Metinvest Group’s Zaporizhstal Iron and Steel Works has modernized the transfer trolleys between the departments of its Cold Rolling Shop (CRS), allocating UAH 2 million for this purpose.
According to the company, the upgrade took four months to complete, and the transportation of rolled products from one department of the Cold Rolling Shop to another has become safer and more efficient.
It is specified that the trolleys were replaced with more modern electrical equipment, additional warning beacons, as well as optical and radiation sensors were installed.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries around the world.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
Prices for benchmark crude oil continue to rise on the back of data showing a decline in US fuel stocks for the third week in a row.
Such a long period of decline was last seen in September last year.
The drop in oil reserves exceeded market expectations.
In addition, recent statements by representatives of the Federal Reserve System have increased expectations that the US central bank will cut its base rate in September. This will boost economic growth and, accordingly, lead to an increase in demand for energy resources, Trading Economics writes.
Quotations of September futures for Brent on the London ICE Futures exchange by 8:05 a.m. rose by $0.37 (0.4%) to $85.45. On Wednesday, these contracts rose by $1.35 (1.6%) to $85.08 per barrel.
Prices for August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) on Thursday morning increased by $0.57 (0.7%) to $83.42 per barrel.
At the end of the previous session, these contracts rose by $2.09 (2.6%) and ended trading at $82.85 per barrel.
Commercial oil inventories in the United States last week decreased by 4.87 million barrels, the country’s Energy Ministry reported.
Gasoline reserves increased by 3.33 million barrels, distillate reserves – by 3.45 million barrels.
Experts had expected an increase in oil reserves by 0.8 million barrels, as well as a decrease in gasoline reserves by 1.7 million barrels and distillate reserves by 0.5 million barrels, according to Trading Economics.
Analysts surveyed by S&P Global Commodity Insights had forecast an increase in oil reserves by 0.54 million barrels and a decrease in gasoline and distillate reserves by 0.7 million barrels and 0.59 million barrels, respectively.
The European Commission on Wednesday approved the disbursement of the first regular tranche of EUR4.2 billion of budget support to Ukraine under the Ukraine Facility and is awaiting a final decision by the EU Council as soon as possible, according to a press release from the European Commission.
“Despite all the difficulties, Ukraine has been implementing key reforms to restore its economy and move forward on its path to the EU. This has allowed the Commission to give the green light for additional payments to Ukraine of almost EUR4.2 billion, and I believe that the Council will quickly give its approval,” the release quotes European Commission President Ursula von der Leyen as saying.
It is specified that, once approved by the Council, this decision will bring the total amount of funds allocated by the EU to Ukraine since the launch of the Ukraine Facility in March this year to EUR 12 billion.
The European Commission recalled that regular quarterly disbursements under the Ukraine Facility are subject to Ukraine’s fulfillment of pre-agreed requirements and ensure the predictability of financial assistance.
It is indicated that, based on the results of the assessment of the disbursement request submitted by Ukraine on July 9, 2024, the Commission concluded that Ukraine has satisfactorily implemented nine reform indicators related to the first regular payment in support of the Ukraine Plan – Ukraine’s reform and investment strategy for the next four years. These reforms cover public financial management, management of state-owned enterprises, business environment, energy, and mine action. In particular, the press release highlights the reform of the Bureau of Economic Security, the adoption of new corporate governance standards for state-owned enterprises, and the National Energy and Climate Plan, which coordinates and plans energy and climate policy until 2030 with specific goals, including a significant reduction in greenhouse gas emissions and an increase in the share of renewable energy sources.
Ukraine Facility is an instrument that provides for the possibility of Ukraine receiving EU financial and technical assistance totaling EUR 50 billion in 2024-2027. Of this amount, EUR 38.27 billion is allocated for budget support (including EUR 5.27 billion in grants), EUR 6.97 billion for the investment fund, and EUR 4.76 billion for technical and administrative support.
The state budget for 2024 has already received EUR 7.9 billion under the Ukraine Facility: EUR 6 billion in two tranches of transitional financing and a tranche of EUR 1.9 billion of unconditional financing.
To receive the next tranches, Ukraine must submit a duly justified request for disbursement on a quarterly basis until the end of 2027. The Commission will then assess whether Ukraine has satisfactorily fulfilled the conditions set out in the Council decision.
Prime Minister Denys Shmyhal has signed an agreement with Belgian Prime Minister Alexander De Kroo to finance EUR 150 million worth of recovery projects in Ukraine.
“In particular, the funds will be used to restore energy and social infrastructure in Kyiv and Chernihiv regions,” Shmyhal wrote on his telegram channel following the online meeting.
According to him, the signed agreement simplifies the implementation of joint programs and projects, and will contribute to the recovery, economic and social development of Ukraine.
Under the agreement, the Belgian development agency Enabel will open a representative office in Ukraine.
Japan plans to provide Ukraine with $3.3bn in support loans using interest from frozen Russian assets, Kyodo has quoted diplomatic sources as saying.
According to the sources, during the summit, G7 members agreed to allocate a total of $50 billion to support Ukraine.
The US and the EU are expected to allocate $20 billion each, while Japan, Britain and Canada will “share” the remaining $10 billion.
The G7 plans to start implementing the project by the end of this year.
The Government of Latvia has approved the allocation of EUR 100 thousand to finance the operation of Ukrainian medical institutions, the Ministry of Foreign Affairs of Latvia reports.
“On July 16, 2024, the government approved a bill submitted by the Ministry of Foreign Affairs on the allocation of financial resources from the State Budget Program “Reserve Fund”, which aims to provide funding in the amount of 100,000 euros for Latvia’s support to the functioning of Ukrainian medical institutions in wartime. By this order of the Cabinet of Ministers, the Ministry of Foreign Affairs is authorized to make a contribution on behalf of Latvia to support the work of Ukrainian medical institutions,” the statement said.
It is noted that the funds will be used to reconstruct medical facilities and supply medical equipment, their operation and treatment of patients. The payment will be made through a single responsible UN agency, such as the World Health Organization or the UN Office for Project Services, or through the Ministry of Health of Ukraine.
“The Ministry of Health of the Republic of Latvia, in close cooperation with the Ministry of Health of Ukraine and embassies, is collecting information on urgently needed medicines, medical devices and equipment, and work is underway to organize the next shipment of donations to Ukrainian medical institutions,” the Foreign Ministry said.
Since the beginning of the Russian invasion, Latvia has been providing Ukraine with medical devices, medicines, ambulances and other medical equipment and materials.
On July 8, 2024, Russia launched a missile strike on Ukraine’s largest children’s hospital, Okhmatdyt, and the ISIDA Women’s Health and Family Planning Center. The strikes injured or killed several patients and doctors of both medical institutions. These attacks have seriously disrupted the operation of medical facilities and put additional strain on other Ukrainian hospitals.
