Oil prices are falling on Tuesday after a slight rise in the previous session amid decisions by Saudi Arabia and Russia to extend voluntary production cuts.
The cost of January futures for Brent crude oil on the London ICE Futures exchange as of 7:10 a.m. on Tuesday amounted to $84.77 per barrel, which is $0.41 (0.48%) lower than at the close of the previous session. On Monday, the price of these contracts rose by $0.29 (0.3%) to $85.18 per barrel.
December futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.36 (0.45%) to $80.46 per barrel by this time. As a result of the previous trading, the value of these contracts increased by $0.31 (0.4%) to $80.82 per barrel.
The market is under pressure from fears of a weakening global economy and, consequently, oil demand. “Weak economic expectations are holding back the oil market and justifying the position of OPEC+ countries limiting production,” OANDA analyst Craig Earlam said, as quoted by Market Watch.
Last weekend, it became known that Saudi Arabia decided not to change the volume of voluntary oil production cuts and will keep it at 1 million bpd until the end of 2023.
In December, Riyadh may review the parameters of the restrictions to make a decision either to deepen the reduction or to increase production, the Saudi state agency reported on Sunday, citing an official source in the country’s Energy Ministry.
Saudi state-owned Saudi Aramco said on Monday that it will keep the price of the main grade of oil supplied to Asia, Arab Light, unchanged in December. The price of this grade for Asian buyers has been rising for five months in a row.
The Russian Federation will extend until the end of December 2023 an additional voluntary reduction in the supply of oil and oil products to world markets by 300 thousand barrels per day, which came into effect in September and October 2023.
The goal: to attract private investment for Ukraine’s reconstruction. Participants will discuss the most important issues facing investors in Ukraine, outline investment achievements in 2023, and define plans for the next year.
The event will take place offline, as part of the largest exhibition for the reconstruction of Ukraine, ReBuild Ukraine. Anyone wishing to invest in Ukraine and participate in its reconstruction will receive the most up-to-date analytical data, information on available investment incentives, successful investment cases, regulatory changes, practical aspects of project implementation, and investment projects in the development of UkraineInvest.
The annual forum will bring together high-level representatives of government and business, investment agencies, international organizations, and financial institutions. Speakers will include government officials, representatives of BlackRock, DFC, EBRD, CSIS, Kingspan, Kovalska, Bayer, and others. The event is expected to be attended by 500 international delegates.
The forum will include an award ceremony for representatives of the government, business and international organizations that have contributed to the development and support of Ukraine’s economy.
Program of the event
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E-mail: nazarii.volianskyi@ukraineinvest.gov.ua; tel. +38063-023-11-93
PJSC UkrGasVydobuvannya (UGV) has drilled two high-yield wells, exploration and production wells, with a total daily production capacity of 0.5 million cubic meters.
“One of them is an exploration well at a recently discovered field, the other is a production well at a field that is more than 50 years old,” the company said on its website on Monday.
According to UGV, the drilling location of the exploration well was determined thanks to earlier 3D seismic surveys. The second well is a production well drilled at the “old” field, which has deposits with high residual potential but is characterized by a complicated geological structure.
“The results of drilling this well made it possible to increase gas production relative to the field by 156 thousand cubic meters, as well as to clarify the geological structure of the field and outline further plans for drilling the following wells,” UGV said.
Both wells were drilled by specialists of Ukrburgaz, a branch of Ukrgasvydobuvannya.
“We continue to work with both new and old fields and see that our approaches are effective: these are not the first successful high-rate wells in these fields that add a significant plus to the company’s overall production,” the website quotes Oleh Tolmachov, Acting CEO of Ukrgasvydobuvannya, as saying.
The company aims to increase natural gas production by 1 billion cubic meters in 2023, up to 13.5 billion cubic meters. In 2022, UGV produced 12.5 billion cubic meters of natural gas (commercial), which is 3% less than in 2021.
NJSC Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.
In January-September of this year, a major Ukrainian glass container manufacturer PJSC Kostopil Glassworks (KZG, Rivne region) posted a net profit of UAH 408.56 million, up 3.6 times compared to the same period in 2022.
According to the company’s interim reports published on its website, net income for the period increased by almost 26% to UAH 1 billion 402 million.
The company’s operating profit grew 3.3 times to UAH 504.2 million, while gross profit increased 2.6 times to UAH 567.1 million.
In January-September, the company mainly sold beverage containers (95% of total sales), which amounted to 259.2 million units for UAH 1 billion 344 million.
According to the information published on Monday in the disclosure system of the National Securities and Stock Market Commission, on December 7, the company’s shareholders intend to approve the transfer deed between JSC and Kostopil Glassware Plant LLC at an extraordinary meeting.
The decision to transform into a limited liability company (LLC) was made at the general meeting of shareholders of KZP JSC on April 28 this year “in order to simplify the management system and minimize the costs associated with servicing a private joint-stock company.”
As of the second quarter of 2023, 19.4639% of KZS PrJSC shares are owned by Dmytro Oliynyk, Chairman of the Federation of Employers of Ukraine, more than 30% of shares are owned by three other members of his family, Bulgarian Fisherman Investments owns almost 22%, and Andriy Rybytskyi owns more than 9%.
The plant produces bottles for perfumery and medical products, as well as bottles for alcoholic and non-alcoholic beverages, and two-liter decanters.
The company, according to its website, is one of the leading industrial enterprises in Rivne region and one of the five largest glass container manufacturers in Ukraine. The company’s capacity allows it to produce 432 million pieces of glass per year.
The company’s main customers are Nemyriv, Khortytsia, Khlibnyi Dar, Pepsi-Cola, and Carlsberg brands.
The products are sold in Ukraine and exported to Poland, Hungary, Romania, Slovakia, Spain, and Moldova.
In 2022, 84% of the company’s products were exported (compared to 49% a year earlier), mostly to Poland and Hungary.
In May of this year, the Filatov Institute of Eye Diseases and Tissue Therapy commissioned a new medical building. In May this year, the Filatov Institute of Eye Diseases and Tissue Therapy put into operation a new medical building built within the framework of the state investment project “Creation of a modern clinical base for surgical treatment of eye pathology”.
“Today, both patients and doctors have fully settled into the new building and have been able to appreciate its benefits,” the clinic told Interfax-Ukraine.
The new six-story building has 230 beds. In accordance with the new requirements for clinical facilities, each of the spacious wards has a bathroom, and all the requirements for ensuring the stay of patients with disabilities have been met. The building is equipped with the latest diagnostic, medical, laboratory, anesthesiology and operating equipment.
Currently, the new building houses four out of nine clinical departments, as well as two reception departments – separately for children and adults. In addition, the new building houses a complex of clinical laboratories, physiotherapy and ultrasound departments, and an operating room with 12 operating rooms.
“The commissioning of the new medical building will allow us to provide the most modern equipment and facilities for operating rooms, given the high surgical activity (more than 15,000 operations per year), and to achieve high standards of patient care in the clinical facility,” the institute emphasized.
Filatov Institute of Eye Diseases and Tissue Therapy. Filatov Institute of Eye Diseases and Tissue Therapy of NAMSU was founded in 1936. It is a leading scientific and medical institution and a national center for scientific research in the field of ophthalmology. The Institute has four national centers covering the most common ophthalmic pathologies: Ukrainian Ophthalmic Trauma Center, Center for Pediatric Ophthalmopathology, Center for Ophthalmic Oncology, and Eye Burn Center.
The Institute’s clinic is an ophthalmology center where all types of diagnostics and treatment of eye diseases are performed using innovative technologies.
