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Ukraine’s Currency in Free Fall

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LONDON – Ukraine’s currency slumped to its lowest level in roughly five years Wednesday, adding to pressure on President Viktor Yanukovych as he navigates between Russia and the West.

The U.S. dollar was quoted above 9.00 against the hryvnia for the first time since February 2009, according to traders, with Ukraine’s national currency going from its recent steady decline into free fall. The exchange rate is widely viewed in Ukraine as a bellwether of economic stability, and the National Bank of Ukraine has for years tightly managed the hryvnia slightly above 8 to the dollar.

Mr. Yanukovych is under pressure from more than two months of street protests against his decision to halt an integration pact with the European Union, instead sealing a $15 billion bailout from Russia. But he is now also facing a financial squeeze after he dismissed his government last week, and the Kremlin said it would pause its bailout until new ministers are appointed.

Analysts said the National Bank appeared to be managing the hryvnia lower. “They are stepping away from the peg. They know they can’t hold it as the Russian money isn’t there. They are trying to conserve reserves,” said Timothy Ash, an analyst at Standard Bank.

U.S. and European Union officials say they are putting together a financial bailout to tempt Mr. Yanukovych to strike a compromise with his opponents and forge a technocrat government that could push through economic overhauls. But prospects for a resolution look dim, as the opposition is demanding that more of the president’s powers be transferred to the cabinet before they agree to take government roles.

Mr. Yanukovych is holding talks in Kiev with EU foreign-policy chief Catherine Ashton, and will meet Assistant U.S. Secretary of State Victoria Nuland tomorrow. He then flies to Russia for talks with President Vladimir Putin. Moscow sent $3 billion to Ukraine late last year, but held up a further $2 billion installment last week.

Ukraine’s acting prime minister, Serhiy Arbuzov, moved to deflect blame for the sliding hryvnia Wednesday. “Political instability is pressing on the currency market. There is strain despite the fact there’s no fundamental economic basis for it,” Mr. Arbuzov told a government meeting Wednesday. “There are no fundamental causes for concern. I again call on everyone to settle the conflict as quickly as possible.”

The hryvnia has been under selling pressure for weeks amid antigovernment protests that have turned violent at times. The currency’s decline has accelerated in recent days. Trading on Wednesday was illiquid with prices quoted erratically and with large variations, traders said, underscoring just how nervous the market had become.

“The National Bank of Ukraine seems to have finally abandoned its four-year hryvnia to dollar peg and will be moving further toward greater foreign-exchange flexibility,” said Vladimir Osakovskiy and Vadim Khramov, analysts at Bank of America BAC -0.73% Merrill Lynch.

As a result, the bank is forecasting the dollar will rise to as high as 10 against the hryvnia by the end of 2014.

“Before the protests the National Bank was coping with downside pressure on the hryvnia by squeezing money-market liquidity and carrying out FX interventions. Given the political uncertainty, pressure on the FX market increased partly due to households’ demand for foreign currencies. And the central bank is not willing to increase the amount of interventions,” said Alexei Pogorelov, economist at Credit Suisse CSGN.VX +0.15% in Moscow.

Analysts suspect the central bank would struggle to keep a lid on an aggressive hryvnia selloff. According to central-bank data, Ukraine had $20.4 billion in international reserves on Jan. 1, a relatively small amount. In December, it spent $942 million of reserves defending the currency.

The hryvnia’s fall could be exacerbated if households lose faith and shift out of the currency, as they did in 2008.

Nervousness spread as gasoline prices continued edging upward Wednesday on the back of the hryvnia’s weakness, increasing the squeeze on Ukrainians.

“The price has gone up by 10-15 kopecks today, and I have no idea what happens next,” said Artur Badenkin, sales manager at a Kiev gas station.

– WALLSTREET JOURNAL

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Sahara Champions Global Shipping Collaboration for $20m Mercy Ships Healthcare Impact

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AOW 2021: Sahara Group advocates measured transition in Africa’s upstream sector

Sahara Energy Geneva has highlighted the power of business collaboration to deliver lasting impact, with Mercy Ships Cargo Day celebrating more than $20 million raised over the past decade to support healthcare interventions in Africa.

More than 500 guests from over 150 shipping and trading companies gathered in Geneva recently for the 10th anniversary Gala of Mercy Ships Cargo Day, celebrating a decade of industry support for the international charity.

David Walker, Head of Chartering at Sahara Energy Geneva and Chairman of the Cargo Day Geneva Committee, joined industry leaders at the event, where he thanked the global shipping community, sponsors, media partners and Cargo Day committees in Geneva, London, Houston, Dubai and Singapore for supporting the initiative.

Cargo Day brings together charterers, shipowners, shipbrokers, and other shipping professionals who contribute through pledges, cargo commissions, and address commissions to support the work of Mercy Ships.

READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

Kola Motajo, Director, Sahara Geneva said Sahara’s involvement reflects the company’s belief in the ability of enterprise and partnerships to deliver impact beyond business.

“At Sahara, our focus is always on impact and lives transformed. Cargo Day demonstrates what is possible when businesses and individuals unite around a shared purpose. The $20 million milestone reflects the collective commitment of the global shipping community to improving healthcare in Africa. As Sahara looks Beyond XXX, we remain committed to building connections that create lasting value and possibilities for generations to come,” Motajo said.

Reflecting on Cargo Day’s growth, Walker said: “Ten years ago, we raised $300,000 and there were 70 people at the Gala. Today, we have more than 500 people coming from around the world to support such a great cause.”

Cargo Day 2025 raised more than $2.5 million, with 93 companies participating, including charterers, brokers, shipowners, and other partners.

Mercy Ships operates two hospital ships supporting patients in Africa with free life-changing surgeries, while also providing training and mentoring for local healthcare professionals. Cargo Day funding contributes to expenses associated with operating the hospital ships.

The 2026 Cargo Day campaign begins November 4 and will run through November and December, with companies participating through Mercy Cargoes, address commissions and pledges.

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30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

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Up to 30 Nigerian graduates have bagged postgraduate scholarships to pursue further studies both locally and in the Diaspora.

According to the Nigerian National Petroleum Company Limited (NNPC Ltd) and Italian energy company, Eni have awarded postgraduate scholarships

The beneficiaries emerged from more than 3,000 applicants following assessments of their academic records and performances in a recently conducted computer-based test (CBT).

The awards are under the 2026/2027 Postgraduate Scholarship Scheme of Nigerian Agip Exploration Limited (NAE), an Eni subsidiary, on behalf of the NNPC-NAE Production Sharing Contract (PSC) partners.

In a statement, NAE’s Vice Chairman and Managing Director, Maurizio Pinna, said the initiative was designed to develop local talent and equip young Nigerians with skills relevant to the oil and gas industry. Pinna congratulated the beneficiaries, noting that the scholarships would enable them to pursue their academic ambitions and achieve their career goals.

According to NAE, the programme reflects its commitment to education, innovation and capacity building in Nigeria.

The company urged the beneficiaries to make good use of the opportunity by acquiring valuable knowledge and skills that would contribute to national development, particularly in the energy sector.

Ten of the awardees will undertake postgraduate studies in universities abroad, including Imperial College London, Robert Gordon University in Aberdeen, Newcastle University, the University of Aberdeen and the University of Hull in the United Kingdom.

READ ALSO: Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers

The remaining 20 beneficiaries will study at Nigerian universities in fields including engineering, geosciences, petroleum and environmental technology, energy economics, renewable energy and energy transition.

Established in 2007, the NNPC-NAE PSC postgraduate scholarship scheme is part of the partners’ human capital development programme aimed at promoting specialised knowledge and addressing skills shortages in Nigeria’s deep offshore oil and gas operations.

NAE said 380 Nigerian graduates had benefited from the scheme since its inception, gaining knowledge and skills required by the oil and gas industry.

Beyond education, Eni, through NAE, has implemented sustainability initiatives in Nigeria covering healthcare, access to water, infrastructure and community empowerment.

Eni has operated in Nigeria since 1962 and currently has an equity production of about 55,000 barrels of oil equivalent per day. The company also holds a 10.4 per cent stake in Nigeria LNG.

NAE was incorporated in 1996 to manage Eni’s deep offshore exploration and production assets. It became the first oil and gas company in Nigeria to produce oil from the country’s deep offshore when its Abo floating production, storage and offloading (FPSO) vessel began operations in 2003.

The company has interests in nine offshore blocks in Nigeria, either as operator or co-venturer, including PML 102 and PML 103, where the Zabazaba-Etan fields are being developed.

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DPRP’s Appeal Against Fuel Import Licence Ruling Earns Stakeholder Backing

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The Dangote Petroleum Refinery and Petrochemicals’ (DPRP) decision to seek leave to appeal a Federal High Court (FHC) judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to three major oil marketers is being backed by the Energy Watchdog.

This was detailed in a statement by Martins Tayo, which considers the move as necessary to protect Nigeria’s domestic refining industry and reduce dependence on imported petroleum products.

The judgment, delivered on September 28, 2026, by Justice Inyang E. Ekwo in Suit No. FHC/ABJ/CS/1363/2026, ordered the NMDPRA to continue issuing import licences to Matrix Energy, AA Rano and AYM Shafa.

The Energy Watchdog argued that the ruling undermined the objectives of the Petroleum Industry Act (PIA) and threatened investments in domestic refining capacity.

“We completely reject and condemn in totality the judgment of the lower court. It is a deeply flawed decision that disregards the clear intent of the Petroleum Industry Act and the national interest in building a robust domestic refining industry,” the statement said.

READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

The group further cited a reported decline in petrol imports in the first quarter of 2026, alongside increased supplies from local refineries, particularly the Dangote facility, as evidence of the country’s growing domestic refining capacity.

It argued that sustaining import licences despite rising local production could undermine efforts to achieve self-sufficiency in refined petroleum products and weaken investor confidence in the sector.

According to the organisation, Dangote Refinery’s decision to seek leave to appeal as an interested party was timely, given the potential implications of the judgment for the future of Nigeria’s downstream petroleum industry.

“The lower court’s decision amounts to a judicial endorsement of continued importation irrespective of local capacity.

“We condemn it without reservation because it threatens to reverse the hard-won gains of the last few years,” Tayo stated

The Energy Watchdog maintained that the Petroleum Industry Act was designed to encourage investment in midstream and downstream infrastructure, warning that allowing the ruling to stand could send a negative signal to investors who have committed substantial resources to domestic refining projects.

The group urged the Court of Appeal to grant the DPRP leave to appeal and ultimately set aside the FHC’s order, describing the case as significant to Nigeria’s energy security and the development of its refining industry.

“Any judgment that forces the continued importation of fuel products when local refineries can supply the market is a setback for Nigeria.

“We condemn the lower court ruling in the strongest terms and fully support the appeal filed by Dangote Refinery,” the statement concluded, “The Court of Appeal must correct this error and reaffirm that the era of automatic import licences is over.”

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