Poland

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...

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 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....

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....

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....

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....

According to Friday's projection, the inflation rate in Poland will reach the target range of the central bank in the third quarter 2026. It will stay there until the end of 2027. The National Bank of Poland has set an inflation target of 2.5%, plus or minus a percentage point. The price growth rate in January was 4.9%, and preliminary statistics from the Statistics Office indicate that it was also 4.9% for February. The first half of 2025 will see the highest inflation (5.4% for the first quarter, and 5.2% for the second), before it begins to decline in the...

Poland and Canada have signed an arrangement that supplies a legal framework for more extensive cooperation on nuclear power, Polish Prime Minister Donald Tusk said on Tuesday after fulfilling his Canadian equivalent Justin Trudeau. Poland, which is working to decrease its reliance on coal, has picked Westinghouse Electric to build its first nuclear plant on the Baltic Sea coast, but financing is still not totally agreed. It is now preparing to start the process of choosing a. partner for a 2nd plant. Canada is the primary supplier of innovation for Poland's. first nuclear plant - Westinghouse is owned by Canadian....

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...

The Polish federal government is working on ways to freeze energy bills next year, Prime Minister Donald Tusk said on Saturday, as electricity costs remain a. major inflation danger for eastern Europe's greatest economy. Poland topped power expenses for vulnerable consumers in 2022. to reduce the impacts of soaring energy rates, and has been. paying settlement to balance out costs to power utilities. The. procedures remain in location until the end of this year. I have actually asked the financing minister to urgently present a way. to freeze energy rates next year, Tusk stated. Ministers have actually made a dedication...

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...

Poland will this week send out a. ask for European Commission approval of a strategy to finance. its first nuclear reactor, a leading energy security official. said on Wednesday. The Commission is in charge of guaranteeing any state aid given. to companies by member states abides by EU guidelines on reasonable. competitors. Today I will sign an official demand to the European. Commission, beginning the alert process, Maciej Bando,. deputy environment minister in charge of strategic energy. infrastructure, informed a conference in Warsaw. To cut dependence on coal, Poland picked Westinghouse Electric. to construct the plant on the Baltic sea...

Swedish heatpump group Aira will open its first factory this week, a 300 million euro ($ 320.9 million) plant in Poland, with a strategy to roll out complete capacity of 500,000 systems each year as European need rises, its CEO stated. Aira, founded by Vargas Holding, which likewise owns battery maker Northvolt, is targeting European markets consisting of Britain and Germany where heat pump penetration is relatively low compared to its home market, Martin Lewerth said in an interview. He said the company had a really favorable outlook as needed, with gas costs staying at a historically high level. Following...

Modifications to legislation on Poland's power price cap for homes will decrease inflation by 0.4 portion point in the 2nd half of 2024, the finance minister told state news company PAP on Friday. Earlier this month the lower house of parliament approved legislation that would imply the optimum power price for Polish homes will rise to 500 zlotys ($ 127.40) per megawatt-hour ( MWh) for the 2nd half of 2024, from 412 zlotys per MWh presently. Nevertheless, under modifications proposed by the upper house of parliament and accepted by the lower home on Thursday, homes will be exempt from capability...

Polish government is thinking about obtaining coal assets from statecontrolled power energies, Market Minister Marzena Czarnecka stated on Tuesday, improving their share rates. Energy companies want to get rid of coal possessions and we are thinking about taking them over, but it needs to be compatible with coal supplies from Polish mines, Czarnecka told TVP Information tv. State-controlled utilities have actually been urging the government for a quick spin-off of their coal-fired power plants amidst their falling success. Their shares fell dramatically last month after Czarnecka, who monitors the coal industry, stated that mines need to be connected to utilities....

The head of Polish energy regulator URE sees room for a regulated power price below 600 zloty ($ 148) per megawatt hour (MWh). Rafal Gawin informed reporters on Thursday that the managed power cost his office sets for households might fall listed below 600 zloty MWh from July, when brand-new tariffs will be in location under guidelines the federal government is currently dealing with. Poland is changing measures to alleviate the impacts of the energy crisis, which include a cap on home power rates and settlement for energies for the distinction to the controlled cost set by URE based upon...

Ukraine prepares to almost double electrical energy imports on Monday and does not anticipate to export power, the nationwide grid operator Ukrenergo said. Ukraine greatly increased imports of electrical power and halted exports after a series attacks on the nation's energy system in late March and early April, but later decreased imports due to favourable warm and windy weather. Ukraine on Monday might import a total of 9,242 megawatt hours ( Mwh) from Romania, Slovakia, Poland, Hungary and Moldova, Ukrenergo stated on the Telegram messaging app. It said exports are not prepared. Ukraine imported 4,750 Mwh on Sunday, 833 Mwh...

Poland's ministry of state assets is working on separating the country's coal assets from its statecontrolled energies, Parkiet paper reported on Thursday, as the government takes a look at alternatives for the two sectors. Polish energy shares fell sharply in Warsaw on Wednesday after Market Minister Marzena Czarnecka stated that rather of spinning off coal mines they must be linked to energies. Czarnecka's ministry is in charge of mining, which is under pressure from increasing expenses and enormous coal surpluses, while the state possessions ministry supervises state-controlled energies. The ministry of state properties is analysing a gradual but indisputable separation...