The Zhydachiv Pulp and Paper Mill (ZhPPM, Lviv Region) produced UAH 94.1 million worth of products in January-February, 57.9% more than in the same two months of 2022.
According to the statistical data provided to Interfax-Ukraine by UkrPapir Association, the output of corrugated packaging more than doubled in volume terms, reaching 3.5 mln sq.m.
In addition, the mill released 2.35 tons of packaging board (2.1 times more) and 0.72 tons of paper (55.4% more).
Zheleznodorozhnoye has a capacity of paper production (corrugated base paper, cardboard liner, wrapping paper) – 43 thousand tons per year, cardboard production – 50 thousand tons, corrugated cardboard and corrugated packaging – 120 million square meters, cast containers (trays for 30 eggs) – 72 million pieces per year.
As reported, this year the mill has begun production of a new type of office paper for graphic purposes from recycled waste paper.
As reported with reference to the Association, in January-February, the total production of paper and paperboard in Ukraine by major enterprises of the industry declined by 15% to the same period almost prewar 2022 – to 87.31 thousand tons, and cardboard boxes – only by 0.6%, to 78.5 million square meters.
In 2022 Zhidachev PPM produced marketable products worth 510.8 million UAH, which is 23.1% more than a year earlier, and Izmail PPM – 235.7 million UAH (2.6% less).
The Danish government will create a DKK 7 billion ($1.01 billion) fund in 2023 for military, civilian and business assistance to Ukraine, the Danish government says.
“The situation in Ukraine is extremely serious, and the need for significant support is acute. Ukraine’s struggle for freedom is a struggle for democratic values and society. Therefore, the government has joined forces with an overwhelming majority in the Danish parliament to create a fund of about 7 billion DKK in 2023,” the Danish Finance Ministry said on its official website Wednesday.
In addition, funds are available for 2024-2027 to finance replacements related to military contributions made in 2022 and 2023, the statement clarified.
The fund will reportedly consist of three parts.
The first. Military support in the form of weapons, other military equipment and personnel training – about DKK 5.4 billion in 2023.
The second part. Civilian support aimed at acute humanitarian problems as well as long-term reconstruction – 1.2 billion DKK.
Third part. Support for business initiatives that enable Danish companies to contribute to the reconstruction of Ukraine – 0.4 billion DKK.
Commenting on the event, Danish Foreign Minister Lars Løkke Rasmussen said: “Ukrainians are fighting not only for their own freedom, but also for the security of Europe. With this fund, we bring Denmark’s support of Ukraine to a new level. Not least of all it concerns the business sphere. Danish companies can supply many of the things Ukraine lacks, such as drinking water, district heating and food”.
Reportedly, the Danish Foreign Ministry is going to multiply efforts “to help Danish companies enter the Ukrainian market and allocate more funds to create better conditions for risky investments by Danish companies in Ukraine. This is good news for both Ukrainian and Danish businesses”.
Ukrainian President Vladimir Zelensky thanked Denmark for the establishment of the Ukraine Support Fund.
“I am sincerely grateful to the Danish Parliament, Prime Minister and Government for the establishment of the Ukraine Support Fund. More than $1 billion for military, humanitarian and economic aid to Ukraine is the key to bringing our common victory over the aggressor and the return of peace to Europe!” – he wrote on Twitter on Wednesday.
Oil prices are rising on Wednesday after falling the day before to their lowest since December last year on increased fears of a recession in the U.S. as a result of problems in the banking sector.
Brent crude futures on London’s ICE Futures Exchange stood at $78.52 a barrel by 7:05 a.m., up $1.07 (1.38%) from the close of the previous session. Those contracts fell $3.32 (4.1%) to $77.45 a barrel on Tuesday.
The price of WTI April futures at electronic trades of NYMEX grew by that time by $1.09 (1.52%) to $72.42 per barrel. At the end of previous session the contracts cost decreased by $3.47 (4.6%) down to $71.33 per barrel.
Both Brent and WTI futures closed Tuesday at their lowest levels since Dec. 9.
“The oil market is acting as if a recession in the economy is imminent,” notes Price Futures Group analyst Phil Flynn, quoted by Market Wach. – With signals of increased demand in China and a pullback in the U.S. dollar, one would expect oil to withstand all this economic turmoil.”
OPEC on Tuesday kept its forecast for global oil demand growth in 2023 at 2.3 million bpd. The organization raised its forecasts slightly for the first three quarters of 2023 and lowered them for the fourth.
According to the monthly report, stronger demand growth in China will offset declines in the U.S. and Europe.
The International Energy Agency (IEA) will release its review on Wednesday.
The government of Ukraine has abolished the need to obtain the approval of the State Reserve when issuing licenses by the Ministry of Economy to import raw cane sugar to Ukraine within the tariff quota.
The corresponding decision within the framework of the economy deregulation was taken by the government on Tuesday, as quoted by the Vice Prime Minister and Head of the Ministry of Economy Mykhailo Fedorov.
The issue of optimization of this agreement was previously considered by the interdepartmental working group on the accelerated revision of instruments of state regulation of economic activity, which was chaired by him and First Deputy Prime Minister – Minister of Economy Yulia Sviridenko.
As it was reported, the Interdepartmental Working Group on Accelerated Revision of the Instruments of State Regulation of Economic Activity was created by the government on January 13, 2023 with the purpose of simplifying the regulatory environment for business.
Mining company Ferrexpo with assets in Ukraine saw $219.997 million in net profit in 2022, and it was 75% lower than the same indicator in 2021 ($870.993 million).
According to the company’s annual report published on Wednesday, its revenue for the year fell by 50.4% to $1.248 billion.
At the same time, EBITDA fell by 46.8% to $765.113 million.
Ferrexpo’s capital investment in 2022 was $161 million compared to $361 million in 2021 (55.4% down).
Net cash flow from the company’s operating activities at the end of last year reached $301 million (2021 it was $1.094 billion). Net cash position at the end of the year was $106 million compared to $117 million at the end of the previous year.
Dividends paid during the 2022 calendar year decreased by 75% to 26.4 cents from 105.6 cents in 2021.
Non-executive Chair Lucio Genovese said that for Ferrexpo, the year 2022 was defined not only by the events since 24 February 2022, but also by the resilience and commitment of its workforce and communities across Ukraine throughout Russia’s invasion.
“Operationally, our assets have produced in line with accessible markets, with the closure of Ukraine’s access to the Black Sea placing a significant impediment in our ability to access seaborne markets. We did, however, continue to deliver throughout the year to our European customers. This is testament to the long-term, sustainable relationships that we have built with our customer base,” Genovese said.
At the same time, he noted positives in Ukraine’s potential as a supplier of high grade, high quality iron ore to the global steel industry, particularly in Europe, which is taking significant steps to reduce its greenhouse gas emissions footprint and embark on decarbonisation pathways.
As reported, in January-June 2022, Ferrexpo saw $82.070 million in net profit, which is 87.7% lower than the same indicator in 2021 ($661.417 million). Its revenue dropped by 30.8% to $935.874 million from $1.353 billion, and EBITDA by 44%, to $486.121 million from $868.364 million. Capital investments in the first half of 2022 totaled $102 million compared to $142 million in the first half of 2021 (28% down). Interim dividends were 19.8 cents per share (in the first half of 2021 they were 52.8 cents).
At the end of 2021, Ferrexpo increased its net profit by 37.1%, to $870.99 million, with revenue growth of 48.1%, to $2 billion 518.23 million.
Ferrexpo is an iron ore company with assets in Ukraine.
Ferrexpo owns 100% of Yeristovo Mining LLC and 99.9% of Belanovo Mining LLC. Prior to the court decision in September 2022, Ferrexpo also owned 100% of the shares of PJSC Poltava Mining.
President of Ukraine Volodymyr Zelenskyy and Prime Minister of Iceland Katrín Jakobsdóttir signed a joint declaration during her working visit to Kyiv, the presidential press service has said.
According to the document, the leaders reaffirm their support for the principles of international law, the inviolability of borders, and their demand for Russia immediately, completely and unconditionally withdraw all its military forces from the territory of Ukraine within its internationally recognized borders.
The President of Ukraine and the Prime Minister of Iceland remain fully committed to the policy of non-recognition of Russia’s illegal annexation of the territories of Ukraine, and also call for the immediate release of all abducted civilians, including children, and all those who were forcibly transferred to the territory of Russia.
The declaration notes the importance of Ukraine’s consistent efforts of continuing the Black Sea Grain Initiative and the Grain from Ukraine humanitarian program, Ukraine’s sovereign decision to guide the peace process and convene a global peace summit when conditions permit, and commitment to NATO’s Open Door Policy.
Condemning in the strongest possible terms Russia’s full-scale military invasion of Ukraine, Zelenskyy and Jakobsdóttir declare that Iceland fully subscribes to the European Union sanctions imposed against Russia in response to military aggression against Ukraine.
In turn, Ukraine highly appreciates all the help from Iceland.
It is noted that Iceland will continue to provide effective political, economic and humanitarian support to Ukraine and its defense capability. Iceland will assist in the recovery and rapid recovery of Ukraine, especially in the energy sector. Iceland will support Ukraine for as long as it takes.
Iceland and Ukraine will continue to work together, and with others within multilateral organizations, to ensure accountability, including through the establishment of special tribunal for the crime of aggression and a register of damages to record and document evidence and claims for damage, loss or injury as a result of Russia’s aggression against Ukraine, as a first step in setting up a comprehensive reparation mechanism.
