Poland

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...

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...

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...

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...

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

TotalEnergies announced on Wednesday that it has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish producer Polska Grupa Biogazowa. The French energy company stated that the agreement represents a value of 213.6 million euros (190 million Euros). Stephane Michel, TotalEnergies' President of Gas, Renewables & Power, said that the deal would help Polska Grupa Biogazowa continue its growth in Poland, where biogas development is booming. Erlend Elliottsen, CEO of HitecVision and Managing Director, said that the companies have complementary skills which they will use to "scale" PGB in the coming years, through greenfield projects, as...

Czech Republicbased turbine producer Doosan Skoda Power launched a preliminary public offering on Monday, seeking to raise 2.53 billion crowns ($ 105. million) by offering up to a 3rd of its shares in a Prague. listing. The company, whose supreme moms and dad is South Korea's Doosan. Corp, serves consumers including energy groups CEZ. , EPH and Orlen, and earned a profit of 559.3. million crowns on revenue of 4.8 billion crowns in 2023. The offer will consist of existing and brand-new shares, with the. price range set at 220-260 crowns per share, the company said. Last rates is expected...

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...

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...

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...

Polish prosecutors announced on Wednesday that European investigators had uncovered a synthetic drugs international network operated from Poland. They have seized over 9.3 tonnes of narcotics as well as arrested more than 100 suspects. Operation 'Synthetic Drugs in More Than 20 Illegal Laboratories' targeted a criminal gang accused of importing chemical pre-cursors from China and India, and manufacturing them in over 20 illegal laboratories for distribution throughout the European Union. The prosecutors said that the 'group' operated a complex supply chain. They imported large quantities of chemicals legally, which were then repackaged to be sent illegally to drug labs in...

Poland's Prime Minister is concerned about the strain that the United States' threats to 'take over Greenland' is putting on NATO. He said this on Friday. Warsaw, as a loyal ally, should be honest about its concerns with Washington. Poland sees the United States and NATO in a 'critical role in its security, in light of a 'increasingly assertive Russia. Policymakers in Warsaw are concerned that divisions in the alliance might embolden Moscow. The NATO alliance would be shocked if the U.S. took Greenland away from Denmark, a long-time ally. It would also deepen the divide that exists between Trump...

Allegro, a Polish ecommerce company, announced on Wednesday that it has agreed to sell its operations in Slovenia and Croatia?to Mutares of Germany. Allegro is aiming to simplify?its global footprint. Allegro claimed that the sale was the last step to turning around Mall Group. The group bought the company in 2022 as a first move beyond its home market Poland. Allegro expanded its presence in Central Europe with the deal, but so far international operations have weighed on its profitability. Allegro announced in March that it would pause the rollout of its third-party market in other countries until it increased...

JSW, the owner of Pniowek Coal Mine in southern Poland, announced on Monday that two workers had been killed by an explosion of'methane and rocks masses' at the mine. A large amount of methane has been released from the Pniowek Mine, which was operating with 10 underground workers and a high-performance?roadheader. JSW said that eight people were able to escape on their own while two others lost contact. The company reported that after a seven-hour search, teams located the missing miners, who were declared dead by a doctor on the spot. The Polish Prime Minister Donald Tusk expressed his condolences...

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...

Neeraj, the former Olympic javelin champion, won gold on Saturday in Bengaluru at Kanteerava Stadium. He registered a dominant win with a throw measuring 86.18 meters in the first round. Chopra, Germany's Thomas Rohler, and Kenya's Julius Yego were among the elite athletes who competed in India's Neeraj Chopra Classic. Chopra, the winner of the Tokyo Olympics 2021 and the Paris Games 2024, was dominant throughout. He followed his winning throw with throws 84.07m, and 82.22m, in subsequent rounds, as over 14,500 spectators cheered on their favourite. "I did not expect such a large crowd and support during the first...

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

KGHM Polska Miedz, Poland's largest copper miner, posted a net income of 1,56 billion zlotys (US$402,11 million) in the fourth quarter of last year compared with a loss of 4,53 billion zlotys a previous year. The adjusted EBITDA for the full year 2024 rose from 5.36 billion to 8.46 billion. The group revenue for the fourth-quarter rose by more than 17%, to 9,18 billion zlotys. This was primarily due to higher prices of silver, gold, and copper. In a press release, CEO Andrzej szydlo stated that while production was similar year-on-year the cost of materials, fuels, and energy carriers had...

Poland has announced that it is ready to resume production of antipersonnel landmines. This comes after the Baltic States and Warsaw both announced plans to withdraw from the treaty which bans the use of these mines. The three Baltic Republics and Poland will be able to stockpile and use anti-personnel land mines once again if they decide to withdraw from the 1997 Ottawa Convention. More than 160 countries have ratified the convention or joined it. This is part of the response to what the Baltics say is an increasing threat by Russia. When asked about plans to leave the Ottawa...

The total amount of investment in Poland will likely exceed 650 billion Zlotys ($160 Billion) by 2025, according to Prime Minister Donald Tusk, who announced a package of policies including tax reductions and deregulation. In recent years, the economy was one of Europe's most dynamic. This growth is largely due to private consumption and double-digit wage increases in a tight labor market. Analysts say that investment is a weakness of the country, as it attempts to catch up with wealthy western European nations. Tusk said at a press conference held at the Warsaw Stock Exchange that "Investment in Poland by...

Swedish battery maker Northvolt will be able to pay its taxes that fall due on Oct. 14, it told Reuters on Thursday, addressing speculation regarding whether the struggling business would have the ability to do so. Cash-strapped Northvolt announced in September that it would slim down and cut tasks, stimulating fears that Europe's best shot at a homegrown electric-vehicle battery champion might stall due to production issues, slow demand and competitors from China. While the company has rapidly broadened over the previous couple of years, one of Europe's best-funded start-ups with more than $10. billion in funding started revealing signs...

Norway's sovereign wealth fund has ended observation of Supermax, 2 years after positioning the Malaysian medical glove maker under monitor accusations that the company contributes to human rights infractions. Norges Bank's decision comes by a year after the United States lifted a restriction on Supermax, permitting it to resume sales. The company's. imports were barred from the U.S. in October 2021 over the. alleged forced labor practices. According to the Council on Ethics, the company has. throughout the time of observation reported that it has implemented. numerous steps to enhance conditions, Norges Bank Financial Investment. Management stated in a statement...