Latest News
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Black Bayou receives regulatory approval for underground storage of gas in Louisiana
Developer of the Black Bayou Energy Hub announced on Wednesday that the developer has been given approval to build the facilities in Cameron and Calcasieu parishes. Black Bayou Gas Storage announced that the Federal Energy Regulatory Commission had approved the project in August, after a review concluded that there would not be any significant environmental impact. The company stated that the certificate was an important step in moving towards a final decision on investment. Black Bayou Gas Storage announced that Mercuria has invested $50 million as part of its partnership in the project. The project will provide a total of 34.7 billion cubic foot (bcf), from four caverns, to existing and future LNG plants. These LNG plants are expected to export more than 30 bcf per day. Black Bayou stated that the initial operations of the first two caves will begin in 2028. The next two are scheduled to follow in 2030. Reporting by Shariq Khan in New York, and Robert Harvey in London. Editing by David Goode.
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After drone attacks, Russia's oil exports to the western port of Russia have increased by 25%
According to three sources of trading, Russia increased oil exports through its western ports in September by 25% compared to August. This was due to refinery shutdowns caused by Ukrainian drone strikes. Sources said that September exports via western ports Primorsk Ust-Luga, and Novorossiisk increased to 2.5 million barrels a day (bpd). Ukraine has intensified its drone attacks against refineries and pipelines for export, leading to fuel shortages in Russia. The authorities have responded by implementing plans to limit the exports of diesel and gasoline. Industry sources reported in September that Transneft, the Russian pipeline monopoly, warned oil producers to expect a reduction in production due to attacks. At least for now, Russia can stick to its crude production plans due to higher exports. Estimates showed that the daily loadings of Urals and KEBCO grades, as well as Siberian Light, at Primorsk and Novorossiisk increased by 500,000 barrels a day (bpd) in September, up 25% compared to August. The traders reported that oil loadings had been increased by 600,000 barrels per day compared to initial plans. One trader, citing preliminary data on refinery outages, said that September's levels of refinery outages exceeded August's record-high levels and were approximately 1.5 times higher than in the same month last. Exports increased despite drone strikes on Transneft's pipeline system and the major export ports Primorsk, Novorossiisk and Novorossiisk in August and Septembre, which temporarily suspended loading.
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Internet and mobile phones resumed in Afghanistan?
Local residents reported that cell phone and internet service was restored in Afghanistan Wednesday, 48 hours after sources from the diplomatic and industrial sectors claimed connectivity had been abruptly cut off on the Taliban administration's orders. Residents in Kabul, and other cities, reported that the cell phone service of Roshan and Etisalat, the largest foreign-owned providers, was restored in the late afternoon. According to the companies that provide internet access, it has been restored. An official of the Taliban's information department stated that the outage was due to technical issues and services would be restored quickly. He did not respond immediately to a question about whether the Taliban ordered the outage. The United Nations has called for the reinstatement of connectivity. The Taliban has expressed concern in the past about online pornography. In recent weeks, authorities have cut fiber-optic connections to certain provinces, citing morality. The connectivity outage, which began on Monday, is the latest in a series this year of strictures by the Taliban's conservative leaders, based in Kandahar in the south, who have been battling against more liberal ministers from Kabul. Outages caused chaos with remittances and trade paralysed. Banks also had their operations paralyzed. Many Afghans were stranded as they could not fly. The Taliban also banned online learning for teenage girls and women. This was their only way to get an education after being barred from universities and high schools. (Reporting and writing by Saeed Sha; Additional reporting by Hritam Mukherjee, Mushtaq Ali and Hritam Mukherjee; Editing and proofreading by Elaine Hardcastle & Alison Williams).
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General Real Estate, Percassi buy Oriocenter mall from Commerz Real in 470 mln euro deal
Generali Real Estate, Gruppo percassi, and Commerz Real have acquired Oriocenter from Commerz Real, Italy's biggest shopping mall for approximately 470 million euro ($552 millions), the companies announced on Wednesday. Oriocenter is located near the Orio al Serio International Airport in Bergamo, which serves as a hub for Ryanair's budget airline, and includes 300 shops, 57 restaurants, 14 cinemas, and 7,000 parking spots on 105,000 square meters. In a joint statement, the companies stated that this mall, which is expected to attract nearly 12 million people in 2024 ranks among Europe's biggest shopping centres. The purchase was made through a Luxembourg-based pan European fund managed by Generali Real Estate SGR and a fund owned jointly by Gruppo percassi. Generali Real Estate assumes asset management duties, with Gruppo percassi continuing to be the property manager. The Italian Percassi family owns the group, which is active in retail. It operates store networks under franchise agreements with brands like Starbucks, Nike and Gucci. But it also runs retail chains of its own, including low-cost makeup brand Kiko Milano. Last year, it sold 70% of this to LVMH's L Catterton fund.
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Polish court orders Ukrainian in Nord Stream case to remain in custody
A Polish court ruled Wednesday that a Ukrainian dive, sought by Berlin for his alleged participation in explosions that damaged the Nord Stream pipeline, must remain in custody until a decision on whether or not to transfer him to Germany is made. The explosions, which were deemed an act of sabotage by both Moscow as well as the West, marked an intensification in the Ukraine conflict. They also squeezed the energy supply on the continent. The blasts have not been attributed to anyone, and Ukraine has denied all involvement. Volodymyr Z., was arrested near Warsaw Tuesday. Volodymyr Z. will be held in custody now for seven days. Tymoteusz Paprocki, his lawyer, told reporters that he would appeal the decision. He said that if someone lives in a country for more than three and a half years, saying there's a danger of escaping is not convincing. The top German prosecutor's office announced on Tuesday that Polish police had responded to a European arrest order it had issued. The statement stated that the diver was part of a group suspected of renting a yacht in Rostock, a German port on the Baltic Sea, and planting explosives near Bornholm, a Danish island, in September 2022. The German prosecutor added that he faces charges of conspiracy to commit an explosives assault and "anti-constitutional" sabotage. Italian police arrested an Ukrainian man in August suspected of orchestrating the attacks. His legal team stated that the man, who was identified as Serhii, would be taking his case against extradition before Italy's highest courts after a lower judge ordered his transfer to Germany. (Reporting and additional reporting by Pawel F. Florkiewicz, Ludwig Burger and Alan Charlish; writing and editing by Elaine Hardcastle, Ros Russell and Elaine Hardcastle)
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Polish court orders Ukrainian in Nord Stream case to remain in custody
A Polish court ruled on Wednesday that a Ukrainian diver sought by Berlin for his alleged involvement with explosions that damaged the Nord Stream pipeline must remain in custody until a decision on whether or not to transfer him to Germany is made. The explosions, which were deemed an act of sabotage by both Moscow as well as the West, marked an escalation of the Ukraine conflict. They also squeezed the energy supply on the continent. The blasts have not been attributed to anyone, and Ukraine has denied all involvement. Volodymyr Z., was arrested near Warsaw Tuesday. Volodymyr Z. will be held in custody now for seven days. The top German prosecutor's office has said that the Polish police acted on a European arrest order it issued. The statement stated that the diver was part of a group suspected of renting a yacht in Rostock, a German port on the Baltic Sea, and planting explosives near Bornholm, a Danish island, in September 2022. The German prosecutor added that he faces charges of conspiracy to commit a terrorist attack, as well as "anti-constitutional" sabotage. Italian police arrested an Ukrainian man in August suspected of orchestrating the attacks. The man, who was identified as Serhii, will take his case against extradition before Italy's highest courts after a lower judge ordered his transfer to Germany. His legal team confirmed this. (Reporting and writing by Anna Koper; Editing and proofreading by Elaine Hardcastle).
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Airbus treads a tightrope in its expansion plans to the US and China
Airbus will inaugurate a new assembly line in the United States on October 13, followed by an expansion of another similar facility in China a few days later. The ceremonies are being held back-to-back to avoid a difficult trade climate. Sources say that the planemaker is also in negotiations to sell 500 planes to China. This goal was first reported by the magazine in April. However, it's likely only to receive a portion of the order to coincide with factory expansion. Airbus has declined to comment on the production or orders pending. In order to increase production of the A320neo jet family, which is its best-selling model, from 75 per month today to 75 in 2027, the world's biggest planemaker has increased capacity. Mobile, Alabama and Tianjin in China are among the locations where capacity will be doubled. Washington and Beijing are engaged in a trade war that has lasted for months since the announcement of overseas plans in 2022 or 2023. Airbus and other European companies have been anxious not to offend either trading power. One of the sources stated that there is a great deal of concern about how this issue is perceived. Alabama's Dept of Commerce announced last month that Airbus would be opening its second U.S. facility in Mobile, Alabama, in October. The department pledged to make the plant more competitive than France or Germany. Airbus had previously stated that the second Chinese production line would be opened at the end this year with deliveries beginning in 2026. Sources said that the ceremony would take place in the week after the Mobile inauguration to highlight efforts to achieve an equal approach for the two biggest jet markets. Bloomberg reported that in August, Chinese airlines began dividing a 500 plane Airbus order while Boeing waited for a similar Chinese order coinciding with the trade talks. Airbus' board will be in India this week as part of its global aerospace strategy. India wants to build an assembly line in India to meet the huge orders of Airbus jets that Indian airlines have placed, and also to match Airbus' investment in commercial factories in China, its strategic rival. Airbus is unwilling to consider this due to the stretched global supply chain. The company is instead concentrating on the assembly of military transporters and announced on Wednesday that it will also locate a planned heliport in Vemagal (Karnataka) jointly with Tata Advanced Systems. A spokesperson for Airbus confirmed the visit of the board and stated that it was a reflection of India's importance in terms both of its market and as an operations hub. (Tim Hepher contributed additional reporting. Jane Merriman edited the article.
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Gassco: Norway's gas sales likely to fall short this year of records
Gassco, the operator of Norway's gas transmission system that serves Britain and continental Europe, said on Wednesday that the company expects to export high volumes of gas this year. However, it is unlikely to surpass the record-breaking level of last year. Norway is Europe's biggest gas supplier after the Russian invasion of Ukraine, 2022. It meets over 30% of its consumption. However, volumes vary depending on demand, maintenance, and other issues that affect capacity. Gassco provided data showing that the total deliveries from January to August were 76.8 billion cubic metres (bcm), which is equivalent to 848.6 Terawatt Hours (TWh). This compares to 80.3 bcm in 2024 for the same time period. Alfred Skaar Hansen, Gassco's director of system operations, said: "It will be difficult to achieve a record in this year. I believe that it is a goal (too) hard to reach." Gassco achieved a record in 2024 of 117,6 bcm gas transported throughout its system. The company has an 8,800 km (5.468 mile) pipeline network that connects Norwegian gas fields with Germany, Belgium France, Britain, and Denmark. Deliveries are usually close to 340 millions cubic metres (mcm). The Norwegian state-owned firm Gassco said that after extensive annual maintenance, during which deliveries fell to as low as 217mcm in recent weeks, it is expected the Gassco system will deliver with high reliability for the winter season from October 1 to March 31. Gassco data shows that on Wednesday, the supply nominations for the day stood at 278,8 mcm, and most maintenance works have now been completed. The capacity at the Kollsnes plant will be temporarily reduced up until 18 October due to an error in the electricity grid that supplies power to the site.
US holds $18 billion in funding for New York's Hudson Tunnel and Second Ave Subway
White House Budget Chief said Wednesday that the federal government withholds $18 billion from the Hudson Tunnel Reconstruction Project and Second Avenue Subway - two of New York City’s largest construction projects.
The hold was announced just hours after the partial shutdown of the government began. It is the latest attempt to put pressure on Democrats in Congress regarding the shutdown.
Chuck Schumer, the Senate Democratic Leader from New York State has been an avid supporter of both projects. He is also leading Democratic opposition against President Donald Trump’s plan to continue funding by government.
Russ Vought, director of the White House Office of Management and Budget, said on X that approximately $18 billion of New York City infrastructure has been put on hold in order to prevent funding from flowing based upon unconstitutional DEI Principles.
The U.S Transportation Department announced that it would delay the reimbursement of $300 million for the subway project until an administrative review was completed. It added that the process will take longer because the staff who conduct the review were furloughed during the shutdown.
USDOT, in its statement, blamed Schumer as well as House Democratic Leader Hakeem Jeffreys of New York on the shutdown.
The $17.2 billion Hudson River Tunnel Project -- which has received over $11 billion in grants from the federal government -- will repair an existing tunnel and build a new tunnel for Amtrak passenger trains and state commuter routes between New Jersey to Manhattan.
If the Hudson Tunnel fails, it would impede commuters in the metropolis that accounts for 10% of the nation's economic output.
The Biden administration has awarded $3.4 billion to the Second Avenue Subway Project, which will extend the line and provide better transit service in Harlem.
USDOT has sent New York letters about the status of the review to determine if it is engaging in discriminatory practices.
Amtrak and New York Governor Kathy Hochul did not comment immediately. Trump, an ex-New York City developer, refused.
Approve funding for projects in his first
USDOT has also threatened New York Transit funding repeatedly.
In August, the Department said that it could withhold 25 percent of federal funding from the Metropolitan Transportation Authority in New York State if they do not improve the safety for workers who maintain subway tracks.
The Trump administration also wants to destroy Manhattan's
Early this year, the congestion pricing program was introduced to reduce traffic and raise billions of dollars for mass transit.
The Trump administration also threatened to cut off funding for the MTA over crimes committed in subways. Reporting by Doina Chiacu, David Shepardson and Chris Sanders; editing by Chizu Nomiyama, Chris Sanders and Chizu Nomiyama
(source: Reuters)