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Ukraine

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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Iberdrola installs its first offshore HVDC station in the United Kingdom
Iberdrola has installed the high-voltage direct current converter station for its East Anglia THREE wind farm, marking a key milestone in a €5 billion project.
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.
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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.
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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Shanghai Electric signs 342 MW deal with Econergy in Romania
Shanghai Electric has signed phase II of the Parau photovoltaic project with Econergy, expanding its Romanian solar portfolio to 550 MW.
The EU sanctions CNPC units as ESPO pipeline flows remain stable
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —

Hungary seeks to maintain Russian oil imports despite sanctions

Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.
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Italian court reviews extradition of Ukrainian suspect in Nord Stream sabotage
A former Ukrainian soldier accused of taking part in the 2022 sabotage of the Nord Stream pipeline is at the centre of a contested extradition process between Italy and Germany, revived by a ruling from Italy’s Court of Cassation.
India redirects its diesel to Africa and Brazil ahead of 2026
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
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CPV secures $1.1bn funding for 1,350 MW gas-fired power plant in Texas
Sinopec signs $40.9bn in deals during 2025 China International Import Expo
Expro deploys its ELITE Composition™ service on offshore well in Cyprus
Germany penalises the European gas storage supply chain
Constellation plans 5,800 MW of new capacity to secure Maryland’s power supply
The United States expands nuclear and hydropower footprint in Eastern Europe
The United States is multiplying energy agreements with Romania and Bulgaria, focusing on civil nuclear power and hydropower storage to deepen its influence in strategic regional projects.
Macron welcomes Berdymukhamedov in pursuit of gas deals with Turkmenistan
The French president hosts Turkmen leader Gurbanguly Berdymukhamedov in Paris to finalise economic agreements amid geopolitical rivalries over Central Asian gas resources.

Washington and Kyiv seal energy deal on strategic mineral resources

The United States and Ukraine have established a joint fund to exploit Ukrainian natural resources, under a bilateral agreement with no explicit military commitments.
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Opec+ ramps up production despite crude falling below $62
Eight Opec+ members will raise output by 411,000 barrels per day in June, boosting global supply amid falling prices and ongoing trade tensions.
Naftogaz receives €270 million from EBRD to bolster gas reserves in Ukraine
Ukraine will receive a €270 million loan from the European Bank for Reconstruction and Development, backed by a Norwegian grant, to secure gas imports over two winters.

Washington secures access to Ukrainian mineral resources through joint investment fund

The United States and Ukraine have signed a bilateral agreement establishing an investment fund aimed at financing reconstruction and natural resource extraction projects on Ukrainian territory.
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OMV posts 70% drop in net profit for Q1 2025
Austrian group OMV sees profits collapse amid halted Russian gas flows, strategic repositioning in chemicals and shift toward new industrial partnerships.
ENNA Solar acquires 87.5 MW solar project in Romania for €60mn
Croatian ENNA Solar acquires an 87.5 MW solar project in Romania from Kraftfeld Energy and plans to start construction in the third quarter of 2025.

Ukrainian gas production falls by 50% after Russian strikes

Russian attacks on Ukrainian gas infrastructure have halved national production, pushing Kyiv to seek alternative import sources to secure winter supply.
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Washington grants another two-month reprieve for sanctions against NIS
The United States extends until June 27 the suspension of sanctions targeting NIS, the Serbian energy company controlled by Gazprom, providing strategic relief to gas-dependent Serbia.
Russia and Iran bet on a rise in trade with their free trade agreement
Russia and Iran anticipate a sharp acceleration in their trade relations with the entry into force of their free trade agreement in May, covering oil, gas and civil nuclear cooperation.

Tariffs, Oversupply: Oil Industry Faces Imminent Global Contraction

The global oil industry anticipates a significant decline in exploration and production investments from 2025, amid persistent oversupply, exacerbated by increased U.S. tariffs and recent decisions by OPEC+.
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Washington criticises anti-fossil policies at IEA summit
The United States strongly criticised anti-fossil fuel policies at the International Energy Agency (IEA) summit, highlighting their dangers to global energy security.
Summit in London: Tensions over the role of renewable energy in global energy security
In London, global officials gather to discuss energy security amid rising geopolitical tensions. Disagreements persist on the role of renewable energy in meeting global demand.

The Czech Republic ends 60 years of dependency on Russian oil

The Czech Republic has ended its dependency on Russian oil after more than six decades, a major shift made in response to Russia's invasion of Ukraine.
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Time is running out for a nuclear deal, warns IAEA head in Tehran
The Director General of the International Atomic Energy Agency, Rafael Grossi, emphasised the urgency of reaching a deal on Iran's nuclear programme before crucial negotiations scheduled this weekend in Rome.
Auxiliary works begin for modular nuclear project in Uzbekistan
Uzbekistan has launched the construction of auxiliary buildings for its future modular nuclear reactor, the first export project for the Russian RITM-200N technology.

Holtec submits final bid for UK small modular reactor selection

Holtec International has submitted its final proposal to Great British Nuclear as part of the competition to deploy several small modular reactors in the UK, joining GE Hitachi and Rolls-Royce SMR in the decisive phase.
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Kremlin maintains uncertainty over end of energy moratorium with Ukraine
Moscow refuses to specify the expiry date of the Russia-Ukraine energy strike moratorium, despite ongoing tensions and US diplomatic involvement.
Russia positions itself to facilitate a nuclear agreement between Iran and the United States
The Kremlin has confirmed its willingness to actively support a diplomatic resolution on Iran’s nuclear file, ahead of a new round of talks between Tehran and Washington scheduled for this Saturday.
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