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Ukraine

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.

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.
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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.

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Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.

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.
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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.

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.
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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. —

Poland: Orlen Consolidates Gas, Targets Regional Hub Without Liberalization

Poland’s gas market remains highly concentrated around Orlen, which controls imports, production, and distribution, while Warsaw targets internal and regional expansion backed by new infrastructure capacity and demand from heat and power.

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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Lukoil sells its African oil assets to Gunvor under pressure from US sanctions

Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.

Washington temporarily authorises operations linked to Rosneft’s German assets

The United States has issued a general license allowing transactions with two German subsidiaries of Rosneft, giving Berlin until April 2026 to resolve their ownership status.

Turkey locks in 19 Bcma of LNG, Moscow and Tehran under pressure

Botaş lines up a series of liquefied natural gas (LNG, liquefied natural gas) contracts that narrow the space for Russian and Iranian flows, as domestic production and import capacity strengthen its bargaining position. —
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Lukoil begins sale of international assets after new US sanctions

Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.

Kazakhstan considers swift decision on Lukoil’s local assets

Kazakhstan is reviewing Lukoil's stakes in major oil projects after the Russian group announced plans to divest its international assets following new US sanctions.

Orban attend des garanties énergétiques lors de sa rencontre avec Trump à Washington

Le Premier ministre hongrois se rendra à Washington pour discuter avec Donald Trump des sanctions américaines contre le pétrole russe, dans un contexte de guerre en Ukraine et de dépendance persistante de la Hongrie aux hydrocarbures russes.
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Italian court approves extradition of Ukrainian suspect in Nord Stream case

An Italian appeal court has approved the extradition to Germany of a former Ukrainian commander suspected of coordinating the 2022 sabotage of the Nord Stream gas pipeline, a decision now challenged in cassation.

First El Dabaa nuclear reactor receives 330-tonne pressure vessel

The reactor vessel for Unit 1 at Egypt’s El Dabaa nuclear plant has been delivered following a 20-day maritime transport from Saint Petersburg, marking a critical milestone in the country’s energy project.
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Moscow seeks IAEA assistance to resolve nuclear dispute with Washington

Russia requests IAEA intervention to resolve the deadlock involving American nuclear fuel at the Zaporizhzhia nuclear plant, a critical issue for the potential restart of the site currently under Russian control.

Bratislava urges Brussels to cap gas transit costs

Slovakia is calling on the European Commission to regulate gas transit fees as the EU moves toward a ban on Russian imports by 2027.

European gas storage reserves down 30% ahead of winter

Underground storage levels across Europe stand at just half capacity, widening the gap with EU winter targets amid intensified global competition for liquefied natural gas (LNG) supplies.
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Putin proposes mediator role between Washington and Tehran over Iran’s nuclear issue

The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.

South Korea Accelerates Energy Diplomacy Amid Growing Geopolitical Tensions

President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.

Trump Rejects Any Uranium Enrichment by Iran, Moscow Supports Tehran

Donald Trump firmly rejects any uranium enrichment by Iran, while Russia affirms Tehran’s right to civil nuclear power, intensifying tensions in negotiations over the Iranian nuclear program.
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Ansaldo Energia signs strategic nuclear agreement with Uzbekistan

Italy’s Ansaldo Energia signed a memorandum of understanding with Uzbekistan’s Uzatom agency to cooperate on advanced nuclear technologies, with a focus on small modular reactors.

Russian gas deliveries to Europe via TurkStream rise 10% in May

Gazprom increased its daily natural gas exports to Europe via the TurkStream subsea pipeline, reaching 46 million cubic metres per day in May, according to Reuters calculations.

South Korea begins site evaluation for Uganda’s first nuclear reactor

Korea Hydro & Nuclear Power signed a 26-month contract to assess a site in Uganda’s Buyende region for its first nuclear reactor, in compliance with International Atomic Energy Agency standards.
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Naftogaz secures €36.4mn loan to upgrade drilling equipment

Naftogaz will fund the purchase of new drilling platforms through a €36.4mn loan from the European Bank for Reconstruction and Development, following a sharp decline in gas production due to Russian strikes.

Sweden enforces tighter controls on Russian ships in the Baltic Sea

The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.

Berlin firmly opposes any reactivation of the Nord Stream 2 pipeline

Friedrich Merz confirmed that Germany would block any attempt to relaunch the Nord Stream 2 pipeline, despite internal calls suggesting a potential reopening of dialogue with Moscow.
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Chevron receives narrow U.S. authorization to retain its Venezuelan assets

The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.

Russia Challenges Adjustment to Price Cap on Its Oil Exports

As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.

Indonesia Bets on 10 GW Nuclear to Transform its Energy Mix

Facing growing energy demands, Indonesia has announced an ambitious nuclear program targeting 10 GW capacity by 2040, attracting interest from global industry giants to support this strategic shift towards a low-carbon economy.
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Hungary to veto Brussels’ proposed ban on Russian gas

Prime Minister Viktor Orban announced that Hungary would oppose the EU's plan to ban Russian energy deliveries by 2027, both legally and politically.

Serbia extends gas contract with Russia until 30 September

Belgrade has confirmed the temporary extension of its gas supply contract with Moscow, ensuring the daily delivery of 6 million cubic metres until autumn at an unchanged price.

A German conservative leader calls for reopening the Nord Stream 2 file

Michael Kretschmer, Minister-President of Saxony, proposed restarting dialogue with Russia on the Nord Stream 2 pipeline, despite clear opposition from the German government to any reactivation of the project.
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Trump Signs Four Major Executive Orders to Quadruple U.S. Nuclear Production

Donald Trump announces four executive orders to quadruple U.S. nuclear energy production within 25 years, radically accelerate regulatory approvals, secure enriched uranium supplies, and address the surging energy demands linked to artificial intelligence.

Europe commits €800bn to defence, destabilising strategic metals supply balance

The European rearmament plan intensifies pressure on critical metals supply chains, dominated by China, and in direct competition with other key industrial sectors.
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