Latest News
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EasyJet is facing a $72 million lawsuit for stranded Airbus aircraft, reports FT
The Financial Times reported that a unit of the Russian state-owned aircraft?lessor GTLK is suing 'easyJet' for $72 million over claims it illegally abandoned six Airbus airplanes after ending their leases due to sanctions. STLC - Europe Eight, a division of GTLK Europe filed the lawsuit in London's High Court. It alleges that easyJet leased 'Airbus jets at Madrid and Cyprus without maintenance in 2022 while airport storage charges continued to accumulate. According to the claim the carrier leased 'aircraft from STLC, and informed the lessor 'April 2022 it was terminating leases due to EU sanctions that prevented them from maintaining or repairing jets. The report said that STLC maintains the sanctions do not apply since the aircraft was outside of Russia and the leasing company is based in Ireland. The poor condition of three jets that were parked at Cyprus' Larnaca International Airport led to a sale for $32,5 million less than anticipated. According to the report, three more aircraft are still parked in Madrid. EasyJet's spokesperson said that the airline will defend the claim fully and refused to comment further. GTLK has not responded to the request for comment.
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MISO launches fifth Fast-Track Study Cycle for 7.3 GW Power Projects
Midcontinent Independent System Operator said that on Tuesday it had started a fifth round of expedited study covering about 7.3 gigawatts worth of 'new power generation and storage projects,' as the electricity demand in its U.S. territory increases. The portfolio proposed by MISO includes solar and wind farms as well as battery storage facilities in the North, Central and South MISO regions. These projects will be in service by 2029. They include gas plants in Louisiana, Indiana and Kentucky, as well as battery storage developments. The U.S. electricity demand is increasing as power-hungry data centers, new manufacturing facilities and wider electrification are driving consumption higher. According to the Energy Information Administration, after reaching a second consecutive record for U.S. electricity use in 2025, it is expected that consumption will increase in 2026-2027. MISO reported that the ERAS program was launched to expedite studies of projects deemed important to grid reliability. The program has already studied 58 projects, with a total capacity of nearly 29 GW, or is'set to study' them. Five more projects, totaling 3 GW, are nearing completion. The program has a?cap of 68 projects, and will end in 2027.
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Wizz Air and Ryanair demand NATS overhaul following UK flight disruption
Budget airlines Wizz Air and Ryanair called on Tuesday for a restructure of Britain's air-traffic control provider NATS after a new technical issue disrupted hundreds of flights at major airports across the country. "A national infrastructure provider that is critical to the aviation industry should not bring it to a standstill repeatedly." NATS in its current form is not suitable for the purpose it was intended for," said a Wizz Air spokesperson in a statement. Rival airline Ryanair has also criticised this agency and demanded the resignation of its CEO Martin Rolfe. We were told that lessons would be learned from the collapse of 2023. "Resilience will improve" was the message. We were told that the systems had been repaired. "Yet here we are once again," Ryanair Chief Operating Officer Neal McMahon stated. NATS didn't immediately respond to an inquiry for comment. The British aviation regulator stated that in 2024 NATS would need to review its contingency plan for outages, after automatic processing of flight schedules had failed a year before, causing chaos at Britain's airports. The UK's civil aviation body said on Tuesday that it had been in contact with NATS regarding the?incident. It expects NATS to provide a complete report about the incident. Civil Aviation Authority spokesperson: "We will consider if any additional?steps are needed?to ensure the?safereliability of the UK's Air Traffic Control System."
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Treasury website shows that the US has issued new sanctions against Iran.
The United States issued 36 new'sanctions' on Tuesday, targeting Iran’s aviation sector and other companies. This is part of an effort to increase economic pressure on Tehran at a time when the Middle East war has entered its seventh month. The U.S. Treasury Department stated that the action was taken to 'ground Iran's Mahan Air, and other Iranian airlines, as well as covert?front companies, foreign intermédiaires, and deceptive?trans-shipment routes?, which Iran relies upon?to acquire U.S. origin aircraft and sensitive technology? The Treasury issued an alert to financial institutions asking them to report networks of procurement supporting Iran's aerospace industry. It also targeted companies based in Turkey, the United Arab Emirates and other countries that they claimed helped Tehran purchase U.S. aircraft and sensitive technology. "This is a warning to anyone doing business with Iran's airlines that we have sanctioned today: you are at risk of being cut off from global financial system," said?U.S. Treasury Secretary Scott Bessent made a statement.
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Germany warns that Russian winter attacks will intensify after it sends more Patriot missiles into Ukraine
Boris Pistorius, Minister of Defence, said on Tuesday that Germany will be sending Patriot air defence missiles from its own national stock to Ukraine. He warned that Russia would likely 'intensify' their air campaign against Ukrainian infrastructure in the coming winter. Pistorius, speaking at a videoconference with nations that support Ukraine, said he decided to "deliver immediately" more PAC-2 missiles. Officials say that Patriot missiles are the only effective defense against Russian ballistic missile attacks in Ukraine. Pistorius stated that "since Russia is only making a very slow advance at the frontline, it is trying to destroy Ukraine's critical infrastructure and economic base by air raids on port installations, power stations, and other civilians targets." He said that the damage would be "even worse" if the temperatures dropped. Pistorius has not stated how many missiles Germany will provide. He also said that Germany would continue to supply drones, long-range ammunition and air-to-air weapons. Yevhenii Khmara, Ukrainian Minister of Defence, said that Kyiv has signed a contract to purchase around?1,000 Patriots. However, the majority will only be delivered in the next few years. He called on allies to use their stockpiles 'for Ukraine now', on the assumption that Kyiv will replace those missiles in future deliveries. NATO Secretary General Mark Rutte urged allies to increase their support, saying that civilian casualties in the war had reached their highest level since may 2022. "Nations ?must dig deeper. He said, "We do not have any choice." Before the meeting, Rutte and European Commission President Ursula von der Leyen announced that EU member states had agreed to utilize part of an EUR90 billion ($105 billion), EU loan in order to allow Ukraine purchase crucial supplies for Patriot system.
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French energy unions are threatening strikes in the next week due to a proposal to reduce benefits and pay
Three union members have told?that French energy sector unions will strike on Tuesday, August 14, 'over a recommendation made by the French Court of Auditors in July to limit wage increases and curtail employee benefits like?access?to cheaper gas?and power?. The Belgian Gas Terminal Operator Fluxys, the French Gas Terminal Operator Elengy and state-owned EDF have all filed strike notices. The French energy sector offers discounted gas and electric rates to workers and retirees. Their unions consider this a key part of their compensation package. This was estimated to cost EDF more than EUR700 million by 2024. The strike may disrupt gas supplies in Europe, as Europe works to "refill" storage before winter. It could also cause power outages at a time when wholesale electricity prices are high. France is Europe's largest LNG importer. The cargoes are transported throughout the continent. Around 70% of its electricity is generated by nuclear power. A union source said that further strikes could be possible following Tuesday's 24 hour action. An official from the government said that discussions are being held and some changes will be considered. For example, moving away from a flat-rate for cheaper energy towards an allowance based upon consumption. However, the official added that the government must abide by the Court of Auditors’ guidance. The court recommended that?EDF limit annual wage increases and phase out energy benefits as the company faces significant investment costs in upgrading its nuclear fleet?and planning?new reactors. A spokesperson from EDF confirmed a strike on Tuesday. A CGT member said that a large turnout is expected in the gas sector due to the?opposition of the auditors' recommendation. Fluxys stated that it was too soon to determine the impact of the strike on its operations, but terminals located outside France would not be affected. Elengy confirmed that all the unions in the energy sector had called for strike action, but they could not predict any potential impact.
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Major UK airports are affected by an air traffic control issue that disrupts departures
Heathrow Gatwick Manchester Stansted were among the major British airports that experienced delays and restrictions on Tuesday due to a technical problem with NATS, which is responsible for air traffic control. We are currently investigating a technical problem that is causing some delays in flight departures. NATS posted on X that "Our engineers are on the ground and we will give you an update as soon as possible." Heathrow Airport, Britain's largest hub, has said that it is working with NATS in order to solve the problem as quickly as possible. Edinburgh Airport posted a message?on X stating that this issue could impact their operations. Dublin Airport in Ireland said that flights were also affected. Flightradar24, a flight tracking website, said in social media that the London Flight Information Region was heavily regulating arrivals and departing flights because of this issue. The latest issue to affect the air traffic control system in the country is this one. The British aviation regulator stated that NATS would need to review their 'contingency plans' for outages in 2024 after automatic flight plan processing had failed a year before, causing chaos at Britain's airports. The airline bosses claimed that it cost them more than PS100 million ($135,49 million) as refunds and compensation. A technical problem with Britain's air traffic control system, which is related to radar, disrupted flights at Heathrow and other major airports for more than four hours in July of last year.
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Norway returns 69 Russians who were stranded on an Arctic ship after arrest
Norway announced on Tuesday that it had helped 69 Russians return to their home country after the seizure of a'small cruise ship' they arrived on. Last week, a Norwegian court ordered the seizure of the Professor Molchanov ship in Svalbard on behalf of an Ukrainian company involved in legal disputes. This left its passengers and crew stranded and led Moscow to accuse Norway "piracy". In a press release, the governor of Svalbard said that the Russian citizens returned to Russia via Kirkenes in Norway on Tuesday. The case has increased diplomatic tensions between Russia and NATO member Norway. Last week, the Russian Foreign Ministry summoned the Norwegian ambassador to Moscow to express a strong protest. Svalbard is a Norwegian territory that has been around since 1925. It lies halfway between the North Pole, and the European mainland. The area is governed by a 1920 agreement which allows residents of signatory countries, such as Russia, to live there without visas. Statistics Norway reports that the town of Barentsburg is where the'ship' is located. It is one of two Russian settlements on a?archipelago of 2,914 people. The Ukrainian energy company Naftogaz was the one who requested that the court order vessel seizure be made. Naftogaz is attempting to enforce a $4.22 bn?compensation for assets that Moscow took in 2014 when it annexed Crimea. Russia plans to appeal the ruling.
Guyana's oil exports increase, gaining a market share of Europe in 2024
Guyana's oil output increased 54% to 582,000 barrels a day last year, fueled by European refiners who wanted to replace Middle Eastern crude grades with sweet crudes that were easy to process.
The burgeoning oil country has become the fifth largest Latin American crude oil exporter since it began exporting oil early in 2020. It is now behind Brazil, Mexico and Venezuela. Guyana's lighter, sweeter crude grades are gaining market share in Europe. Most refineries there aren't as complicated as those on the Gulf Coast and Latin America, which typically offer heavy, sour oils.
A trader for Latin American grades who was not authorized by the media to speak said that Europe is the best market for Guyana crude.
He added that Europe was the fastest to adopt and test Guyana's crude grades, Liza, Unity Gold, and Payara Gold, due to their proximity, high quality, and ease of access to suppliers. Shipping data shows that in 2024, Guyana exported 66% or 388,000 bpd of its crude oil to Europe compared to 62% last year. Guyana's crude oil gained popularity in Europe after the Russian invasion of Ukraine 2022. Many refiners avoided sanctioned Russian oil and sought alternative supplies.
Homayoun Falikshahi is a senior analyst at Kpler, who specializes in data analytics. He said that last year, the attacks in the Red Sea affected the oil flows coming from the Middle East. This gave crudes from Guyana, Brazil and other countries a better chance of finding buyers in Europe.
He added that the higher freight costs for moving oil from the Persian Gulf into the Mediterranean or Northwest Europe made Guyanese Crude more attractive to European refiners.
OPENING ROUTES
The LSEG data also showed that exports from Guyana to the United States almost doubled last year, to 23,000 bpd. Exports to Asia increased by a smaller amount, to 139,000 bpd. The sales to Latin America and Caribbean remained almost the same at 32,000 bpd. Exports have increased due to the expansion of three floating production units led by U.S. oil giant Exxon Mobil. A fourth facility is expected to add 250,000 bpd capacity in this year.
According to Kpler, Exxon Fawley refinery is the largest buyer of Guyanese oil in Europe.
Exxon Hess, CNOOC and Exxon Hess, who control the entire oil and gas production in Guyana sell their barrels individually, whereas the Guyanese Government awards each year a marketing contract for its share of the output.
BB Energy, a European trading firm, and JE Energy, a global energy company won the contract in 2025 for a second consecutive year. The auction was held in a highly competitive environment with other producers from around the world. In October, the government announced that it had secured a higher premium than market prices this time.
Guyana's Energy Minister Vickram Bharrat said that since the two trading companies are based in Britain, they were expected to market the crude oil in Europe successfully.
"However there is no preferential market," he said in reference to the markets that the government would most like to see its oil reach.
Exxon's consortium currently has three projects in operation - Liza 1 & 2, and Payara. These were producing around 675 000 bpd by the end of last year after upgrades. Exxon will receive a fourth production vessel within the next few months and begin work on Yellowtail this year.
Exxon has not commented on its Guyanese crude oil marketing efforts. However, last month it said that 60% of the company's upstream production will come from its "advantaged asset" which includes Guyana.
(source: Reuters)