DUBAI: Slovakia has secured an exemption from European Union sanctions on Russian oil that will allow it to continue exporting oil products including diesel to energy-starved Ukraine, Economy Minister Karel Hirman said on Wednesday.
The country’s main refiner Slovnaft, part of Hungarian energy firm MOL, faced having to stop exporting products refined from Russian oil to most markets when the sanctions take effect on Feb. 5.
The exemption permits Slovnaft to export oil products to Ukraine, which is facing severe electricity and heating shortages this winter caused by Russian missile and drone attacks on critical Ukrainian infrastructure.
“We managed to negotiate an exemption for Slovakia, for Slovnaft from the sanctions regime which takes effect after Feb. 5,” Hirman told a televised press conference.
“Thanks to this exemption, Slovnaft will be able to export all oil products not only to the Czech Republic but also to Ukraine...which will help to stabilize the production and operating results of our Slovnaft refinery next year,” he said.
Slovakia receives nearly 100 percent of its crude oil from Russia via the Druzhba pipeline that passes through Ukraine. But Slovnaft plans to cut the proportion to around 60 percent next year to preserve its potential for exports to other markets.
The Slovnaft refinery currently exports a substantial part of its 124,000-barrel-per-day production.
The company said earlier it was testing various blends to replace part of its Russian supply.
Slovakia gets EU exemption to export Russian-origin oil products to Ukraine
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Slovakia gets EU exemption to export Russian-origin oil products to Ukraine
- The country's main refiner Slovnaft faced having to stop exporting products refined from Russian oil
- The exemption permits Slovnaft to export oil products to Ukraine
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
