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Shell and Phillips 66 are weighing the sale of their stakes in US Pipeline Explorer worth $3.5 billion, according to sources
Shell and Phillips 66 have been working on a possible sale of their stakes, which include the Explorer refined product pipeline. This deal could be worth around $3.5 billion. This move is a reflection of how the increased demand for energy infrastructure assets from financial buyers has driven up valuations, and encouraged owners to sell and reinvest in their core businesses or areas with higher growth. Shell and Phillips 66 hold approximately 61% of the legal entity that holds the pipeline. The pipeline transports gasoline, jet-fuel and other fuel products through the Midwest to?endpoints including the outskirts Chicago. Greenhill, an affiliate of Mizuho, and RBC Capital Markets have been hired to conduct an auction?process for stakes. Deliberations are currently in the early stages. Energy Transfer and MPLX are the owners of the rest of Explorer. The sources say that while the Shell and Phillips 66 shares are being marketed to prospective buyers, other stakeholder companies could contribute if there is a strong interest in acquiring the entire pipeline. Sources cautioned that there is no guarantee for any deal to be made involving Explorer stakes and spoke under condition of anonymity in order to discuss private discussions. Shell, Phillips 66 and MPLX refused to comment. Explorer, Energy Transfer and Mizuho??and RBC have not responded to requests for comment. CRITICAL INFRASTRUCTURE Explorer, a 1,800-mile pipeline system in service since the 1970s is a critical infrastructure. According to Explorer's site, the southern part of the system has a capacity of?660,000 barrels per?day, while the northern portion can handle?450,000 barrels?per?day. Explorer, along with the Colonial pipeline that transports fuel from Texas to northeastern United States, is considered one of the most important refined product pipelines in the United States. Colonial was sold to Brookfield Infrastructure Partners last year for around $9 billion. In the sale, the first group of shareholders put their stakes on the market before the remainder contributed their holdings to a?deal with the investment firm. In recent years, pipelines and other energy infrastructure has attracted significant buyer interest. Financial buyers are attracted to the cash flow generated by midstream assets. Industry players want growth in both assets and product offerings. (Reporting from David French in New York, Additional Reporting from Stephanie Kelly in London, Editing by Echo Wang & Nick Zieminski).
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Ambrey reports that a drone hit a gas storage tanker in Egypt's Mediterranean Port.
Ambrey, a British maritime security firm, said on Wednesday that a drone had struck a U.S. owned gas storage tanker in Egypt's Mediterranean Port of Damietta. The company cited an initial assessment. The Egyptian petroleum ministry released a statement that confirmed the fire in the port, but did not mention a drone attack. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire near Damietta. Three trading sources who were familiar with the incident confirmed that the drone struck a floating storage tanker named Energos winter, causing an explosion which spread to a second vessel called Gaslog 'Salem. Two different security sources have said that the drone was likely to be the cause of the explosion, which could indicate a new outbreak of conflict in the Middle East. The incident was not immediately attributed to anyone. Energos Winter, a floating storage unit and regasification (FSRU), has a storage capacity of 138.250 cubic meters. The U.S. firm?Energos Infrastructure owns the vessel. Wilhelmsen Ship Management is also a U.S.-based company that manages the technical, safety, and commercial operations. In a statement, Egypt's petroleum ministry said that a fire broke on a?gasification vessel and a storage ship at Damietta Port and was immediately dealt with under approved emergency response plans by firefighting teams and security. It said that the Petroleum Minister,?Karim Baadawi, went to the scene to supervise response efforts. The statement said that the fire did not cause any injuries or deaths and that emergency and technical teams were continuing to assess the impact and work on the response. Reporting by Jonathan Saul and Marwa Rashad; editing by Alex Richardson
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Drones blamed for explosions at Egyptian Mediterranean port in possible spread of war
On Wednesday, explosions rocked a natural-gas loading port in Egypt, on the 'Mediterranean Sea. Ambrey, a British maritime security firm, said that a U.S. owned floating storage tanker had been struck by a drone in an attempt to spread a Middle East conflict. No one has claimed responsibility for the incident that occurred in the Egyptian port city of Damietta. On 'Wednesday, the United States and Saudi Arabia attacked Iran-backed paramilitary groups in Iraq. U.S. president Donald 'Trump promised to "beat the ****" out of Iran for firing on U.S. troops days after he stopped air strikes.
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Telecom Italia's second-quarter earnings core meet expectations
Telecom Italia's (TIM) second-quarter 'core earnings' were broadly in line with expectations on a Wednesday, as the growth of TIM’s?Brazilian?unit and enterprise division accompanied a resurgence of growth within its home market. The results are 'the first since TIM’s board unanimously approved a?takeover?offer by its largest shareholder Poste Italiane on?July 18, in a deal valued at a telecommunications kingpin worth?more?than 13 billion euros. Earnings before interest, taxes, depreciation, and 'amortisation following leases' (EBITDA AL) of the former phone monopoly for the three-month period ending June 30 rose to 998 millions?euros ($1.14billion), compared to a company-provided consensus analyst estimate of 995million?euros. The group's performance was boosted by Brazil and TIM Enterprise, as well as the domestic revenue.
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Airbus Q2 profits boosted by jet deliveries and defense demand
Airbus maintained financial ?and industrial forecasts as it unveiled stronger-than-expected second-quarter ?revenues and core profits on Wednesday, lifted by higher jetliner ?deliveries and gains in defence. The 'world's biggest planemaker'reported its?quarterly operating profit increased 54% to 2,43 billion euros while revenues grew 28% to 20,53 billion euros. This was due to a surge in deliveries of commercial aircraft following a slow year-start. Analysts expected the profit figure, which was widely watched, to be 2.19 billion Euros on revenues of?20.25 billion. The quarterly update was released just days after Airbus expressed greater confidence in the ability to?increase production? as a battered aerospace sector begins to turn the corner with regard supply disruption. The company aims to achieve a near-doubling of profits as well as a stronger return for shareholders by 2029. Airbus delivered 237 aircraft in the second quarter of this year, up by 39% compared to the same period last time. The financial forecasts for the year remained unchanged, including an operating profit adjusted to 7.5 billion euro. Airbus maintained its goal of increasing A320-family production to between 70 and75 planes per monthly by the end of 2027. After that, it will stabilize at 75 per month. ?But the company dropped references to Pratt & Whitney engine manufacturer as 'the decisive factor' in the ramp-up. The RTX subsidiary said at the Farnborough Airshow that disruptions in engine maintenance were easing. Airbus reported a quarterly profit of 357 million euros in Defence and Space, driven by both 'higher sales volumes and better profitability? as Europe's spending spree continues. Boeing, a rival company, reported on Tuesday a bigger-than-expected loss for the quarter but also generated favourable free cashflow. This was due to its progress in implementing turnaround plans. (Reporting from Tim Hepher & Florence Loeve).
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US sanctions on Iran's oil companies and insurers
Treasury Department of the United States announced that the United States issued another round of sanctions against Iran on Wednesday, targeting Iran's efforts "to monetize the Strait of Hormuz". The United States designated 10 entities, and eight more tankers. It said that six of the entities targeted by sanctions are based in China. According to Fox News, the sanctions were a response to a pledge made by U.S. president Donald Trump on Wednesday, to strike Iran hard. This was after the U.S. army announced that it had intercepted?multiple ballistic missiles fired by Iran towards American forces in Middle East. On Wednesday, the United States and Saudi Arabia struck Iran-backed militias in?Iraq. Treasury's Office of Foreign Assets Control has designated two companies, the Persian Gulf Marine Insurance Co.?and HormuzSafe Marine Services Authority. It said that both firms were essential to an Iranian scheme aimed at extracting digital assets and revenue from ships transiting the Strait of Hormuz via various insurance policies. The regime is in desperate need of cash, said Treasury Secretary Scott Bessent. Bessent, referring the Islamic Revolutionary Guard Corps, said that the United States would not allow Iran's terrorism and aggression to be funded by international shipping or the IRGC. The new sanctions are part a larger push by the Trump administration to use both economic tools as well as military strikes to increase pressure on Iran. This is a war that is deeply unpopular and has brought down Trump's approval ratings. "The Iran War demonstrates that the current administration will use U.S. military and economic power in concert," said Jess Hoversen. He is now the chief economist of Column, an online platform bank. She said that OFAC has moved rapidly to designate maritime infrastructure, currency exchange infrastructure and procurement networks even while the U.S. Military has increased its attacks. Hoversen stated that the Treasury is operating at a high operational pace, and that combining targeted sanctions with military strikes could be a template for future conflicts. OFAC sanctioned more than 100 vessels that were part of Iran's shadow navy, which was used to maintain oil revenues despite international sanctions. Reporting by Andrea Shalal, Daphne Psaledakis and Susan Heavey. Writing by Susan Heavey. Editing by Bill Berkrot.
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Delta will offer DraftKings on all flights but not betting
Delta Air Lines announced on Wednesday that it would offer a sports prediction game in partnership with DraftKings. However, the company will not allow gambling on its flights. The airline stated that the game is open to all passengers over 21 years old and allows players to win Delta gift certificates. However, it does not allow betting, deposit functionality or financial risk. Last year, the?U.S. Senator Richard Blumenthal asked the companies to not allow gambling aboard, citing a 1962 law which prohibits gambling on commercial planes. In order to entertain passengers, airlines are now offering more content in the air. This includes games, movies and live TV. Delta claims that sports content consistently ranks as one of the most popular categories on its platform. Delta first announced its planned collaboration with DraftKings early in 2025. The new sports game will begin on Wednesday, and it is exclusively designed as an entertainment experience for Delta Sync Wi Fi. Delta announced that SkyPicks would launch with Major League Baseball matches, followed by NFL contests later in the year. The game involves passengers making predictions about real matchups. Delta Sync WiFi is required to play the game on a mobile device or personal device, and not on seatback screens. To unlock the questions, customers must either sign in with their DraftKings account or register one. The questions will include head-to-head competitions, game-winner selections and top performers on individual contests?and monthly leaderboards. According to a 2025 Pew Research poll, 22% of adults have bet on sports personally in the last year. This is up from 19% just three years ago. David Shepardson is reporting; Sharon Singleton, Emelia Sithole Matarise and Sharon Singleton are editing.
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Canada - July 29,
These are some of the most popular stories in selected Canadian newspapers. The?top stories from selected?Canadian newspapers are listed below. The GLOBE and MAIL – Zijin Gold & Allied Gold abandoned a C$5.5 billion (3.90 billion) buyout? of the Canadian miner. Instead, the?Chinese firm took a 9.2% stake? for around $295 million. Dominic LeBlanc, Canada-U.S. trade minister is back in Washington this Week as Ottawa seeks to avoid the imposition on punishing new tariffs for August 19, and advance broader trade negotiations. Apotex Health is the sole manufacturer of generic Ozempic in Canada for the next few months after a manufacturing problem at an Indian facility forced at least two competitors to withdraw. National Post - Jazz Aviation, which is primarily contracted to Air Canada has reached a tentative agreement with its flight dispatchers. This will avoid any potential disruption of labour ahead of the long holiday weekend. (Compiled by Bengaluru Newsroom)
As flights to the Middle East cease, governments plan repatriations
Commercial flights have been grounded in some parts of the Middle East due to an escalating conflict after U.S. and Israeli attacks on Iran. This has left foreigners stranded and prompted governments to plan for repatriation.
Here is what the governments have said about plans for repatriation:
AUSTRIA Austria’s Foreign Ministry said that it had assisted 117 vulnerable citizens to leave the UAE and Israel through neighbouring countries and had planned for a 170 person?charter flights from Muscat, on March 4, while warning travellers that they would have to take land departures at their own risk.
BULGARIA
GullivAir and Bulgaria Air, along with the State Aviation Operator, planned three flights to'return Bulgarians from Dubai, Abu Dhabi, and Oman between March 4 and March 5. These included a GullivAir flight of 326 seats from Dubai, a Bulgaria Air Boeing 737 via 'Oman, and a 90-seat Government aircraft from Abu Dhabi.
CZECH REPUBLIC
Petr Macinka, Minister of Foreign Affairs, said that around 1,400 people had arrived in the Czech Republic via repatriation flight.
ESTONIA
On March 4, the Estonian foreign ministry announced that it had organized a 180-seater flight to Muscat for the next day. This flight was available to Estonian citizens living in Oman or the United Arab Emirates.
EUROPEAN UNION As more members request assistance, the European Commission is now coordinating flights for repatriation under the EU Civil Protection Mechanism.
A statement by the European Commission on March 9 stated that the EU had supported more than 42 flights to date, which brought over 4,100 Europeans back safely to Belgium, Bulgaria Czechia Italy, Cyprus, Latvia Lithuania Luxembourg, The Netherlands, Austria, Portugal Romania, Slovakia and Sweden.
FINLAND
The Finnish foreign ministry announced that Finland would be arranging a single flight to repatriate about 160 Finns stranded on the island of the United Arab Emirates, on 8 March.
Finnair announced on March 6th that it would be operating flights from Muscat to Helsinki in order to transport customers stranded at Dubai home. The first flight will take place on March 10 with additional flights scheduled later in the week.
FRANCE
The French Foreign Minister said that several flights to bring back French nationals who are currently in the area (around 400,000) were being planned as of March 4.
France has deployed consular teams to Israel's border with Egypt and Jordan in order to facilitate the land exit of people so they can continue their journey by air. A similar mechanism has been implemented in the UAE, at the borders with Oman, Saudi Arabia and other countries, where there is no restriction on airspace.
GERMANY
After the first flight landed in Frankfurt on March 5, the German Foreign Minister Johann Wadephul announced that two flights, each carrying about 250 passengers, were planned for March 5-6.
GREECE
The Greek Foreign Ministry said that it had repatriated hundreds citizens from Abu Dhabi, Dubai Jerusalem, Oman, and the UAE in the last week.
HUNGARY On March 4, 87 people returned to Hungary from Amman in Jordan. Another flight, carrying 88 passengers, is scheduled for March 5.
A second flight from Sharm-el Sheikh in Egypt was also scheduled for the 6th of March. Hungary rented a Flydubai aircraft for March '5 and '6 to bring Hungarians back from Dubai. On March 7 and 8, Hungary had two separate flights departing from Riyadh in Saudi Arabia.
ITALY The Italian foreign ministry reported that about 25,000 Italians returned from the Middle East via commercial flights facilitated through the ministry.
The consular service has been expanded in Oman, the UAE, and Bahrain. It also coordinates the return of large groups from the UAE, and other groups travelling via land to Qatar, Kuwait and Saudi Arabia. Italians living in Oman and Israel as well as the Maldives, Thailand, and Thailand receive assistance.
Netherlands
The Dutch government said on Friday that it is preparing to use the military to repatriate citizens who cannot leave their countries on their own. The Dutch government did not give any details about specific countries or timing.
POLAND
Operational Command of the Polish Armed Forces reported that the first group of Polish nationals evacuated from the Middle East by military airlift arrived in Poland on 6 March.
PORTUGAL
The Portuguese Foreign Ministry is planning to repatriate more of the 139 Portuguese and eight foreigners on board a charter TAP flight that landed at Lisbon, Portugal on March 6.
ROMANIA
The Romanian Foreign Ministry announced on 4 March that FlyDubai had scheduled two flights from Dubai to Bucharest for March 4 and 5. The ministry reported that FlyDubai had scheduled two flights to Bucharest on March 4 and 5.
SERBIA
Air Serbia's flight from Sharm el-Sheikh landed at Belgrade in the early hours of March 4 with 67 passengers. All were?evacuees from Israel.
SINGAPORE
The foreign affairs ministry announced on Facebook that the government would deploy an A330 multi-role air force aircraft to assist Singaporeans in departing Riyadh from the country on March 10. A second flight out of Saudi Arabia is planned for the 12th.
SLOVAKIA
The Slovakian government has conducted six repatriation flight with 248 passengers. 189 of them were Slovaks, and the remainder were foreigners. On Thursday, the Foreign Ministry announced that eight additional evacuation flights from Jordan and Oman would be carried out by the end the week.
SLOVENIA
The prime minister's statement said that Slovenia organized four buses to transport Slovenian citizens, including families with children, from Dubai to Muscat Airport in Oman on March 3.
Two more flights are scheduled for March 4, with the first flight to Slovenia being organised on 3 March.
According to Jose Manuel Albares, the Spanish government began evacuating citizens from?the Middle East? on March 3. More than 175 Spaniards arrived on a flight via Abu Dhabi.
Albares stated that Spain is also strengthening its embassies to the UAE, Saudi Arabia Oman, Bahrain and Bahrain in order to provide further support and facilitate repatriations.
SWEDEN
Sweden chartered a plane on Saturday to bring back 180 Swedes who were identified as vulnerable.
THAILAND
Thailand will?evacuate its nationals by land from Iran to Turkey between March 7 and 10 while those stranded in Iraq, Qatar and Bahrain as well as the UAE, Jordan and the UAE are either returning or will do so once airspace is reopened.
UNITED ARAB EMIRATES
State news agency WAM reports that the UAE Civil Aviation Authority plans to start operating "special flight" across all of the country's international airports in order to assist some of the tens and thousands of passengers stuck in the region to leave.
UNITED KINGDOM
The British Foreign Office reported that after 130,000 UK citizens registered for presence in the region, British chartered flight left Oman on 5 March after technical delays on 4 March. Priority was given to vulnerable UK nationals who wanted to leave the area.
(source: Reuters)