LLC Pobuzhsky Ferronickel Plant (PFC, Kirovograd region), which is part of the international investment group Solway, is forced to suspend production.
According to a press release from the company on Tuesday evening, as a result of the missile attack and global damage to the power grid, the company is unable to resume the operation of furnaces.
At the same time, it is specified that on the morning of October 22, the military forces of the Russian Federation carried out 3 missile strikes on an energy facility that provided power to the PFC, as well as a number of settlements in the Kirovograd and Nikolaev regions, including a water intake station on the Southern Bug (PS “Long Pristan” 35 kV).
As a result of power failure at PFC, the metallurgical process and water intake were stopped. PFC suffered significant economic damage, and production was forced to stop until the state-owned substation is properly restored and the necessary repairs to the main equipment are completed.
At the same time, the enterprise took all necessary measures to prevent situations that could have a negative impact on human health or the environment.
“Currently, power supply has been restored, but it is very unstable and barely enough for the needs of the population. Due to the impossibility of conducting the production process, the company is forced to suspend its main production activities,” the press release states.
The downtime start date is November 1, 2022.
It is also noted that since the beginning of the military aggression against Ukraine, the PFC has been operating at a loss due to high energy costs, logistical obstacles, lack of raw materials, and was subsidized by its Swiss investor Solway Investment Group, trying to fulfill its obligations to workers and the community as much as possible.
Given the forced decline in production by more than half, for 9 months of this year, the total volume of processed raw materials amounted to 0.643 million tons (62.8% compared to the results of 9 months 2021), which corresponds to 42.299 thousand tons of ferronickel (77.5% ) by 9 months-2021), or 7.4 thousand tons of nickel (63.5% by 9 months 2021).
During the specified reporting period, the plant paid taxes to the budget of Ukraine in the amount of UAH 113.8 million (7.9% more than in 9 months of 2021). Of these, UAH 56.1 million is a single social contribution (up 8.6% compared to 9 months 2021) and UAH 44 million are payroll taxes (up 9.1% compared to 9 months 2021).
According to the press release, despite the decline in production capacity with the start of full-scale armed aggression of the Russian Federation against Ukraine, wages and social benefits were maintained in full. In addition, with the participation of the parent company Solway, the employees of the plant carried out a complete set of first-aid kits for the military according to the standards of NATO and the Ministry of Health of Ukraine and established the process of purchasing and delivering the necessary funds and medical equipment from abroad. At present, the financial assistance of PFC and the Solway investment group in the acquisition of medical equipment for the Armed Forces of Ukraine amounted to about UAH 5 million.
The press service clarifies that during the period of downtime, jobs will be saved for all staff. Personnel involved in the maintenance and operation of critical infrastructure facilities and the protection of the plant’s facilities will be paid for the actual hours worked. In accordance with Article 113 of the Labor Code of Ukraine, employees who are not involved in the protection or operation of equipment will be paid for downtime in the amount of at least two thirds of the established tariff rate or salary.
“We remain on the ground and will try to keep the team, to be useful to society and the defenders of Ukraine for the sake of Our Victory,” says PFC General Director Denis Shevchenko, quoted by the press service.
During the period of forced downtime, PFC will continue to fulfill its social obligations to the society in terms of water supply, drainage, gas and heat supply.
Currently, PFC is fully integrated into the production process of Solway Investment Group. The total investment of the group in the plant amounted to more than $130 million.
International investment group Solway started its activity in 2002. It is a private company with a diversified business in the mining and metallurgical industries. The key companies of the group are registered in Switzerland, Luxembourg, Estonia and Malta. 100% of the share capital belongs to EU citizens. Solway’s main production assets are located in North Macedonia, Guatemala, Indonesia, Argentina and Ukraine.
The United States has launched a $47.6 million demining assistance project in Ukraine, the State Department said on Wednesday.
“September 30, the State Department provided $47.6 million to Tetra Tech, Inc. of Pasadena, California to provide emergency humanitarian mine clearance assistance to Ukraine,” the statement said.
Under the terms of the project, the company will “strengthen Ukraine’s ability to detect and clear landmines, unexploded and abandoned ordnance, improvised explosive devices and other explosive objects from civilian areas.”
In addition, Tetra Tech will provide Ukraine with the tools needed to carry out demining work.
This project is part of a $91.5 million demining assistance the State Department will provide over the coming year.
The opposition Likud party and its partners in Israel’s right-wing bloc may win a parliamentary majority in Israel’s parliamentary elections, The Jerusalem Post reports, citing polling results at the exit from polling stations.
Netanyahu’s bloc, which includes the Likud, the Religious Zionists, the single list of ultra-Orthodox parties Yahadut HaTorah and the ultra-religious Shas, can win 61 seats out of 120, according to exit polls. The Times of Israel predicts that the bloc Netanyahu will have 61-62 seats, Channel 12 predicts that the Netanyahu bloc will have 61 seats, Channel 13 – 62 seats, while the bloc of current Prime Minister Yair Lapid, according to the exit polls of these two channels, has 54-55 seats.
According to the Channel 12 exit poll, the Likud party, led by Netanyahu, could get 30 seats. According to the Channel 13 exit poll, Likud could win 31 seats. Lapid’s Yesh Atid party won 24 seats, according to exit polls from both channels.
However, the balance of power after the counting of all votes may still change, but the Israeli media is generally inclined to believe that, following the results of the current elections, Netanyahu may be able to regain power and become the head of government again. The final results will be known in the coming days, but by Wednesday morning, with the exception of some details, it will already be clear what the balance of power in the 25th Knesset will be, media say.
Polling stations in Israel closed at 22:00 (22:00 Kyiv time). The Israelis elected a new unicameral parliament, the Knesset.
The Ukrainian Danube Shipping Company (UDP) is launching the Danube Grain Route project due to the disruption of the “grain initiative” by Russia, UDP CEO Dmitry Moskalenko said on his Facebook page.
“Back in the summer, we assumed that Russia could at any moment try to disrupt the Grain Initiative. Therefore, we persistently and systematically developed our Danube Grain Route project,” Moskalenko explained.
According to him, UDP has invested in the creation of its own transshipment of grain and agreed with the Romanian partners – the TTS group of companies – on a faster and more efficient transshipment scheme in the port of Constanta.
Among the advantages of the new grain project at the first stage, Moskalenko noted that due to the faster loading and unloading process, the average caravan turnaround time will be reduced by about 30%. As a result, cargo owners will not have to bear financial losses due to long queues near the terminal.
In addition, the Director General of the UDP predicts that in the future the barge caravan will be able to carry out up to two trips per month due to the equipping of ships with online control systems, video surveillance and an increase in the number of navigators in the crew.
Moskalenko also said that at the second stage of the project, it is planned to build new barges, to increase the “tonnage” capabilities and modernize traction – a major overhaul of the self-propelled fleet with the replacement of engines.
As reported with reference to the data of the Ministry of Infrastructure of Ukraine, in just three months of the implementation of the Grain Initiative, 422 ships from Ukrainian seaports exported about 10 million tons of agricultural products. This volume could be 30-40% more if Russia did not block inspections in the Bosphorus.
On the afternoon of October 31, the press secretary of the Russian president, Dmitry Peskov, said that without the participation of the Russian Federation, the export of Ukrainian grain would hardly be feasible. At the same time, he noted that from now on the grain deal acquires a “risky and non-guaranteed character.”
Ships flying the Turkish flag will be able to continue exporting grain from Ukrainian ports without any problems, despite the suspension of Russia’s participation in the Black Sea Grain Initiative, Turkish Defense Minister Hulusi Akar said.
“There are no problems with the exit of ships under the flag of Turkey. They will continue to leave Ukrainian ports,” the Turkish media quoted the minister as saying.
Akar also expressed hope that the parties will be able to agree on the implementation of the agreement on grain in full.
The topic of the grain deal, as reported, was discussed by phone on Monday and Tuesday by the foreign ministers and defense ministers of Russia and Turkey.
In January-September 2022, PJSC Alfa Insurance Company (Kyiv) collected a third less gross premiums (by 32.97%) than in the same period in 2021 – UAH 719.3 million, the RA reported “Expert Rating” in the information on confirmation of the company’s financial strength rating at the level of “uaAA +” on the national scale based on the results of work for the specified reporting period.
According to the RA press release, the share of insurance premiums owned by reinsurers decreased by 48.04% over nine months, to UAH 7.878 million in the same comparison.
At the same time, the company made insurance payments in the amount of UAH 258.4 million, which is 11.68% less than in January-September a year earlier.
For the period from September 30, 2021 to September 30, 2022, the company’s equity increased by 44.26% to UAH 485.52 million, while its gross liabilities increased by 7.05% to UAH 556.07 million. As a result of the high growth rates of own capital, the level of coverage of the company’s obligations by equity capital increased by 22.52 percentage points, up to 87.31%, which indicates a high level of equity capital provision, the RA notes.
The volume of cash and cash equivalents on the company’s accounts increased by 83.12% and amounted to UAH 736.7 million, while the ratio between cash and gross liabilities of the insurer increased by 55.03 percentage points, to UAH 132.48 million .
The RA also notes that as of September 30, 2022, PJSC IC Alfa Insurance formed a portfolio of investments in government bonds (OVGZ and OZGP) in the amount of UAH 56.36 million, which had a positive effect on the provision of liquid assets.
During the reporting period, the operating profit of the insurer increased by 3.77 times compared to the same period in 2021, to UAH 138.43 million, and its net profit increased by 4.09 times, to UAH 126.47 million.
IC Alfa Insurance was founded in 2000 and is one of the top 10 leaders in the Ukrainian insurance market. Offers a versatile portfolio of services, including comprehensive business protection programs and a wide range of insurance products for individuals.
