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Venture Global receives approval to export LNG at CP2 Plant
Venture Global received final approval from the U.S. Energy Secretary Chris Wright on Tuesday for exporting liquefied gas (LNG), produced at its CP2 facility in Louisiana that is currently under construction, to countries without a U.S. free trade agreement. Venture Global will be able to export up to 28 million metric tonnes per year (mtpa), or 3.96 billion cubic foot per day, of U.S. Natural Gas to countries that are not part of the Free Trade Agreement. Kyle Haustveit is Assistant Secretary of Fossil Energy. Venture Global, the U.S.'s second largest LNG exporter, could overtake Cheniere Energy when the CP2 facility is completed and become the U.S.'s largest exporter. Venture Global CEO Mike Sabel stated in a press release that "we look forward to continuing to advance the project safely and rapidly to bring new LNG into the global market in record time beginning in 2027." Exporting LNG to non-FTA nations requires permission from companies. Most buyers in Europe, Asia and Africa do not have free-trade agreements with the U.S. The U.S., under the former president Joe Biden, halted the issuance of non-FTA permits to LNG developers in 2024 so that it could study both the environmental and economic impacts of increased U.S. LNG export. The Trump administration reversed this decision. The approval follows the Department of Energy conditional authorization granted to Venture Global by the Department of Energy in March, and the Federal Energy Regulatory Commission’s approval of the construction of the plant in May. Reporting by Curtis Williams, Houston; Editing and proofreading by Christopher Cushing
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Fight over port charges in Trinidad jeopardizes ammonia, methanol exports
Three people with knowledge of the matter said that a standoff over port charges paid to Trinidad and Tobago National Gas Company by producers of ammonia and methanol is threatening the sales of products from one the world's largest producers. Nutrien announced on Tuesday that it would temporarily close its Caribbean plant due to "port access restrictions" placed by Trinidad's National Energy Company (a subsidiary of NGC). Nutrien informed its employees, in an internal memo seen by the. Nutrien told employees in an internal note that was seen by the. Sources say that more plant closures may occur in the next few weeks, as Trinidad authorities warned companies they would not be allowed to export ammonia or methanol without paying higher port fees. Trinidad's energy minister confirmed that the closure of Nutrien was due to port access. He said that the government, its state-owned firms and Nutrien were currently in talks to resolve the problem. PORT CHARGES CAN INCREASE 200% Two of three people who spoke to the media said that the National Energy Company in Trinidad wants to raise port charges up to 200%, and retroactively apply them to 2020. Methanex, Proman and Koch's Point Lisas Nitrogen could also be shut out of the port if the companies do not pay. Methanex Proman NGC and Yara have not responded to our requests for comment. Trinidad will be the second-largest exporter of Ammonia in the U.S. by 2024, with 37% all imports from the Caribbean Island. According to the U.S. Geological Survey, the country is the second-largest exporter in the world of methanol. It's also the biggest exporter of urea. Trinidad's petrochemical industry has faced significant gas curtailment. Three of Proman's 5 methanol plants, and one of Methanex 2 plants, have been shut down because of gas shortages. According to three sources with knowledge of the situation, NGC did not offer new prices to companies whose long-term contracts were about to expire. Data from the Ministry of Trade of Trinidad show that after the Trump administration imposed a 10% duty on Trinidadian products, Proman diverted the majority of methanol that it had previously marketed to the U.S. into Europe.
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Lithuania's capital suspends air traffic due to balloons of smugglers
The National Crisis Management Centre of Lithuania (NCMC) issued a press release late Tuesday evening stating that the suspension of air traffic was due to the presence of balloons belonging to smugglers in Lithuania's airspace. In recent weeks, drone sightings have caused chaos at European airports including Copenhagen, Munich, and the Baltic area. In a statement, the NCMC stated that "operations have been disrupted because weather balloons were used to smuggle cigarette from Belarus." Passengers are asked to adhere to official airport instructions. The operator of the Vilnius airport said that eight incoming flights had been redirected so far, including to Lithuania’s Kaunas Airport and Warsaw. The Vilnius Airport Closed on October 5, Due to a similar event of helium-filled balloons carrying contraband cigarette from Belarus. (Reporting and editing by Terje Solsvik, Andrius Sytas)
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Air New Zealand flags increased engine lease costs as it faces a loss in the first half of 2026
Air New Zealand forecast on Wednesday a loss for the first six months of fiscal 2026 due to the lack of expected revenue growth from domestic and U.S. bound bookings. This was in addition to worries about higher engine lease costs. The flag carrier expects to report a six-month loss between NZ$30 (US$17.20) and NZ$55 millions. The company said earlier that earnings for the first half of the fiscal year would be comparable or lower than the NZ$34million reported during the last six-months of fiscal 2025. The airline has said that the cost of engine leases will increase by about NZ$20m in the first six months due to end-of-lease costs on two short-term aircraft. Air New Zealand has said that it does not expect the revenue boost of 2% to 3% it had expected from domestic and U.S. bound bookings. Current forward sales show no such momentum. The first-half earnings of fiscal 2026 are expected to be affected by approximately NZ$50million. The airline also cited increased fuel costs, citing the higher payments under the International Carbon Offsetting Scheme For Aviation CORSIA of NZ$10million.
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Ambipar bankruptcy filing in Brazil cites 'irregularities'
Ambipar, a Brazilian waste management firm, filed for bankruptcy late Monday night, citing signs that a former executive was engaging in irregular activities. This move added to the concerns on corporate debt markets. According to Monday's filings, Ambipar filed its bankruptcy in a Rio de Janeiro Court, and its U.S. listed subsidiary, Ambipar Emergency Response sought Chapter 11 protection in Texas. Ambipar stated that it filed the documents after "discovering evidence of irregularities of the Finance Department in contracting swap operations and the sudden resignation of the previous Chief Financial Officer." Joao De Arruda, former CFO of Ambipar, resigned from the position last month after just a little over a year. Ambipar stated that during his tenure, swap contracts were "transferred from Bank of America and Deutsche Bank, then amended with a new rule which introduced a speculative component." Arruda’s lawyer did not respond immediately to a comment request. Ambipar's filing for bankruptcy adds to the corporate debt problems that have rattled the market over the past few weeks. These include the bankruptcies by auto parts retailer First Brands, and subprime lending company Tricolor. Investor sentiment is fragile, even though several analysts have characterized the cases as idiosyncratic or arising from lapses of risk controls. Jamie Dimon, CEO of JPMorgan Chase, said that the market for credit is likely to have more "cockroaches", referring to auto bankruptcies. He also warned that further problems may be ahead. The central bank has kept its benchmark interest rate at 15% despite growing fiscal concerns. This is increasing pressure on Brazilian companies. Ambipar stated that its bankruptcy protection was urgently needed after Deutsche Bank, which is a counterparty to currency swaps and a subsidiary on certain loans with the company, asked for more loan guarantees. This prompted other creditors, including banks, to demand early repayment. According to a source with knowledge of the matter, Ambipar's bankruptcy filing in Brazil declared a total debt amounting to 10.48 billion Reis ($1.94billion). According to the filings, Ambipar has approximately $1.05billion in outstanding principal for its 2031 and 2033 Green Bonds. Bank of New York Mellon listed $328 million in unsecured bondholder claims. Source: The swaps made with Deutsche Bank were to hedge these bonds. Deutsche Bank and Bank of New York Mellon both declined to comment. The filings reveal that holders of green bonds formed a group of noteholders and were represented by Davis Polk & Wardwell LLP as legal counsel and Houlihan & Lokey as financial advisor. FTI Consulting was retained by Ambipar's counsel to conduct a forensic audit of Ambipar. Davis Polk, Houlihan Lokey, and FTI representatives did not respond immediately. The firm that manages waste had previously obtained an injunction to prevent creditors from requesting accelerated payments. As the company said, such demands could create a "financial gap of more than 10 billion reals" ($1.85billion), since one creditor demanding repayment immediately could cause a domino-effect. Due to issues with governance, Ambipar's stock, which has lost 96% of its market value this year, has been removed from the indexes at B3, the operator of Sao Paulo's stock exchange. The stock fell around 30% on Tuesday in Brazil. UBS analysts in a report published late September said that the company, which was pursuing international expansion at the time, had struggled to manage its increasing financial complexity and integrate newly acquired assets amid management turnover. UBS said that recent events had exposed the weaknesses in UBS' governance and balance sheet strength. As of 2023, according to Ambipar, 57% (or its net revenue) came from Brazil. 15% of the bank's revenues came from Latin America as a whole, 25% of them from North America, and only 3% of it from Europe. Reporting by Luciana Magialhaes, Ananya Palyekar, Manya Saini, and Tatiana Bautzer, in Sao Paulo; Additional reporting by Dietrich Knauth, Editing by Brad Haynes and Hugh Lawson; Michelle Price, Nick Zieminski, Andrea Ricci, and Brad Haynes.
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UPS adds air conditioning to delivery trucks in the hottest US zones
According to United Parcel Service and Teamsters Union, which represents its drivers, the company will retrofit 5,000 boxy brown trucks with air conditioners in areas where it is hotter. UPS has committed to adding 28,000 air-conditioned trucks in its national contract. Teamsters announced late Monday that the 5,000 retrofits would help speed up this process and provide drivers with some relief from scorching heat in summer. By June 1, 2026, the first 2,000 vehicles to be retrofitted under this agreement will have been prepared. The union announced that all 5,000 Teamsters delivery trucks will have air conditioning by June 1, 2027. These trucks will then be dispatched to Teamsters' hot delivery areas, mainly in the South and Southwest. A new pilot program will evaluate heat relief strategies and upgrade 100 package cars with air conditioning venting into the cargo area. "We're eager to begin testing A/C for the cargo compartment. It is inarguably the hottest area of package cars," said Karla Shumann, secretary and treasurer of Teamsters Local 104, Phoenix, as well as chair of the heat committee. (Reporting and editing by Aurora Ellis in Los Angeles, Lisa Baertlein from Los Angeles)
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-Palliser calls on LG Chem's board to be refreshed, saying that it could boost shares
Palliser Capital urges LG Chem to buy back its shares and refresh its board. It argues that these changes and others could increase the share price by more than twofold. James Smith, founder and chief investment officer of Palliser, said that investors view the South Korean chemical firm as a struggling company in petrochemicals, and dismiss its battery business. This was stated at the 13D Monitor Active Passive Investment Summit held in New York. LG Chem's shares, despite their strengths, have fallen 20% in the past 12 months. They have also lagged behind its peers. Smith said, "This is insane, crazy, ridiculously cheap." Smith cites a lack in trust and alignment with LG Chem's shareholders as well as poor allocation of capital for the steep gap between its current $14 billion valuation and what it could be at $53billion. Investors also criticised its 2020 decision of spinning off its battery business to a new company named LG Energy Solutions. Some analysts claimed that this had a negative impact on the Korean Capital Markets more generally. Smith has praised the recent steps taken, such as the sale of water filters and a non-core polarizers business in the past two years. However, he believes that they are not sufficient. It is time to refresh the board with new experts who have experience in LG Chem's advanced materials, electric vehicle and life sciences sectors. He said that the current directors lack experience in capital allocation and business management. Smith also urges the company to continue monitoring and maintaining appropriate levels of net-debt as well as to purchase back shares. Smith has made previous investments in Japan, including real estate company Tokyo Tatemono, and rail company Keisei Electric Railway. (Reporting and editing by Margueritachoy)
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Russia sends first oil to Georgia's new refinery, Urals Diffs steady
According to LSEG data and industry sources, the differential between Urals crude oil and other grades was unchanged on Tuesday. Meanwhile, Russia delivered a first cargo of oil to the newly constructed Kulevi oil refining plant in Georgia earlier this month. According to LSEG, and a trader the tanker Kayseri transported 105,340 metric tonnes of Siberian Light Oil grade from the Russian Black Sea Port of Novorossiisk, to the Kulevi Oil Terminal, on October 6, 2006. The Danube Refinery of MOL, a Hungarian oil-and-gas company, is gradually reopening its units following an early Monday morning fire in one of the crude unit's. PLATTS WINDOW There were no bids or offers reported on Tuesday in the Platts window for Urals, Azeri BTC Blend or CPC blend crude. The Kazakhstan Chevron Tengiz Oilfield, which is the largest in the country, has undergone maintenance, and it will be finished on October 24, said Energy Minister Erlan Akenzhenov on Tuesday. Viktor Orban, Hungary's prime minister, said that he had held discussions with MOL leaders after an overnight fire at MOL’s Danube Refinery. He added that the fuel supply of Hungary was secured. (Reporting and Editing by Susan Fenton, Krishna Chandra Eluri).
FAA staffing issues causing delays at Houston and Newark airports
On the 21st of a U.S. Government shutdown, the Federal Aviation Administration reported that staffing problems at air traffic control were causing delays in flights to Houston and Newark Airports.
Because of controller absences, the FAA has issued ground stops that will impact flights at Houston’s George Bush Intercontinental Airport (George Bush Intercontinental Airport) and Hobby Airport.
Houston Bush also experienced delays in the past when communication issues caused a ground stop, which was then extended due to staffing problems.
By 7 p.m., more than 163 Houston Bush flights had been delayed. FlightAware, a flight tracking service, reports that ET (2300 GMT) or approximately 12% of all flights are delayed. A further 53 flights were also delayed at Hobby, which is 8%. Newark Liberty International, in New Jersey, also experienced delays of more than 171 flights, or 15%.
The government shutdown is forcing 13,000 air traffic control officers and around 50,000 Transportation Security Administration (TSA) officers to work without pay.
Jennifer Homendy, chair of the National Transportation Safety Board, said that she was worried about the impact of the shutdown on controllers. Homendy added that controllers are often distracted by personal issues and not being paid.
Even before the shutdown, many air traffic controllers were working six-day weekends and mandatory overtime to meet their staffing targets.
The debate about the shutdown has shifted to the air traffic control system, with both sides blaming each other. Both unions and airlines are calling for a swift end to the shutdown.
In 2019, the number of controllers and TSA agents absent increased during a 35 day government shutdown as employees missed paychecks. This resulted in longer wait times at checkpoints. Authorities had to slow down air traffic in New York City and Washington to put pressure on legislators to end the standoff. (Reporting and editing by Caitlin Freed and Jamie Freed; Jasper Ward and David Shepardson)
(source: Reuters)