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
https://arab.news/ctdp8
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
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
