Nord Stream II could be affected by American sanctions against Russia

Capitol Hill, Washington DC, USA (Toni Syvänen, CC BY-NC-ND)

Czech’s automobile sector thrives

Chinese company takes over Romanian oil refinery

USA – Russia

The US Congress passed and the US Senate approved a bill imposing new sanction on Russia (due to its malignant activity in Ukraine). As reported by the Polish Radio, the measures could hit the Nord Stream II project. According to the Polish Radio, the EU official were lobbing against the sanctions.

The new measures could “hit crucial sectors of the Russian economy, including weapons sales and energy exports”. As it allows for sanctions against companies involved in energy projects, major European companies could also be affected. It could be for example firms that hold shares in Nord Stream II: German Wintershall and Uniper, Austrian OMV, British-Dutch Shell and more.

As reported, Jean-Claued Juncker, the President of the European Commission (EC), informed that the decision of the American Congress and Senate would be discussed in Brussels.

The bill has now to be approved by President Donald Trump.

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Czech Republic

Radio Praha reports on continued boom in the country’s automobile industry. As reported, automobile production grew by 5.1 per cent y/y in H1’2017. In total, domestic companies produced 756,468 units in the period mentioned.

Radio Praha quotes Zdenek Petzk, executive director of the Automotive Industry Association (AutoSAP): “That means a return to levels not seen prior to 2009. And current trends, both in the Western countries to which we export, and also within the Visegrad Group, are very positive”.

The most important car manufacturers are: Czech Skoda Auto produced (in H1’2017 it produced 459,526 units, up 13.5 per cent), Hyundai Motor and Toyota Peugeot Citroen Automobile Czech (TPCA). There are also truck producers (Tatra Trucks), motorcycle producers (Jawa) and bus manufacturers (IVECO) operating in the country.

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Romania

Romania Insider informs that a Chinese company, China Energy Company Limited (CEFC), which had acquired 51 per cent stake in KMG International by the end of 2016, finally got Romanian authorities’ approval for the transaction. It means the Chines company will now run Petromidia – the largest oil refinery and Rompetrol – gas station network in Romania, Bulgaria, Moldova and Georgia, altogether with KMGI.

Romania Insider quotes Zhanat Tussupbekov from KMGI, saying: “This joint venture will benefit from the potential of Kazakhstan’s energy resources and China’s financial resources”.

The Rompetrol group was established in 2000 by Romanian investor Dinu Patriciu.

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What’s up in indexes

BET (of Bucharest) increased from 8,333.88 index points Wednesday, July 26th to 8,326.63 index points Thursday, July 27th. It’s up 0.04 per cent d/d and up 23.89 per cent y/y.

BUX (of Budapest) increased from 35,565.00 index points Wednesday, July 26th to 35,828.70 index points Thursday, July 27th. It’s up 0.74 per cent d/d and up 28.97 per cent y/y.

CROBEX (of Zagreb) increased from 1,879.30 index points Wednesday, July 26th to 1,888.11 index points Thursday, July 27th. It’s up 0.47 per cent and up 10.57 per cent y/y.

OMXR (of Riga) increased from 986.86 index points Wednesday, July 26th to 990.01 index points Thursday, July 27th. It’s up 0.32 per cent d/d and up 54.79 per cent y/y.

OMXT (of Tallinn) increased from 1,226.91 index points Wednesday, July 26th to 1,238.31 index points Thursday, July 27th. It’s up 0.93 per cent d/d and up 22.12 per cent y/y.

OMXV (of Vilnius) increased from 620.64 index points Wednesday, July 26th to 622.79 index points Thursday, July 27th. It’s up 0.35 per cent d/d and up 13.66 per cent y/y.

PX (of Prague) increased from 1,011.85 index points Wednesday, July 26th to 1,014.89 index points Thursday, July 27th. It’s down 0.30 per cent d/d and up 13.60 per cent y/y.

SAX (of Bratislava) increased from 335.92 index points Wednesday, July 26th to 336.13 index points Thursday, July 27th. It’s up 0.06 per cent d/d and up 8.35 per cent y/y.   

SOFIX (of Sofia) decreased from 714.59 index points Wednesday, July 26th to 711.64 index points Thursday, July 27th. It’s down 0.41 per cent d/d and up 55.73 per cent y/y.

UX (of Kyiv) decreased from 1,092.16 index points Wednesday, July 26th to 1,088.03 index points Thursday, July 27th. It’s down 0.38 per cent d/d and up 50.89 per cent y/y.

WIG20 (of Warsaw) decreased from 2,360.26 index points Wednesday, July 26th to 2,350.91 index points Thursday, July 27th. It’s down 0.40 per cent d/d and up 30.78 per cent y/y.

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