Ukrnafta and Wärtsilä, with the support of the Ministry of Energy of Ukraine and the Naftogaz Group, have launched a collaboration in the field of energy resilience.
During a meeting between First Deputy Prime Minister and Minister of Energy Denys Shmyhal and Petteri Orpo, a framework agreement was signed for the supply of complete equipment for modern gas piston power plants between Ukraine’s largest oil producer, JSC Ukrnafta, and the Finnish leader in energy technology manufacturing, Wärtsilä.
“This is one of the strategic projects aimed at strengthening Ukraine’s energy security amid constant Russian attacks on energy infrastructure. The lengthy negotiation process is achieving its goal,” emphasized Serhiy Koretskyi, Chairman of the Board of NJSC Naftogaz of Ukraine.
The purchase will be financed through preferential loans from the Finnish-Ukrainian Investment Facility (FUIF), guaranteed by the Finnish export credit agency Finnvera.
“The project will provide backup power for the company’s critical units. The surplus of generated electricity will be directed to meet the needs of the population and businesses within the country’s integrated power grid, which has been affected by Russian attacks,” noted Bogdan Kukura, Chairman of the Board of JSC “Ukrnafta.”
Modern, highly flexible gas equipment will enable Ukrnafta to additionally provide balancing services for the electricity market and significantly strengthen energy security in the regions.
JSC “Ukrnafta” is Ukraine’s largest oil production company and operates the country’s largest national network of gas stations—UKRNAFTA. In 2024, the company entered into an asset management agreement with Glusco. In 2025, it finalized a deal with Shell Overseas Investments BV to purchase the Shell network in Ukraine. In total, it operates nearly 700 gas stations.
The company is implementing a comprehensive program to restore operations and modernize the format of the gas stations in its network. Since February 2023, it has been issuing its own fuel vouchers and “NAFTACard” cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of “Ukrnafta” is NJSC “Naftogaz of Ukraine,” holding a 50%+1 share stake.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state the share of corporate rights in the company that belonged to private owners, which is now managed by the Ministry of Defense.
Global spending on information technology (IT) in 2026 could increase by 13.5% and exceed $6.3 trillion, according to a press release from research firm Gartner.
“This forecast highlights the accelerated growth of AI infrastructure and advanced memory chip technologies,” said John-David Lovelock, a leading analyst at Gartner. “Investments in data centers are growing rapidly, which in turn is driving increased demand for high-performance computing. This dynamic creates significant growth opportunities for companies supplying AI-optimized processors and technologies.”
The most significant growth this year is expected to come from data center spending—up 55.8% to $788 million.
“Sustained demand combined with limited supply has led to record price increases for high-speed memory chips,” notes Lovelock. “This surge makes the memory segment a profitable area for chip manufacturers.”
Pivdenny Mining and Processing Plant (Pivdenny GZK, Kryvyi Rih, Dnipropetrovsk Oblast) reduced its concentrate output by 45.1% in January–March of this year compared to the same period last year—to 1.546 million tons from 2.819 million tons.
According to materials available to the agency “Interfax-Ukraine,” the volume of commercial production in the first quarter of 2026 at the Southern GOK amounted to 1,546,500 tons of concentrate worth UAH 4,255,486,000, while the volume of sold products—concentrate—was 1,431,000 tons worth UAH 3,865,853,000.
It is noted that PGZK did not export any products during the reporting period.
Meanwhile, the volume of commercial production in the first quarter of 2025 amounted to 2.819 million tons of concentrate worth UAH 6.103340 billion. The volume of products sold: concentrate – 2.852 million tons worth UAH 6.202801 billion.
It is further specified that ore processing plants Nos. 1 and 2 process iron-bearing quartzites, with the iron content in the raw ore being Fe total – 34.70% and Fe magnetic – 27.55%.
In 2023, following the unblocking of the seaports used for the sale of PGZK’s commercial products, the company managed to resume exports of iron ore products to external consumers and, accordingly, increase production volumes.
“As of today, the Russian Federation’s military aggression prevents PGZK from conducting its production and business activities to their full extent; consequently, the level of investment remains significantly lower than in the pre-war period, the implementation of some investment projects has been suspended, and the long-term development program for the enterprise through 2030, which was developed and approved in 2021, has been adjusted to focus on maintaining existing production capacities, maximizing the preservation and extending the service life of existing equipment, and continuously seeking operational improvements to reduce overall operating costs,” the interim report states.
In the first quarter of 2026, the average headcount of full-time employees on the payroll was 4,007.
Pivdenny GOK is one of the leading producers of iron ore concentrate in Ukraine. It is engaged in the extraction and beneficiation of low-grade iron-bearing quartzites to produce iron ore concentrate. The plant’s raw material base consists of quartzites from the Skelevatsky deposit, located in the central part of the Kryvyi Rih iron ore basin.
At the start of the war, PivdenGOK was controlled by the Metinvest Group and Lanebrook Ltd. (formerly a majority shareholder of Evraz Group, which withdrew from the group’s shareholder structure in 2018), which acquired 50% of the shares in the plant from the Privat Group (Dnipro) at the end of 2007.
According to the National Securities and Stock Market Commission (NSSMC) data for the fourth quarter of 2025, Zantest Limited holds 29.8815% of the company’s shares, and Jetere Limited (both based in Cyprus and registered at the same address) holds 59.7630%.
The company’s authorized capital is UAH 535.915 million, and the par value of a share is UAH 0.25.
According to Serbian Economist, Serbian President Aleksandar Vucic stated that the country needs “bold and important decisions” and serious reforms in the near future, rather than “revolutionary chaos.” He wrote this in an op-ed for Kurir.
According to Vučić, Serbia must change not only its institutions but also the habits of society, as the country’s future will be determined by hard work, discipline, and the ability to adapt to new technological and energy challenges.
The first point of the plan concerns downsizing the government apparatus. Vučić advocated for a sharp reduction in the number of government members, state secretaries, deputy ministers, and related administrative structures. He also stated the need to abolish a number of agencies, offices, and departments which, in his assessment, lack sufficient justification for their existence. Separately, the president mentioned economic deregulation, including the elimination of unnecessary certification of goods from the EU, which makes them more expensive in Serbia than in the European Union.
The second section concerns labor productivity. Vučić opposed the idea of reducing working hours and stated that Serbia must “work more, not less.” According to him, the country cannot afford an approach that attempts to boost motivation by reducing the number of workdays or hours. He cited Germany as an example, which, in his view, will be forced to increase the workload to compete with China and the United States.
The third point of the plan is a comprehensive reform of education. The president stated that Serbia needs a more open system of higher and vocational education, as well as more active implementation of dual education. According to him, preparing young people for the labor market must become one of the central priorities of educational policy.
The fourth point concerns energy. Vučić stated that Serbia needs to comprehensively address energy issues, including the construction of oil pipelines, gas pipelines, interconnectors, hydroelectric power plants, wind farms, and solar power plants. However, he said that without small and large nuclear power plants, the country will not be able to ensure long-term energy stability. The president called nuclear energy “the cleanest and safest” and noted that one of the main challenges for the future government will be securing the expertise and funding for such projects.
The fifth point is devoted to artificial intelligence, robotics, and modern technologies. Vučić advocated for the “aggressive” acquisition of new knowledge and the continued procurement of supercomputers and construction of data centers. He called data centers “factories of intelligence” that could give Serbia an advantage in the region. At the same time, the president directly linked digital development to the energy sector, noting that the construction of data centers should not be halted due to a shortage of electricity.
For the Serbian economy, the proposed plan represents an attempt to combine administrative reform, increased labor efficiency, technological modernization, and a new energy strategy. In practice, the most challenging aspects may be downsizing the bureaucracy, abandoning populist ideas regarding the labor market, and preparing the country for nuclear energy, which will require significant investment, specialists, a regulatory framework, and public consensus.
https://t.me/relocationrs/2771
On May 6, Centrenergo PJSC announced its intention to enter into a contract with VUSO Insurance Company for compulsory civil liability insurance for owners of land vehicles (OSAGO).
According to the Prozorro electronic public procurement system, the company’s bid amounted to 125,900 UAH, compared to an expected cost of 385,500 UAH.
Other insurance companies participating in the tender included Guardian, with a bid of 127,000 UAH; Oranta, with 140,400 UAH; and Kraina Insurance Company, with 323,700 UAH.
According to Serbian Economist, Croatia Airlines, the Croatian national carrier, will cancel about 900 flights over the next three months—roughly 5% of its planned 27,000 flights—due to a sharp rise in jet fuel prices. This was announced by the carrier’s commercial director, Slaven Žabo, in a comment to RTL Croatia, as reported by EX-YU Aviation.
According to him, the unfavorable geopolitical situation has hit jet fuel prices hard: since the start of the crisis, the cost of kerosene has doubled and is rising faster than the price of oil. Žabo noted that current fuel prices will lead to multimillion-dollar losses for airlines, including Croatia Airlines.
The company refers to the reduction of the schedule as “optimization”—that is, aligning aircraft capacity with current demand, the cost of operating flights, and the profitability of specific routes. At the same time, Croatia Airlines emphasizes that during the high season it operates up to 100 flights per day, and the cancellation of 900 flights will affect only part of the schedule.
In addition to canceling some flights, the carrier is preparing to raise ticket prices. The cost of flights will be affected not only by fuel but also by rising airport fees. In particular, Zagreb Airport has announced a 20% increase in service fees starting June 1.
The problem is not limited to Croatia. According to The Guardian, due to rising jet fuel prices, airlines worldwide have cut approximately 2 million seats for May 2026, which corresponds to roughly 13,000 flights, or less than 2% of global aviation capacity. The most significant cuts have affected Turkish Airlines and Lufthansa.
For the region, this means that the summer tourist season may unfold amid higher ticket prices and fewer available flights. This is particularly sensitive for the Adriatic countries, where air accessibility directly impacts tourism, the hotel sector, and consumer spending by foreign visitors.
Serbia’s Air Serbia has not yet announced large-scale flight cancellations, unlike Croatia Airlines. On the contrary, the company reported record financial and passenger results for 2025: revenue reached €719.5 million, exceeding €700 million for the second consecutive year, and the carrier continued to expand its route network.
However, rising fuel costs are already affecting the Serbian carrier as well. Air Serbia spokesperson Bojan Rupić previously stated that the company is introducing fuel surcharges, but passengers who have already purchased tickets will not be required to pay the additional fee. According to him, the additional charges for round-trip tickets generally amount to €20–30, while on long-haul flights to the U.S. and China, they can reach €100.
