Poland

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...

The Kremlin said on Monday that German Chancellor Olaf Scholz was best to want a comprehensive examination into a 2022 attack on the Nord Stream gas pipelines in spite of what it stated were attempts by some Western powers to hush up what actually took place. Scholz stated in an interview with German television over the weekend that Berlin's investigation would ensure that nothing was hidden and do its best to make sure that those responsible for the blasts were penalized. Moscow has consistently grumbled that Germany has actually not been doing enough to examine the surges, which in September...

Russia has actually grumbled to Germany over its investigation into the 2022 surges of the Nord Stream pipelines, RIA news agency reported on Monday, after a secret suspect left arrest in Poland. German media reported recently that German district attorneys had identified a Ukrainian diving trainer as an essential suspect in the Nord Stream sabotage attack and provided a warrant to jail him in Poland. Poland got the German warrant however the suspect has left the nation as Germany stopped working to include his name in a database of wanted persons, Polish district attorneys told Reuters. Moscow thinks the German...

A U.S. regulator on Monday bought liquefied gas designer Endeavor Global LNG to offer clients with documents about the mechanical issues and start-up of a Louisiana plant. Endeavor Global LNG's Calcasieu Pass plant has been at the center of a long-running disagreement including energy companies consisting of BP, Shell and others over access to LNG from the plant. The Federal Energy Regulatory Commission stated in its order that it would appoint an administrative judge to arrange details of the circulation of the commissioning files. FERC desires Endeavor Global and customers to negotiate terms of the protective order. The Arlington, Virginia-based...

Poland has actually launched an investigation into multi-million-dollar cash losses by Polish refiner Orlen's Swiss unit and claims that its former CEO had ties to terrorist. organisations, Warsaw chief prosecutor Malgorzata Adamajtys. said on Tuesday. Polish site Onet had actually reported on Monday that the. former CEO of Orlen Trading Switzerland, described just as. Samer A. due to local personal privacy laws, was believed by Orlen's. internal security system of having had contacts with Lebanon's. powerful Iran-backed Hezbollah militant group. Samer A., the ex-CEO of Orlen's Swiss subsidiary OTS,. rejected in an interview with Polish private radio RMF on Tuesday....

Polish oil refiner Orlen has actually cancelled contracts to buy Venezuelan oil and improved items after losing more than $400 million on prepayments for shipments it never received, a business manager stated on Tuesday. Oil and tanker charter contracts put in place by the Swiss based unit Orlen Trading Switzerland (OTS) were ditched as tankers weren't filling and a U.S. sanctions window will close, the person said. The U.S. Treasury Department in October provided a licence lifting sanctions on Venezuela's oil production and exports through mid-April, triggering trading homes to purchase freights from unknown intermediaries registered as clients of state...

Polish special services are examining if Orlen Trading Switzerland, an unit of Polish refiner Orlen, breached sanctions on the import of oil from Russia or Iran, personal broadcaster Radio Zet reported on Thursday. The investigation would be the most recent probe to target the state-controlled business, after prosecutors began taking a look at whether it artificially decreased costs ahead of a 2023 election, creating losses, and offered possessions at prices at listed below their fair value to get a smaller peer, Lotos. Orlen did not breach any sanctions, the business said in an emailed action to ' questions on Thursday....

Liquefied natural gas ( LNG) exporter Venture Global LNG on Thursday provided to U.S. regulators a proposed protective order seeking to keep documents on the construction of a Louisiana export facility personal. The request will test the Federal Energy Regulatory Commission's (FERC) determination to back a call by Endeavor Global LNG's customers to need the business to divulge details on the plant's startup and repair work. Endeavor Global has said it would not make the info readily available unless purchased to do so . FERC had actually given Endeavor Global 5 days to supply the proposed order that sets out...

South America's. Mercosur trade bloc will satisfy in Uruguay on Thursday with the. outside possibility the group could utilize the occasion to reveal a. longdelayed trade deal with the European Union after. lastminute negotiations to get it over the line. The trade offer, supported by most of the South American. nations and being pressed by Germany and Spain, has fulfilled strong. opposition from France due to fears about farming imports. to Europe that would strike the nation's effective farming sector. Mediators from all sides came together in Brazil last. week, senior diplomatic and federal government sources told Reuters,. with strategies...

Austria, Bulgaria, Poland, Romania and Slovakia joined the Czech Republic and Italy in seeking to avoid car manufacturers from dealing with heavy penalties beginning next year, a document released on the Austrian parliament site showed. Starting in 2025, the EU will decrease a cap typically emissions from new lorry sales to 94 grams/km from 116 g/km. Surpassing that cap might result in fines of 95 euros ($ 103) per excess co2 g/km increased by the variety of vehicles offered. The present targets for automobile, set to be implemented by 2025, risk imposing fines on makers who are unable to satisfy...

The Czech Republic expects to end consumption of Russian oil in July next year after an upgrade to a transalpine pipeline enables it to ramp up shipments from the west, the deputy chairman of the state pipeline company MERO stated on Thursday. The nation currently sources half its oil requires from Russia but has actually been seeking to end those purchases following Russia's. invasion of Ukraine in 2022 and an EU restriction on the majority of imports of. Russian oil. The Czech Republic anticipates to start increasing shipments of. petroleum from the west in the 2nd quarter of next year...

Decarbonising Poland by 2050 would need investments worth about $450 billion, however might boost gross domestic product by an extra 4%, according to a. World Bank report on Wednesday. Poland has actually accepted stop mining coal for energy production. by 2049 and is now dealing with a brand-new variation of the national. energy and environment plan that it needs to submit to the European. Commission. The EU targets carbon neutrality by 2050. Attaining net absolutely no emissions by 2050 ... could push real. GDP growth by an average of 0.2% a year over the next 25 years. compared to the...

Climate change has actually made rainstorms like the one that caused terrible floods in main Europe this month two times as most likely to take place, a report stated on Wednesday, as its clinical authors prompted policymakers to act to stop international warming. The worst flooding to strike main Europe in a minimum of two years has actually left 24 individuals dead, with towns scattered with mud and debris, buildings damaged, bridges collapsed and authorities entrusted to a bill for repair work that faces billions of dollars. The report from World Weather condition Attribution, a global group of researchers that...

Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its international labor force, as Europe's biggest hope in the electrical lorry battery market battles with slow demand and competition from China. The leader in efforts to construct a European automobile battery market stated on Monday it would suspend prepare for a big expansion of its Northvolt Ett factory in Skelleftea, northern Sweden. The business had actually stated previously this month it would stop producing cathode active product (CAM), a vital battery element, going back from its initial objective to be an all-in-one store...

One individual drowned in southwest Poland and thousands were evacuated across the border in the Czech Republic as heavy rains continued to damage main Europe on Sunday, causing flooding in numerous locations. A firemen taking on flooding in Lower Austria was also eliminated, Austrian Vice Chancellor Werner Kogler said on Sunday on social platform X as authorities stated the province, which surrounds Vienna, surrounding the Czech Republic and Slovakia, a. hot spot. Rivers overflowed from Poland to Romania, where 4. people were discovered dead on Saturday, after days of torrential. rain in a low-pressure system named Boris. Some parts of...

A single person drowned and 1,600 individuals were evacuated in Klodzko county in southwest Poland as local rivers broke record high levels causing flooding in numerous towns after days of heavy rainfall. The circumstance is really significant, it's most significant in Klodzko county, Prime Minister Donald Tusk informed press reporters on Sunday after meeting with the crisis management team in Klodzko town. Some 17,000 households in the county were left without power and mobile connections were not offered in some locations. Roadway access to the towns of Ladek Zdroj and Stronie Slaskie was virtually cut off, Tusk said. Klodzko, a...

At least 4 individuals passed away and thousands of homes were harmed by flooding in eastern Romania on Saturday, officials stated, as rising river levels put authorities on alert in much of central and eastern Europe following days of downpour. More rainfall is forecast in the coming days in the Czech Republic, Poland, Slovakia, Hungary, southern Germany and parts of Austria, leading officials in some high-risk locations to implement emergency flood preparations. Citizens of some towns along the Czech-Polish border were left as rivers rose past alert levels while the Czech capital, Prague, which suffered disastrous floods in 2002, put...

The level of Poland's longest river, the Vistula, has actually been up to a record low, the meteorological office said, leaving sandbanks exposed in Warsaw and water so shallow a moose was shot strolling throughout it in a. section in the countryside. According to the European Union's environment change tracking. service, the northern hemisphere had its hottest summertime because. records began, causing dry spells in many areas. Information from Poland's Institute of Meteorology and Water. Management (IMGW) showed that there was 22 cm of water in the. river at a measuring point in Warsaw. The previous record low. was 26...

The Polish climate ministry and mining companies are dealing with a strategy to build desalination setups to enhance the quality of water in the Oder and avoid a repeat of a mass fish dieoff in the river, deputy climate minister stated on Wednesday. In the summer season of 2022, numerous lots of dead fish were found in the river that runs along part of Poland's border with Germany. Smaller quantities of dead fish have actually been found in Oder and its tributaries several times this year. Warsaw at the time said it did whatever possible, but environmentalists and the Polish...

Poland's very first nuclear power plant will cost an approximated $40 billion and while the moneying structure for the project has yet to be settled, the United States will contribute through Exim Bank US, a senior official from the U.S. Department of Energy stated on Wednesday. Warsaw prepares to construct 6 reactors worth 6-9 gigawatts (GW). of nuclear capability in two locations on the Baltic coast to. reduce the country's carbon emissions and phase out coal. In 2022, Poland's previous federal government chose Westinghouse. Electric Co to develop the plant, which is set to be in full. operation by 2040....