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Largest Turkish refiner Tupras ‘has cut runs at Izmir refinery by 50% due to pandemic impact on fuel demand’

Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears

Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.

Russian pipemaker ChelPipe getting ready for IPO

With the predominance of oil and gas in Russia’s economy the pipe-making business is a big one. ChelPipe is the market leader and is now considering an IPO.

ContourGlobal abandons €1.3bn coal-fired power station project in Kosovo

Kosovo’s new Prime Minister Albin Kurti had pledged to stop the 500MW power plant that would have been Kosovo’s largest ever energy investment.

Ukraine's new cabinet offers voluntary tariff cuts for renewables, but ready to go to court in disputes

Ukraine’s new cabinet shocked investors by threatening to cut generous “green tariff” arrangements retroactively for renewable energy developers. This may prompt a raft of lawsuits from irate investors.

Erdogan tells Putin let’s jointly manage Syria oil fields instead of “terrorists” exploiting them

ING: Russia bracing for oil shock: initial thoughts

The Russian market is facing volatility, with large fiscal reserves and high real rates coming back into investors' focus, but only after the oil- and corona-related dust settles.

Oil price shock sparks rapid revision of budget in Kazakhstan

Country’s budget based on oil at $50-$55 per barrel compared to $31 caused by failure of OPEC+ talks. Situation could eat up government reserves. Some Kazakhs enter into panic buying of dollars. Central bank hikes key rate 275bp.

Borsa Istanbul loses 5.5% in global stock market meltdown

Shares in tourism firms fall 10% as market jitters grow over coronavirus impact on Turkey’s big tourism industry, even though country claims to have no recorded COVID-19 infections.

The ruble's value tumbles in Russia's game of geopolitical chicken

The value of the Russia ruble plummeted in the evening of March 8 as trading began, following the price of oil into the chasm created by an oil price war that has broken out between Russia and Saudi Arabia.

Europe’s plan to introduce a carbon import tax is forcing Russia to go green

Europe wants to be carbon neutral by 2050, and is about to introduce a carbon import duty that is already forcing Russia’s biggest companies to speed up their efforts to go green.

OPEC+ talks with Russia collapse, oil prices tank

Talks between OPEC and Russia on a new production cut collapsed on March 6, sending oil prices tumbling to under $50. The Kremlin says it is “comfortable” with the current price and has started a price war designed to undermine the US.

MACRO ADVISOR: Oil War: Who will blink first?

When Russia refused to back Saudi Arabia’s proposal for a deeper oil production cut in Vienna on March 6, it effectively fired the first shot in what looks like being an expensive and prolonged oil price war.

ING: The OPEC+ break-up: It’s not you, it’s me

OPEC+ knew they had to surprise the market, and that is what they did. Although the surprise was failing to come to a deal, rather than cutting more than expected. $30 oil here we come...

Albania’s net electricity production plunges 39.1% in 2019

Albania is almost entirely dependent on hydropower for its electricity, and thus the amount of power produced can vary widely from one season to another depending on the weather.

Ukraine’s government slammed for proposed changes to green energy rules

Foreign investors are up in arms following the release of the Ukrainian government’s proposed changes to the generous green energy tariffs introduced by former president Petro Poroshenko.

Ukraine court blocks government's attempt to change power generation major's managers

A court in Ukraine court has ruled to prohibit the State Property Fund (SPF) that owns 78.3% of the shares of power generator Centrenergo from dismissing any member of its management board, in move believed to be organised by oligarch Kolomoisky

Environmental groups say Bulgarian coal power stations illegally burning waste

Lawyers and environmental NGOs say three plants are burning waste at amounts that are 10,000 times above those allowed by the EU.

Ukraine appoints new top management of power generation major Centrenergo, Kolomoisky physically bars them from office

The Ukrainian government has appointed a new top manager for power generation company Centrenergo but protestors reportedly connected to oligarch Ihor Kolomoisky barred their entry to the company's offices.

Albania’s Competition Authority launches in-depth investigation against Bankers Petroleum

More upside potential still possible for Russian utility names despite strong rally this year

Following the rally in Russian utility universe, putting the sector ahead of every other Russian equity segment in year-to-date terms for 2020, VTB Capital sees more place for upside for certain names coming from expected profitability gains.

Russia's leading petrochemical plant Sibur saw revenues down in 2019, but profits up and plans on track for long term growth

Russia’s leading petrochemical producer won’t hold its highly anticipated IPO this year, or even next year, but despite tough market conditions this year the outlook for the company remains bright

North Macedonia starts converting coal mines to solar

US promises up to $1bn in energy infrastructure financing for Three Seas Initiative

The financing will go primarily to strengthen energy security across the initiative’s countries, which consider it necessary to end, or at least reduce, dependence on Russia as an energy supplier.

Dutch court reinstates order for Russia to pay $50bn to Yukos shareholders

A Dutch appeals court has ordered the Russian government to fork out $50bn to former shareholders of defunct Russian oil giant Yukos, marking another twist in a more than decade-old legal battle.