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Energy Markets

Oil & Gas

Oil & Gas

Doosan Skoda Power seeks $105 million in Prague IPO

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...

Natural Gas

Poland's Orlen prepares to invest 380 billion zlotys by 2035

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...

Oil & Gas

Orlen reaches deal to recoup $100 million of missing oil payments, source states

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...

Oil & Gas

Investors clear Orlen to declare damages from former managers

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...

Oil & Gas Refining

Shareholders clear Orlen to claim damages from former managers

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...

Oil & Gas Refining

Polish refiner Orlen Q3 net profit at 188 mln zlotys, takes 3.53 billion writedown

Polish oil refiner Orlen's. thirdquarter net profit was greatly down to 188 million zlotys. ($ 45.7 million) amidst writedowns and toppling refining margins,. which struck core service, the company said on Wednesday. The business's EBITDA LIFO, excluding writedowns, was available in at. 8.81 billion zlotys and the EBITDA at 4.96 billion zlotys,. broadly in line with price quotes provided by the company on Nov. 5. when it said it scheduled 3.53 billion zlotys in writedowns related. to its Orlen Lietuva and petrochemical sections. The group's earnings in the third quarter was 67.94 billion. zlotys. Unfavourable market and macroeconomic conditions negatively....

Oil & Gas

Kremlin says Germany is ideal to completely examine Nord Stream pipeline blasts

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...

Oil & Gas

Russia files problem to Germany over Nord Stream sabotage examination, RIA reports

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...

Natural Gas Liquids

US orders Endeavor Global LNG to offer clients files about problems

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...

Oil & Gas

Poland probing alleged links between Orlen unit's ex-CEO and 'terrorist organisations'

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....

Oil & Gas Refining

Poland's Tusk calls prosecutor over prospective Orlen scandal

Poland's prime minister stated on Monday he had actually called the country's chief district attorney and secret services planner to discuss prospective links in between the former CEO of oil refiner Orlen, Daniel Obajtek, and Iranbacked Lebanese group Hezbollah. Obajtek responded on social networks platform X that Prime Minister Donald Tusk was trying to find scandals where there are none. State-controlled Orlen stated last week it had cancelled contracts signed by its Swiss trading system OTS to buy Venezuelan oil and improved items after losing around 1.6 billion zloty ($ 397 million) on prepayments for shipments it never ever received....

Oil & Gas

Orlen scraps Venezuela oil offers after heavy losses - source

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...

Fossil Fuels

Fossil Fuels

Why one Eastern European nation was slow to give up its Russian oil addiction: Vladimirov

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic has continued to delay a strategic shift despite viable alternatives. According to a Center for the Study of Democracy analysis, Czechia imported Russian crude oil worth 1.5 billion euros in 2024. The volume was down 30% compared to 2023. However, this wasn't due to a proactive strategy to phase out Russian crude. It was mainly the result of 3 major disruptions in...

Fossil Fuels

JSW, a Polish miner, suffers a net loss of $500,000 due to lower coal prices and weak demand

The company reported on Tuesday that the decline in coking coal prices, and a weaker demand for coal led to a loss of 7,24 billion zlotys (1.85 billion dollars) in 2018 from a profit of 993.9 millions zlotys (993.9 million dollars) made by JSW between 2023 and 2018. The results were in line with the preliminary data that was reported by the company at the beginning of March. Why it's important JSW is Europe's largest coking coal producer, essential to steel production. The EU has listed coking coal as a critical raw material because steel is essential for the construction...

Fossil Fuels

Why one Eastern European nation won't give up its Russian oil addiction: Vladimirov

By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives. According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian...

Environment

Mining

Mineral Resources

India launches antidumping investigation against met coke imports

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...

Oil & Gas Refining

India court rejects JSW Steel and Trafigura requests to clear certain metcoke imports

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

Mineral Resources

Net result for KGHM in the fourth quarter of Poland is 1.56 billion zlotys

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...

Mineral Resources

Minister: Poland wants to resume production anti-personnel minings

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...

Coal

Polish miner JSW's bottom line narrows in 3rd quarter

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...

Mining

Boxing-Turkey's Erdemir gets two-year restriction for doping offense

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...

Mining

Northvolt goes from Europe battery promise to crisis

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...

Coal

Polish bank PKO BP prepares to broaden into 9 brand-new markets in Europe

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...

Mineral Resources

Battery maker Northvolt says it will have the ability to pay its upcoming taxes

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...

Mineral Resources

Norway wealth fund ends observation of Malaysia's Supermax, two others

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...

Coal

Poland's coking coal huge JSW bottom line broadens to 6.0 billion zlotys on write-downs

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...

Power Markets

PGE to shut coal systems at Rybnik power plant by end of 2025

Poland's most significant power utility PGE prepares to end production of electricity in the 4 staying coalfired systems at its Rybnik power plant by the end of 2025, Polish Press Firm reported on Thursday, citing a business authorities. The units, with a combined power capability of 900 megawatts ( MW), have capacity market agreements that run until the end of 2025. Coal dominates Poland's electricity generation but state-controlled energies are facing falling success of coal-fired generation as they broaden their renewable capability and face banks' reluctance to fund coal assets. PGE has already phased out 4 coal fired units at...