the Nobel Peace Prize. He said he was no longer thinking "purely of Peace", as the row on the Arctic island threatened to reignite the trade war between Europe and the U.S. Trump is intensifying his efforts to take over Greenland, which belongs to NATO member Denmark. He has threatened punitive tariffs against countries that stand in his path and prompted the European Union (EU) to consider retaliatory measures. The dispute threatens to bring down the NATO alliance, which has been...

In a letter, U.S. president Donald Trump told Norway's Prime Minister that he did not feel obligated to "think purely of Peace", because he hadn't?been?awarded the Nobel Peace Prize. He also reiterated his demand for Greenland. Stoere said in a press release that the letter was written in response to a short message sent by Norway's Premier Jonas Gahr Stoere to Trump opposing his decision imposing tariffs on European allies for refusing to allow the U.S. to take control of Greenland. Trump's letter stated that he no longer felt obligated to only think of Peace. Although it will always be...

On Saturday, protesters in Denmark and Greenland called for the island to be allowed to decide its own fate and criticized President Donald Trump's demand that it be ceded. Trump has said that Greenland's strategic location and its large mineral deposits are vital for U.S. national security. He has also not ruled out the use of force to seize it. The European nations sent military personnel this week to the island on Denmark's request. MARCHING FOR GREENLAND AT NUUK AND COPENHAGEN Demonstrators in Copenhagen chanted, "Greenland's not for sale", and carried slogans like "No means No", and "Hands Off Greenland",...

The European share market was subdued Friday due to weakness in mining and luxury stocks. This marked a gloomy end to a week that had been dominated by?the beginning of a busy earning season along with geopolitical concerns. The pan-European STOXX 600 index finished at 614.38, while the luxury index fell 3.2%. This was its largest daily drop since early October. Richemont, one of the biggest losers, fell 5.4%, after BofA Global Research cut its recommendation for the Swiss jewellery firm to neutral from buy, and advised investors to "wait", citing inflated valuations following a recent rally. "European stocks are...

Outokumpu, a Finnish stainless steel manufacturer, reported a third-quarter profit that was below the market's expectations on Wednesday. It also announced it would invest $45 million into establishing a pilot plant in America. In the period June-September, the adjusted earnings before taxes, depreciation, and amortization (EBITDA), as measured by the company, fell 60%, to 34 million euros. This was below the 35.7 million forecasted by analysts in a survey provided by the firm. European steelmakers are facing challenges, including a low domestic demand, high energy costs and severe pressures from imports at low prices from Asia, particularly China. The global...

Outokumpu, a Finnish stainless steel manufacturer, reported Thursday a core income that was above the market expectation for the second quarter. It also said that it has increased its target of short-term savings to 60 million euro ($68.6 millions) by 2025. Outokumpu's consensus forecast had analysts expecting 69 million euros. In an earnings report, CEO Kati Ter Horst stated that "we continued to benefit from the strong market positions we have in Europe and the U.S." She did say, however, the quarter was marked with uncertainty and increased geopolitical tensions. This led to an increase in caution among customers. The...

The European Union found that it did not have the leverage it needed to force Donald Trump's America to agree to a trade agreement on their terms. So, it signed a deal which it could just about stomach. The agreement reached on Sunday on a 15% tariff blanket after months of standoff is a reality-check on the aspirations for the European Union, a 27-country bloc of countries, to become a power economic able to compete with the United States and China. The cold shower feels all the more refreshing, given that for years the EU has portrayed itself to be...

The trade war between the United States and Japan, which has impacted businesses from chip makers to steel producers, caused a downturn in results. However, Japan's agreement lifted stocks as well as hopes that Europe could reach a similar deal. Investors cheered the news of a new trade agreement between Japan and the United States, which will lower tariffs on auto imports while sparing Tokyo from new taxes on other goods. This news sparked hopes of a deal being reached with the European Union before the Trump administration's August 1 deadline. Results from Texas Instruments, SSAB, and other steelmakers showed...

Greenland granted a permit for a project backed by the European Union to mine molybdenum. This metal is used in aerospace, defence, and energy, and China has placed export restrictions on it. After U.S. president Donald Trump expressed interest in buying it earlier this summer, the resource-rich Arctic Island has seen increased activity in its mining industry over the last month. The government of Greenland said that the permit was given to Toronto-listed Greenland Resources, a company supported by the European Raw Material Alliance and which holds the license to the Malmbjerg Project in eastern Greenland. According to the company,...

Outokumpu, a Finnish stainless steel manufacturer, said that it aims to increase its long-term profits by 250 million euros (285 million dollars) between 2026 and 2030. This was announced ahead of the company's Investor Day on Wednesday. The company's stainless steel products, which are used for tanks, facades, and consumer goods like washing machines, will also invest around 200 million euros into a new annealing-and-pickling line in Tornio in Finland and plans to close two less efficient lines in Krefeld in Germany. Outokumpu stated that once the new line was operational, it would result in annual EBITDA improvements of 70...

Rosatom, a Russian company, has filed a suit in Moscow against Finland’s Fortum and Outokumpu. The lawsuit demands 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. The dispute between Rosatom and the former Finnish partners over the cancelled contract dates back to May 2022. This was when the Finnish partner terminated the contract shortly after the conflict in Ukraine 2022 began. They cited significant delays, risks of political nature, and doubts regarding the feasibility of the project. Rosatom, which announced its intention to...

Court documents and Rosatom’s statement indicate that Rosatom filed a lawsuit against Finland’s Fortum and Outokumpu in Moscow, claiming 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Rosatom, which announced its intention to seek compensation on Monday, is seeking compensation "for losses caused by the unlawful termination" of the EPC contract for the construction and operation of the nuclear power station, as well as "violations of shareholder agreements, fuel supply contracts, and refusal to repay loan". The contract for the construction of a...