Poland

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...

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...

JSW, the state-owned coal miner in Poland, reported a loss for the second quarter of 724.1 million Zlotys ($198.99 millions) compared to the loss of 6 billion Zlotys for the same period last year. Analysts polled by JSW had predicted a loss of 658 million zlotys, but the actual loss was 1.36 billion zlotys. Why it's important JSW, Europe's largest producer and exporter of hard coking coal, used in the production of steel, is struggling to keep up with the rising costs of energy and coal. It reported a loss of 7.24 billion zlotys for 2024, after reducing the value...

The Polish copper producer KGHM reported a 10.6% drop in earnings for the second quarter compared to last year as a currency impact negated the positive effects of higher metals prices. The adjusted core profit for the company fell to 2,37 billion zlotys (651.83 millions). A poll showed that this was above the consensus estimate of analysts of 2,24 billion zlotys. Why it's important KGHM is a major producer of silver and copper in the world. As most of the company's revenue is in US dollars, and its costs are mostly in Polish Zlotys, its performance is highly sensitive to...

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...

JSW, a state-controlled Polish coal miner, renewed its request on Thursday for a refund of 1.6 billion Zlotys ($443.6 Million) on the "solidarity tax", which is a windfall profit tax. The company faces increasing losses and a cash crunch. JSW claims that the retroactive income tax, which was paid in 2023 and 20,24, is illegal and leads to double taxation. It claims that it did not make windfall profits due to high energy prices but instead faced significant electricity expenses. The company sought a refund from the Ministry of Climate and Environment in April. However, the Ministry declined to take...

Eurasian Resources Group announced in a press release that it plans to invest $20 millions in Kazakhstan to produce the critical mineral gallium from the bauxite ores they process to make alumina. Gallium is listed as a critical mineral by the United States and European Union. It is required for the production of semiconductors and radar systems in aerospace and defense. Kazakhstan would become the second-largest gallium producer in the world, after China, if ERG's plan is implemented. ERG CEO Shukhrat Ibragimov stated that "ERG intends to become a major player on the global gallium market, beginning production in 2026,...

A source familiar with this matter stated that the Indian steel ministry favors extending import restrictions on low-ash metallic coke due to the fact that there is enough domestic supply. This comes as a blow for steelmakers who are opposed to restrictions on overseas purchases. India, the second largest crude steel producer in the world, placed quantitative restrictions on December 1, 2006, regarding imports of low ash met coke. The country set specific quotas, and capped purchases to 1.4 million tons from January to June. The source declined to name herself as the deliberations weren't public. The source stated that...

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...

Polish coal miner JSW stated on Tuesday its bottom line narrowed by almost 74% in the third quarter, in line with estimates, supported by the positive impact of deferred income tax. WHY IT'S IMPORTANT JSW is a considerable producer of coke used in steel production in the European Union. Coking coal has actually been consisted of in the EU's Crucial Raw Products list, due to its significance in climate transition procedures. In addition, from next year, the miner will end up being the last active producer of the hard kind of coking coal in the bloc, the company stated. BY...

Turkish light middleweight fighter Tugrulhan Erdemir has been banned for 2 years by the Court of Arbitration for Sport (CAS) for breaching antidoping rules, the International Screening Agency (ITA) stated on Friday. CAS had verified in July Erdemir's provisionary suspension, which had ruled him out of the 71kg event at the Paris Olympics and a 2nd hearing occurred in October when the court found he had broken anti-doping guidelines. Erdemir returned an Irregular Finding (ATF) for the forbidden substance hydrochlorothiazide, the ITA said in a statement. Hydrochlorothiazide is forbidden under the 2024 WADA Prohibited list as a diuretic and masking...

Sweden's Northvolt said on Thursday it will look for U.S. Chapter 11 insolvency security as the cashstrapped battery start-up seeks to figure out its finances. The company went in a matter of months this year from being Europe's finest contended a home-grown electric-vehicle battery champion to racing to survive, hobbled by production problems and as moneying ran out. Northvolt, whose motto is make oil history, has actually received more than $10 billion in equity, debt and public financing, and counts Volkswagen, with a 21% stake, and Goldman Sachs, with a. 19% holding, as its most significant owners. Here is a...