Kernel, one of Ukraine’s largest agricultural holdings, has discussed new opportunities for development in the EU market and agreed on prospects for deepening its partnership with Spanish sunflower and olive oil supplier Aceites Abril, the agricultural holding’s press service reported on Facebook.
It is noted that the topic of the meeting in Orense (Spain) was the expansion of vegetable oil supplies to Europe and the adaptation of logistics. The parties discussed the range, potential volumes, and practical solutions to ensure the stability and predictability of exports.
“We talked about specific things: logistics, supply flexibility, and opportunities to expand the range for the EU. It is important for us to build predictable, long-term models of cooperation. We continue to develop partnerships in the EU, focusing on supply stability, effective commercial solutions, and long-term mutually beneficial cooperation,” said Andriy Paladiy, director of oil and protein trading at the agricultural holding, whose words are quoted in the report.
Founded in 1962, Spanish company Aceites Abril S.A. is one of Spain’s leading family-owned vegetable oil producers. It specializes in the production of Extra Virgin and Virgin olive oil, as well as sunflower, soybean, and grape seed oil. The company owns a factory in the industrial zone of San Sibao das Vinhas and its own logistics terminal in the port of Vigo, which exports products to more than 60 countries around the world. The company is consistently among the ten largest players in the industry in Spain.
Before the war, the Kernel agricultural holding company ranked first in the world in sunflower oil production (about 7% of global production) and exports (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. It is also involved in the cultivation and sale of agricultural products.
Oil prices fell significantly on Thursday, with traders’ attention shifting back to supply and demand prospects after the hype around Greenland subsided.
Speaking at the World Economic Forum in Davos on Wednesday, US President Donald Trump said that the United States wants to immediately begin negotiations to purchase Greenland from Denmark and does not intend to use military force to seize the island.
Trump later wrote on Truth Social that he had abandoned plans to impose tariffs on a number of European countries in February because he had been able to agree with NATO Secretary General Mark Rutte on a basis for further negotiations on Greenland.
“We are now seeing a decline in the risk premium associated with events surrounding Greenland and the situation in Iran,” said Saxo Bank analyst Ole Hansen.
The price of March Brent futures on the London ICE Futures exchange at 13:15 GMT is $64.42 per barrel, which is $0.82 (1.26%) lower than at the close of previous trading.
WTI crude oil futures for March delivery on the New York Mercantile Exchange (NYMEX) rose in price by $0.76 (1.25%) to $59.86 per barrel.
On Thursday, the market’s attention is focused on the weekly report on energy reserves in the US, which will be released at 7:00 p.m.
Estimates from the American Petroleum Institute (API), published on Wednesday night, showed an increase in US oil reserves last week of 3.04 million barrels.
Traders also continue to monitor the situation in Kazakhstan, where oil production at the Tengiz and Royal fields was suspended this week due to problems with the power distribution systems.
According to Serbian Economist, Serbian oil and gas company NIS has announced the signing of a contract to import the first batches of oil via the Adriatic oil pipeline (JANAF) for the refinery in Pančevo and preparations to resume processing after a shutdown in early December 2025 due to a shortage of raw materials amid sanctions restrictions.
According to Reuters, the first shipment includes about 85,000 tonnes of Iraqi Kirkuk oil, followed by a smaller batch of Libyan Es Sider. These volumes will keep the plant running for at least a few days, and Serbian President Aleksandar Vučić has predicted that the refinery will be able to resume operations on 17-18 January, with the production of petroleum products likely to begin on 25-26 January.
The resumption of imports became possible after the US Treasury’s Office of Foreign Assets Control (OFAC) issued a temporary licence allowing NIS to continue operating until 23 January 2026. Reuters also reported that a separate licence had been issued to the operator JANAF to transport oil for NIS for the same period.
The situation surrounding NIS remains linked to negotiations on changes to its ownership structure. The US is awaiting negotiations on the withdrawal of the Russian share, with the deadline for the negotiation process extended to 24 March 2026, and Hungarian company MOL is named as one of the participants in the discussions.
NIS is a key player in the Serbian fuel market: the company owns the country’s only oil refinery (Pančevo) and the largest network of petrol stations, so any disruption in the supply of raw materials directly affects the balance of the petroleum products market and Serbia’s import needs.
Purchase prices for sunflower seeds in Ukraine have fallen due to the suspension of oil and meal exports as a result of the Russian strike on the oil extraction plant (OEP) in the port of Pivdennyi, according to the Electronic Grain Exchange.
According to the exchange, Ukrainian processors have sharply reduced their purchase prices for sunflower seeds due to damage to the vegetable oil transshipment terminal at the oil extraction plant, the suspension of maritime exports, and the increased risk of attacks on other plants.
“Purchase prices for sunflower seeds yesterday (Monday – IF-U) fell by 1,000-1,300 UAH/t to 27,000-27,500 UAH/t, or $560-570 per ton (excluding VAT) with delivery to the plant,” the exchange said.
Currently, processors have sufficient stocks of sunflower seeds, experts said, but the suspension of maritime exports will force them to reorient exports across the western border, as was the case in 2022, which will increase logistics costs.
As reported, on the night of December 22, the Russian army attacked the port and energy infrastructure of the Odesa region, resulting in containers with flour and oil catching fire. As a result of the attack on December 23 on the port infrastructure of Odesa, a ship flying the Lebanese flag, which was transporting Ukrainian soybeans, was also damaged.
The difficult situation in the ports of Odessa and logistics problems are limiting activity in the oilseed sector in Ukraine, according to the information and analytical agency APK-Inform.
“Russian army missile attacks on Ukrainian ports, damage to terminals, warehouses, and other infrastructure will cause a reduction in shipments in the coming months and may destabilize the situation on the global agricultural market,” analysts explained.
They noted that last week, price growth on the Ukrainian soybean export market stalled, which was due to both missile attacks on ports and pressure from the global market, despite the fact that demand for Ukrainian soybeans remained quite high and export rates grew in the first half of December.
Experts added that demand prices for GM soybeans in Ukrainian ports remained at their highest levels since August 2024 – $420-425 per ton (CPT port).
“The European Union has finally postponed the implementation of the EUDR regulation for another year, which will allow companies to increase supplies of soybeans and soybean meal in this direction,” APK-Inform predicts.
The cost of 12 lean dishes for the 2025 Christmas table is 913.57 UAH, which is 11% more than last year, according to the Ukrainian Agribusiness Club (UACB)
“Food prices on the eve of the Christmas holidays show mixed trends: thanks to a record drop in vegetable prices, the cost of some traditional dishes has decreased, but the total cost of the Christmas table has increased due to the rise in prices for fruit, fish, and groceries,” the association explained.
Analysts noted that a distinctive feature of this winter season was “vegetable deflation.” Thanks to a good harvest, prices for vegetables used in borscht have fallen significantly: cabbage has fallen in price by 73%, carrots by 63%, onions by 58%, potatoes by 54%, and beets by 51%. This has led to significant savings in the preparation of dishes such as cabbage dumplings (their cost has fallen by 47%), potatoes with garlic (-40%), and vinaigrette (-18%). Even lean borscht will cost 18% less this year than last year.
At the same time, the main symbols of the Christmas table – kutia and uzvar – have noticeably increased in price, according to the UACB. The kutia index rose by 37%. This is due to the rise in prices of all its components: nuts jumped in price by 60%, honey by 40%, and poppy seeds and raisins by more than 30%. The ingredients for uzvar led the way in terms of price growth: prunes rose in price by 168%, dried pears by 140%, and apples by 110%, which led to a 150% increase in the price of the drink.
Fish dishes also became more expensive: the cost of herring rose by 24%, and fish (hake) for baking – by 25%. In addition, the final cost of dishes is influenced by sunflower oil, which is a basic element of the Lenten table and has risen in price by 22% over the year.
As for meat dishes (for those who do not observe Lent or are already preparing for the New Year), their preparation is more expensive than last year. Baked pork neck will cost 7% more (330 UAH/kg). Lard is outpacing the growth in meat prices – over the year, the product has increased in price by 16% and costs 272 UAH/kg. The cost of meat borscht has increased by 27%, reaching 196 UAH, with pork ribs accounting for over 60% of the price (119.5 UAH per 500 g). Chicken prices are rising due to the increase in feed costs, while pork prices are stabilizing due to imports.
Sliced cheese will be one of the most expensive items on the New Year’s table—700 UAH/kg, which is 40% more than last year. Despite the general trend of declining wholesale prices for raw milk, producers are maintaining high prices for cheese and butter due to expensive energy resources. Eggs, which are essential for Olivier salad, rose by 10% compared to the same period last year and reached 81.6 UAH per dozen, according to the UACB.
