Andriy Butenko, Ukraine’s Minister of Education and Science, discussed with Seymur Mardaliyev, the Ambassador of the Republic of Azerbaijan to Ukraine, the recognition of higher education documents, the expansion of cooperation between universities, and the preparation of bilateral events in the field of education and science.
“As of early 2026, more than 5,400 Azerbaijani citizens were studying in Ukraine—about one-third of all international students. The Ukrainian side reaffirmed its interest in maintaining this cooperation and creating appropriate conditions for pursuing an education,” according to a statement from the Ministry of Education.
It is noted that special attention was given to the recognition of diplomas from Ukrainian higher education institutions in Azerbaijan.
In particular, the Ukrainian side proposed to thoroughly examine the relevant issues within the framework of a specialized working group.
The meeting also addressed the issue of documentation required for the admission and arrival of Azerbaijani students coming to study in Ukraine.
In addition, the meeting participants discussed preparations for a visit to Azerbaijan by a delegation from the Ministry of Education led by Deputy Minister Mykola Trofimenko.
“The proposed program includes a working group meeting on the recognition of educational documents, as well as meetings with the leadership of the relevant ministry and university rectors. The visit is intended to facilitate the development of joint decisions and the establishment of direct partnerships between higher education institutions in both countries. The possibility of organizing a meeting between the education ministers of Ukraine and Azerbaijan by the end of this year was also discussed,” the statement reads.
The parties also discussed preparations for the 14th meeting of the Joint Intergovernmental Commission on Economic Cooperation and the signing of an intergovernmental agreement on scientific and technical cooperation.
NovaSklo, a subsidiary of the Ukrainian investment group EFI Group, has moved on to the next practical phase of implementing the project for Ukraine’s first modern float glass plant, valued at approximately 250 million euros—the company has begun the selection process for a general contractor for the construction of the facility.
The tender was announced on September 18, 2026. NovaSklo is seeking a contractor capable of performing the full scope of construction work for a large industrial facility.
The project is being implemented in Velyka Dymerka, Kyiv Oblast, approximately 25 km from Kyiv. According to materials from the International Finance Corporation (IFC), the future plant is designed to produce approximately 800 metric tons of glass per day. The facility will manufacture clear, ultra-clear, and energy-efficient coated glass, as well as tempered glass.
The IFC is providing advisory support for the project in collaboration with Japan. The corporation estimates the project’s total cost at €250 million, with construction scheduled to begin in late 2026 and the plant set to begin operations in 2028.
The international component of the project extends beyond IFC’s financing and advisory services. NovaSklo’s technology partner is Pilkington Technology Management, a subsidiary of Japan’s NSG Group, one of the world’s largest manufacturers of architectural and automotive glass.
NSG specialists will support the project during the design, construction, and production line launch phases, including technology optimization, energy efficiency, and industrial safety systems.
Once it reaches its designed capacity, the plant is expected to create more than 300 jobs and become Ukraine’s first large-scale float glass production facility.
The economic impact of the project could extend far beyond the plant itself. Ukraine remains dependent on imported flat glass, while the reconstruction of housing, commercial real estate, and infrastructure in the coming years is expected to generate significant domestic demand.
The establishment of domestic production will make it possible to replace a portion of imports and create a local raw materials and processing supply chain for manufacturers of windows, facade systems, insulated glass units, and other building materials.
At the same time, NovaSklo is establishing an international supply chain even before the plant’s launch. In June 2026, NovaSklo Trade signed an exclusive agreement to distribute Pilkington architectural glass in Ukraine.
Thus, the project brings together Ukrainian industrial capital, the technology of Japan’s NSG Group, the expertise of the IFC, and support from Japan, and is one of the largest new industrial projects currently being prepared for construction in Ukraine.
Ferrexpo, a mining company with its main assets in Ukraine, reduced its capital expenditures (additions to property, plant, and equipment) by a factor of 2.1 in January–June of this year compared to the same period last year—to $13.892 million from $29.457 million.
According to Ferrexpo’s semi-annual report, additions to property, plant, and equipment totaled $63,755 million as of the end of 2025.
It is also noted that during the six-month period ended June 30, 2026, the net book value of disposals of property, plant, and equipment was $5,509 million (as of December 31, 2025 – $181,000; as of June 30, 2025 – $1,218 million). The total amount of depreciation accrued for this period was $12.951 million (as of December 31, 2025—$65.802 million; as of June 30, 2025—$34.418 million).
Assets under construction include capital projects in progress totaling $196.039 million (December 31, 2025 – $197.838 million; June 30, 2025 – $188.150 million) and capitalized costs for surface development work performed prior to the start of production, amounting to $29,280 million (December 31, 2025 – $31,223 million; June 30, 2025 – $31,712 million), relating to portions of ore bodies expected to be brought into operation only in future periods.
In addition, it is clarified that once ore production begins, capitalized stripping costs are reclassified as mining assets, and depreciation begins to accrue.
The carrying value of property, plant, and equipment includes capitalized borrowing costs related to qualifying assets totaling $18.349 million (as of December 31, 2025 – $21.4 million; as of June 30, 2025 – $23.826 million). During the period ended June 30, 2026, or the comparative periods, no borrowing costs were capitalized.
The report explains that the Group’s impairment testing of assets is based on cash flow projections for the remaining estimated useful lives of the Horishneplavnynske-Lavrykivske and Yeristivske fields, which, according to current approved mining plans, are scheduled to end in 2058 and 2048, respectively.
According to the report, the group’s long-term financial model is continuously updated. This process takes into account current operating conditions, which depend to a significant extent on the stability of the power supply, energy prices, the availability of logistics networks, as well as other potential negative factors caused by the war. Due to current restrictions, the production capacity used to forecast cash flows under the base-case scenario is expected to amount to approximately 32% of the pre-war level in fiscal year 2026, rising to about 63% in 2027 and returning to pre-war levels in the second half of 2028.
Regarding key assumptions, the cash flow forecast for the next five years is based on an average index price for iron ore (65% iron content) of $115 per metric ton on a CFR (Northern China) basis. In assessing the expected long-term sales price, the Group takes into account the results of external and internal analyses of supply and demand dynamics in the international market for iron ore pellets and concentrate in the short and long term, as well as specific local supply and demand indicators affecting the Group’s major customers. Due to growing demand for high-quality concentrate and the expected margin calculated based on projected market conditions, the share of concentrate production in the current long-term model has increased significantly.
At the same time, the Group is expected to adjust the mix of iron ore products in its production plan in accordance with future market conditions and taking into account the operational situation in Ukraine at that time. The Group’s main cost items, in particular production and transportation costs, are determined taking into account local inflationary pressures, the dynamics of the hryvnia-to-U.S. dollar exchange rate, short- and long-term trends in energy supply and demand, as well as expected changes in the prices of raw materials related to steel production, which could significantly affect the cost of certain production materials. Regarding the logistics route through Ukraine’s
Black Sea ports, which is currently inaccessible, given the importance of this route both for the parties to the conflict and for global grain shipments, management believes that the situation will improve in 2027, and therefore expects that Ukraine’s Black Sea ports will once again become accessible to the Group for the purpose of selling to certain markets.
Given the increase in the share of concentrate production in the current long-term model, management analyzed whether this might indicate that the assets used to produce pellets and concentrate constitute two separate cash-generating units (CGUs). After a thorough analysis, management concluded that it remains appropriate to test the
Group’s non-current operating assets as a single CGU, given the high level of vertical integration of production at the Group’s main subsidiary—Poltava Mining and Processing Plant—and the absence of largely independent cash flows.
It is also reported that the Group conducts transactions on market terms with entities under the common control of Kostyantyn Zhevago and his related parties. Such transactions are considered part of the Group’s ordinary course of business. During 2025, the group posted a bond in the amount of 5 million UAH (or approximately $120,000) on behalf of a senior executive of one of the group’s subsidiaries in Ukraine. The bail payment was related to court and other legal proceedings initiated by certain government agencies against the Group’s subsidiaries and senior management representatives in Ukraine. In March 2026, the court overturned the bail order, after which the funds were returned to the subsidiary. No such payments were made during the first six months of 2026.
The Group has virtually no debt obligations: as of June 30, 2026, it had a net cash position of $21 million (compared to $47 million as of December 31, 2025). Excluding lease obligations totaling $10 million (December 31, 2025: $11 million), the Group had no outstanding interest-bearing loans or credits as of June 30, 2026, and December 31, 2025.
As of June 30, 2026, Ferrexpo’s long-term corporate credit rating and debt rating, as assigned by Moody’s, was Caa3 with a “negative” outlook. At the Group’s request, Fitch and S&P no longer provide ratings.
As previously reported, Ferrexpo ended the first half of 2026 with a net loss of $14.9 million, which is 13.2 times less than the figure for the first half of 2025; revenue fell 2.3 times to $196 million. The company reduced capital expenditures (CapEx) to $10 million from $28 million in January–June 2025, allocating 88% of these expenditures to projects necessary to maintain operations and only 12% to development projects.
Ferrexpo owns a 100% stake in Yeristivskyi Mining and Processing Plant LLC, 99.9% of Bilanivskyi Mining and Processing Plant LLC, and 100% of the shares in Poltava Mining and Processing Plant PJSC.
FERREXPO, INVESTMENT, IRON ORE, MINING AND PROCESSING PLANT, UKRAINE
The number of job openings in the second quarter of this year rose by 13% compared to the first quarter, while the number of resumes increased by 75% compared to the same period in 2025, according to the first analytical report from the interactive quarterly analytics tool of the job search platform robota.ua.
According to this data, the Kyiv region had the most job openings in Q2 2026 (136,700, or 40.6% of the total). There is also active demand for workers in Lviv (26,800, or 8%), Dnipropetrovsk (25,800, or 7.6%), Odesa (19,300, or 5.7%), and Kharkiv regions (17,600, or 5.2%).
Since the beginning of the year, the number of job openings has been gradually increasing after a decline in November–December 2025 to 92,400. Specifically, in January 2026 there were 101,200 job openings, in February—105,800, in March—110,500, in April—113,200; in May, the trend slowed, and the market saw nearly as many job openings as the previous month—113,300.
Salary expectations are slightly lower than employers’ offers: in May, the salaries offered by employers amounted to 28,000 UAH, compared to the 25,000 UAH that job seekers were hoping for.
As noted in the platform’s report, the tool’s large-scale sample covers over 337,000 published job openings, 656,000 active job seekers, nearly 1,900 settlements, and over 110 million page views.
In addition to market indicators, the platform’s quarterly report highlights key labor market trends. Salary transparency, in particular, is becoming a key factor: 33% of job seekers do not apply at all to job postings that do not specify a salary, and against the backdrop of the European Pay Transparency Directive, a petition has emerged in Ukraine calling for a mandatory salary field on recruitment platforms.
It is noted that, amid a labor shortage, job reservations in the defense industry have become an important HR benefit offered by 74% of companies (according to a study by the Council of Arms Manufacturers and Core Team). Additionally, according to a study by the Ukrainian Center for Social Reforms, employers are more actively recruiting older candidates: about 65% of companies are willing to consider employees aged 50+, and over 60% are willing to consider employees aged 60+.
It makes more sense for Ukraine to invest in creating its own network of underground fuel storage facilities than to invest in the construction of facilities for storing strategic reserves in other countries. This opinion was expressed by Serhiy Kuyun, director of the A-95 Consulting Group, according to Enkorr.
Ukrainian legislation allows for up to 50% of the minimum reserves of oil and petroleum products to be stored in countries neighboring Ukraine and up to an additional 25% in countries bordering those neighbors. This practice is common in Europe; however, finding available storage capacity in neighboring countries is complicated by the fact that EU member states themselves are required to maintain significant strategic reserves.
According to Kuyun, as a result, Ukraine may be offered the option to invest not in leasing existing facilities, but in the construction of new storage tanks abroad. Such projects will require lengthy construction periods, local permits and licenses, as well as the outflow of significant foreign currency investments from Ukraine. If a foreign partner finances the project, it may also be necessary to guarantee that the storage facilities remain filled for many years.
The expert cites another problem: the physical ability to quickly deliver strategic reserves to Ukraine in the event of a large-scale fuel crisis.
“Even if we build up reserves abroad, how would we then transport them in an emergency? The border is already strained even under normal conditions—where would we possibly fit in tens or even hundreds of thousands of additional metric tons?” Kuyun noted.
The relevance of this discussion has intensified following agreements between Naftogaz and the Hungarian company MOL. On September 20, the companies signed a memorandum to explore the possibility of storing petroleum products in Hungary near the Ukrainian border to meet the needs of the Ukrainian market. The project is still in its initial stages, and the parties must assess its technical, financial, environmental, and regulatory parameters.
According to Kuyun, a more reliable solution would be to build secure underground storage facilities directly in Ukraine. This would allow for simultaneous investment in Ukrainian infrastructure, increase the security of reserves against Russian attacks, and ensure the ability to bring fuel to market more quickly in a crisis situation.
The first government incentives for such investments have already been established. In September, the government expanded its financial support program for the fuel sector. Loan funds can be used, in particular, to bury or install underground storage tanks, pumping stations, process pipelines, and other fuel infrastructure equipment.
The maximum amount of state-backed lending is 1 billion UAH per company, including affiliated counterparties; the minimum is 100 million UAH; and for projects in combat zones, it is 30 million UAH. The state will subsidize 5.5 percentage points per annum off the bank’s base rate.
According to Kuyun, the next step should be to streamline the approval process for project documentation related to underground fuel storage facilities, as this process can currently take over a year. He noted that several private companies have already begun implementing such projects while simultaneously completing the necessary approval procedures.
“Build our own, invest in Ukraine’s infrastructure! But we need to build underground storage facilities—with a neighbor like this, we’ll always need them,” emphasized the director of “A-95.”
FUEL, INVESTMENT, petroleum product, storage facility, UKRAINE
As of September 29, Ukrainian farmers had harvested 34.3 million metric tons of grain and legumes from 7.1 million hectares, or 61% of the projected area, according to the press service of the Ministry of Agrarian Policy and Food.
The average yield for grains and legumes is 48.2 centners per hectare.
The harvest of wheat, barley, and peas has already been completed. A total of 26 million metric tons of wheat were harvested from 5.11 million hectares at an average yield of 50.8 centners per hectare; barley—6.6 million metric tons from 1.48 million hectares (44.6 tsentner per hectare), and peas—812,300 metric tons from 301,900 hectares (26.9 tsentner per hectare).
Corn harvests totaled 789,000 metric tons from 153,300 hectares at a yield of 51.5 centners per hectare; millet—75,400 metric tons from 32,800 hectares (23 centners per hectare); and buckwheat—44,700 metric tons from 34,700 hectares (13 centners per hectare).
The largest volumes of grains and legumes were harvested by farmers in the Odesa region—5.6 million metric tons, the Dnipropetrovsk region—2.76 million metric tons, and the Mykolaiv region—2.65 million metric tons.
At the same time, farmers harvested over 8.4 million metric tons of oilseeds. In particular, the rapeseed harvest is complete—3.87 million metric tons were harvested from 1.33 million hectares at a yield of 29.1 centners per hectare. Sunflower seeds yielded 3.36 million metric tons from 1.66 million hectares (20.3 centners per hectare), and soybeans yielded 1.22 million metric tons from 571,400 hectares (21.3 centners per hectare).
The sugar beet harvest is ongoing: 296,500 metric tons have been harvested from 5,800 hectares at an average yield of 511.2 centners per hectare.
