The International Finance Corporation (IFC) from the World Bank Group has signed documents on December 20, 2024 to provide Concern Galnaftogaz with a $53.87 million loan to finance the construction of a 147 MW wind power plant in Volyn region and technical support.
According to information on the IFC website, the total cost of the project is estimated at EUR261 mln (including VAT), the 16-year loan is granted to the established project companies Wind Power Plant Volyn LLC and Wind Power Plant Volyn 3 LLC, which are controlled by GNG Retail Limited and its subsidiary Concern Galnaftogaz (together – GNG Group).
It is indicated that the project involves mixed financing, including from the UK-FCDO and EC-UIF, as well as the Clean Technology Fund.
Earlier, on December 4, participation in the project was also approved by the European Bank for Reconstruction and Development (EBRD), which also signed documents on granting the above-mentioned LLCs a long-term loan of EUR60 million for the construction of a 147 MW wind power plant in Volyn region.
The WPP is expected to generate about 380 GWh (380 million kWh) of zero-carbon renewable electricity annually.
In February 2024, the Antimonopoly Committee of Ukraine (AMCU) authorized GNG Retail Limited (Cyprus) to buy more than 50% in the authorized capitals of Wind Power Group Volyn LLC and Wind Power Group Volyn 3 LLC. According to the data of public registers, GNG Retail Limited owns 89.5% in the two LLCs, while ZNVKIF Rimini JSC (in which Vitaliy Antonov owns 83.19%) – 10.5%.
OKKO CEO Vasyl Danilyak announced the start of work on the construction of a wind power plant in Volyn region in the fall of 2024. He explained the group’s plans to work in the RES sector by the need to diversify its business, as the fuel market is no longer expected to grow.
“Galnaftogaz” operates one of the largest networks of filling stations OKKO, which has more than 400 complexes with a network of catering establishments. The concern also includes other businesses.
Vitaly Antonov’s GNG Retail Limited owns 90.25% of Concern Galnaftogaz. Avalia Investments Limited (Cyprus) of Igor Mazepa, founder and head of Concorde Capital, became the owner of another 7.35% of shares in October 2024.
Retail sales of passenger cars in China in December increased by 12% year-on-year to 2.635 million, according to a report by the China Passenger Car Association (CPCA).
Compared to November, they increased by 8.7%.
Sales of new energy vehicles (NEVs) soared by 37.5% yoy and reached 1.302 million. The figure was up 2.6% compared to November.
NEVs accounted for 49.4% of new cars last month, up from 40.3% in December 2023.
For the whole of 2024, passenger car sales in China increased by 5.5% compared to the same period a year earlier to 22.894 million.
Zaporizhzhia Iron and Steel Works “Zaporizhstal” increased its rolled steel output by 18.1% in 2024 compared to 2023, up to 2 million 426.7 thousand tons from 2 million 54.7 thousand tons.
According to the company’s press release on Thursday, steel production for the period increased by 17.2% to 2 million 890.8 thousand tons, and pig iron by 14.2% to 3 million 106.3 thousand tons.
In December, Zaporizhstal produced 284.7 thousand tons of iron, 245.5 thousand tons of steel, and shipped 234.1 thousand tons of rolled products.
Taras Shevchenko, Acting CEO of Zaporizhstal, stated that in 2024, the plant continued to operate in the face of the proximity of the frontline and the resulting security risks, a significant shortage of personnel due to mobilization and migration, significant energy supply restrictions, the crisis in global markets and stagnation of the domestic steel market, etc.
“It took a lot of effort to keep the plant’s production capacity utilization at an average of 75% and, in addition, to continue support programs for the team, the region and the army. The key focus of Zaporizhstal’s team in 2024 was on finding solutions to improve our own sustainability, efficiency and competitiveness – and, given the disappointing forecasts for 2025, we will continue this work to save the plant and our team,” Shevchenko said.
The press release clarifies that the increase in production in 2024 compared to 2023 is due to higher blast furnace productivity, increased demand for commercial pig iron and the partial restoration of the sea freight export route.
In 2023, the plant operated at an average of 70% of its capacity.
As reported, in 2023, Zaporizhstal increased its rolled products output by 57.2% compared to 2022, up to 2 million 54.7 thousand tons, steel by 65.4%, up to 2 million 466.9 thousand tons, and pig iron by 35.3%, up to 2 million 718.9 thousand tons.
“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 of 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.
In 2024, registrations of electric vehicles (new and used) in Ukraine increased by 38% compared to 2023 – up to 51.7 thousand units, Ukravtoprom reported on its telegram channel.
In particular, registrations of passenger cars increased by 37% to 50,458 thousand, commercial vehicles by 64% to 1,264 thousand, and two electric buses were registered.
The share of new vehicles in zero-emission vehicle (BEV) registrations was 20%, the same as in 2023.
The top five new electric cars of the year were headed by Volkswagen ID.4 (1626 units), followed by Honda M-NV (1279 units), BYD Song Plus (1007 units), Nissan Ariya (766 units) and Zeekr 001 (703 units).
The most popular five used cars are Nissan Leaf – 5511 units; Tesla Model 3 – 4639 units; Tesla Model Y – 4225 units; VW e-Golf – 2479 units and Hyundai Kona Electric – 2337 units.
“Ukravtoprom informs that in December last year, Ukrainians purchased almost 3.8 thousand electric vehicles, 18% less than a year earlier, including more than 3.6 thousand passenger cars (-20%) and 124 commercial vehicles (+59%).
As reported, in 2023, according to Ukravtoprom, registrations of new and used electric cars in Ukraine increased 2.8 times to 37.6 thousand, with new cars accounting for 20% compared to 17% a year earlier.
In turn, the Auto-Consulting information and analytical group, analyzing the market of new passenger electric cars, noted that their share in December amounted to only 11.5% of sales in the market of new passenger cars.
“This is the lowest figure for the whole of 2024,” the group said on its website.
The group’s analysts remind that 2024 began with a 23.7% share of electric cars, but it declined further.
“The catalyst for this process was the shelling of Ukraine’s energy infrastructure. And after each prolonged power outage, a decrease in the share of electric vehicles among new cars purchased was recorded,” the report says.
According to Auto-Consulting, at the end of the year, electric cars accounted for 16.1% of the new car market, which is 1 percentage point less than in 2023, but after the powerful shelling of the energy sector in November and December, the lowest figure was recorded – 11.5%.
“This is despite numerous tax incentives for the import of electric cars. It is clear that this trend is temporary and is caused by the enemy’s attacks on Ukraine’s energy sector, which is a cause for concern among consumers. However, the enemy has actually slowed down the trend of rapid transition to electric mobility in the Ukrainian car market,” analysts say.
At the same time, among other reasons for the decline in demand for electric vehicles, they name a decrease in the supply of popular models of VW ID.4, Honda and others. In addition, unofficial electric vehicles are increasingly facing price changes and service issues.
According to EastFruit analysts, as of the beginning of 2025 compared to the same period of 2024, prices for most types of fruits and vegetables in the Ukrainian market increased. However, there were also such positions, for which prices decreased. At the same time, the average rate of price growth for fruit and vegetable products did not differ significantly from the annual inflation rate, which indicates stabilization of the fruit and vegetable market.
Among the champions in terms of price growth rates in 2024 were cabbage, carrots and apples. Cabbage rose in price three times or more during the year due to a decrease in production volumes and low quality of products. Wholesale prices for carrots increased almost 2.6 times and reached UAH 26/kg ($0.61) as of the beginning of January 2025. Apple has increased in price by an average of 79% and is now sold in bulk for 25-28 UAH/kg, which is also equivalent to about 60 US cents. Premium quality apples are sold much more expensive.
“Apple prices have risen sharply in all European countries due to significant crop losses due to unfavorable climatic conditions. Another reason for the price increase is high prices for apple concentrate, supporting high prices for low quality apple as well. Accordingly, the fresh apple market lost the most affordable segment, which allowed the prices for medium and high quality apple to increase,” says Andriy Yarmak, FAO economist.
Similar to apple was the situation for pears, which rose in price by an average of 70% on the Ukrainian market over the year.
Mandarins are another item, for which there was a high increase in prices. The reasons were discussed in detail in this material. In Ukraine, the prices for these fruits increased by 58% over the year.
For other key positions the following price growth was observed: sweet pepper and grapes – 20%, potatoes – 30%. At the same time, prices for onions and greenhouse tomatoes did not change over the year, and greenhouse cucumbers fell in price by an average of 5% over the year. Wholesale prices for bananas decreased most significantly – by 8%.
Ferrexpo plc, a mining company with major assets in Ukraine, produced 6 million 70.541 thousand tons of pellets in 2024, up 58% from 3 million 845.325 thousand tons in 2023.
According to a press release on Thursday, Ferrexpo produced 1 million 503.373 thousand tons of pellets in the fourth quarter of 2024, up 18% quarter-on-quarter (1 million 269.727 thousand tons).
At the same time, the total production of marketable products (pellets and iron ore concentrate) in 2024 increased by 66% compared to 2023, to 6 million 889.879 thousand tons from 4 million 152.028 thousand tons. In particular, the output of saleable concentrate amounted to 819,338 thousand tons compared to 306,703 thousand tons in 2023. The company also produced 489,720 thousand tons of DR pellets, 4 million 984,990 thousand tons of premium pellets and 595,831 thousand tons of other pellets.
The press release notes that during the fourth quarter, the group successfully operated two pelletizing lines (out of four) despite power outages, and paid special attention to the production of higher quality pellets and high-quality concentrate.
As of December 31, 2024, the group’s net cash position was approximately $99 million (December 31, 2023: $108 million) with minimal lease obligations, subject to possible adjustments at the end of the year, and no debt.
The company was re-admitted to the FTSE 250 index at the end of December.
Commenting on the group’s performance, Lucio Genovese, interim chairman, said that in 2024 the company had its best annual production performance since the start of the full-scale invasion in 2022.
“The increase in production reflects our ability to regain access to Ukraine’s Black Sea ports and resume exports to customers in the Middle East and North Africa (MENA) and Asia. In total, 37 ocean-going vessels were loaded in 2024, including 32 vessels from Ukraine and five from other ports, compared to only 19 (from Romania) in 2023. The higher level of production also reflects the flexibility we have built into the business, producing a wider range of products,” Genovese said.
He also emphasized one of the highlights of 2024 – a new annual record for DR pellets production. These higher quality pellets bring higher revenues to the company, which is especially important as the group continues to face high production costs.
In addition, production of high quality pellets and concentrate increased in the fourth quarter, which helped to reduce the fixed cost base as production levels increased.
“The group’s ability to produce a diverse range of products and sell them to a broader customer base has helped in the current environment. However, the continued impact of lower iron ore prices and higher raw material costs put pressure on profitability in the fourth quarter. Due to further attacks on Ukraine’s power grid, we continue to have to import electricity from the EU at higher tariffs,” Genovese emphasized.
As reported, Ferrexpo produced 3.845 million tons of pellets in 2023, down 36.5% from 2022.
Ferrexpo owns a 100% stake in Yeristovo Mining, 99.9% in Bilanivsky GOK and 100% in Poltava Mining.
