Transportation

The global investment firm KKR announced on Wednesday that it had acquired a minority stake in the entity which leases Abu Dhabi National Oil Company (ADNOC's) gas pipeline assets. Financial details were not disclosed. KKR and BlackRock had invested in ADNOC’s oil pipeline assets as early as 2019, acquiring a stake of 40%, which they sold last year. KKR will acquire the minority stake in ADNOC Gas Pipeline Assets via its managed accounts. The company stated that the long-term capital would match the type of investment and the tenure. ADNOC retains ownership of the pipelines and management. ADNOC, the United...

Letitia James, New York's Attorney General, filed an emergency motion and a lawsuit on Tuesday seeking a temporary injunction against U.S. Homeland Security Secretary Kristi Noem as well as the Department. She accused them of illegally refusing to provide nearly $34 millions of funding requested by New York State's Metropolitan Transportation Authority. The MTA is a state-run agency that runs New York City's buses and subways, as well commuter rails that serve the nearby suburbs. James filed a lawsuit in late Tuesday at the U.S. District Court of the Southern District of New York to seek an emergency order before...

A California jury ruled on Tuesday that Uber was not responsible for the sexual assault claimed by a woman who claimed her Uber driver attacked her during a ride. According to the attorney representing the plaintiff, Uber has no responsibility for the assault. According to Celine Cutter one of her attorneys, at the conclusion of a three week civil trial, the jury found Uber negligent for the safety measures it took to protect an anonymous woman. However, they found that this negligence did not play a significant role in the woman's injury. This was the first trial of over 500...

According to the attorney representing the plaintiff, Uber was not held responsible for a sexual assault that occurred on a ride ordered through the Uber app. The woman claimed her driver had attacked her during the trip. The jury in San Francisco Superior Court rejected the woman’s claim that Uber was responsible for her assault at the end of the three-week civil case. This was the first trial of over 500 lawsuits that were consolidated at a California state court. More than 2,500 similar lawsuits have also been centralized at a federal court located in California. In 2021, the woman...

The Trump administration announced Tuesday that it has removed five senior officials for suspicions of targeting political opponents of former President Joe Biden with an aviation security watchlist, which is now abolished. Homeland Security Secretary Kristi Kristi Noem announced that she would refer the matter to the Justice Department Civil Rights Division as well as to Congress to conduct further investigations. The Transportation Security Administration’s “Quiet Skies” program, which was scrapped in late June, required enhanced screening of some air passengers who were deemed to pose a greater security risk. Noem's department, which includes the TSA (Transportation Security Administration), said...

Daniel Gonzalez, Argentina's energy minister, announced at a press conference that the construction of a pipeline that will transport oil from the Vaca-Muerta shale area to the coast was 35% completed. The holding company, led by YPF, will build the 437-kilometer Vaca Muerta South pipe to connect Argentina's main production area with a terminal at Rio Negro. This will increase export capacity and solve one of many bottlenecks for energy transport in the country. He told oil executives in Austin, Texas that "there's nothing I can think of to prevent the pipeline from being fully operational one year from now...

Expand Energy, a natural gas producer, said on Tuesday that it expects U.S. Gulf Coast Liquefied Natural Gas (LNG) export capacity to nearly double by 2030 to 28 billion cubic feet per day. Expand Energy, one of the largest U.S. producers of gas, expects the demand for gas used to power AI and data centres to reach between 4 and 5 billion cubic feet (bcf) per day by the end the decade. CEO Domenic Del'Osso spoke at a conference on energy in Austin. Dell'Osso said that LNG markets would experience periods of excess supply before tightening. This is in line...

U.S. Airlines warned Monday that a partial shutdown of the federal government could slow down flights and strain American aviation, since air traffic controllers would have to work without being paid and other functions will be stopped. Airlines for America, the airline trade group that represents United Airlines as well as Delta Air Lines and American Airlines, has warned of the potential impact on travelers if funding is cut. Washington's political disagreement over funding has led to the latest possible collateral damage, namely the warning against air travel. The group stated that "when federal employees who manage and inspect aircraft,...

LA28 announced on Monday that Highland Electric Fleets will be the official electric bus provider of the 2028 Olympic Games and Paralympic Games. This partnership will see 500 zero-emission school buses deployed to support transport operations. LA28 will repurpose yellow school buses that are already in use to transport accredited stakeholders to the Games. This approach, say the organizers, will reduce emissions and costs. Highland will be joining the LA28 Transport team to run a program that the partners have described as the first of its kind for electric school buses at the Games. The company will be responsible for...

PG&E Corp, a U.S. utility, announced on Monday that it will spend $73 billion between now and 2030 to upgrade transmission systems to meet the surge in demand for electricity due to data centers. In July, the company said it was working on supplying 10 gigawatts of new electricity from data center projects in the next ten year. According to the U.S. Energy Information Administration, power consumption will reach record levels in 2025 and in 2026. This is due to a surge of demand in data centers, as a result of increased adoption in artificial intelligence. PG&E Corp. has also...

Ares Management announced on Monday that its infrastructure funds had purchased Meade Pipeline, a natural gas pipeline in the U.S. for approximately $1.1 billion. This acquisition adds a major asset to Ares Management's U.S. Energy business at a time when demand for gas and power is surging. The investment company buys it from affiliates XPLR Infrastructure - a leading independent energy producer founded by NextEra Energy. Ares has a greater stake in energy infrastructure, as investors and utilities look for reliable fuel supplies to support intermittent renewables. Steve Porto, partner of Ares Infrastructure Opportunities, said: "Driven largely by industrial activity,...

An industry group on Thursday said that a partial U.S. shutdown next week will stop air traffic controller training and hiring, and cost the U.S. Travel sector $1 billion each week. The U.S. Travel Association (which represents airlines, hotels and car rental companies) has called on Congress for immediate action to keep the federal Government open. They have warned of the negative impacts of a understaffed air traffic system. The group stated that "the consequences of inaction will be immediate and severe," stating it would worsen the staffing shortages for Transportation Security Administration airport security agents and air traffic controllers....

The Swiss manufacturer WinGD said that it will offer its first ship engine powered by ethanol next year. Ethanol is a fuel with lower emissions, which can be made from biomass like corn or sugarcane. The International Maritime Organization has set a goal of zero net emissions for the industry by the year 2050. To achieve this, the shipping industry is exploring ways to reduce pollution. One way to do so is by installing engines powered by low-carbon fuels. WinGD reported that the company was in discussions with several shipowners and ethanol fuel suppliers, as well as class societies, about...

The oil prices dropped on Tuesday, as OPEC+ increased production and resumed exports of Iraqi Kurdistan via Turkey. This reinforced the view that a supply surplus is imminent. Brent crude futures expiring Tuesday fell by 47 cents or 0.69% to $67.50 per barrel at 0012 GMT. The contract for December, which is the most active, was down 43 cents or 0.64% at $66.66 a barrel. U.S. West Texas Intermediate Crude was trading at $63.05 per barrel, down by 40 cents or 0.63%. These drops are a continuation of Monday's decline when Brent and WTI both settled over 3% lower, after...

The oil price fell more than 1% Monday, as OPEC+ announced plans to increase oil production in November. Also, the Kurdistan region of Iraq resumed oil exports via Turkey. This increased the outlook for global oil supply. Brent crude futures fell $1.01 or 1.4% to $69.12 per barrel at 1019 GMT, after reaching their highest level since Friday, July 31. U.S. West Texas Intermediate Crude was down $1.11 or 1.7% at $64.61. OPEC+ (the Organization of Petroleum Exporting Countries, its allies and the group known as OPEC+) is expected to approve a further increase in crude oil production during its...

Iraq's oil minister said that crude oil began flowing through the pipeline on Saturday for the first time since two and a half years after a deal was reached to break the deadlock. According to a ministry statement, the resumption began at 6 am local time (0300 GMT). The ministry reported that "operations started quickly and without any technical issues." Iraq's oil ministry told Rudaw that the agreement between Iraq's Federal Government, the Kurdistan Regional Government (KRG), and foreign oil companies operating in the area will result in 180,000 to 190,00 barrels of oil per day flowing to Turkey's Ceyhan....

After a two-year hiatus, Iraq will resume the export of crude oil from its Kurdish Region to Turkey. This follows what Prime Minister Shia al-Sudani described as an historic agreement between Baghdad's regional government and the Kurdish region. According to the agreement, Iraq’s state oil marketing company SOMO will export crude oil from Kurdish fields via a pipeline into Turkey. Kurdistan Regional Government announced on X, that oil exports would resume in 48 hours following the tripartite accord between the Iraqi oil ministry, KRG Ministry of Natural Resources and oil producing companies. The flow of oil through the Kirkuk to...

The oil prices remained stable on Wednesday, as an industry report revealed that U.S. crude stocks declined in the past week. This added to the feeling of a tightening supply. Brent futures were up 3 cents at $67.66 per barrel as of 0630 GMT. U.S. West Texas Intermediate Crude Futures rose 5 cents to $63.46. The benchmarks rose by more than $1 per barrel as the deal to resume oil exports from Iraqi Kurdistan fell through. This halted pipeline shipments from the region into Turkey, despite the hopes that a deal would be reached to end the deadlock. Two key...

The price of oil rose on Wednesday for the second consecutive day as an industry report revealed that U.S. crude stocks fell last week. This added to the feeling in markets about tightening supply. Brent futures were up 27 cents at $67.90 per barrel as of 0005 GMT. U.S. West Texas Intermediate Crude Futures rose 28 cents to $63.99. The benchmarks rose by more than $1 per barrel as the deal to resume oil exports from Iraqi Kurdistan fell through. This halted pipeline shipments from the region into Turkey, despite the hopes that a deal would be reached to end...

Oil prices fell for the fifth session in a row on Tuesday as concerns about oversupply were exacerbated by a preliminary deal reached between Iraqi and Kurdish regional government to restart an existing oil pipeline. Brent crude futures fell 42 cents, or 0.63%, to $66.15 per barrel at 0332 GMT. U.S. West Texas intermediate crude dropped 36 cents, or 0.58%, to $61.92 per barrel. Both contracts were on a losing streak of five sessions, with a 4% decline. As we near the end of the year, there is still uncertainty about demand. Anh Pham, senior analyst at LSEG, said that...

According to industry sources, and LSEG's data, freight rates for Very Large Crude Carriers have risen to their highest level in over two years. This is due to a tightening of tanker supplies, resulting from an increase in Middle East exports, and more arbitrage supplies into Asia. The key VLCC rate on the Middle East-China route, also known as TD3C LSEG data shows that, jumped up to W108 in the Worldscale Industry Measure, its highest level since November 20,22. According to industry sources, this is at least $6.6 Million. Since the beginning of this year, the rate has risen by...

According to industry sources, and LSEG's data, freight rates for Very Large Crude Carriers have risen to their highest level in over two years. This is due to a tightening of tanker supplies, resulting from an increase in Middle East exports, and an increase in arbitrage supplies into Asia. The Middle East to China VLCC Spot Rate, also known as TD3C. LSEG data shows that jumped up to W108, the highest since November 2022. According to industry sources, this is at least $6.6 Million. Since the beginning of this year, the rate has increased nearly 150%. A shipbroker said on...

Kuwait's national oil company announced on Tuesday that it is looking to revive the project of leasing out its crude oil pipelines and then leasing them back. Kuwait joins Gulf counterparts like Saudi Arabia and United Arab Emirates who are leveraging private capital to acquire strategic energy assets. Media reports last week citing sources familiar with the situation said that the company was considering leasing a part of its network to fund an investment plan covering everything from upstream and petrochemicals. Kuwait Petroleum Corp, at a forum in Kuwait on Tuesday, did not disclose figures. This move is similar to...

Calculations show that the average daily supply of natural gas to Europe by Russian energy giant Gazprom via the TurkStream pipeline undersea decreased 2% from the previous months. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. Calculations show that the total Russian gas supplied to Europe through TurkStream in the first eight month of this year was around 11.5 billion cubic meters (bcm), compared to 10.8bcm for the same period last year. Gazprom exported 21.1 billion cubic meters of gas...