• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Wanda Rich

    Posted on May 6, 2022

    Featured image for article about Top Stories

    PRAGUE (Reuters) – The Czech Republic is ready to raise its stake in a key pipeline and invest to increase its capacity and bring an end to the country’s partial dependence on Russian oil, Industry and Trade Minister Jozef Sikela said on Friday.

    The TAL pipeline carries oil from the Italian port of Trieste to Austria and Germany, from which another pipeline links it to the Czech Republic.

    Czech refineries, owned by PKN Orlen now take about half their crude oil through TAL, and the rest through the Druzhba pipeline from Russia.

    The Czech government holds a stake of 5% in TAL, which is also owned by major European and other oil companies.

    “We are ready to invest more than our proportionate part,” Sikela said in a briefing shown online. “We are also prepared to raise our stake, because one of the things we are seeking is to get almost all the extra capacity.”

    Negotiations were being held “non-stop”, he added.

    Partial dependence on Russian oil has prompted the Czech government to seek a temporary exemption from a European Union ban on such imports that is being discussed as part of sanctions on Russia for its invasion of Ukraine.

    The European Commission proposed on Friday to exempt the Czech Republic from the ban until mid-2024.

    Czech Prime Minister Petr Fiala said the changed proposal was going in the right direction, but talks continued.

    Sikela said TAL could now raise capacity slightly by pumping more oil, but a larger expansion project to install more powerful turbines was needed. That could be completed by the end of 2024 if other shareholders agreed.

    Sikela said the government also sought to secure capacity in liquefied natural gas (LNG) terminals in countries such as the Netherlands, in addition to Germany and Poland. The Czech Republic takes nearly 100% of its natural gas from Russia.

    (Reporting by Jan Lopatka and Robert Muller; Editing by Clarence Fernandez)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe