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Last refreshed: 20/06/2026 05:40 · 23 articles added
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Economy

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Economy

Slovnaft Orders 11 Tankers as Company Secures Alternative Oil Supplies

Slovnaft, Slovakia's largest oil refinery, has ordered 11 oil tankers to ensure continued fuel supplies, according to the company's director. The state-owned refinery, which processes crude oil for the Slovak market, can secure alternative supply routes within 30 days if needed. The move appears designed to reduce Slovakia's dependence on pipeline deliveries and provide greater supply security for the country's fuel needs. Slovnaft operates the country's only major refinery in Bratislava and plays a critical role in Slovakia's energy security.

SME
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Economy

Slovnaft Has 11 Tankers Ordered, Company Director Says

Slovnaft, Slovakia's largest oil refinery, has ordered 11 tankers to secure alternative fuel supplies, according to the company's director. The state-owned energy company says it can guarantee alternative deliveries within 30 days if needed. The move appears aimed at ensuring fuel security amid potential supply disruptions, though the specific circumstances prompting the tanker orders were not detailed. Slovnaft operates Slovakia's primary oil refinery in Bratislava and plays a crucial role in the country's energy infrastructure, supplying fuel to domestic markets across the Central European nation.

SME
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Economy

Company That Received Millions from Slovak Post Goes Bankrupt, Leaves Only Two Used Cars

A company in Piešťany called Kios has declared bankruptcy despite receiving millions of euros from Slovenská pošta, Slovakia's state-owned postal service. The firm's collapse left behind only two used cars as assets, raising questions about the use of public funds. The company's failure occurred despite what was described as a rich operational history, highlighting potential concerns about financial oversight in contracts between state enterprises and private firms.

SME
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Economy

Postal Service Contractor Goes Bankrupt Despite Multi-Million Deal, Leaves Only Two Used Cars

A company that secured lucrative contracts worth millions from Slovakia's postal service has declared bankruptcy, leaving behind only two used vehicles as assets. The Piešťany-based firm Kios, despite having a substantial business history, was unable to avoid financial collapse. The bankruptcy highlights concerns about the financial stability of contractors handling significant public service operations, particularly given the contrast between the company's reportedly valuable postal contracts and its minimal remaining assets.

SME
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Economy

Austrian court increases Strabag's cartel fine to 146 million euros

An Austrian court has increased the cartel fine imposed on construction giant Strabag to 146 million euros, marking the highest penalty ever imposed for competition law violations in Austria. Strabag, one of Europe's largest construction companies with significant operations across Central and Eastern Europe including Slovakia, faced the elevated fine as part of ongoing antitrust proceedings. The substantial penalty reflects the severity of the cartel violations and demonstrates Austrian authorities' commitment to enforcing competition law in the construction sector, where price-fixing and market-sharing agreements have been a recurring concern across European markets.

SME
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Economy

Slovakia's Confusing VAT System Costs State Hundreds of Millions in Lost Revenue

Slovakia is losing hundreds of millions of euros in tax revenue due to widespread confusion over its complex VAT system, exemplified by the absurd situation where two identical pastries can be taxed at different rates. Consumers are reducing their purchases while businesses continue to struggle with understanding and implementing the convoluted tax rules. The chaotic VAT structure, where similar products face different tax rates depending on various criteria, has created a system that is difficult for both retailers and consumers to navigate, resulting in significant revenue losses for the state budget.

SME
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Economy

Trade Unions Warn of Job Losses in Slovakia's Automotive Industry

Trade unions in Slovakia are raising alarms about potential mass layoffs in the country's automotive sector. The unions warn that job cuts are threatening the industry, which forms a crucial pillar of Slovakia's manufacturing economy. According to the trade organizations, employers must place greater emphasis on worker education and training to prepare employees for new technologies. The automotive industry is Slovakia's largest manufacturing sector, employing hundreds of thousands of workers and including major plants operated by Volkswagen, Kia, Jaguar Land Rover, and Stellantis. The warning comes amid broader industry transformation toward electric vehicles and automation, which requires workers to adapt to new production methods and technologies.

Aktuality
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Economy

Slovnaft and MOL Plan Cross-Border Pipeline for Hydrocarbon Transport

Slovak oil company Slovnaft and Hungarian energy giant MOL are planning to build a cross-border pipeline for transporting hydrocarbons between the two countries. The project will enable the movement of volumes from west to east and optimize assets through highly efficient, low-carbon transport with a capacity of up to 1.65 million tons of fuel annually. According to the Slovak Ministry of Economy, pipeline transport is seven times cheaper than rail transport. Slovnaft is the Slovak subsidiary of MOL Group, Hungary's largest oil and gas company, which operates refineries in both Slovakia and Hungary. The pipeline project represents part of broader efforts by Central European energy companies to improve transport efficiency and reduce carbon emissions in fuel distribution networks.

AktualityTASR/Teraz
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Economy

Highway Authority Admits Bypass Construction Delays, Will Miss 2027 Deadline

Slovakia's highway authority has acknowledged changes to its construction timeline, admitting it will not complete a planned bypass project by the originally promised 2027 deadline. The announcement has drawn sharp criticism from activists and politicians, who accuse the authority of misleading the public. The National Highway Company, which manages Slovakia's highway construction and maintenance, had previously committed to completing the bypass within the next few years as part of broader infrastructure development plans. The delay represents another setback for Slovakia's highway construction program, which has faced repeated scheduling issues and cost overruns in recent years.

Korzár
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Economy

Prešov Bypass and R4 Road Project Delayed as Activists Criticize State Failures

The construction of the Prešov bypass and R4 road project has been delayed, with the National Highway Company (NDS) citing geological issues as the reason for the revised timeline. Environmental activists have dismissed these explanations as excuses, while local politicians have characterized the delays as a failure of state administration. The R4 highway project is part of Slovakia's broader infrastructure development plan aimed at improving transportation connections in the eastern regions of the country.

Korzár
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Economy

Slovnaft Waste Incinerator Project Receives Environmental Approval Despite Critics' Opposition

Slovakia's environmental assessment has approved Slovnaft's proposed waste incinerator project, clearing a key regulatory hurdle for the oil refiner's controversial facility. The project received a positive environmental impact assessment, though construction has not yet begun. Critics argue that Slovnaft is presenting a false choice between a "rotting landfill or our incinerator," claiming that more waste management alternatives exist beyond the company's proposed solution. Slovnaft, Slovakia's largest oil refinery owned by Hungary's MOL Group, has been developing the incinerator project as part of broader waste management infrastructure plans in the country.

SME
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Economy

Slovak Students Can Reclaim Tax Deductions Through Voluntary Tax Returns

Slovak students who had income tax deducted from their wages can recover these payments from the state through voluntary tax returns. Students benefit particularly when employers deducted tax advances from their pay or when they failed to apply the full non-taxable amount from work agreements. While students are eligible to recover overpaid taxes, neither the state nor employers automatically refund these tax overpayments - students must actively file tax returns to claim the money back. The voluntary tax return system allows students to reclaim tax deductions that may have been improperly withheld from part-time or temporary employment.

Dennik N
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Economy

Slovak Mineral Water Producer Reverts to Old Production Methods After Customer Complaints

The Slovak mineral water company Gemerka returned to its previous production methods after customers complained about changes to the water's taste earlier this year. While the altered taste posed no health risks, the company decided to revert to older processes following consumer feedback, and complaints have since disappeared. Gemerka is owned by the business group of Ján Sabol, whose companies span multiple sectors including biofuel production, logistics, and agriculture, with a combined turnover of up to 4.5 billion euros.

Dennik N
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Economy

German Consumer Goods Maker Henkel Reports Profit Growth Last Year

Henkel, the German consumer goods manufacturer, recorded increased profits in the previous year. The company, which produces household and personal care products, saw its net earnings rise compared to the prior period, reflecting positive business performance in its various market segments.

TASR/Teraz
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Economy

Slovakia Records Record Trade Surplus Despite January Decline

Slovakia posted a record trade surplus of 2.8 billion euros in 2025, driven by exports growing faster than imports throughout the year. The country's exports reached 110.9 billion euros while imports totaled 108.1 billion euros, with the trade balance improving slightly compared to the previous year. However, foreign trade showed signs of weakness at the beginning of 2025, with January import values falling 4.1 percent to 8.4 billion euros. The record surplus reflects Slovakia's position as a major exporter in Central Europe, with the economy heavily dependent on manufacturing and automotive production for European markets.

SMEAktuality
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Economy

Slovak Politicians and Business Call for Green Rules Pause Despite Accelerating Global Warming

Slovak politicians and business leaders are calling for a pause on environmental regulations, including relaxing fossil fuel rules, canceling bans on combustion engine sales, and suspending emission quotas. However, climate data shows global warming is accelerating at the fastest rate in modern history, making such policy reversals particularly controversial. The debate highlights tensions between economic interests seeking regulatory relief and scientific evidence pointing to an urgent climate crisis that cannot be "paused." Slovakia's position reflects broader European discussions about balancing environmental commitments with economic pressures, even as the continent faces unprecedented warming trends that demand continued climate action rather than regulatory rollbacks.

Dennik N
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Economy

Samsung Cuts Signal Broader Investment Retreat as Slovak Companies Slash Spending Amid Tax and Legislative Uncertainty

Samsung's recent investment reductions in Slovakia represent only part of a wider trend, as companies across the country are cutting investment plans and preparing for layoffs. Businesses cite burdensome taxes, high social contributions, and unpredictable legislation as primary factors driving their decisions to scale back operations. The developments suggest a broader deterioration in Slovakia's business environment, with multiple sectors affected by what companies describe as an increasingly challenging regulatory and fiscal landscape that is undermining their ability to plan long-term investments and maintain current employment levels.

SME
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Economy

Eastern Slovak Region Distributes EU Funds to Municipalities for Schools and Healthcare

Eastern Slovakia's regional government has allocated millions of euros in European Union funding to municipalities across the region for infrastructure projects. The funds are being used to construct medical clinics and address water supply issues in local communities. The distribution represents part of Slovakia's broader effort to utilize EU structural funds for regional development, with regional authorities, known as župy, serving as intermediaries to channel European money to smaller municipalities that often lack the administrative capacity to apply for such funding directly. Slovakia's eight regional governments play a crucial role in distributing EU development funds to support local infrastructure projects in education, healthcare, and utilities.

Korzár
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