Smart Energy Group has launched wells at the Vasyschyvske field (Kharkiv region), according to a press release on Thursday.
“After unblocking the special production permits, it took us only a month to get the first company (Prom-Energo Product LLC – IF-U) back to work,” said Oleksiy Zayats, acting CEO of Smart Energy.
According to him, in order to comply with the laws, rules and regulations of the oil and gas industry, the company has carried out coordination procedures at all levels, diagnosed the equipment involved, as well as purchased new equipment, assembled a team and established its work.
“We will continue to invest in the development of gas production. The group is currently looking for opportunities to resume long-term development programs, which includes continuing the drilling program, building new infrastructure and modernizing existing equipment,” he added.
According to the press service, the day before the shutdown, the daily production of the group’s companies in Kharkiv region was about 450 thousand cubic meters. Due to the prolonged shutdown, well productivity decreased.
In particular, at the first stage of the Vasyschyvske field, production rates are 25 thousand cubic meters per day, which is half the level before the shutdown. In addition, in October 2023, the Russian aggressor attacked one of Ukrgasvydobuvannya’s gas production facilities, which resulted in significant damage to the equipment of the gas treatment unit.
“Now it will take time and investment to restore it,” Smart Energy summarized.
As reported, the State Service of Geology and Subsoil of Ukraine renewed three special production and development licenses in accordance with Order No. 293 of June 26, 2024: the Ostroverkhivske field of PJSC Ukrgasvydobutok, the Vasyshivske field of Prom-Energo Product LLC (both in Kharkiv region) and the Svystunkivsko-Chervonolutske field (Poltava region) of Arkona Gas-Energy LLC.
The renewal of these licenses became possible after the National Security and Defense Council of Ukraine (NSDC) amended its decision on personal sanctions against Vadym Novynskyi on December 1, 2022, on June 24, 2024.
The State Service of Geology and Subsoil suspended these three special permits in early May 2023, and Smart Energy estimated the daily downtime of the fields at 0.45 million cubic meters of gas and the loss of UAH 5.5 million in taxes.
Smart Energy Group is part of the Smart Holding investment group, implements projects for the exploration and commercial development of hydrocarbon fields and was one of the five largest private gas producers in Ukraine, producing more than one million cubic meters of gas per day at the beginning of the full-scale Russian military aggression.
Prior to the full-scale invasion, the hydrocarbon reserves of Smart Energy Group’s gas production assets were estimated at C1+C2 categories in the amount of 22.633 billion cubic meters of gas and 3.722 million tons of condensate.
Smart Energy’s oil and gas business is represented by Ukrgasvydobutok and Enwell Energy, a publicly traded British company.
For its part, Enwell Energy owns Regal Petroleum Corporation Limited and Arkona Gas-Energy in Poltava region, and Prom-Energo Product in Kharkiv region.
On Thursday, the international chain JYSK opened a renovated, largest JYSK store in Vinnytsia (1a Yevhen Pikusa St., Kvartal shopping center), the company’s press service reported.
According to the press release, JYSK Country Director in Ukraine Yevhen Ivanitsa said that the store has increased storage space, updated lighting, commercial equipment, and plans to improve logistics ergonomics. Its selling area is 1076 sq.m., the warehouse area is 275 sq.m. (it was increased by 21 sq.m.). The store also has a new office space with an area of 35 sq.m.
The store was rebuilt in accordance with the modern JYSK 3.0 store concept.
JYSK also announced new signed lease agreements. Currently, the chain has 98 operating stores, and it is planned to expand to 105 outlets by the end of the year. In particular, it is planned to open the ninth store in Lviv and the 37th in the Kyiv agglomeration.
JYSK Ukraine employs more than 800 people.
JYSK is part of the family-owned Lars Larsen Group with more than 3.4 thousand stores in 48 countries. JYSK’s revenue in the financial year 2022/23 amounted to EUR 5.2 billion.
On August 21, 2024, the American Chamber of Commerce in Ukraine (AmCham Ukraine) held a reception in Kyiv to celebrate Ukraine’s Independence Day. The event brought together AmCham members, diplomats, and business representatives, becoming an important event in the capital’s business life.
The event began with greetings from AmCham leadership. AmCham President Andy Hunder emphasized the importance of partnership between Ukraine and the United States and expressed confidence in further development of bilateral economic relations. Special attention was paid to the challenges facing Ukrainian business in the context of the ongoing war and global economic instability.
Today, AmCham Ukraine unites over 600 member companies, making it one of the largest and most influential business associations in Ukraine. To effectively protect business interests and address key issues in various sectors of the economy, the Chamber has 24 specialized committees covering such areas as finance, IT, healthcare, agribusiness, and others.
AmCham Ukraine’s Board of Directors plays an important role in managing the organization, providing strategic recommendations and professional expertise. The Board consists of:
Executive Committee:
Olena Koszarny – Chair of the Board (Horizon Capital)
Arvid Turkner – Vice Chair (EBRD)
Alex McWhorter – Deputy Chairman of the Board (Citi Ukraine)
Sergiy Martynchuk – Treasurer (Cisco)
Sergiy Chorny – Legal Counsel and Secretary (Baker McKenzie)
Directors:
Yulia Badritdinova – General Director, McDonald’s Ukraine
Vasyl Bovdilov – General Director, Unilever Ukraine
Mikhail Bubnov – CEO, Schneider Electric Ukraine
Oleg Khaidakin – CEO, Carlsberg Ukraine
Michael Kharenko – Partner, Sayenko Kharenko
Leonid Polupan – CEO, Microsoft Ukraine
Petro Rondiyak – Chairman of the Board of Directors, Winner Group Ukraine
Andrzej Ruzicki – CEO, Bunge Ukraine
Olena Sereda – Director of Corporate Affairs and Legal Affairs, Coca-Cola Ukraine
Andriy Tsymbal – CEO, KPMG Ukraine
Vasyl Varvaroi – General Director, Cargill Ukraine
The reception, organized by the American Chamber of Commerce in Ukraine, demonstrated the unity and commitment of Ukrainian business to develop in the face of global challenges. The event once again emphasized the importance of international partnership and AmCham Ukraine’s role in supporting economic stability and growth in the country.
Interfax-Ukraine is a member of the American Chamber of Commerce in Ukraine and an official service provider of AmCham Ukraine.
Guardian Insurance Company (Kyiv) has developed a new insurance product, Guardian CASCO, covering military risks up to 100% of the vehicle’s value, according to the insurer’s website.
According to the terms of the insurance product, any type of vehicle, including electric vehicles, up to five years old and costing from UAH 1 million to UAH 10 million, is subject to insurance. The deductible is 0% for all risks. The insurance rate ranges from 3% to 4.2% (depending on the selected conditions).
The program covers standard insurance risks: Road traffic accident; fire; natural disaster; natural phenomena; illegal actions of third parties; other accidental events; illegal possession, as well as war risks: damage/destruction of the vehicle as a result of military operations due to the use of weapons, including unmanned aerial vehicles of any type and/or their wreckage, air defense equipment and/or ammunition on the territory of Ukraine in areas where military (combat) operations are not underway and are not under temporary occupation.
As an additional bonus, additional coverage is provided, in particular: gross violations of traffic rules, damage during evacuation – up to 5% of the sum insured once during the term of the contract.
The program does not impose age restrictions on drivers authorized to drive a vehicle. It is possible to pay the insurance premium in one lump sum or in installments.
Guardian Insurance Company is a member of the Presidium of the League of Insurance Organizations of Ukraine. In January 2020, it received the status of a full member of the MTIBU and is entitled to sell Green Card policies.
Starting Monday, August 25, Ukraine may return to exporting electricity during daytime hours when the power system has a surplus, NPC Ukrenergo reported on Telegram.
According to the company, this is facilitated by a decrease in heat and, as a result, electricity consumption, as well as the early completion of the scheduled repair of one of the units of nuclear power plants. At the same time, solar power plants are actively operating during the daytime.
Ukrenergo reminded that in order to avoid accidents, the power system must operate in a balanced manner – the amount of energy produced every minute must correspond to the amount of consumed resource.
“Given the economic inexpediency of limiting the operation of solar power plants, starting from August 25, Ukraine plans to resume electricity exports to neighboring countries. Tomorrow, an auction will be held for access to interstate crossings in the directions of Romania, Hungary and Moldova,” the NPC said.
Electricity will be exported exclusively during the period of surplus – during the active operation of SPPs. During periods of maximum consumption, when there is not enough capacity in the power system, electricity will not be exported from Ukraine.
Source: https://interfax.com.ua/
The rise in oil prices intensified on Friday afternoon in anticipation of a speech by Federal Reserve Chairman Jerome Powell.
Quotes for October futures for Brent on the London ICE Futures exchange by 14:41 by the quarter increased by $1.16 (1.5%) to $78.38 per barrel.
The price of WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $1.22 (1.67%) to $74.23 per barrel by the specified time.
The day before, both brands rose by 1.5%.
The quotes are supported by expectations of a reduction in the key interest rate in the United States. High rates increase the cost of debt service, which could slow economic activity in the country and reduce demand for fuel.
“The dollar is falling on expectations of a rate cut,” said John Kilduff, partner at Again Capital. – “Everyone is now talking about an upcoming 50 basis point cut in the Fed Funds rate, which would be a significant step.
The market expects to receive new signals about the Fed’s position from Powell’s speech at the annual economic symposium in Jackson Hole, which begins at 17:00 CET.
