Latest News
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Source: Attestor will take over Condor in full by September 30.
Attestor, an investment firm, plans to purchase the remaining 49% in German leisure airline Condor by the German government on September 30. This is a result of the option that it has had since 2021. The carrier has repaid its state-backed loan ahead of schedule. After the collapse of the former parent Thomas Cook, and the COVID-19 Crisis, the transaction will grant?Attestor the full ownership of Condor. Source: Attestor will continue to pursue the acquisition regardless of whether or not it can find a strategic partner before the deadline. The British asset management company acquired 51% of Condor in 2021 from the German government. They invested 200 million euros in equity, and committed another 250 million euros for fleet expansion. The source said that, although there is not a timetable for this, Attestor's ideal scenario would be to sell a minority share to a bigger airline or airline group in the future. Attestor and Condor declined to comment. Condor's Chief Executive Peter Gerber said to Stern magazine in this month that "Gulf carriers" and Turkish Airlines were potential partners. He also suggested that a domestic buyer like Lufthansa might face more antitrust hurdles. Turkish Airlines didn't immediately respond to an inquiry for comment. John Strickland, an airline analyst, said that a strategic airline investor could support Condor’s expansion. This would also be a good fit for Attestor as it is not a specialist aviation investment. Condor employs approximately 5,500 people, and transports close to 10,000,000 passengers per year.
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Sources say that CPC has stopped accepting Kazakh oil because of attacks on tankers.
Three industry sources confirmed that the 'Caspian Pipeline Consortium' has ceased receiving oil from Kazakhstan, after suspending loadings Monday due to attacks against oil tankers at their Black Sea terminal. On Tuesday, two sources also stated that the oil tanks at the terminal were full. CPC, the company that accounts for 80% oil exports out of?Kazakhstan declined to comment. CPC announced on Monday that the oil loadings at Black Sea port had been suspended following a drone strike on tankers. Russia accused Ukraine of targeting CPC tanks as part of their "ambition to destabilise global oil markets". Ukraine has not made any comments on the attacks. According to LSEG's ship tracking data, two tankers planned to arrive at terminal to collect oil but instead changed directions. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC said that any further inquiries about CPC should go to the entity. The suspension of loads from the CPC Pipeline, which exports?almost 2%?of the world's oil, has added to the global oil concern as the war in Iran had already disrupted the?supply? from Saudi Arabia and Gulf producers. On Monday, the Kazakhstan government said that CPC loading stations were not damaged by the attacks. According to sources, CPC oil supply?inched down by?7% in June from May, to 1.699?barrels of oil per day. This was due to an oilfield accident that occurred at Tengiz late in May, and lower volumes Russian crude. Reporting by Susan Fenton; Editing by Susan Fenton
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Sources say that CPC has ceased accepting Kazakh oil because of attacks on tankers.
Three industry sources reported on Tuesday that the Caspian Pipeline Consortium has ceased receiving oil from Kazakhstan after the suspension of 'loadings' due to a sabotage attack against 'oil tankers? at its Black Sea Terminal. Two sources said that the oil?reservoirs are also full at the terminal. CPC, the company that accounts for 80% of Kazakhstan's oil exports, declined to comment. CPC announced on Monday that oil loads were'suspended' at the Black Sea Port following a ukranian drone attack against tankers. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC is the best place to direct any further questions about CPC. The suspension of the loadings of the 'CPC pipeline which exports almost 2 percent of the world oil adds to the global oil concerns as the war in Iran has already disrupted the supply from Saudi Arabian and other Gulf producers.
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Sources say Egypt is in negotiations with energy giants to secure a multi-year LNG deal.
Three sources with knowledge of the matter said that Egypt has been in discussions?with energy giants such as Shell, TotalEnergies, and BP - to buy 15-18 cargoes per month of 'liquefied 'natural gas for at least three year. The talks take place as Egypt struggles to meet the rising demand for domestic LNG and global LNG markets are tight due to the Iran conflict. This has led to a reduction in shipping through the Strait of Hormuz, and increased competition between buyers to secure supplies. Two sources confirmed that talks were?ongoing' with Shell, TotalEnergies and BP, as well as commodities traders Hartree Partners. A third source stated that there is "a strong desire to work with Americans". Sources said that the duration of the agreements could range from three to five year, but the finalisation is yet to take place. Shell, TotalEnergies BP and Egypt's Petroleum Ministry did not respond immediately to a comment request. Hartree Partners refused to comment. Cost of importing natural gas from Egypt Energy imports have risen dramatically, despite Egypt's economy remaining largely stable despite the U.S./Israeli war against Iran. Egypt's gas import bill nearly tripled from $560 million in the months before the conflict, to $1.65 billion in March for the same volume. According to calculations, recent import deals at a premium price of $1.5 over TTF (the European benchmark gas price) could cost the Arab world's most populous country between $8 and $11 billion per year. The government would face an added challenge, as it already has a high level of debt, which consumes the majority its budget and a currency that barely holds since the start of the regional conflict. Each dollar spent on LNG or fuel imports means money that cannot be used for budget expenditure, investments or reserve accumulation. The expansion of current and planned pipeline gas agreements in addition to Egypt's ongoing LNG negotiations reflect efforts to minimize exposure to volatile spot markets amid continuing geopolitical uncertainties, said?Aly. Blakeway, the head of.Atlantic LNG for S&P Global Energy. Blakeway said that this uncertainty also includes tensions between the U.S., Iran and Russia. EGYPT GAS PRODUCTION IS LOWERING Egypt imported a total?985 billion cubic feet of gas from July 2025 to June 2026. This includes LNG cargos from Israel. According to documents seen by the, it is estimated that its imports will reach 1,081 billion cu ft between July 2026 to June 2027. The increased imports are a result of a?continued decline in natural-gas production, despite repeated pledges and clearing the arrears of foreign companies. In fiscal year 2025-2026, the average monthly production was below?4.4 billion cubic foot per day. This is expected to drop further to 4.2 million cubic feet in the current year. (Reporting from Marwa Rashad and Mohamed Ezz, in London; Additional reporting by Stephanie Kelly; and America Hernandez; editing by Nina Chestney; and Jan Harvey.)
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Grid operator in US Central States warns of rolling blackouts
The regional grid operator for 14 central states in the U.S. warned on?Monday evening that he?could _order rolling blackouts because of a potential electricity shortage due to record demand. The regional?U.S. A heat wave has caused several power plants to unexpectedly go offline. This leaves reserve margins razor thin. The pool called the Southwest Power Pool (SPP)?issued an energy alert level three, which means that the grid operator utilized some or all its operating reserves to meet demand. Grid operator claimed it had not been forced to order rolling blackouts, despite the high risk. SPP sent out a level three alert for its western region at about 6 p.m. Grid operators will occasionally order controlled blackouts to prevent power outages from spreading across a larger area.
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Saudi Arabia condemns Houthi threat of blockade; group warns escalation
Saudi Arabia condemned Monday what it called allegations made by Yemen's Iran aligned?Houthis, that the kingdom is besieging Yemeni citizens. This was after the group announced?it would impose?a??maritime?blockade?on Saudi Arabia. The Houthis announced on Monday that they would impose an naval blockade against Saudi Arabia. This could open a new front in the war between the United States and Iran, and raise the threat of global energy and trade beyond the Gulf. The Houthis' military forces declared in their statement that they would declare "a maritime embargo against the criminal Saudi enemy based on the formula of "an eye for an ear",?effective immediately", as a response to the "unjust and oppressive siege" the Saudis imposed on the?Yemen. Saudi Arabia's foreign ministry has condemned the Houthi military spokeswoman for her claims that the Kingdom is imposing a blockade on Yemen and besieging it. The ministry announced that it would take "all measures necessary" to protect Saudi's ships. Yemen has been engulfed in civil war since more than 10 years ago when the Houthis took?the capital Sanaa. This prompted a Saudi-led intervention in 2015 to?support the internationally recognised government. Since then, the conflict has evolved into one the world's worst humanitarian crises. The country is now divided between a Saudi-backed administration in Aden and the Houthi government in Sanaa. Shipping data shows that cargo ships and other vessels have been regularly arriving at the port of Houthi controlled Hodeidah in recent weeks to deliver food fuel and other items. Menna Alaa, Ahmed Tolba, and Enas Asalashray report; Lincoln Feast edits.
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Experts say that Air Force One’s Qatari aircraft needs to be upgraded for security, but they wonder if one month is sufficient.
Experts said that the newly announced grounding by President Donald Trump of his Qatari-gifted 'Air Force One' jet was likely due to security upgrades, but questioned whether one month would be enough time to improve the aircraft's defences. Trump announced on Sunday that the Boeing 747 that began flying him in July would be "maxed-out" with new capabilities. He said this process would take around a month. Trump's decision to switch to an older Air Force One on his flight from Turkey to the United Kingdom in July?8 as tensions between the United States and Iran grew brought the plane's readiness for security under new scrutiny. The Boeing 747 with the red, white and dark blue livery selected by Trump is a Boeing gifted to the United States last year by Qatar and refitted L3Harris Technologies LHX.N. The plane was intended to be a temporary replacement for the Air Force Ones that Boeing?BA.N has been struggling to deliver. Douglas Birkey is the executive director of the Mitchell Institute for Aerospace Studies. He said that the standard Air Force One fleet has a suite of sophisticated protections including anti-missile system. However, the White House seems to have "accepted" a lower level of protection for this Qatari jet to get it up and running quickly. Birkey?said that the aircraft is likely configured for "neutral" or low-level threat environments, and officials are working on adding additional defenses. He said that any work completed in a month will likely be limited to non-kinetic defenses such as electronic jammers and "dazzlers" designed to confuse heat seeking missiles. Birkey stated that infrared guided missiles are a growing concern for military planners. They are more difficult to detect than traditional radar-guided weapons and can "come out of nowhere." The Air Force declined to comment. The new Air Force One will be upgraded and enhanced in the fall, which will take about a month. During this time, President Obama will be flying on the older?Air Force One", White?House spokesperson Karoline Leavitt stated on Monday. Mark Cancian is a senior advisor at the Center for Strategic and International Studies. He said that there's not much they can accomplish in a month. He agreed that the work could be limited to software updates, or adding flares or chaff. Cancian stated that 'the decision to change aircraft in Turkey was likely based on updated intelligence about threats from Iran. This led officials to conclude that the threat level was greater than what the Qatari Jet could handle. Democrats have questioned the speed at which the aircraft was brought into service. They argue that more time is needed to complete the security upgrades. Senator Jeanne Shaheen stated at the Farnborough Airshow, that Congress must examine the safety of the plane. We knew that there were security issues with the plane. "We've known this from the beginning." (Reporting and editing by Chris Sanders, Sanjeev Mirlani and Chris Sanders in Washington. Additional reporting by David Shepardson and Trevor Hunnicutt from Washington and Farnborough.
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IndiGo and CFM sign major jet engine repair shop deal
IndiGo, India’s largest airline, has signed a preliminary deal with?CFM International to purchase over 1,000 LEAP-1A engine. This is a record order for this French-U.S. engine maker, which is currently battling a repair backlog. The Memorandum of Understanding at the Farnborough Airshow will provide engines for the same airline’s massive order to purchase 500 Airbus A320neo family aircraft by 2023, at the Paris Airshow. Paris alternates with Farnborough each year as the industry’s annual showcase. This deal includes plans to have the airline open a maintenance, repair, and overhaul center as well as an agreement for parts. CFM is the largest engine manufacturer in the world by the number of engines sold. It makes engines for the Airbus A320neo and competes with Pratt & Whitney. It is co-owned by GE Aerospace, France's Safran and CFM. Long maintenance 'waiting' times and shortages in spare parts have caused the engine industry to be?disrupted for many years. This has forced airlines to temporarily keep their planes idle. CFM announced at the weekend that it has reduced the number planes grounded due to LEAP engines related issues to "near zero". Pratt & Whitney has also seen improvements. The rival company, which was the main cause of groundings, due to a?shortage of maintenance capacity, and metal contamination problems, has reported similar results. Sources in the industry said that two of the largest budget airlines in the world decided to build repair shops partly to protect themselves from a'scarce capacity for repair. Both airlines will only use their own engines and not outsource their internal resources to others. Even though engine manufacturers are gradually easing the delays, a sharp increase?in planes being constructed means that access to repairs will become a strategic issue for airlines in the future. Boeing warned last week that a lack of skilled?technicians, repair times and supply chain problems would put engine services under strain for the rest of this decade. The U.S. aircraft manufacturer predicted that the total annual MRO market would grow by 88% to $215 billion in 2045. (Editing by Tomasz Janowski and Deepa Babington).
Ukraine's Naftogaz and Ukrnafta gas output up 7% so far in 2024
Ukraine's staterun Naftogaz and Ukrnafta oil and gas companies have actually raised their gas output by 7% up until now this year, Naftogaz President Oleksiy Chernyshov said on Thursday.
Naftogaz stated formerly that it prepared to increase gas output to 15 billion cubic metres (bcm) this year, from 14 bcm in 2023.
Naftogaz said that since the start of 2024, the two companies had actually produced 9.8 bcm of gas.
Ukrnafta is the largest oil company in Ukraine, and its 50%. plus one share owned by Naftogaz.
We are not deserting our goal of switching to making use of. specifically domestically produced gas for the requirements of. Ukrainians, Chernyshov said in a statement.
Enough gas reserves are essential during the winter cold. season for Ukraine, whose energy system is regularly attacked by. Russian rockets and drones and has lost half of its getting. capability throughout the war.
Last year, total Ukrainian gas production increased to. 18.7 bcm from 18.5 bcm in 2022, while domestic intake fell. to about 19 bcm.
(source: Reuters)