Norway, in partnership with the United Nations Development Program (UNDP), has committed a total of NOK 1.1 billion ($105 million) in financial support to rebuild Ukraine’s energy infrastructure, build backup capacity and accelerate Ukraine’s transition to a more diversified and sustainable energy mix.
“This partnership will ensure the restoration of energy generating capacity in Ukraine, providing direct support to important regions of Ukraine. This contribution will significantly mitigate the impact of the ongoing shelling of Ukraine’s energy infrastructure. As part of this enhanced partnership, solar panels will be installed to provide backup power to schools and hospitals, and a recent agreement will provide an additional 80 MW of power to the national grid this winter,” the UN press service reports.
It is noted that thanks to the UNDP Energy Recovery Program, the provision of heat and water will meet the needs of more than a million people and industrial consumers.
“Russia’s constant attacks on Ukraine’s energy infrastructure have led to an urgent need to increase electricity production. There is a shortage of this type of equipment on the market. Therefore, the agreement with UNDP is very important to support Ukraine this winter,” Norwegian Foreign Minister Espen Barth Eide said in a government press release.
The production, transportation and installation of energy equipment are complex and risky processes that are carried out by reliable partners, as this is vital assistance that will enable Ukraine to survive the coming winter.
“We are committed to supporting Ukraine in its efforts to build a more resilient and sustainable energy system by restoring critical energy infrastructure and generation capacity, and advancing strategic initiatives to accelerate the transition to green energy. We are committed to supporting Ukraine in its efforts to build a more resilient and sustainable energy system. Rehabilitating critical energy infrastructure is essential as people living in multi-storey buildings in major cities have no alternative means of heating and water supply. UNDP’s Renewable Energy Program, through which we are supporting Ukraine’s energy recovery, is a testament to our commitment to promoting green recovery and energy security for all Ukrainians. We are grateful to our partners for their continued support,” said UNDP Resident Representative Jaco Silje.
In the third quarter of 2024, Astarta Agro Holding sold 77.87 thousand tons of sugar, which is 6% less than in the same period a year earlier, and in January-September, sugar sales increased by 43% to 289.32 thousand tons.
According to the company’s announcement on the Warsaw Stock Exchange, the average sugar price in the third quarter decreased by 10% compared to the same period last year and by 10% over the first nine months.
In the third quarter, Astarta’s wheat sales increased by 475% to 128.8 thousand tons, up from 22.41 thousand tons a year earlier. Over the nine months, corn sales increased by 202% to 209.15 thousand tons. The average price of wheat in the third quarter was up 44% year-on-year and 37% over the first nine months of the year.
At the same time, corn sales volumes decreased by 95% to 1,787 thsd tonnes, while its selling price fell by 22%. Over the first nine months, corn sales increased by 7% to 339.72 thousand tons, while prices were 8% lower than last year.
“Astarta increased its sales of sunflower seeds by 112% to 7.063 thousand tons, while its selling price increased by 62%. In the first nine months of the year, sunflower sales decreased by 57% to 27.129 thsd tonnes, while prices were 5% higher than last year.
Sales of rapeseed in the third quarter increased by 196% to 34.91 thsd tonnes, while prices increased by 55%. Sales volumes for the first nine months of 2024 increased by 272% year-on-year to 55.231 thsd tonnes, and prices were 32% higher.
Sales volumes of soybean oil in the second quarter decreased by -13% to 8.217 thsd tonnes, while prices were 19% higher. The agricultural holding increased its sales volumes by 11% in the first nine months of 2024 compared to the same period last year – up to 35,359 thousand tons, but prices were 7% lower on average.
In addition, in the third quarter, Astarta reduced sales of soybean flour by 1% to 29,313 thousand tons, while prices were 4% lower than last year. In the first nine months of 2024, prices were 6% lower compared to the same period last year.
The agricultural holding’s sales of milk in the third quarter increased by 1% to 25.878 thousand tons, while the price of the products increased by 32%. Sales volumes for the first nine months of 2024 increased by 4% to 85.891 thousand tons, prices – by 24%.
In 2023, Astarta Agro Holding, the largest sugar producer in Ukraine, reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
OKKO Group has renovated 91 filling stations in 2022-2024, said Nazar Kupibida, CFO of the group, during the XXII Ukrainian CFO Forum in Kyiv on Thursday.
In addition, since the beginning of the full-scale war, 37 damaged OKKO filling stations have been reopened, while another 19 stations were lost and closed.
Kupibida said that the group lost 18.5 thousand tons of fuel worth $21.3 million as a result of the shelling of its tank farms, and the total losses are estimated at $70 million. The shelling forced the group to work from the wheels, and the fleet of fuel trucks was doubled.
In the structure of OKKO’s sales ($2.303 billion) last year, 72% were fuel retail, 14% were fuel wholesale, 9% were non-fuel sales, and 5% were other.
In the structure of EBITDA ($231 million), 70% was fuel retail, 22% was non-fuel sales, 3% was fuel wholesale, and 5% was other.
In 2022-2024, the group raised $194.4 million in working capital financing, including UAH 3.7 billion (equivalent to $88.4 million) from state-owned banks, $47.1 million equivalent from international financial institutions (IFIs), and $58.9 million equivalent from private Ukrainian banks.
Financing of investments since the beginning of the full-scale war: bioethanol project – EUR 75 million, wind farm – EUR 160 million, core business – UAH 1.1 billion.
According to the group, in 2023, the retail market of petroleum products in Ukraine fell by 14.6% compared to 2021.
Last year, six companies accounted for 55% of the retail market coverage. The share of OKKO (405 filling stations) was 19.4%, WOG (368 filling stations) – 14.4%, BRSM (214 filling stations) – 6.7%, Avias (822 filling stations) – 5.7%, UKRNAFTA (459 filling stations) – 4.4%, UPG (81 filling stations) – 4.3%.
OKKO Group unites more than 10 diversified businesses in production, trade, construction, insurance, maintenance and other services. The flagship company of the group is Galnaftogaz, which operates one of the largest filling stations in Ukraine under the OKKO brand, with about 400 filling stations.
The group’s founder and ultimate beneficiary is Vitaliy Antonov.
Turkish defense company Baykar intends to complete the construction of a plant near Kyiv in August 2025, the company’s CEO Haluk Bayraktar told Reuters.
“We have completed 80% of the construction and are now ordering vehicles. The date of production will be determined by the course of the war, but the facility will be ready in August 2025,” Bayraktar told the agency in an interview on Thursday.
The plant is expected to produce the TB2 or its heavier TB3 variant.
Baykar currently uses Ukrainian-made engines for its Akinci and Kizilelma drones. The company also recently signed an agreement with Ukraine’s Ivchenko-Progress to jointly develop a turbofan engine, Baykar said.
Over the next five years, Baykar will invest $300 million to develop a turboprop engine for the Akinci drone. This will be followed by the development of a turbofan engine for Kizilelma, an unmanned air-to-air combat vehicle currently undergoing flight testing.
Baykar will keep the capacity of the TB2 and Akinci production lines at the same level, and over the next few years will invest in the expansion of the TB3 and Kizilelma lines. The Kizilelma is expected to start mass production next year in the amount of 10 units. Baykar’s revenue last year was $2 billion, up from $1.4 billion the previous year, with 90% coming from foreign markets.
The company accounts for about a third of all Turkish exports of defense and aerospace products.
As previously reported, Turkish-made Bayraktar drones have gained wide popularity in the world after the Ukrainian military began using them to counter Russian troops, destroying armored vehicles and artillery systems. In February, it was reported that the Baykar plant in Ukraine would employ about 500 people and produce about 120 units per year.
Import changes in % to previous period in 2023-2024
Open4Business.com.ua
China’s economic growth rate may fall “substantially below 4%” if the country’s authorities fail to implement reforms aimed at supporting domestic demand, said the head of the International Monetary Fund (IMF) Kristalina Georgieva. The main obstacle to the recovery of consumer confidence in the PRC remains the troubled real estate sector, and the government needs to take measures aimed at fixing this problem, she said at a briefing in Washington.
In addition, in response to a question from an Egyptian journalist, Georgieva said she would soon visit Egypt to discuss the terms of an $8 billion loan program.
“We are open to adjusting the Egyptian program or any other program so that it best meets the interests of the people,” she said, adding that the Egyptian government still needs to implement reforms, and the sooner the better.
Earlier, Egyptian authorities signaled that it was becoming more difficult for them to meet the conditions voiced when granting the IMF loan due to geopolitical tensions in the region. Those conditions include, among others, cuts in government spending, including subsidies on fuel, electricity and food.
