One of the largest grain market operators in Ukraine, JV Nibulon LLC, and Pravex Bank, part of the Intesa Sanpaolo group, have entered into a bilateral agreement to extend the restructuring of a $5.5 million loan for six years with preferential interest rates and a grace period for debt repayment, the grain trader’s press service reported on its Facebook page.
“PRAVEX Bank approaches each case of debt restructuring individually, taking into account the specifics of the business and the needs of its clients. This approach allows us to provide the most effective financial solutions and maintain stable partnerships,” commented Yuriy Lytvynenko, Director of the bank’s Loan Management Department.
Nibulon noted that the loan restructuring will help it optimize its financial flows and focus on implementing strategic projects aimed at strengthening and developing the agricultural sector of Ukraine.
“We are confident that this step will be an important incentive for the company’s further growth and prosperity, strengthening our market position and contributing to the country’s economic development,” said Nibulon’s CFO Irina Levkovskaya.
As reported earlier, Nibulon Group has more than 25 Ukrainian and foreign creditors, with the vast majority of whom have already signed restructuring agreements.
Nibulon JV LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, capacity to store 2.25 million tons of agricultural products at a time, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever volume of 5.64 million tons of agricultural products, reaching record volumes of supplies to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
Nibulon’s losses due to Russia’s full-scale military invasion in 2022 exceeded $416 million.
Currently, the grain trader is operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and was forced to move its headquarters from Mykolaiv to Kyiv.
The agricultural sector is, without exaggeration, one of the key pillars on which the Ukrainian economy rests, with exports generating 62% of foreign exchange earnings in 2023 alone, said Olga Stefanishyna, Vice Prime Minister for European and Euro-Atlantic Integration of Ukraine.
“The Ukrainian agro-industrial complex has withstood difficult conditions and continues to operate, supporting the economy, ensuring food security not only in Ukraine, the world, but also in Africa, the Middle East, and Southeast Asia,” she said at the presentation of the Strategy for the Development of Agriculture and Rural Areas until 2030 in Kyiv on Friday.
She reminded that a significant part of Ukrainian agricultural products was exported to the European Union, with which Ukraine had a free trade area, in particular due to unprecedented measures taken by the EU, which introduced autonomous trade preferences at the beginning of the war and increased Ukraine’s logistics capabilities through the path of solidarity.
The Deputy Prime Minister emphasized that this decision of the EU was made possible thanks to the experience of implementing the Association Agreement, the development of the Ukrainian agricultural sector under the influence of the implementation of European legislation and the gradual adaptation to the norms of EU production standards since 2014.
“Today we are witnessing a new stage of integration of the Ukrainian agro-industrial complex (…) into the EU internal market. For the first time in its history, Ukraine is proposing not only a strategy for agricultural development, but also a strategy for Ukraine’s membership in the European Union, a strategy that envisages that Ukraine will become part of a large internal market – the most developed, dynamic and competitive one,” Stefanishyna emphasized.
The Deputy Prime Minister expressed confidence that the introduction and implementation of the approaches envisaged in the strategy for the development of the agro-industrial complex will not only lead to the achievement of European standards, but will also increase the productivity of the agricultural sector, promote export growth, create new jobs, stimulate the production of value-added goods, increase competitiveness, and ensure the sustainability and security of the increase in production in Ukraine.
Stefanyshyna added that the Strategy submitted for public consideration contains elements of the commitments under the Ukraine Facility program. The Strategy, in turn, provides for rather targeted but systematic measures to invest in and restore the Ukrainian agricultural sector and restore Ukraine’s economic well-being.
At the same time, the Deputy Prime Minister noted that Ukraine will have a lot of homework ahead of it, as agriculture is one of the most developed areas of regulation in the European Union.
“There are a lot of new obligations waiting for us here, which will lead us to the fact that our agricultural borders will not be limited to 40 million consumers, but will be 500 million consumers – on the one hand. On the other hand, during the negotiation process on membership, which will be led by Ukraine, there will also be an internal reform in the field of agricultural policy, agriculture in the European Union. It was actually launched against the backdrop of the consequences of Russian aggression and against the background of the EU being predictable, prudent and competitive in this area,” the Deputy Prime Minister for European Integration summarized.
She also thanked the Ministry of Agrarian Policy for its initiative to develop a strategy for the development of the agricultural sector until 2030, which will form the basis of Ukraine’s negotiating position.
Stefanyshyna also expressed confidence that Ukraine will already be a member of the EU by the end of the strategy.
As of June 3, soybean exports from Ukraine slowed down and amounted to only 1500 tons, while significant stocks of 700-800 thousand tons remain in warehouses, according to the analytical cooperative “Start”, created within the framework of the All-Ukrainian Agrarian Council (AAC).
“The soybean market is now in the off-season period, when the activity is significantly reduced. The main liquidity is currently provided by processors who maintain a high level of demand for raw materials. The average purchase price from processors already exceeds 19 thousand UAH/ton, and further price growth can be expected. Soybean exports are expected to remain weak in the coming months. Most of the transactions are made for cash. This also affects the volume of supplies abroad. On the stock market of soybeans, we are likely to see the downward trend reversal and attempts of growth,” the analysts said.
The experts also added that despite the overall weakness of exports, there are positive signals from the Polish market.
“Polish companies are showing considerable interest in Ukrainian soybeans. On the border with Poland, soybean prices are $410-415/ton. In the ports, the conditional prices on CPT basis are about $435-440/ton,” the UAC stated.
The Italian Development Cooperation Agency in Kyiv, together with the Embassy of Italy in Ukraine and the Italian Institute of Culture, announce a new work by street artist Manu Invisible in Bucha.
Manu Invisible, recognizable by his glossy black mask with geometric shapes and black clothes decorated with traces of paint, has a career that ranges from graffiti to traditional mural techniques and is known for his urban interventions that combine words of high symbolic value with cityscapes.
These days, he has created an impressive mural measuring over 12 meters by 6 meters on a building opposite the Bucha City Council called “TRY-FLY”, depicting a dove that emits light as it takes off, wrapped in a Ukrainian flag. In the background, you can see the rainbow refraction of light, reminiscent of the colors of the Italian flag.
“Try-Fly” depicts a dove striving to fly over the world, bringing hope for peace,” the artist explained, ”It does so by spreading its wings, despite being wrapped in a torn and mangled Ukrainian flag. Glimpses of light in the void emanating from the chest irradiate the composition, myriads of rainbow effects frame this special attempt to rise and then fly. Above, on the right, is a radiance that reflects familiar colors: it is Italian solidarity that illuminates this attempt.”
The choice of Bucha as a place for this art project is not accidental. After 90 days of terror during the occupation, the city has become a symbolic place where solidarity can play a key role in recovery and collective healing.
“Bucha was the scene of horrific crimes. The Italian Cooperation Agency has already funded several projects to support the population immediately after the Russian occupation. We are proud to have contributed to transforming the walls of this city into canvases that tell stories of rebirth and hope. Thanks to the efforts of the city authorities and artists from all over the world, Bucha is gradually turning into an open-air museum, a symbol of resistance to barbarism. The presence of Manu Invisible and his work embody support for the local community. The pigeon, freeing itself from the bandages wrapped around its legs, gets rid of the wounds received during the occupation and wraps itself in the flag of freedom. In this act of liberation, the inner light gives him the strength and ability to fly. This scene represents for us a community that, despite incalculable losses, managed to liberate itself and regain its freedom, both yesterday and today,” said Pietro Pipi, Head of the Italian Development Cooperation Agency in Kyiv.
On Saturday, May 25, the street artist will continue his work as part of the “Day of Italian Culture in Bucha”. The event, organized by the local authorities, involves the entire Italian system in Ukraine and various NGOs, and will include a performance by Manu Invisible accompanied by Ukrainian musicians playing opera arias and Italian songs, as well as numerous other activities to celebrate the friendship between the two nations and Italy’s unconditional support for Bucha and Ukraine.
Photo: Enrico Monni, photographer
Link to download the photo: https://we.tl/t-bhMI2zfCt1
Deputy Minister of Defense of Ukraine Natalia Kalmykova and Ambassador of the Republic of Turkey to Ukraine Mustafa Levent Bilgen reached an agreement on cooperation in the field of rehabilitation of servicemen at a meeting.
“We are very grateful for the assistance provided to Ukraine by the Republic of Turkey. Now the list of such assistance has been expanded to include cooperation in the rehabilitation sector. A pilot project for the rehabilitation of military personnel has recently been launched. Its goal is to create an effective rehabilitation space with the participation of civilian and military health care facilities, social services, and local governments,” Kalmykova said.
As reported, the pilot project envisages, among other things, the creation of centers of excellence – institutions that will take the lead in rehabilitation.
Zaporizhstal Iron and Steel Works will save UAH 1.6 million by implementing one of its rationalization proposals in the sinter shop for the use of used equipment.
According to the company, Zaporizhstal employees continue to generate effective rationalization ideas and implement them in production, receiving additional remuneration for this, and the company receives additional savings.
“This time we are talking about the Proposal Submission System (PSS) in the sinter shop. Here, specialists have found a solution to save money on the production of bandages for coke oven rolls. Instead of purchasing billets for their production, the sinter plant proposed to use the used backup rolls of the BTS-1680 continuous thin-sheet mill in the hot strip mill shop. One such roll will replace two billets,” the company explains.
According to preliminary estimates, the savings will amount to more than UAH 1.6 million per year.
Another press release reports that Zaporizhstal has purchased 20 modern breathing protective apparatus for specialists working in gas-hazardous work areas, as well as a device for testing breathing apparatus. The company allocated about UAH 6 million for these purposes.
It is specified that DEZEGA’s P-30EX compressed oxygen isolating regenerative respirators will provide comfortable and safe working conditions for gas rescue specialists. This is the lightest and most reliable breathing protective apparatus certified by the State Emergency Service of Ukraine and compliant with European standards.
Twenty sets of modern breathing apparatus will replace the previous generation of protective equipment and ensure safe work in gas-hazardous areas of the sinter and blast furnace processing and other units.
The breathing apparatuses provide autonomous operation for up to four hours and are equipped with signaling devices. To check the serviceability of the new breathing apparatus, the plant purchased an additional modern DEZEGA CheckUp device. The device is connected to the apparatus and automatically checks the technical condition of the protective equipment. The results of a thorough check of the breathing apparatus are displayed on the station’s electronic display, and in case of deviations from the norm or the slightest malfunctions, the devices are serviced or calibrated to the design parameters.
“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 around the world.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of Metinvest Group.
