Hungary’s MOL Group, along with its joint venture partners, has signed commercial agreements to advance the development of significant gas reserves in Azerbaijan’s Azeri-Chirag-Deepwater Gunashli (ACG) field. MOL, the third-largest shareholder in the ACG field after SOCAR and BP, is working within an amended production sharing agreement framework
After months of negotiations with EU member states, European Commission (EC) President Ursula von der Leyen revealed the lineup for her second term’s College of Commissioners on Tuesday 17 September from Strasbourg. The centre-right European People’s Party (EPP) secured the largest share, with 15 of the 27 commissions,
US firm Intel has decided to delay its semiconductor plant project near Wroclaw, west Poland, until 2026 due to the company’s worsening global financial situation, the Polish Digital Affairs Ministry announced on Monday, 17 September. The ministry said Poland remains committed to semiconductor investments and plans to use its
The incoming EU administration should ensure that countries in Central and Eastern Europe (CEE) lever more influence in the bloc, Slovakia-based think tank Globsec writes in a new report on the interests and security of CEE nations and increasing Europe’s global influence from 2024-29. “Until now, Central and Eastern
South Korea’s Korea Hydro & Nuclear Power (KHNP) will lead Czechia’s largest-ever investment project when the Central and Eastern Europe (CEE) country expands its nuclear power plant in Dukovany, south Czechia, Czech Prime Minister Petr Fiala said on Friday 20 September. A central part of Czechia’s long-term
Slovak Prime Minister Robert Fico on Wednesday, September 18, reversed decades of opposition to tax hikes as his government amended VAT laws, effective 1 January, 2025. As recently as April, the leader of Slovakia’s nominally left-wing Smer-SD party, positioned himself as a champion of low-income earners, saying “I oppose
Deutsche Lufthansa AG is looking into acquiring a stake in AirBaltic before the Latvian state-owned airline launches an initial public offering (IPO), insider sources told Bloomberg. Talks are still in the early stages, and no final decision has been made regarding the investment, said the sources, speaking to the news
Poland’s strategic energy giant PKN Orlen has signed a five-year exclusive deal with Lithuanian energy terminal operator KN Energies to up the supply of liquefied natural gas (LNG) to north-east Poland and the Baltic countries. Under the deal, effective until the end of March 2030, Orlen will have sole
Polish online platform eSky’s GBP 30mn (EUR 35.5mn) purchase of Thomas Cook from China’s Fosun Tourism Group signals a broader westward expansion trend of companies from Central and Eastern Europe (CEE), and media outlets in the UK and Poland are taking note. Emtech, Pepco among Polish firms
Polish Prime Minister Donald Tusk declared a state of disaster and confirmed that 1,600 people have been evacuated in Klodzko, south-west Poland, as Central and Eastern Europe (CEE) faced torrential rains brought by Storm Boris, which has led to widespread flooding and causing numerous deaths across countries including Romania,
Saudi Arabia has launched a new business council to deepen its economic ties with Central and Eastern Europe (CEE) and tap into emerging investment prospects in the region, the Saudi Press Agency reported. The Federation of Saudi Chambers has announced the council’s establishment for the 2024-28 term, under its
Financed with a EUR 5mn EU grant and a EUR 100mn loan from the European Investment Bank (EIB), the nearly 1km-long Hercegovina Bridge on Corridor Vc (a.k.a. E73) opened on Wednesday, 4 September. The new bridge represents Bosnia and Herzegovina’s (BiH) largest infrastructure project and forms part
Germany’s Rheinmetall will spend more than EUR 180mn on an ammunition manufacturing facility in Lithuania, the Lithuanian Economy and Innovation Ministry said. The production unit is expected to produce tens of thousands of rounds of ammunition per year. Last week the Lithuanian economy and finance ministries said another EUR
European Commission (EC) President Ursula von der Leyen announced further EU flood recovery funding and reiterated the EU’s commitment to addressing climate change, in Slovenia on Monday, 2 September. On a tour of the Balkans, von der Leyen visited northern Slovenia, which was hit by flooding in November 2023.
The European Organization for Nuclear Research (CERN) officially welcomed Estonia as its 24th member state on Friday, 30 August. CERN said Estonia’s joining represents “a significant milestone in the organisation’s history and furthering its commitment to international scientific cooperation”, adding that it “culminates a formal application process that
A total of 59 companies have been awarded non-reimbursable funding totalling some MDL 25mn (EUR 1.3mn) as part of a MDL 544mn (EUR 28.29mn) EU-led stimulation initiative. Since the beginning of the year, the Organization for Entrepreneurship Development (OED) has already facilitated grants of over MDL 144mn to
Polish Prime Minister Donald Tusk vowed to tackle inflation, drive record economic growth, and bolster key investments in energy and infrastructure when he unveiled the country’s 2025 budget on Friday, 30 August. Tusk said his government has set a high bar for the budget. “We aim to keep inflation
Latvian national airline airBaltic is set to embark on its first-ever initial public offering (IPO) before the end of 2024. The decision was confirmed by the government during a closed session on Friday, 30 August. The IPO will be conducted alongside negotiations with an unnamed “strategic investor”. The Latvian state
The Spanish government has vetoed Hungarian consortium Ganz-MaVag’s attempt to purchase Spanish train manufacturer Talgo, citing national security concerns, local media reported. Ganz-Mavag, which includes Hungary’s state fund Corvinus, made a EUR 619mn public tender offer for the maker of the iconic Alta Velocidad Espanola (AVE) high-speed trains
The new Polish deposit container-deposit system will launch in the autumn and be operated by eight enterprises, not six as earlier reported, although only three are currently licenced. The Polish Ministry of Climate and Environment said it will increase inspections in the lead up to the systems going operational in
As the EU assesses its defence strategies amidst escalating geopolitical tensions, South Korea has emerged as a significant player in the Central and Eastern Europe (CEE) defence market. Korea makes strategic defence exports to CEE South Korea’s defence industry has gained notable traction in CEE, where countries are upping
Romanian Prime Minister Marcel Ciolacu has requested that his country’s upcoming European Commissioner focuses on economic policies, following a meeting with European Commission (EC) President Ursula von der Leyen in Brussels on Thursday. “I want a portfolio that is highly relevant, given that we are the sixth largest country
Indian Prime Minister Narendra Modi discussed collaborations on AI and startups with Poland during his recent tour of Central and Eastern Europe (CEE). Modi’s visits to Poland and Ukraine, occurring just weeks after a contentious meeting with Russian President Vladimir Putin in Moscow, highlight India’s attempt to maintain
Hungary is rushing to safeguard its energy security following Ukraine’s sanctions on Russian oil company Lukoil, and is in active discussions to guarantee alternative supply routes, according to the country’s top diplomat. Szijjarto concerned over energy supplies Despite protests from Budapest and Bratislava, the European Commission (EC) has
In total 6 of 17 countries from Central and Eastern Europe (CEE) made the top 50 for fastest internet speeds, with an average download speed of 76.58 Mbps, placing it the 4th global region. CEE’s top performers were Slovakia, Hungary, and Romania, with average speeds of 145.19