France will provide Ukraine with at least EUR60 million by the end of this year, according to Pierre Elbrun, the French President’s Special Envoy for Ukraine’s Relief and Recovery.
“As winter approaches, the situation is becoming critical – we must act now to quickly offer concrete energy solutions,” he wrote on social media X following a meeting of the G7+ Ministerial Group on Energy Support to Ukraine at the level of foreign ministers on the sidelines of the 79th session of the UN General Assembly on Monday evening.
At the meeting, U.S. Secretary of State Anthony Blinken noted that the G7+ countries have mobilized more than $4 billion to support Ukraine’s energy sector since the start of Russia’s full-scale invasion.
In a statement following the G7+ ministerial meeting, the countries welcome further commitments of funding and in-kind support to cover the most urgent needs of the Ukrainian energy sector, including repairing damaged power plants and district heating systems, deploying new, distributed energy sources, emergency backup power for critical services, and passive protection of energy infrastructure.
Vehicle traffic through the Ustyluh-Zosyn checkpoint on the Ukrainian-Polish border has been fully resumed.
Due to a malfunction of the Polish Border Guard Service’s networks, the passage of vehicles through the Ustyluh-Zosyn checkpoint was temporarily suspended, and later the clearance was carried out in a slow mode.
Currently, the networks and databases of the neighboring party have been fully restored, so the clearance is carried out in a normal mode.
Tovkachivskyi Mining and Processing Plant (TGOK, Pershotravneve, Zhytomyr region) will summarize the company’s performance in 2020-2023, decide on the distribution of profits for this period, terminate the powers of the existing members and elect new ones.
According to the company’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), such issues are on the agenda of the remote general meeting of shareholders scheduled for November 8 this year.
The shareholders intend to amend the company’s charter by restating it in a new version, cancel the existing ones and approve new internal regulations governing the activities of the company’s management and control bodies.
It is also planned to consider the issue of dissolving the company’s reserve capital and transferring the funds from it to the company’s retained earnings, and to cancel the current principles of corporate governance. To hear the reports of the Supervisory Board for 2020-2023, the auditors’ findings and approve measures based on the results of their consideration.
In addition, the shareholders will hear and approve the results of the company’s financial and economic activities for 2020-2023 with the distribution of profits or repayment of losses, decide to terminate the powers of the chairman and members of the SB, elect new ones, and appoint an audit entity to provide statutory financial audit services.
The draft decisions state that in 2020, TGOK received UAH 78 million 175,767 thousand, which is proposed to be left undistributed, and no dividends are to be accrued or paid. In 2021, the company made a profit of UAH 44 million 223,637 thousand, which is also proposed to be left undistributed.
For 2022, the net profit amounted to UAH 14 million 659,029 thousand, which is also proposed to be retained. The company ended 2023 with a net loss of UAH 794,133 thousand.
The meeting was proposed to appoint Audit Firm Account PE as the auditor.
TGOK is a quartzite mining, processing and enrichment company. It is the main supplier of raw materials for the production of ferroalloys, refractories and dinas in Ukraine.
TGOK is developing the Tovkachivska area of the Ovruch quartzite deposit in Pershotravneve village using the open-pit method.
According to the second quarter of 2024, Navaro Development Limited owns 5.1898% of the company’s shares, Lucrino Investments Limited – 9%, Mantara Holdings Limited – 72.0629%, Duxton Holdings Limited (all Cyprus) – 12.1891%.
The authorized capital of the company is UAH 1.6 million, the nominal value of a share is UAH 2.25.
After hydraulic fracturing, Ukrgasvydobuvannya JSC (UGV) has increased the flow rate at one of its wells fivefold to more than 100 thousand cubic meters of gas per day, the company’s press service reports.
According to the company, from November 2023 to August 2024, the well operated with a gradual decrease in flow rate from 29 thousand cubic meters to 18 thousand cubic meters of gas per day.
The decision to workover the well was made after calculating the well’s potential and collecting geological and technical information. The well was fractured within 18 days.
As reported, in January-August 2024, UGV increased commercial gas production by 7.2% compared to the same period last year – up to 9.26 bcm. During this period, UGV completed drilling of 62 wells, of which 52 were put into production. Of these, 23 have an initial daily flow rate of more than 100 thousand cubic meters.
In 2023, the company produced 13.224 bcm of commercial gas, which is 0.679 bcm more than in 2022. “In 2023, Ukrgasvydobuvannya launched 86 new wells, 24 of which had an initial flow rate of more than 100 thousand cubic meters.
Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.
State-owned Oschadbank (Kyiv) and one of the largest grain market operators in Ukraine, JV Nibulon LLC, have agreed on a series of new loan agreements to replenish working capital, which refinance the company’s investments totaling $20.3 million, the first part of this loan program for $13 million has already been signed, the bank’s press service reports.
According to the report, Nibulon will use the funds to restore working capital after investing in the construction of a new transshipment terminal on the Danube. The Bessarabian branch began operations in 2022 and became the main route for exporting agricultural products, which was crucial in the context of the aggressor’s blockade of Ukrainian seaports in previous periods.
“The replenishment of working capital guarantees Nibulon’s ability to fully support the procurement campaign for the 2024/25 season and support the Ukrainian farmer in times of war,” the bank said, adding that after heavy losses and a difficult return to stability, the company was able to gain momentum and develop an ecosystem that will ensure sustainable food security.
“Nibulon has been a long-standing and reliable partner for us for over 6 years. It is one of the pillars of the country’s food potential, including exports. To date, the company’s total loan portfolio in Oschad is already almost UAH 2 billion. Given that Oschadbank has a high level of liquidity, we are ready to continue financial support for Nibulon in all its initiatives to restore its leadership positions in global markets lost due to the full-scale war,” said Yuriy Katsiyon, Deputy Chairman of the Board of Oschadbank in charge of corporate business, during the signing of the agreement.
The agroholding noted that the support of the real economy by state-owned banks is evidence of the government’s consistent adaptation of its policy to the conditions of a full-scale war and its real focus on helping businesses.
“We see changes. We see a targeted state policy of supporting domestic business in action. This is a direct recognition of the critical role of strategic enterprises for the further development of Ukraine and a guarantee of our successful future,” said Andriy Vadatursky, CEO of Nibulon. Andriy Vadatursky, CEO of Nibulon.
“We are grateful to Oschadbank for its systematic and consistent support of us, representatives of companies in the sector that ensures the country’s food security. At the very beginning of the full-scale war, Oschadbank provided Nibulon with additional funding for the 2022/2023 sowing campaign to prevent a food crisis that the aggressor was trying to create. In 2023, Oschadbank was one of the first to restructure Nibulon’s pre-war loan to support the company, which suffered losses due to the destruction of infrastructure during the hostilities, the blocking of sea routes from the port of Mykolaiv, and the forced reorientation to other logistics routes. And now we have new funding that we will use for the procurement campaign to support small and medium-sized agricultural producers,” said Vitalina Marchenko, Head of Nibulon’s Banking Department.
As reported earlier, Nibulon Group has more than 25 Ukrainian and foreign creditors, with the vast majority of whom have already signed restructuring agreements.
Nibulon JV LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, capacity to store 2.25 million tons of agricultural products at a time, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever 5.64 million tons of agricultural products, reaching record volumes of supplies to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
Nibulon’s losses due to Russia’s full-scale military invasion in 2022 exceeded $416 million.
Currently, the grain trader is operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and has been forced to move its headquarters from Mykolaiv to Kyiv.
According to the National Bank of Ukraine (NBU), as of July 1, 2024, Oschadbank ranked 2nd (UAH 435.06 billion) in terms of total assets among 62 banks in the country. Last year, the financial institution’s net profit amounted to UAH 5.98 billion.
The Antimonopoly Committee of Ukraine (AMCU) has fined a number of companies, including enterprises belonging to the Kernel and Continental Farmers Group agricultural holdings, for purchasing assets without obtaining the appropriate permit from the agency, the agency’s press service reports.
According to the report, Poltava-Zerno LLC, a part of Kernel, was fined UAH 170 thousand for violating the legislation on protection of economic competition under clause 12 of Article 50 of the Law “On Protection of Economic Competition” by acquiring assets consisting of movable and immovable property and forming a single property complex without obtaining the necessary permit from the AMCU.
For the same reason, a fine of UAH 3.3 million was imposed on Mriya Farming Karpaty LLC, which is founded by Continental Farmers Group.
In addition, JSC ProCredit Bank was fined UAH 3 million for acquiring assets in the form of a single property complex – movable and immovable property that can support activities in the field of agriculture, which were owned by IDEK-2006 LLC without obtaining the appropriate permit from the AMCU.
