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PM Orban: Hungary is working to find a way around U.S. sanctions against Russian oil companies
Viktor Orban, the Prime Minister of Hungary, said that his country is looking for a way around U.S. sanctions against Russian oil companies. He did not give any details, but he made it clear that he had no intention to ignore these restrictions. U.S. president Donald Trump, an ally of Hungary's leader, imposed sanctions against Russia on Wednesday for the first time during his second term. He targeted Lukoil, and Rosneft as he tried to pressure Moscow into agreeing to a ceasefire agreement in Ukraine. Trump's decision has pushed up the price of oil and raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil after being exempted from EU restrictions. Orban stated that he had spoken to MOL, Hungary's oil company and gas company about the sanctions. In an interview with Kossuth state radio, he stated: "We are looking at ways to get around this sanction." MOL's refining plants in Hungary and Slovakia have a combined capacity of 14.2 million tonnes per year. They rely on Russian crude that is transported via the Druzhba Pipeline. Slovnaft, MOL's Slovak subsidiary, said it was analysing possible impacts on its operations from U.S. Sanctions that should be in effect later this month. MOL had problems last year with deliveries after Ukraine sanctioned Lukoil. The company made deals with the Belarus-Ukraine border in order to maintain the flow of crude oil. (Reporting and editing by PhilippaFletcher; Anita Komuves)
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Sources say that China's Satellite Chemical has halted its ethylene project due to US trade tensions.
Satellite Chemical, China's biggest importer of U.S. Ethane, has suspended plans to build its 3rd ethylene unit due to the protracted U.S. China trade tensions as well as a lack in government and regulatory approvals. The cracker would cost around $1 billion, and have a maximum capacity of 1.5 million metric tonnes per year. It would convert ethane to ethylene, which is a crucial building block in petrochemicals. This is part of the multi-billion dollar phase 3 expansion by the company in Lianyungang in eastern China. China purchases half of U.S. exports of ethane and almost all of its imports of ethane are from the U.S. The delay shows the dangers of China's increasing reliance on U.S.-produced ethane. Two sources say that the pause occurred in June. It followed the escalation of the U.S. - China tit-fortat trade war, in which Beijing imposed a 125% tariff on U.S. products, including ethane. Later in the month, it was lifted. The U.S. temporarily restricted ethane exports in late May after Beijing was accused of slowing down rare earths shipments. Two sources claimed that Satellite was about start the construction of the cracker, after almost finishing construction of one petrochemical unit in Lianyungang during the second quarter. Three sources said that the central government ordered the company to stop construction because Beijing was concerned about the rising demand for U.S. Ethane, which could give Washington more leverage in the trade wars. Two sources reported that authorities also found out that Satellite didn't have the necessary regulatory approvals to crack the ice. They only had the green light on the downstream units. Sources declined to identify themselves as details of the story are not publicly available. Satellite responded to a question about the government's pause order, and the approval status, by saying that the company "consistently complies with Chinese law and global regulations." Satellite said it would update stock filings on the progress of its projects. The National Development and Reform Commission of China, which is responsible for the approval of large industrial investments in China, has not responded to a comment request. JPMorgan analysts stated in a client note dated October 15, that Satellite could have to wait for the U.S. China trade relations to stabilize before resuming construction of the third cracker. This would delay phase 3 expansion, which was originally scheduled to begin in the first half 2027. Other Projects Continue Three sources stated that Satellite will be moving forward with several downstream projects such as the alpha-olefin/polyolefin-elastomer (POE), units which produce high-performance plastics for automobiles and packaging. Satellite announced in a mid-2024 stock filing that the key units for phase 3 include two 500,000 tpy polyethylene facilities, five 100,000 tpy alpha olefins and three 200,000-tpy POE units. Satellite was among the first Chinese companies to convert abundant and inexpensive U.S. natural gas by-product ethane into ethylene. It is the largest importer of U.S. Ethane in the world. Ethane technology is cheaper and emits less pollution than oil-based technologies. To secure feedstock, Satellite invested in a 180,000-barrel-per-day terminal in Nederland, Texas, in a joint venture with U.S. firm Energy Transfer in 2018. Satellite and Energy Transfer have also reached an agreement for the supply of US ethane. The deal will last until 2030. (Reporting and editing by Jamie Freed, Siyi Liu, Sam Li and Trixie Yap; Additional reporting by Chen Aizhu)
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VTB, a Russian bank, says that financing for the huge Ust-Luga Gas Complex is in full swing.
VTB, Russia's second-largest bank, said that funding for a massive gas processing complex is already underway in the Baltic Sea port Ust-Luga. This shows Moscow's commitment to developing its energy sector, despite sanctions. The complex will be part of the Kremlin's energy giant Gazprom’s strategy to shift their focus from production to processing. It will include a gas-processing plant and a complex for gas-chemical processing. Dmitry Pyanov, Chief Financial Officer of VTB, told reporters that the project was fully funded by both bank loans and other sources. The comments were published on Friday. The project will create Russia's most advanced gas processing facility and one of the largest in the world, based on production volume. The plant is designed to process up to 45 billion cubic meters of natural gas per year and produce 13,000,000 metric tons (or liquefied gas), 3.6,000,000 tons (or ethane) and up to 180,000 tons (or liquefied petrol gas) of liquefied gas. Construction of the complex was delayed by Western sanctions against Ukraine. According to Russian documents, the first gas processing line is scheduled to begin operations in 2026. The first line for the liquefied gas plant will start in 2027. (Reporting and writing by Elena Fabrichnaya, Editing by Jan Harvey; Writing by Vladimir Soldatkin)
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FACTBOX: Large cross-border transactions in India's Financial Sector this Year
In 2025, India's financial industry saw a number large deals. This included two rare transactions in which foreign banks bought significant stakes in Indian lenders. According to Grant Thornton, between January and September of 2025, the financial sector has completed mergers and purchases worth $8 billion, which is a 127% rise over the same time period last year. These are the key facts regarding major deals. EMIRATES BANK - RBL BANK Dubai-based Emirates NBD is buying a 60% stake of Indian private lender RBL Bank for $3 billion. This deal represents the largest foreign acquisition in Indian financial services to date. The Middle Eastern lender now has access to an extensive branch network that it plans to merge with its local affiliate. SMBC – YES BANK Sumitomo Mitsui Banking Corporation, a Japanese bank, agreed in May to buy a 20% stake of Yes Bank from the company for $1.6 billion. It purchased the stake from several Indian banks who rescued the bankrupt lender by 2020. It purchased an additional 4,99% in September. Blackstone Federal Bank In October, Blackstone's Singapore-based affiliate agreed to invest $705.05 million in India’s Federal Bank for a 9.9% equity stake. After the deal is completed, Blackstone's affiliate Asia II Topco XIII Pte Ltd will have the right to nominate a non-executive member to the Federal Bank board. IHC – SAMMAAN CAPITAL Abu Dhabi’s International Holding Company agreed earlier this month to invest nearly $1 billion in Sammaan Capital. Sammaan Capital is a nonbank lender that specializes in housing loans. IHC will make an open offer for the purchase of an additional 26% share by retail investors in accordance with Indian takeover regulations. This was one of the largest investments in India's nonbank financial sector. WARBURG PINCUS, ADIA – IDFC FIRST BANK In April, Warburg Pincus (Warburg Pincus) and Abu Dhabi Investment Authority(ADIA), agreed to invest $877 millions in IDFC FIRST bank through convertible preferred shares. The two funds together will own 15% of the converted shares. BAIN CAPITAL - MANAPPURAM FINANCE Bain Capital acquired an 18% stake of Manappuram Finance in March for $508 million. Bain will increase its stake from over 40% to more than 40% after making a public offer to retail investors. Manappuram, a leading NBFC for gold loans with more than 5,300 branches, is a leader in the industry. BAJAJ GROUP-ALLIANZ In March of this year, India's Bajaj Group purchased a 26% share in two joint venture companies - Bajaj Allianz General Insurance Ltd. and Bajaj Allianz Life Insurance Ltd. - back from its joint venture partner Allianz. This ended a decade long partnership. Allianz then partnered with Reliance's Jio Financial Services in order to establish both general and life-insurance businesses. (Reporting and writing by Gopika Gopakumar, Editing by Sam Holmes Jan Harvey Sherry Jacob Phillips; Sherry Jacin-Phillips; Sherry Jacob Phillips; Sherry Jan Harvey)
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Wall Street Journal, October 24,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Donald Trump, the U.S. president, announced late Thursday that the trade negotiations between the United States and Canada are over. He cited a government-sponsored tv advertisement in Ontario featuring Ronald Reagan criticizing tariffs for his sudden decision. The U.S. Trade Representative plans to investigate China's compliance with Phase One of the trade agreement signed during President Trump’s first term. Rivian will lay off over 600 workers, or 4.5%, of its staff, in order to conserve cash due to an expected decline in sales for electric vehicles. Alaska Airlines has resumed operations following a Thursday night ground stop due to a technical issue. This caused dozens of cancellations and delays. Applied Materials will reduce its global workforce of about 4% with immediate effect, in order to adapt to the changing workforce requirements due digitalization, automation and geographic shifts. Canada has reduced the tariff-free import quotas on U.S. assembled vehicles by Stellantis and General Motors, respectively, by 50% and 24,2% in response to their decision to reduce manufacturing in Canada. (Compiled by Bengaluru Newsroom)
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Tokyo Gas and Glenfarne Sign Letter of Intent for 1 MTPA LNG Offtake from Alaska LNG
Energy developer Glenfarne announced on Friday that it had signed a letter of intent (LOI) for the purchase of 1,000,000 metric tons of liquefied gas per annum from Alaska LNG Project. Tokyo Gas confirmed it had signed the LOI. It said that as a strategic Glenfarne partner, it allows the Japanese LNG buyer to progress meaningful negotiations about the purchase of LNG. This is a significant step forward for the $44 billion Alaskan LNG project, which has been criticized due to its high cost. Glenfarne aims to make a final investment decisions (FIDs) on the Alaska LNG pipeline by the end of 2025, and for the LNG export components in 2026. Glenfarne, which acquired a 75% stake in the Alaska LNG Project in March and assumed the role of lead developer in that project, has already signed preliminary agreements for more than half the third-party offtake capacities available. The developer stated that preliminary agreements included deals with Japan's largest LNG buyer JERA as well as Taiwan's CPC and South Korea's POSCO. These total 11 MTPA out of the 16 MTPA Glenfarne is expecting to contract in order to close the financial aspect of the project. (Reporting and editing by Rashmi aich; Yuka Obayashi)
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Maguire: Malaysia's coal binge reveals what other nations are doing to take advantage of the LNG boom.
Not only the U.S.A., Qatar, and Australia are fighting for a piece of the lucrative market for LNG exports. Malaysia also wants to get a piece of the lucrative LNG export market and is upgrading its own power-generation system. Data from Kpler & Ember show that Malaysia has increased its thermal coal imports to record levels and coal-fired power generation to new highs. Malaysia, the 11th largest producer of natural gas in the world, can now export gas in the form liquefied gas and earn valuable trade revenue. The coal-to-gas conversion comes with a price, since the country must import the majority of its coal. This has led to a spike in emissions in the power sector, which is the highest ever recorded this year. The coal boom can be justified by the fact the country earns roughly twice as much from LNG exports than it does on coal imports. Malaysia's LNG-export drive is likely to continue on economic grounds, even though additional LNG volumes that the country wants to sell could add to the already oversupplied markets of the world in the future. Import BOOM Malaysia imports between 30 and 35 million tons of thermal coal each year according to Kpler's data. The U.S. Energy Information Administration estimates that Malaysia produces 3 to 4 million metric tonnes per year. According to data from customs, coal imports, primarily from Indonesian neighbours cost between $5 and $6 billion per year. According to Ember, the burning of this coal - which produces roughly half of Malaysian electricity - results in around 72 million tonnes of CO2 emissions every year. Malaysia was able to reduce the share of natural gas in its electricity production by systematically increasing coal's contribution from less than 10% at the beginning of this century. Ember data show that natural gas accounted for around 80% in early 2000s of Malaysia's electrical supply, but this has dropped to around 30% in 2025. GAS FREEDOM (SELLING) Malaysia has been able to increase its gas exports due to a reduction in the use of gas at home. The country realized this was a lucrative revenue source decades ago. Malaysia has been consistently among the top five LNG suppliers since the early 2000s. Malaysian energy companies relied on gas as the main source of electricity in the country and also one of its most profitable exports until about a decade back. Since then, the authorities have been working to slow down the growth in domestic gas usage for power generation, so that more could be diverted into LNG export hubs, and then onto highly-paying markets like Japan and South Korea. Malaysia's decision on gas conservation was largely driven by the fact that Malaysia's domestic gas reserves are at their peak and will soon be in terminal decline. According to Energy Institute data, Malaysia's proven natural gas reserves were around 1.15 trillion cubic metres around 20 years ago. However, they were last estimated around 910 billion cubic meter. Money Matters According to company filings, Malaysian national oil and natural gas company Petronas is committed to increasing LNG export volumes and has plans to build a third floating LNG facility by 2027. Although the exact terms of the LNG export deal are not disclosed, estimates from the industry place the country's annual LNG export earnings at approximately $12 billion. The economic case for continuing to export LNG in the long-term seems strong. These export revenues are about twice as much as it costs to import coal. Malaysia imports LNG when prices are right and power requirements dictate. Malaysia has agreed to purchase U.S. LNG in trade talks that aim to avoid U.S. tariffs for Malaysian exports. Malaysia is expected to continue being a net LNG exporter for some time. Due to its proximity to Asian buyers, compared to Australia and the U.S., the planned growth of LNG exports may cause rivals to rethink their plans to increase sales profitably in the future. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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US warns that it could force out some Pennsylvania railcars
Sean Duffy, U.S. Transportation secretary, warned late Thursday that his department may soon order a Pennsylvania transit agency not to use a fleet railcars because of fire risks. He also raised a number of safety and financial concerns. On October 1, the Federal Railroad Administration issued an emergency order that required the Southeastern Pennsylvania Transportation Authority (SEPTA) to fix fire risks from its Silverliner IV Railcars within 30 days after a safety recommendation made by the National Transportation Safety Board in response to a series five fires. Duffy wrote to Pennsylvania Governor Josh Shapiro that "SEPTA does not have the capacity to address these safety and fiscal concerns on its own." If changes aren't made immediately, the crumbling commuter train system of SEPTA will explode in flames before long and someone will die. In the Philadelphia region, millions of people use the rail system every year. SEPTA is America's sixth largest public transit system. SEPTA provides service in five counties of the Greater Philadelphia region and connects with transit systems in Delaware, New Jersey and Pennsylvania. Duffy pointed out that Philadelphia will be hosting the FIFA World Cup 2026 and "SEPTA’s rail and bus system must be prepared to serve tens and thousands of additional guests in a safe manner." Shapiro's spokeswoman said that the governor has been "fighting for additional recurring revenues to support SEPTA since the last two years." He also secured $46 Million in new funding as part of the budget for last year. She said Shapiro had requested another $167 millions for SEPTA, but Republican senators in the state Senate have opposed this plan. She added, "Instead of releasing a press statement, if Secretary Duffy really wants to be helpful he should contact his fellow Republicans to get them to finance the Governor's package of mass transit funding for SEPTA." SEPTA's regional rail fleet consists of 225 Silverliner IV railcars, which are about 50 years old. They represent around two-thirds but due to financial reasons they must continue using them. SEPTA stated that a complete shutdown of the cars could cost the authority $2 billion and require a 2/3 reduction in service. The authority is currently in financial crisis. The vehicles are among the oldest in the nation and the agency has created a set of forty mitigation measures including notifications to staff, safety checks and audible alerts for malfunction lights. (Reporting and editing by Leslie Adler; David Shepardson)
Safran hikes forecasts after strong Q3 for jet engine services
Safran, the French aerospace company, raised its full-year estimates on Friday after posting higher-than expected third-quarter revenue led by its core Jet Engine division.
The company, who co-produces LEAP engines with GE Aerospace via their CFM venture said that it had "strongly caught up" on late deliveries in the third quarter, shipping more than any other quarter.
Safran reported that its revenue for the third quarter rose by 18.3%, to 7.85 billion Euros ($9.15 billion). The propulsion revenue grew by 25.6%. Aftermarket revenues, which are closely watched, grew by 21.1%.
In dollar terms, services for civil engines grew by 24.2%.
According to a consensus of analysts compiled by the firm, they expected quarterly revenues in average of 7.59 billion euro.
Airbus and Boeing have delayed their jet deliveries and caused congestion in maintenance centres, which has led to a high demand for parts and spares from engine manufacturers.
Safran announced that it would be increasing its revenue growth projection for the entire year from "low teens" to between 11%-13%. In the French version of Safran's earnings release, it was clarified that its previous forecast stood at 10% to 13%.
The forecasted operating income was also increased to between 5.1 and 5.2 billion euro from the previous range of 5 to 5.1. Its free cash flow forecast was upgraded to between 3.5 to 3.7 billion euro from 3.4 to 3.66 billion.
Tariffs are now included in all targets.
Safran has followed GE Aerospace by increasing its 2025 growth predictions for LEAP deliveries from 15% to 20%. (1 dollar = 0.8575 euro) (Reporting and editing by Jamie Freed; Tim Hepher)
(source: Reuters)