Latest news with #Orlen
Reuters
22-05-2025
- Business
- Reuters
Poland's Orlen first-quarter net profit rises on upstream gains
GDANSK, May 22 (Reuters) - Polish energy group Orlen ( opens new tab posted a 54% rise in first-quarter net profit on Thursday, as strong upstream performance helped offset lower sales and refining margins. The company's net result for the quarter stood at 4.28 billion zlotys ($1.14 billion), below the 4.67 billion zlotys forecasted by analysts polled by Reuters. ($1 = 3.7445 zlotys)
Reuters
19-05-2025
- Business
- Reuters
Equinor, Polenergia agree on Polish offshore wind project
WARSAW, May 19 (Reuters) - Norway's Equinor ( opens new tab and Poland's Polenergia ( opens new tab made a final investment decision for the project to build two wind farms off the Polish coast of the Baltic Sea, the Warsaw-based company said on Monday. The two farms, each with a generation capacity of 720 megawatts are set to cost a total of about 6.4 billion euros ($7.20 billion) and start generating power in 2027 and be completed in 2028. Investors, including PGE, Orlen, Equinor and Orsted are developing 6 gigawatts (GW) of offshore capacity along the Polish coast set to come online by 2030 and auctions for projects in the second round are planned for 2025. Poland is boosting offshore potential in the Baltic Sea estimated to be as high as 33 GW, according to the Polish Wind Energy Association (PSEW). ($1 = 0.8883 euros)
Yahoo
29-04-2025
- Business
- Yahoo
Ukraine contracts 1.5bn cubic metres of gas
Ukraine has contracted 1.5 billion cubic metres of gas so far into 2025. Source: Ukraine's Prime Minister Denys Shmyhal during a government meeting Details: In addition, Naftogaz, Ukraine's largest national oil and gas company, has agreed to purchase another 300 million cubic metres of liquefied natural gas (LNG) from the Polish company Orlen. Shmyhal said that on 29 April the government adopted a decision to accelerate domestic gas production. Private companies in the oil and gas extraction sector will see a significant simplification of procedures for setting up energy storage facilities and constructing infrastructure needed to connect to Ukraine's gas transmission system. Shmyhal reiterated that Russian troops launched a series of large-scale attacks on Ukraine's gas production infrastructure during this winter, resulting in losses of nearly 50% of total output. "We are working to compensate for these losses, including through imports," Shmyhal stated. Background: Ukraine has secured €270 million from the European Bank for Reconstruction and Development under state guarantees for gas purchases, accompanied by a €140 million grant from the Norwegian government. Due to Russian attacks on gas infrastructure and the resulting decline in production, Ukraine will significantly increase gas imports in 2025. The Naftogaz Group has already begun preparations for the 2025/2026 heating season by purchasing gas and modernising power generation facilities. Support Ukrainska Pravda on Patreon!
Yahoo
15-04-2025
- Business
- Yahoo
Venture Global LNG starts commercial operations at Calcasieu Pass plant
By Curtis Williams HOUSTON (Reuters) - Venture Global LNG has begun commercial operations at its Calcasieu Pass plant in Louisiana, ending a more than a three-year commissioning process at the plant, the company said on Tuesday. Venture Global will now sell LNG to its long-term customers at lower prices rather than test cargoes to the highest bidders in the red-hot global market. Just a startup five years ago, Venture Global is the country's second-largest LNG producer, helping the U.S. lead the world in LNG exports. Commissioning, or making sure a new plant's systems are functioning as designed, takes months at many LNG facilities but the process dragged on at Calcasieu Pass due to several unforeseen circumstances. These included the global pandemic, two hurricanes, and a force majeure event triggered by issues with the facility's power island, the company based in Arlington, Virginia, said on Tuesday. "Having completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, Calcasieu Pass is now ready to operate safely and reliably," Venture Global said in a statement. Shell, BP, Orlen, Edison and Repsol filed arbitration claims saying Venture Global LNG deliberately failed to fulfill their supply contracts, dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global argued that a faulty power system delayed normal operations. The Gaslog Wellington tanker is the first vessel to receive LNG from the Calcasieu Pass plant and was at its port loading 170,000 cubic meters of the supercooled gas, according to LSEG cargo flows. It was not immediately clear which of Venture Global's long-term customers would get the first shipment but Orlen has said it expects its first cargo on April 23, with Shell expected to receive its cargo at the end of the month, a person familiar with Shell's timeline told Reuters. Shell and BP declined to comment. Venture Global's stock price was down by 1%, at $8.38 in late-afternoon trading. It has declined by 66% since the company went public in January. The move to commercial operations is unlikely to stop ongoing arbitration cases brought by the long-term customers against Venture Global as Shell, Orlen and Repsol have all said they will pursue their legal battle with Venture Global even after they start receiving cargoes. Venture Global is also likely to keep profiting from strong global spot market prices, as its newer and larger Plaquemines facility ramps up production. Sign in to access your portfolio
Reuters
15-04-2025
- Business
- Reuters
Venture Global LNG starts commercial operations at Calcasieu Pass plant
HOUSTON, April 15 (Reuters) - Venture Global LNG (VG.N), opens new tab has begun commercial operations at its Calcasieu Pass plant in Louisiana, ending a more than a three-year commissioning process at the plant, the company said on Tuesday. Venture Global will now sell LNG to its long-term customers at lower prices rather than test cargoes to the highest bidders in the red-hot global market. Just a startup five years ago, Venture Global is the country's second-largest LNG producer, helping the U.S. lead the world in LNG exports. Commissioning, or making sure a new plant's systems are functioning as designed, takes months at many LNG facilities but the process dragged on at Calcasieu Pass due to several unforeseen circumstances. These included the global pandemic, two hurricanes, and a force majeure event triggered by issues with the facility's power island, the company based in Arlington, Virginia, said on Tuesday. "Having completed a multi-year rectification and remediation of key components of the facility that underpin the redundancy features inherent in the project's design, Calcasieu Pass is now ready to operate safely and reliably," Venture Global said in a statement. Shell (SHEL.L), opens new tab, BP (BP.L), opens new tab, Orlen ( opens new tab, Edison ( opens new tab and Repsol ( opens new tab filed arbitration claims saying Venture Global LNG deliberately failed to fulfill their supply contracts, dragging its feet to commission the plant so it could profit from higher spot prices. Venture Global argued that a faulty power system delayed normal operations. The Gaslog Wellington tanker is the first vessel to receive LNG from the Calcasieu Pass plant and was at its port loading 170,000 cubic meters of the supercooled gas, according to LSEG cargo flows. It was not immediately clear which of Venture Global's long-term customers would get the first shipment but Orlen has said it expects its first cargo on April 23, with Shell expected to receive its cargo at the end of the month, a person familiar with Shell's timeline told Reuters. Shell and BP declined to comment. Venture Global's stock price was down by 1%, at $8.38 in late-afternoon trading. It has declined by 66% since the company went public in January. The move to commercial operations is unlikely to stop ongoing arbitration cases brought by the long-term customers against Venture Global as Shell, Orlen and Repsol have all said they will pursue their legal battle with Venture Global even after they start receiving cargoes. Venture Global is also likely to keep profiting from strong global spot market prices, as its newer and larger Plaquemines facility ramps up production.
