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Sempra’s Port Arthur Phase II project will supply EQT with LNG
The companies announced on Wednesday that Sempra would supply EQT Corp with 2 million tonnes of liquefied gas per year (Mtpa), from the Port Arthur Phase 2 Development Project. The commercial activity in the U.S. liquefied gas sector has increased rapidly since President Donald Trump lifted his moratorium on new export permits for liquefied gas shortly after assuming office in January. Sempra’s Port Arthur Phase 2 Project won U.S. Approval in May for exporting LNG to markets across Europe and Asia. Sempra and ConocoPhillips signed an agreement last week to supply 4 million tonnes per year of LNG produced by the Port Arthur LNG Phase II project. Under the agreement, EQT is to buy LNG on a 20-year free-board basis and at a price indexated to Henry Hub. Sempra expects to reach a final decision about the Port Arthur LNG Phase 2 in 2025. (Reporting and editing by Devika Syamnath in Bengaluru)
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The MOL head in Hungary says that Druzhba oil flow could resume on August 27 or 28,
The executive chairman of MOL, the Hungarian oil company, told the website mandiner.hu that the Druzhba Pipeline could be operational again as early as August 27 or 28. However the Russian pipeline might not run to full capacity. Hungary and Slovakia announced on Friday that the oil supply via the Druzhba Pipeline could be suspended for a minimum of five days following Ukraine's latest attacks on Russian energy infrastructure. MOL's Zsolt Hernadi stated in an interview with mandiner.hu, that the company is able to provide its refineries using operational reserves but could have to rely on strategic reserves. Hernadi stated that even if MOL were to increase its imports through the Adriatic pipeline it would still import Russian crude oil, because Hungary and Slovakia have been exempted from sanctions. He said that he wasn't sure that MOL could import enough crude via the Adriatic Pipeline to run its two refineries at maximum capacity if Druzhba shipments were stopped completely. Hernadi stated that if Druzhba oil flow does not resume by September 1st, Slovakia will have to tap into its strategic reserves, and its refinery won't be allowed to export. This will cut Hungary's fuel purchases by 20%, while also impacting Ukraine. Hernadi stated that "one seventh of Ukraine's needs for diesel is supplied by the refinery located in Slovakia via Hungary... and this will stop immediately." (Reporting and editing by David Goodman, Anita Komuves, Krisztina than)
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Bousso: Trump tariffs cause much-needed petrochemicals reduction
The trade wars of U.S. president Donald Trump are pushing the global plastics sector toward a painful, but necessary restructuring in order to deal with the acute overcapacity which has caused the industry's profit to be in a long-term slump. In the next few decades, demand for plastics will increase dramatically as middle class populations grow, especially in Asia. This will increase oil demand. The consumption of petrochemical products - such as naphtha and propane - was responsible for 95% percent of the total growth in oil demand between 2019 and 2024. According to the International Energy Agency, it is expected that between 2024 and 30 these plastic building blocks will increase by 2.1 millions barrels per day, or 18.4 million bpd. This growth will offset the decline in demand for transportation oil. Exxon Mobil and Saudi Aramco, as well as Adnoc in the UAE, have all invested heavily in the petrochemical industry, betting on the rising demand for feedstocks to counterbalance the effect of electric vehicles. China has also increased its domestic production in order to increase petrochemical independence. The shale gas boom in the U.S. has led to a rise in petrochemical production in the U.S. GROWING PAINS Since 2022, the rapid growth of petrochemicals has led to a serious imbalance between supply-demand. This puts heavy pressure on margins. The benchmark Chinese PDH margins (also known as cracks) have been negative for the majority of the last two years. In recent months, benchmark naphtha margins in Asia and Europe have also fallen. Chemical producers have seen their earnings plummet. In 2024, the South Korean petrochemical companies LG Chem and Lotte Chemical reported losses. Dow Inc., a U.S. producer, cut its dividend in the last month following a loss for the second quarter. Dow and BASF, its German competitor, both cut their full-year forecasts citing increased pressure from global trade conflicts. Petrochemical overcapacity will likely worsen, which is bad news for the industry. According to the Institute for Energy Economics and Financial Analysis, new plants are expected to increase supply by 20-25% in 2030. Shortly, the industry needs to be tightened. Not a Crisis to Waste Trump's tariff could do that. Trump's announcement of 25% tariffs against imports of South Korean petrochemicals, one of the country's top five export industries and the foundation of its electronics and car industries on April 2 was a major blow to the industry. ING stated in a report that even though the tariffs were delayed, and then reduced to 15%, first-half revenues from South Korean petrochemicals exports to America still dropped by more than a 5th year on year. The South Korean Government, which has been urging the sector to restructure for a long time, has responded by forcing 10 companies to reduce their annual naphtha cracking capacity by 2.7-3.7 million metric tonnes, or roughly a quarter the country's capacity of 14.7 millions tons. The petrochemicals industry in Europe has suffered from high energy prices since the energy crisis of 2022, which led to the closure of plants in France, Germany, and Britain. Dow announced in July that it would close three sites in Germany, the UK and France. Trade wars have weakened demand, which puts more pressure on plants. China, as part of a "anti-involution campaign" - a catchphrase for curbing destructive, profit-eroding competition - is said to be considering reorganizing its chemical sector. This includes closing down ageing plants that are losing money. Cleaning up China's petrochemical sector will likely face opposition from local officials, and new capacity additions will dwarf it. But any reduction in the industry would be a welcome relief to the global markets. Long Path Rapid expansion of petrochemical capacities, particularly in China, have far outpaced the growth of demand, creating one the worst crises of the sector's recent history. It will take a while to shrink this over-inflated sector and boost profits. Shell CEO Wael Sawan stated last month that the "incredibly deep" trough could continue for some time in the chemicals industry. While Trump's trade policy may seem like another blow to the industry, it could be the wake-up cry the petrochemicals sector needs. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
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Merz: Decision on Franco-German jet fighter to be made by the end of the year
Merz announced on Wednesday that he and French President Emmanuel Macron had agreed to make a decision by the end the year on the future of FCAS, the Franco-German fighter aircraft programme. Merz told Berlin reporters that "this will not be discussed" at the government consultations scheduled for Thursday and Friday (in the south of France). He added, "I hope that we can find a solution as we need to create a new fighter aircraft in Europe." Berlin accuses the French industry of blocking the next phase of development of the FCAS program, which is estimated to cost over 100 billion euros (117 billion dollars), by demanding exclusive leadership of the project. Dassault Aviation France, the company responsible for the crewed fighter core part of the project declined to comment. Airbus and Indra will also be involved in a scheme that will replace the French Rafale, German and Spanish Eurofighters and German Eurofighters by a sixth generation fighter jet starting 2040. Berlin and Paris disagree on the composition of the group. A defence industry source said in July that France had told Germany that it wanted a work share of about 80% at FCAS. Defence sources claim that the differences could jeopardize the second phase, which is aimed to be launched by the end the year, namely the development of airworthy demonstration aircraft. Dassault CEO Eric Trappier stated that at the end of July FCAS required clearer leadership and organization as partners moved towards the second phase. In practice, key decisions in the current design phase had to be cleared by Airbus. This added complexity and contributed to delays. The ministers will join the discussions on Friday at Toulon. On Thursday, Macron will receive Merz to dinner at his Bregancon home on the Mediterranean Coast. In a press briefing held on Monday, a French presidency official said that the discussions would cover the "slight differences" surrounding the fighter plane. He added that both sides were determined to see the project through.
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Maguire: US fossil fuel electricity production and emissions will peak in 2025.
Climate trackers who follow the trends in U.S. electricity generation and emissions have good and bad news. Good news: electricity production from fossil-fuels peaked in July, when the annual demand for air conditioners was at its peak. It has now started to decline as cooler temperatures reduce power demand. The bad news: July's fossil-fuel generation peak was the highest in nine years and the U.S. power sector has seen its largest monthly emissions since August 2021. The uneven progress in U.S. efforts to transition from coal and gas power plants is highlighted by the mixed bag of milestones for generation and emissions. It also highlights the important role they continue to play within the U.S. electricity generation system. The jagged monthly generation trends mask the progress that is being made in the U.S., where clean energy has generated a record-breaking share of the total electricity this year. Here are some more data points that show the relative performance of fossil fuels versus clean energy in the U.S. electricity generation system. SUMMER TOPS The peak in fossil-fuel-fired electricity production in the U.S. occurs between July and August, due to higher electricity demand from air conditioners during these months. In the period between 2015 and 2024 the U.S. fossil fuel production peaked in July eight times while August was the highest monthly point two times. The number of heatwaves in July 2025 will likely be higher than ever before, due to the average temperatures being slightly lower since then. Ember data shows that the total fossil-fired electricity generated in July was approximately 290 Terawatt Hours (TWh), which is the highest total since August 2016, when 294 TWh were produced. Ember data show that the July total generated 191 million tons of CO2 (3% more than in 2024, which was the peak of fossil production last year). This was the highest monthly total of power emissions since July 2021. It appears to have reversed an overall trend that has been declining for years in U.S. electric production. CONCEALED CLEAN GREEN PROGRESS The increase in fossil-fired electricity generation and emissions has led to fears among U.S. producers of electricity that they will regress on their clean energy production momentum. The share of fossil fuels in the U.S. overall electricity mix has fallen to record lows by 2025, despite the fact that fossil electricity supplies reached multi-year highs last July. In the period between January and July, fossil-fuel electricity accounted for 56% on average of all U.S. utilities' total electricity. This generation share is compared to 57% in the same months of 2024 and is a far cry from the nearly 67% fossil share that was recorded for January to July 2015. In contrast, clean energy has generated a record share of U.S. electricty so far in 2025. This compares with only a share of 33% during the same month a decade earlier. As solar power drops, the share of clean energy in U.S. electric generation dips. However, it then shows a strong recovery through the winter when wind speeds increase at wind farm level. In the same way, fossil fuels are used less in the generation of electricity during milder weather periods, like the spring and fall, which allows utilities to maximize the use of clean energy sources. As a result of President Donald Trump's abrupt decision to scrap clean energy incentives, the speed of growth of clean power is expected to slow. As existing projects are completed, the footprint of clean energy sources will continue to grow. This momentum will be sufficient to raise clean power's share in the U.S. mix of electricity generation to new heights by 2025. 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 analysis. 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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Sources say that Harvest Midstream, Jeff Hildebrand’s company, has agreed to purchase some MPLX assets for $1 billion.
People familiar with the situation said that Harvest Midstream, which is owned by the founders of Hilcorp Energy and privately held, has reached an agreement to purchase natural gas gathering assets worth around $1 billion from MPLX. Houston-based Harvest has midstream assets across multiple oil and natural gas plays. This includes the Bakken Shale in North Dakota and Alaska. The company was founded by Jeff Hildebrand who is also the owner of Hilcorp, the largest private oil & gas company in the United States. According to the sources, Harvest will be able to expand into the Uinta shale basin, as well as the Green River shale, which are located in Utah, Colorado, and Wyoming. The people spoke anonymously to discuss confidential information. Sources confirm that Harvest will buy pipelines of more than 1,500 km (2,414 miles) in length that transport natural gases from the wellhead and connect them to consumers as well as processing capacity. MPLX and Harvest were not available for comment after normal business hours. The deal for MPLX comes as the company invests more in the Permian basin of Texas and New Mexico. According to a 5th of August analyst call, MPLX acquired around $3.5 billion in 2025. MPLX's activity has been focused on the Permian. The most recent announcement was at the end July that it had reached an agreement to purchase Northwind Midstream, valued at nearly $2.4 billion. WhiteWater, along with other partners, announced on Monday the final investment decision for the Eiger Express Pipeline. This new natural gas pipeline will connect the Permian to export facilities located on the U.S. Gulf Coast.
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Ryanair welcomes Boeing fast-track plane deliveries
Michael O'Leary, CEO of Ryanair, said that Boeing has accelerated its delivery schedule for the budget airline. Instead of spring next year, 25 new aircraft are expected to arrive by October. After a panel blowout mid-air on a new 737 MAX, in January 2024, the U.S. firm is working to stabilize production. This was after widespread safety and production problems were exposed. O'Leary said in Brussels that "the quality of the work they do is excellent, so we're very impressed." He said that he expected the U.S. Federal Aviation Administration to certify Boeing's newer 737 MAX aircraft soon. Boeing has indicated that the MAX 7 could be certified as early as next year, and the MAX 10 by the end 2025. STRONG SUMMER O'Leary's remarks come at a time when the airline is struggling with air traffic strikes this summer. However, he confirmed that bookings are strong and there has been no change in the airline's forecast. Budget carrier was forced to cancel 700 flights due to strikes in France, mostly in July. Although air traffic control strike numbers dropped in August, the European Union must still do more to ensure staffing and allow planes to fly above certain countries during strikes. He said: "You cannot allow the French to shut down the skies above Europe because they are on strike."
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Kazakhstan is in talks with BTC to resume oil transport via BTC pipeline.
The Russian state-run news agency TASS, citing Kazakhstan's energy minister, reported that the Central Asian nation is in talks with the Russian government to resume oil transport via the Baku - Tbilisi - Ceyhan (BTC) pipeline. This was the first confirmation by Kazakhstan of any disruptions to its exports through the BTC. The BTC has been impacted by issues with contaminated Azerbaijani crude oil. According to industry sources, Kazakh supplies through the route were stopped in early August. Last month, organic chloride was found in Azerbaijani BTC cargoes. This pushed the price differentials down to their lowest level in four years and delayed loading. According to Kpler's data, the Azerbaijani BTC loads from Ceyhan in July totaled 423,000 barrels per daily (bpd), below the 561,000 scheduled for the month. The use of organic chlorides to increase oil extraction is a good thing, but they must be removed from pipelines before oil can enter them as they may damage the refinery equipment. There was a report (about the suspension of deliveries via BTC). KazMunaiGas, I believe, is now negotiating a return to this route as soon as possible," Kazakh Energy minister Yerlan Akkenzhenov told TASS. The 1,768 km (1,100 mile) BTC pipeline managed by BP brings oil from Azerbaijan's and Kazakhstan's Caspian oilfields to the Turkish port Ceyhan. The route is used as part of Kazakhstan’s effort to bypass Russia when exporting energy. The Caspian Pipeline Consortium ships more than 80% Kazakhstan's oil via a Russian Black Sea Port. Statisticians state that Kazakhstan has increased its oil exports through the BTC by 12% in the first half 2025 compared to last year's same period to 785,000 tonnes (34,000 barrels a day). TASS also reported that the Kazakh Minister Akkenzhenov said that despite recent Ukrainian attacks against the Druzhba Pipeline, supplies of Kazakh crude oil to Europe continue without delay.
Washington Union Station is to be taken over by the Trump administration
After Trump administration officials raised concerns about safety, the U.S. Transportation Department announced on Wednesday that it would reclaim control of Washington Union Station. It is one of America's largest rail hubs.
Stephen Gardner, CEO of Amtrak (U.S. passenger rail company), was forced to resign in March by the White House, following an order from President Donald Trump.
The plan to reclaim Union Station comes after Trump's decision to send hundreds of National Guard soldiers to Washington this month, following his takeover of the local police force over the objections from local leaders.
In a press release, Transportation Secretary Sean Duffy stated that the department is renegotiating an agreement with Amtrak and the non-profit Union Station Redevelopment Corporation which controls the station. He added that formal confirmation of the USDOT's new control over Union Station will be expected in September.
Union Station was one of the sites guarded by National Guard troops. Vice President JDVance also visited the station.
Amtrak will unveil new Acela high-speed trains on Wednesday on the Northeast Corridor. This busy rail corridor, which links Boston and Washington, is the busiest in the United States, with over 800,000 trips per day. The region represents 20% of the U.S. economic output.
The new trains are capable of running at speeds up 160 miles per hour, which is 10 miles faster than current trains. However, they will only be able run at this faster speed for a limited time until additional work has been done.
Alstom's new trains in the United States have 27% extra seating per train. The Trump administration announced last week that it would be increasing metals tariffs for imported railcars.
USDOT announced in April that it would remove the Metropolitan Transportation Authority as the leader of the Penn Station Reconstruction Project in New York City. Instead, Amtrak will be overseeing the project, which is backed by USDOT, in midtown Manhattan.
Trump repeatedly tried to reduce funding for Amtrak during his first term. Amtrak receives about $2.4 billion annually in federal support by 2023. Congress approved Amtrak funding of $2.42 billion per year in March.
Since March, the railroad has been led by Roger Harris as its president. A new CEO has not yet been appointed. Last year, it set a record for passengers. (Reporting and editing by Toby Chopra, Helen Popper, and David Shepardson)
(source: Reuters)