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Bosnia and Herzegovina

Westinghouse secures $114mn contract to supply fuel to Paks nuclear plant
MVM Group has signed an agreement with Westinghouse to secure VVER-440 fuel supplies from 2028, reducing its reliance on Russia and strengthening nuclear cooperation between Budapest and Washington.
Russia begins withdrawal from NIS to circumvent US sanctions
Russia is negotiating the sale of its stake in Serbian oil company NIS as US sanctions threaten the operations of the company, which plays a key role in Serbia’s economy.

Sofia secures Lukoil refinery ahead of planned state takeover

The Bulgarian government has increased security around Lukoil’s Burgas refinery ahead of a state-led takeover enabled by new legislation designed to circumvent international sanctions.
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India and Russia strengthen nuclear cooperation with new projects
Russia and India are preparing an expanded agreement for the construction of VVER-1200 reactors and modular nuclear power plants, while accelerating work at the strategic Kudankulam site.
Three U.S. gas basins reshape prices, flows and contracts
Appalachia, Permian and Haynesville each reach the scale of a national producer, anchor the United States’ exportable supply and set regional differentials, LNG arbitrage and compliance constraints across the chain, amid capacity ramp-ups and reinforced sanctions.

Bulgaria passes law to take control of Lukoil refinery

Faced with US sanctions targeting Lukoil, Bulgaria adopts emergency legislation allowing direct control over the Balkans’ largest refinery to secure its energy supply.
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BW Ideol secures up to €74mn for concrete floater plant in Fos-sur-Mer
The European Commission has selected BW Ideol’s Fos3F project for a grant of up to €74mn, targeting the construction of a concrete floater plant for floating wind turbines at the industrial site of Fos-sur-Mer.
Gunvor drops $22bn bid for Lukoil assets under US pressure
Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.

Venture Global signs 20-year deal to supply LNG to the Balkans via Greece

Venture Global has signed a liquefied natural gas sales agreement with Atlantic-See LNG Trade S.A., a newly formed Greek joint venture, to supply 0.5 million tonnes annually starting in 2030, reinforcing regional energy security.
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INNIO and KMW build 54 MW gas-fired power plant to secure data centres
INNIO and KMW partner to construct a 54 MW modular gas power plant in Mainz, designed to stabilise the grid and ensure supply to the future Green Rocks data centre.
Trump grants Orban oil exemption in exchange for US gas deal
The United States grants Hungary a one-year waiver on sanctions targeting Russian oil, in return for a commitment to purchase US liquefied natural gas worth $600mn.

ExxonMobil takes 60% stake in gas exploration permit in Greece’s Ionian Sea

ExxonMobil joins a Greek energy consortium to explore a gas field in the Ionian Sea, strengthening its presence in the Eastern Mediterranean after Chevron, amid post-Russian energy diversification efforts.
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Energy Vault signs $250mn deal for 1.8 GWh storage in the Balkans
Energy Vault and EU Green Energy have signed a framework agreement for 1.8 GWh of battery storage systems, worth up to $250mn, with an initial 200 MWh project launched in Albania.
Gunvor rules out resale of Lukoil assets to Russia after acquisition
Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.

Gotion Launches First Electric Vehicle Battery Factory in Slovakia for Europe

Gotion inaugurates its Gigafactory in Slovakia, marking a significant advancement in electric vehicle battery production in Europe. This site, scheduled for 2027, strengthens the continent’s green industrial chain.
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Western sanctions disrupt Lukoil’s international operations
Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.
Aramco’s net profit drops for the eleventh consecutive quarter
Aramco reported a 2.3% decrease in its net profit for the third quarter, amid global economic uncertainties and an oversupply of oil, although its adjusted earnings showed a slight increase.

Le TAP augmente ses nominations de gaz aux interconnexions européennes clés

Les nominations du Trans Adriatic Pipeline progressent à Melendugno, Nea Mesimvria et Komotini, signalant davantage d’offre pipeline et une flexibilité accrue pour les expéditeurs face aux arbitrages avec le gaz naturel liquéfié.
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EU bans Russian LNG, Arctic bottlenecks and clauses under strain
The gradual ban on Russian cargoes reshapes European flows, increases winter detours via the Northern Sea Route and shifts risk toward force majeure and “change of law,” despite rising global capacity. —
Bulgaria halts fuel exports to EU after sanctions on Lukoil
Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.
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South Korea under pressure from the IEA to liberalise its electricity market
Iberdrola launches a public offer to acquire 100% of Neoenergia in Brazil
Iberdrola sells 757 MW of French onshore assets to Technique Solaire
Croatia targets Russian stake in NIS to maintain oil flows
JANAF is interested in acquiring a 20 to 25% stake in NIS, as the Russian-owned share is now subject to US sanctions.
Australia loses Asian markets for seaborne thermal coal
Falling Chinese imports and Asia’s regional pivot increase pressure on Australian thermal coal exporters.

Rosatom begins excavation for small modular reactor project in Uzbekistan

The construction of Uzbekistan’s first small modular reactor (SMR) is underway, with 1.5mn m³ of earth being excavated in Jizzakh, marking a major milestone for the nuclear project led by Rosatom.
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Faria Renewables acquiert deux parcs éoliens pour un total de 30,8 MW en Grèce
Faria Renewables a finalisé l’acquisition de deux projets éoliens d’une capacité cumulée de 30,8 MW, consolidant son portefeuille d’actifs en Grèce et poursuivant son expansion stratégique sur le marché national.
Kyoto Group commissions world’s largest industrial thermal storage unit in Hungary
Norwegian-based Kyoto has launched a 56 MWh thermal storage system at KALL Ingredients in Hungary, designed to replace natural gas with renewable-based industrial heat.

US sanctions hit NIS, a key player in Serbia’s oil market

Serbian oil company NIS, partially owned by Gazprom, faces newly enforced US sanctions after a nine-month reprieve, testing the country's fuel supply chain.
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Russia increases oil production and nears OPEC+ quota
Russian oil output moved closer to its OPEC+ allocation in September, with a steady rise confirmed by Deputy Prime Minister Alexander Novak.
Brussels moves forward with plan to eliminate Russian oil and gas imports by 2028
Ambassadors of European Union member states have approved the transmission of a legislative proposal to phase out Russian fossil fuel imports by January 2028 to the Council of Ministers.

Russia formally exits bilateral nuclear agreement with the United States

The State Duma has approved Russia’s formal withdrawal from a treaty signed with the United States on the elimination of military-grade plutonium, ending over two decades of strategic nuclear cooperation.
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Oil rises 1.3% after limited OPEC+ output increase
Crude prices rose following the decision by the Organization of the Petroleum Exporting Countries and its allies to increase production only marginally in November, despite ongoing signs of oversupply.
JANAF and MOL begin crucial talks on Central European oil transport
Hungarian oil group MOL and Croatian operator JANAF are negotiating an extension of their crude transport agreement as the region seeks to reduce reliance on Russian oil.

Ukraine plans to increase gas imports by 30% after Russian strikes

The Ukrainian government is preparing to raise natural gas imports by 30% to offset damage to its energy infrastructure and ensure supply continuity during the winter season.
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Belarus quadruples fuel exports to Russia in September
Rail shipments of Belarusian gasoline to Russia surged in September as Moscow sought to offset fuel shortages caused by Ukrainian attacks on its energy infrastructure.
Tusk refuses to hand over Ukrainian suspect to Germany over Nord Stream sabotage
Polish Prime Minister Donald Tusk said it was not in Poland’s interest to extradite to Germany a Ukrainian citizen suspected of taking part in the explosions that damaged the Nord Stream gas pipelines in 2022.

Denmark strengthens maritime controls at Skagen Strait amid Russian shadow fleet activity

Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.
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China opts for quarterly thermal coal contracts with Indonesia for 2026
Chinese buyers begin negotiations for 2026 thermal coal deliveries, favouring shorter contracts to maintain flexibility in a stable price environment.
Ukrainian strike cuts power to 5,400 homes in Belgorod region
A night-time attack on Belgorod’s power grid left thousands without electricity, according to Russian local authorities, despite partial service restoration the following morning.

Opec+ raises production by 137,000 barrels per day in November

Opec+ slightly adjusts its quotas for November, continuing its market share recovery strategy amid stagnant global demand and a pressured market.
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Clariant targeted by BP and ExxonMobil in ethylene case
The Swiss chemical group faces two new lawsuits filed in Germany, bringing the total compensation claims from oil and chemical companies to over €3.5bn ($3.7bn) in the ethylene collusion case.
OPEC+ prepares new production hike amid rift between Riyadh and Moscow
Eight OPEC+ countries are set to increase oil output from November, as Saudi Arabia and Russia debate the scale of the hike amid rising competition for market share.
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