Overview of the latest economic events in the Czech Republic
Russian oil imports and the use of the TAL pipeline: the Czech Republic continues to import significant quantities of Russian oil, although it has the upgraded TAL pipeline from Italy, which was expanded at the end of 2024. Russian oil imports reached 2.7 million tonnes in 2024. MERO CR and Orlen Unipetrol justify this move on the basis of valid contracts with Rosneft and a more favourable price. However, the expanded TAL allows for complete independence from Russian supplies and a switch to 100% supplies via it is expected from April 2025. (Source: Reuters)
Proposal for the inclusion of Czech pub culture on the UNESCO list: the Czech beer industry, which is struggling with declining consumption and pub closures, is seeking international recognition of its cultural heritage through UNESCO. (Source: The Times)
Czech Republic to start importing crude oil through expanded TAL pipeline
From April, the Czech Republic will increase oil supplies via the expanded TAL pipeline from Italy, replacing imports of Russian oil via the Druzhba pipeline, which was disrupted in March. State pipeline operator MERO said the completion of the TAL pipeline upgrade late last year increased the capacity available to the Czech Republic, giving it full independence from Russian supplies. Czech refiner Orlen Unipetrol has so far sourced about half of its crude from Russia and the other half via TAL. With the increase in capacity, the Czech Republic will now be fully reliant on the TAL pipeline, ensuring stable supplies and maintaining production levels. (Source: Reuters)
Foreign investment
Acquisition of Royal Mail by Czech billionaire Daniel Křetínský: The takeover of International Distribution Services (owner of Royal Mail) by EP Group, controlled by Daniel Křetínský, will be completed by the end of April. The £3.6bn deal is a major milestone - the first time a 500+ year old British postal service will be under foreign ownership. At the same time, Křetínský has pledged to maintain the traditional service and brand identity. (Source: The Guardian)
Significant events outside the Czech Republic with global impact
US trade policy and global implications: US President Donald Trump announced new tariff barriers, including 10% tariffs on all British imports. The move has sent shockwaves through financial markets - the S&P 500 index has entered a bear market and analysts at Goldman Sachs have raised the probability of a US recession to 45 %. There is also a risk of stagflation - a combination of inflation and economic slowdown. (Source: The Guardian)
Source about precious metals and Bitcoin: tradingeconomics.com
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