Latest news with #VEB
The Star
27-05-2025
- Business
- The Star
Velesto Energy profit up despite dip in revenue
The group reported first-quarter net profit growth of 12.4% year-on-year to RM52.6mil. PETALING JAYA: Velesto Energy Bhd (VEB) maintains cautious optimism about its outlook for 2025, confident that with Naga 2, Naga 4 and Naga 6 contracted until the first quarter of 2026 (1Q26), this ensures ongoing operations and stability in rig utilisation. Releasing its results for 1Q25 ended March 31, 2025, yesterday, the group reported a net profit growth of 12.4% year-on-year (y-o-y) to RM52.6mil, despite revenue sinking 33.6% to RM224.6mil. This translates to an earnings per share of 0.64 sen. VEB attributed the lower turnover to completion of the i-RDC project and lower rig utilisation in 1Q25, while pointing to lower finance costs and depreciation during the quarter as factors behind the improved profitability. Compared to the preceding quarter ended Dec 31, 2024, net profit edged lower by 4.6% from RM55.2mil. This is as turnover decreased 18.6% from RM276.1mil.
Yahoo
14-05-2025
- Business
- Yahoo
Russia plans rail transport discounts to support coal industry, letter shows
By Gleb Stolyarov and Anastasia Lyrchikova MOSCOW (Reuters) -Russia plans to support its coal industry with big discounts on rail transportation rates and guaranteed exports, according to a government letter seen by Reuters and reports from coal-producing regions. Russia's coal exports fell by 6% last year under pressure from Western sanctions, infrastructure disruptions and profitability issues, the International Energy Agency has said. President Vladimir Putin in December ordered the government to develop support measures. In a letter to Putin dated April 25, Deputy Prime Minister Alexander Novak blamed many factors: falling global coal prices, the stronger rouble, sanctions restricting supplies to traditional markets, increased logistics costs, import duties in China and India and payment complications. A representative for Novak declined to comment. Russia's coal industry as a whole lost 112.6 billion roubles ($1.4 billion) in 2024, Novak wrote. As the sector's financial health continues to deteriorate, 30 enterprises, employing roughly 15,000 people and producing around 30 million metric tons annually, are at risk of bankruptcy, he added. Moscow has already signed an agreement to guarantee exports from Russia's coal-rich region, the Kuznetsk Basin known as Kuzbass. Novak proposed doing the same with neighbouring Khakassia. But more support is needed, the letter said, including a 12.8% discount on rail transportation fees for some coal exports and a 60% discount on long-distance coal transportation. Novak also proposed subsidies for Russian Railways from the federal budget to cope with reduced revenues, but did not specify an amount. The finance ministry and Russian Railways did not immediately respond to requests for comment. Russian Railways' cargo volumes last year fell to their lowest in 15 years. The state-owned monopoly is cutting investment by around 40% this year while grappling with a jump in interest payments as the central bank has raised borrowing costs in an effort to tame inflation. Washington has put most of Russia's major coal companies under sanctions. With U.S., European Union and British bans on Russia's coal imports in place, more than 80% of its exports now go to Asia. Novak said starting high-level negotiations to abolish import duties on Russian coal was needed to strengthen Moscow's strategic partnership with China and India against the backdrop of U.S. trade wars. Novak also proposed creating a "specialised tool" through the VEB state development bank to restructure and rehabilitate producers, offer tax and insurance deferrals and introduce a special bankruptcy procedure for those beyond recovery. VEB did not immediately respond to a request for comment. ($1 = 80.5000 roubles) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
13-05-2025
- Business
- Reuters
Russia plans rail transport discounts to support coal industry, letter shows
MOSCOW, May 13 (Reuters) - Russia plans to support its coal industry with big discounts on rail transportation rates and guaranteed exports, according to a government letter seen by Reuters and reports from coal-producing regions. Russia's coal exports fell by 6% last year under pressure from Western sanctions, infrastructure disruptions and profitability issues, the International Energy Agency has said. President Vladimir Putin in December ordered the government to develop support measures. In a letter to Putin dated April 25, Deputy Prime Minister Alexander Novak blamed many factors: falling global coal prices, the stronger rouble, sanctions restricting supplies to traditional markets, increased logistics costs, import duties in China and India and payment complications. A representative for Novak declined to comment. Russia's coal industry as a whole lost 112.6 billion roubles ($1.4 billion) in 2024, Novak wrote. As the sector's financial health continues to deteriorate, 30 enterprises, employing roughly 15,000 people and producing around 30 million metric tons annually, are at risk of bankruptcy, he added. Moscow has already signed an agreement to guarantee exports from Russia's coal-rich region, the Kuznetsk Basin known as Kuzbass. Novak proposed doing the same with neighbouring Khakassia. But more support is needed, the letter said, including a 12.8% discount on rail transportation fees for some coal exports and a 60% discount on long-distance coal transportation. Novak also proposed subsidies for Russian Railways from the federal budget to cope with reduced revenues, but did not specify an amount. The finance ministry and Russian Railways did not immediately respond to requests for comment. Russian Railways' cargo volumes last year fell to their lowest in 15 years. The state-owned monopoly is cutting investment by around 40% this year while grappling with a jump in interest payments as the central bank has raised borrowing costs in an effort to tame inflation. Washington has put most of Russia's major coal companies under sanctions. With U.S., European Union and British bans on Russia's coal imports in place, more than 80% of its exports now go to Asia. Novak said starting high-level negotiations to abolish import duties on Russian coal was needed to strengthen Moscow's strategic partnership with China and India against the backdrop of U.S. trade wars. Novak also proposed creating a "specialised tool" through the VEB state development bank to restructure and rehabilitate producers, offer tax and insurance deferrals and introduce a special bankruptcy procedure for those beyond recovery. VEB did not immediately respond to a request for comment. ($1 = 80.5000 roubles)
Reuters
08-05-2025
- Business
- Reuters
Russia's VEB development bank plans $42 billion in funding for projects with China, chairman says
MOSCOW, May 8 (Reuters) - Russian state development bank VEB plans to provide around 3.5 trillion roubles ($42.74 billion) in funding for joint projects with Chinese businesses, VEB head Igor Shuvalov said on Thursday as the two countries' leaders held talks in Moscow. China is Russia's biggest trading partner and increased trade between the two countries has thrown Moscow an economic lifeline at a time when it is navigating sweeping Western sanctions imposed over its war in Ukraine. China buys more Russian oil and gas than any other country and has increased exports to Russia, particularly of cars and other machinery. At a meeting with Chinese President Xi Jinping in Moscow on Thursday, Russian President Vladimir Putin said coomprehensive cooperation between Moscow and Beijing in industry and technology was being consistently strengthened. "We welcome the creation of production facilities and the transfer of Chinese industrial expertise to our country," Putin said. "For our part, we intend to continue creating comfortable conditions for Chinese companies to operate in Russia." On the sidelines of the Putin-Xi meeting, Shuvalov said the 3.5 trillion roubles in funding was earmarked for projects in the gas, metallurgy, timber processing and shipbuilding industries. ($1 = 81.9000 roubles)
Economist
27-04-2025
- Business
- Economist
Vladimir Putin's money machine is sputtering
FROM KALININGRAD to Vladivostok, something has changed. A high-frequency index produced by Goldman Sachs, a bank, suggests that, since the end of last year, Russia's annualised economic growth has fallen from around 5% to around zero (see chart). VEB, the Russian development bank, finds similar trends in its estimate of monthly growth. A high-frequency measure of business turnover compiled by Sberbank, Russia's largest lender, has dipped. Although more circumspect, the government acknowledges that something is up. In early April the central bank noted that recently 'a number of sectors recorded lower output because of plummeting…demand'.
