Poland

After two days of discussions in Minsk with?President Alexander Lukashenko, John Coale, the envoy for President Donald Trump was quoted by Belarusian media as saying that the United States will lift sanctions on Belarusian Potash. Belarus did not specify what it would do as a response. Belarus is one of the largest producers of potash - a vital component in fertiliser. Coale was appointed by Trump as his special envoy for Belarus last month. The president has tasked Coale with negotiating the?release of more than 1,000 political prisoner in the former Soviet state, which is close to Russia. Belta, the...

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...

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...

Investors also looked at Argentina, where President Javier Milei’s party won the midterm elections with a decisive win. These moves will help emerging markets start the week strong, in anticipation of a possible trade agreement between two of the largest economies on the planet that could remove a major cloud on global growth prospects. The MSCI index that tracks emerging market stocks rose by 1.3%. The currencies index, on the other hand, remained flat and rangebound. Later on, the focus will shift to Latin America where the party of Argentina's President Milei won the midterm legislative elections that were held...

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...

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...

The Polish Prime Minister Donald Tusk stated on Tuesday that Poland's defence sector may play a part in restructuring the state-controlled coal firm JSW, which is struggling. Tusk stated that his government will soon present a new plan for JSW. The European Union’s largest coking coal producer, used in the production of steel, is preparing a restructuring plan which may include wage cuts. This will help to deal with rising energy prices, falling coal costs and low-cost imports of steel. Tusk said at a press briefing that "we will do everything we can to transform JSW, and save this company...

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...

The shares of Grupa Azoty, a Polish chemicals company, fell by the most ever in a single day on Tuesday following the announcement that Orlen, the top oil refiner in Poland would not be buying more shares in the polymer production project. Orlen and Azoty have been discussing since 2024 options for GA Polyolefins (the chemical manufacturer's polymers division), in which Orlen already has a 17.3% stake. In a late-Monday statement, Andrzej Skolmowski, the chief executive of Grupa Azoty said that during negotiations Orlen had informed them that they were not interested in purchasing all or part shares in GA...

The Finance Ministry announced late Wednesday that Poland had updated its green bonds framework. Poland is one of the most coal-dependent economies in the European Union and could be preparing for its first green bond issue in six years. Karol Czarnecki, the debt chief at the finance ministry, said in January that there was a "high probability" Poland would be issuing green bonds this coming year. He did not provide any further details on the timing of the issuance or its size. The last time it sold green bonds was in March 2019. Sovereign Green Bonds are debt instruments issued...

PGE, Poland's largest energy utility, reported on Tuesday a core profit of 4,33 billion zlotys (about $1.16 billion), up 71% from the previous year. This was primarily due lower CO2 emissions costs and regulatory revenue increases. The results are in line with preliminary estimates that were reported by the company in mid-May. Why it's important PGE, along with other Polish utilities is experiencing structural changes in the energy landscape of Poland as renewables slowly replace coal, which has long dominated. According to data from the Forum Energii think tank, coal's share of Poland's electricity generation fell to 57.1% by 2024....

The state assets minister said on Monday that the Polish coking coal company JSW needed 3 billion zlotys (US$834 million) in liquidity to continue operating next year. JSW, Europe's largest coking coal producer, is impacted by falling prices and rising wages. It has developed a restructuring strategy. Jakub Skopek, an analyst at Erste, estimates that the plan will save millions of zlotys in wages. The state-controlled firm?has already reduced investments?and used almost all of its Rainy Day Fund, which has shrunk in size from 5 billion zlotys by the end of 2022 down to 100 million zlotys around October. JSW...

Grid operator PSE announced that Poland's main capacity market auction was completed on Wednesday. The closing prices ranged between 465.03 and 511.51 Zlotys ($128.74?and $141.61) for a kilowatt of power per year. PGE, Poland's largest state-controlled utility, said it had secured 1,399.218 Megawatts of capacity obligations. This included 1,097.718MW under 15-year contracts. PGE announced earlier that it would be submitting?its planned power plants powered by gas to the auction but didn't disclose the outcome of those specific projects. Energa is another major Polish utility that won contracts with a mix of one-year and 7-year terms. Enea won a total of...

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...

Enea, the state-controlled utility in Poland, reported on Wednesday a 31% drop in net profit for the second quarter of last year. This was due to a weaker performance in mining and conventional power generation. Why it's Important Enea, Poland’s third largest power utility in terms of market value, has to contend with the government’s withdrawal from previous coal spin-off schemes. This is despite the uncertainty of capacity payment rules beyond 2028. It highlights a wider industry challenge in managing coal operations and pursuing financial stability at a time when renewables are gaining momentum. CONTEXT According to Forum Energii, a...

JSW, a Polish coal miner, reported a net loss of 1.36 billion Zlotys ($363.24m) for the first three months of the year. This is mainly because of a one-off decrease in the value assets. The results were in line with the preliminary data that was reported by the company back in May. Why it's important JSW is Europe's largest producer for coking coal. Coking coal is a critical raw material on the EU list, and it's essential to steel production. CONTEXT A write-down of $648 million zlotys (about $172.45 million) was made on the value of assets at KWK Knurow....

Poland's biggest power producer PGE has struck an initial agreement to possibly buy gasfired power plant project PAK CCGT from power plant operator ZE PAK, PGE stated on Thursday. The preliminary offer also outlined plans for PGE to buy ZE PAK's 50% stake in their PGE PAK Energia Jadrowa joint endeavor, which is working on a nuclear reactor project in main Poland's Konin region, PGE said. Under the arrangement, the celebrations have concurred the basis of regards to a possible deal and PGE has actually been approved special status to negotiate an offer up until completion of June. No financial...

Poland's biggest utility PGE reported a near 24% yearonyear fall in its thirdquarter net profit on Tuesday, in the middle of ongoing weakness in its coalbased traditional power generation section. WHY IT is very important PGE, in addition to other Polish utilities, is under pressure from falling profitability in its coal-fired power generation segment, having to manage the expense of carbon emission rights and the growing share of electrical power output being taken by renewables. The Polish federal government is working on a plan to spin off coal-fired power plants from energies to increase the concentrate on green energy, as...

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...

PKO BP prepares to broaden into nine brand-new markets in Europe as part of a brand-new strategy for 20252027 unveiled on Thursday by Poland's most significant bank. PKO BP, which currently has branches in Poland, Germany, Slovakia, and Ukraine, indicated Polish business' existence in foreign markets and the vibrant growth of Polish sell goods with European Union nations as the reason for its international expansion plans. The bank did not state which new foreign markets it was aiming to move into. PKO BP also stated it wishes to have a more than 20% share of participation in banking sector financing...

Poland's JSW, the European Union's. largest producer of highquality difficult coking coal, reported a Q2. bottom line of 6.0 billion zlotys ($ 1.6 billion) on Friday, mainly. due to lower earnings and writedowns worth 6.3 billion zlotys. WHY IT is necessary? JSW is a substantial producer of coke utilized in steel production. in the European Union. Coking coal has been included in the EU's. Important Raw Materials list, due to its relevance in environment. transition procedures. BY THE NUMBERS. Secondquarter net loss broadened to 6.0 billion zlotys after loss. of 780.6 million zlotys last year. Group profits came in at...

Poland's largest energy supplier PGE need to have the lays out of a new strategy to spinoff its coal assets in the fourth quarter, its deputy operations chief stated on Wednesday, after the brand-new federal government cooled on the previous one's proposal. Under the previous government's strategy, the units of state-controlled PGE, Tauron and Enea that run coal-fired power plants were to be bundled into NABE, a new state-owned company that would assume their debts. The plan was focused on reducing the burden on the business as coal possessions become harder to finance. But NABE might press Poland's already extended...

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...