Poland's Orlen will no longer buy Russian oil, CEO says
The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement.
"We freed Central Europe from Russian oil today," Fafara told a news conference.
The Czech Republic had said in April that it had become fully independent of Russian oil supplies for the first time in its history following the completion of capacity upgrades on the TAL pipeline coming from the west.
Since Russia's invasion of Ukraine, the Czech government has sought to end its partial dependence on the Druzhba pipeline, which has been delivering supplies from Russia for decades and has accounted for about half the country's annual oil imports.
At the end of last year Czech pipeline operator MERO completed an upgrade along the Transalpine (TAL) pipeline, which carries oil from tankers in the Italian port of Trieste to Germany, where it feeds into the Ingolstadt–Kralupy–Litvinov (IKL) pipeline to the Czech Republic.
Orlen said that currently, Czech refineries are supplied with crude oil from, among others, the North Sea and Mediterranean region, Saudi Arabia, South and North America, and Africa.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Brazil's Azul secures $650 million investment commitment
SAO PAULO (Reuters) -Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. In May, Azul filed for Chapter 11 bankruptcy protection in the United States after months of trying to restructure mostly pandemic-era debt. Sign in to access your portfolio
The Hill
an hour ago
- The Hill
There's a better approach for Trump to change Putin's calculus
On Monday, President Trump set a new 10 to 12-day ultimatum for President Vladimir Putin to enter peace talks over Ukraine or face a new tariff regime intended to halt global sales of Russian energy products. Trump is promising a 100 percent 'secondary tariff' on any country that imports Russian energy products, targeting India, China, Turkey and others. He's right to recognize that pressuring the Kremlin's main cash cow is a way to grab Putin's attention, but his approach is counterproductive and incomplete. There are two ways to change Putin's plans in Ukraine. The first is to stop Russia's ability to wage its war of choice by constraining its finances. Oil and gas sales account for about a quarter of the Kremlin's budget. The G7, including the U.S., has taken steps since the onset of the war to lower Russia's energy revenues. Last month, the Kremlin's tax proceeds from energy sales were at their lowest since January 2023; however, the Russian government still pocketed about $6 billion. This shows the tradeoff in the G7's initial goal — dent Russian revenues without fully blocking the sale of Russian oil. The G7 has attempted this balancing act because Russian oil exports still make up 7 percent of global oil supply and a full shut-in would roil energy markets across the world. Trump's new plan proposes to do exactly that. To stave off the threat of U.S. tariffs, importing countries may stop accepting Russian oil. Without Russia's 7 million barrels per day of oil exports on the market, global crude oil prices could shoot up almost 25 percent, even assuming other suppliers like OPEC have the capacity and desire to pick up half the slack. Prices at the pump in America would then climb just as tariff-induced inflation hits the economy at a time when nearly two-thirds of Americans disapprove of Trump's handling of inflation. The other scenario, in which some importers defy Trump's threat, is not much better. The imposed secondary tariffs would further ignite inflation in America, especially if they target Chinese imports. Another ratcheting up of tariffs timed simultaneously with increases we saw in bilateral tariffs yesterday could destabilize Wall Street's equity markets again, all while quickening price increases on Main Street. Putin understands these dynamics; that's why the secondary tariff threat won't bring him to the table. It's true that blocking the sales of Russian oil would be a massive hit to the Kremlin, but he sees this as an empty threat because the plan is costly not just to Russia but to the whole world and, in particular, America. Instead, Trump can implement a different tariff to attack Russia's revenues without causing collateral chaos. With existing authorities, the Trump administration can impose sanctions on any company or individual in the world involved in a Russian oil and gas sale. Wanting to maintain access to America's financial system, most will seek to avoid sanctions. The U.S. could permit transactions if Russia pays a shipment fee on each sale — a Russian universal tariff — to the Treasury Department. From there, the U.S. could ratchet this tariff up month by month if Putin drags his feet on negotiating. Financially squeezed over time, Putin will feel increasingly boxed in. The second way to change Putin's calculus is by fortifying Ukraine financially and militarily. Right now, the Kremlin sees global support for Ukraine waning, with citizens in America and Europe fatigued of funding a foreign war. But we don't need to rely on our own taxpayers to back the Ukrainian people. Instead, the U.S. and G7 should seize the $300 billion worth of Russian sovereign assets already frozen in our countries and commit them to supporting Ukraine's defense and reconstruction. Doing so will foil one of Putin's main strategies. Despite a standstill on the battlefield, he thinks he can bring Ukraine to its knees by destroying its economy. That will prove much harder if Ukraine can access Russia's frozen assets. In addition to financial support, Trump and Congress should commit to providing Ukraine with the military resources it needs to continue defending itself. After the 2024 election, Putin thinks he can wait out Ukraine's limited arsenal. Trump needs to flip the script and make clear that a war of attrition is not winnable for Russia. His decision to unpause previously approved military assistance was a good first step. But to force a rethink from Russia, Trump must go further. Committing to arming Ukraine with the weapons made by American workers and companies until Russia agrees to and upholds a ceasefire will do just that. After years of prolonged conflict and unnecessary death, there is a clear need to force Putin's hand. President Trump's instinct is right, but his approach is wrong. To get Russia off the battlefield and to the table, he must delineate a plan that makes negotiating Putin's best option, and that is one that hinders the Russian war machine, helps Ukraine and garners support from Americans and our allies.
Time Business News
2 hours ago
- Time Business News
Top Food Catering and Services Near You Aastik Caterers
Finding the perfect catering service can transform your event from ordinary to unforgettable. Whether it's a wedding, corporate event, birthday, housewarming, or any special celebration, the quality of food and service plays a crucial role. If you've been searching for Best Caterers Near Me look no further than Aastik Caterers — a name synonymous with quality, taste, and reliability. Catering is not just about preparing and serving food. It's about crafting a memorable experience through flavors, presentation, and impeccable service. A good caterer understands your theme, guests' preferences, dietary requirements, and most importantly, your vision. Whether you're hosting 20 people or 2,000, the right catering service ensures: High-quality and hygienic food Timely and organized service Variety of menu options (customizable) Professional staff and event coordination Seamless experience for the host When people type 'best food catering near me' or 'top caterers near me,' they're not just looking for food providers—they're searching for trustworthy partners for their events. Here's what sets the best caterers apart: From traditional Indian cuisine to international dishes like Chinese, Continental, Italian, and more, the best caterers offer extensive menus tailored to your event type and cultural preferences. Not every event has the same needs. A reputable caterer offers flexible packages suited for different budgets and event sizes—whether it's a small family gathering or a grand celebration. Punctuality is critical in the catering business. The best catering services arrive ahead of time to set up food counters, arrange service staff, and ensure everything is ready before the guests arrive. Top-rated caterers maintain the highest levels of food safety, cleanliness, and hygiene standards, from the kitchen to the serving area. People trust real feedback. Look for caterers with consistent 4+ star ratings, positive reviews, and repeat clients. Among the many caterers in your area, Aastik Caterers has built a strong reputation for delivering premium catering services for all types of events. Here's why they're rated among the best catering services near you. Whether you're planning a pure vegetarian feast, a Jain food setup, or a multi-cuisine buffet, Aastik Caterers offers tailored menus to suit your taste and traditions. They specialize in: North Indian, South Indian, Gujarati, Maharashtrian Continental, Chinese, Mughlai, Thai Fusion dishes and theme-based menus The chefs at Aastik Caterers are culinary artists with years of experience in curating delicious and visually appealing meals. Their serving staff is trained, uniformed, and courteous, ensuring a smooth and professional experience throughout your event. Want to impress your guests with a live dosa counter or a sizzling pasta bar? Aastik offers live food stations to engage guests and add flair to your event. Whether you're hosting an intimate party or a lavish wedding, Aastik Caterers provides packages that balance quality and cost-effectiveness, ensuring you get the best value for your money. Beyond food, Aastik also assists with: Themed décor coordination Cutlery, crockery, and table setup Waitstaff and event coordination Clean-up and disposal post-event No matter what the occasion is, Aastik Caterers is equipped to serve events of all sizes: Weddings and Receptions Engagement and Roka Ceremonies Birthdays and Anniversaries Corporate Parties and Office Events Housewarming and Griha Pravesh Baby Showers and Naming Ceremonies Community Gatherings and Festive Celebrations While Aastik Caterers is a top choice, here are a few tips for choosing the right catering service: Ask for Tasting Sessions: Always sample the food before finalizing. Check for Customization: Make sure they can tweak menus for dietary preferences (vegan, gluten-free, etc). Read Reviews and Testimonials: Go through Google reviews or social media feedback. Look at Past Events: Ask for photos or videos of their previous setups. Understand Pricing Clearly: Ensure no hidden costs and a transparent breakdown of services. Q1. Do Aastik Caterers serve small events like birthday parties Yes, Aastik offers customized packages for small gatherings, starting from 25 guests and up. Q2. Can they provide Jain or Satvik food Absolutely. Aastik Caterers specializes in traditional, Jain, and no-onion-no-garlic preparations as per client needs. Q3. Do they offer catering for destination weddings Yes. Aastik Caterers are experienced in outstation catering for destination events and offer full logistical support. Q4. What is the average price per plate Pricing depends on the menu and number of guests, but typically starts around ₹300 to ₹1500 per plate. Choosing the right caterer is about more than just food—it's about the overall experience. If you're still searching for the best food catering near me, give Aastik Caterers a call. Their experience, professionalism, and passion for culinary excellence make them the perfect partner for your event. Your guests will remember the taste, the presentation, and the flawless service—and you'll remember how easy they made it for you. TIME BUSINESS NEWS
