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TotalEnergies CEO: TotalEnergies to invest in expanding Fujairah Oil Export Pipeline in Abu Dhabi
The CEO of TotalEnergies, a French oil company, said that the company will continue to invest in the Middle East in spite of the Iran conflict. This was revealed at a conference on energy in Norway. Patrick Pouyanne previously said that it was important to fund alternate pipelines in order for oil to leave Middle East, given the paralysis of the Strait of Hormuz during the U.S.-Israel war against Iran. Pouyanne stated at the ONS Conference that "we are today the largest traders of oil from Iraq or Qatar... it is clear to me that a certain amount equity needs to be invested in an alternative route." He added, "We will partner with the pipeline that will move?from Baghdad into Syria. I will also make an investment in Abu Dhabi to double the Fujairah pipe." The Habshan-Fujairah Pipeline in Abu Dhabi, also known as the Abu Dhabi Crude Oil Pipeline can transport up to 1.8 millions barrels of oil per day. This has proven?crucial for the United Arab Emirates, who are trying to maximize exports out of the Gulf of Oman, just outside of the Strait of Hormuz. The UAE hopes to double that export capacity by next year.
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Vision Marine signss letter of intent to be acquired by a private defense company
Vision Marine Technologies announced on Monday that it has entered into a letter of intent which is non-binding and under which the company would be acquired by a private defense firm, creating a public traded platform focusing on artificial intelligence (AI), autonomous systems, and electrification. The Marine Technology Maker said that the identity of the buyer and commercial terms will remain confidential "pending the completion of due diligence and negotiation and execution of definitive transaction documents." Vision Marine manufactures electric propulsion systems and operates Nautical Ventures in Florida, a platform for recreational boating sales and services. The acquiring company is developing unmanned aerial vehicles and autonomous systems, with a focus on aerial, for defense, government and critical-infrastructure applications, Vision Marine said. After the completion of this 'deal, Vision shareholders will own the remaining 2.9%. Vision Marine, with a capitalization of 1.52 million dollars, announced that the combined company would remain listed on the Nasdaq. The parties plan to execute definitive agreements by October 15th and complete the proposed transaction before December 31st. Aishwarya JAIN in Bengaluru, Anil D'Silva, and Shailesh KUBER edited the report.
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Maguire: High gas prices will test the endurance of US LNG exports.
The U.S. has shipped record volumes of super-chilled LNG so far in the year 2026. However, rising global natural gas prices could soon reduce demand among cost-conscious buyers. LSEG data shows that key forward gas and LNG price in?European and Asian countries -- which account for more than 80% of U.S. shipments of LNG -- are at their highest level in over three years. According to Kpler the ongoing U.S.-Israeli?war against Iran has disrupted the freight traffic in Gulf and reduced?LNG?flows from Qatar, a key exporter, by more than 60% from the previous year, opening the way for higher prices and record U.S. shipments. Exporters will soon see softer demand, as buyers delay purchases due to high freight costs and seasonal decreases in gas consumption. PRICED OUT According to LSEG, the estimated forward price for LNG deliveries in Asia is expected to rise to over $22 per million British Thermal Units (MMBtu) by October, November, and December. This compares with an average of under $17 per MMBTu so far in 2026, and would be the highest price seen in Asia since 2023 at the beginning of the global gas market's turmoil due to Russia's invasion and disruptions of Russian gas flows. Gas purchases in Japan, China and South Korea will likely be softer than usual until utilities restock their gas supplies as winter approaches. Gas consumers in Europe can expect to pay a benchmark price of $21,50 to $22,50 per MMBtu at the Netherlands gas trading hub between October and December, the highest prices since late 2022. The European gas market is showing signs of a slowdown. Gas-fired electricity is being replaced by renewable energy sources, and households and businesses are electrifying their heating and other energy needs to reduce fossil fuel use. Similarly, European gas stocks remain below long-term norms, which means utilities will have to replenish their stockpiles in order for heating demand to pick up. Recent import trends indicate that buyers are not in a hurry to purchase additional LNG at the current price. According to Kpler's data, Europe imported a total 6.2 million tons of LNG during July. This is the lowest total for July since 2021. The slow pace of imports suggests that buyer concerns about fuel prices currently outweigh those regarding potential supply security. EXPORTER PERSPECTIVE The prospect of a short-term slowdown in demand from importers is not a major concern for U.S. LNG suppliers, given the record numbers that have already been recorded during the first seven month of the year. Kpler data show that U.S. companies exported just under 73 million tonnes of LNG between January and July. This is a 23% increase from the same period in 2025. The shift towards alternative energy sources and electrification may be accelerated by prolonged high gas prices on key target markets. The cost-sensitive markets of Asia, which also have a rapidly growing renewable energy?generation sector and a strong growth in battery?systems, are likely to be the most affected. Storage operators may be discouraged from making discretionary purchases if natural gas prices are high. They will not want to fill up tanks if prices are high, in case the demand is low through winter. This could limit their reselling options. The LNG exporters should also be aware of the planned increases in export volumes. Several liquefaction expansions are expected to take place in the U.S.A. and Canada before the end of this decade. The majority of these planned expansion projects have been approved on the assumption that gas consumption in all markets will continue to grow in tandem with supply. Gas prices may be high enough in certain regions to reduce local 'demand' and speed up energy transition. Exporters will face fierce competition to find buyers regardless of the amount they have to sell. These are the opinions of the columnist, who is also an author. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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German billionaire Klaus-Michael Kuehne dies at age 89
The company announced on Monday that German investor Klaus-Michael Kuehne died at the age of 89. He was the controlling shareholder in the Swiss logistics group Kuehne & Nagel. Kuehne is the grandson to August Kuehne who founded the company. He also holds major stakes in German companies Lufthansa and Hapag-Lloyd, chemicals trade group Brenntag, and bus and train service operator Flix. He is a dominant figure in the world of shipping and logistics. Kuehne + Nagel, which was a small family business, has grown into one of the largest logistics groups on earth. Forbes estimates that his holdings are valued at more than $44.2billion. He was the chairman of Kuehne and Nagel's board of directors from 1992 to 2011. Kuehne, who has strong family ties in northern Germany formed a group of investors to purchase Hapag-Lloyd's Hamburg container shipping business. This was done to avoid the company being folded into another global competitor. He was a dominant presence among German family investors and later acquired 20% of the voting rights at German flagship airline Lufthansa Group. Reporting by Ludwig Burger, Friederike Heine and Kirovan Donovan.
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Zelenskiy: Russia 'not yet ready' to ceasefire on grain vessels
Volodymyr Zelenskiy, the Ukrainian president, said that Russia is "not ready" to agree to a ceasefire in relation with attacks on agricultural ships on the Black Sea. Moscow also wants any agreement?to include attacks on Russian refineries and pipelines. Moscow and Kyiv, two major players on the global agricultural markets, both accused each other for intensifying attacks against vessels used to export food during Russia's conflict in Ukraine. This month, it was reported that Ukraine sent Russia an invitation to stop attacks on civilian targets in the Black Sea. Russia rejected the idea saying that it did not see any reason for "half measures"?that could offer the other side a respite. "I spoke to certain leaders. I 'proposed they use their vessels for transporting food from our port, and we wouldn't attack their.ships if their ships came to pick-up agricultural exports from Russia," he told journalists in comments?cleared to be released on Sunday. He stated that Moscow wanted a "quid pro quo" whereby it would stop attacks on Ukraine’s grain corridor in exchange for Kyiv stopping strikes on Russian energy infrastructure. "It's not the grain for (Russia). Zelenskiy stated that it's all about the energy sector in Russia. He said that any deal to stop Ukraine’s attacks on Russian oil refineries, fuel transport and other facilities would have to include a ‘reciprocal cessation’ of attacks against Ukraine’s energy system. Zelenskiy made his remarks in the absence of any immediate comment from Russia. The Kremlin announced on Monday that steps were being taken to?minimize the impact of Ukraine’s strikes on Russian grain exports. In recent weeks, Ukraine's attacks on Russian economic targets have intensified. This includes grain export terminals. During the coldest winter of the war last year, many Ukrainians were left without heat and power as Russia targeted Ukraine's electrical network. This made them fearful about the months to come. (Reporting and editing by Daniel Flynn, Timothy Heritage, and Max Hunder)
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UKMTO: Tanker struck by unknown projectile near Yanbu, Saudi Arabia
The United Kingdom Maritime Trade Operations reported on 'Monday' that a tanker was struck by an unknown projectile 63 nautical miles 'west' of Saudi Arabia's port city Yanbu. This led to a fire breaking out on the vessel's deck. The UKMTO reported that all crew members were safe and accounted for, with no environmental impact. Yanbu is Saudi Arabia's Red Sea main oil port. It has millions of barrels of oil loaded every day. Since Yemen's Iran allied Houthis announced a blockade of Saudi-linked vessels on the Red Sea last month, shipping from Yanbu is also disrupted. In recent weeks, the Houthis allegedly carried out attacks on Saudi oil installations and ships in the Red Sea. They also claimed that they had targeted Saudi oil giant Aramco facilities in Yanbu back in July. Saudi authorities have not confirmed or commented on the reports. Reporting by Menna A. Alaa El.Din, Eman Abouhassira and Hugh Lawson.
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Uniper, a German gas company, says that it has filled up 70% of the contracted storage space.
Uniper, a German company, has filled 70% its?natural-gas storage capacity reserved over the summer despite the wholesale prices being low. The war in Iran is making the market more challenging. Michael Lewis said that an?inverted winter-summer spread', where the summer wholesale prices are higher than those of the winter, means there is no incentive to store gas. He made this statement after signing a deal for gas supplies with Norway's Equinor. "Now, that doesn't imply we haven't stocked any gas." Lewis stated that we've filled about 70% of the contracted gas storage. He added that the price spread had moved in the correct direction over the past few weeks. The CEO stated, "We're at the market every single day, buying gas and storing it in places where we feel there's an incentive to do this. We will continue to do that." According to the transparency platform AGSI, as of Thursday, German storage levels are just above 50%, compared with 76% one year ago, and 62% in European Union nations. The summer is the time when energy companies and traders store gas, as prices are usually lower. However, the Iran War has pushed up the prices, which makes storing gas less profitable than selling it. Uniper signed on Monday a deal with a supplier,?Equinor, for a pipeline natural gas imports from Norway starting January 1, 2027. However, this will not assist with gas storage during the winter of 2018, Lewis said. The European Union can also rely on LNG to supplement its pipeline gas supply. However, the closing of the Strait of Hormuz - through which 20% of global LNG supplies used to pass - has pushed up prices around the world. "Sure, that's a big challenge." Lewis stated that we need to find a diplomatic solution and will do all we can from our end to ensure gas is available for our customers. (Reporting and editing by Terje Solsvik, Nora Buli)
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India's largest factory hub cancels airport project worth $2.86 billion and looks for alternative sites
Tamil Nadu, India's leading manufacturing state, has canceled plans to build a second airport in its capital, Chennai, according to its chief minister. This is despite calls from industry for increased?aviation capability? Chennai is India's Detroit. It hosts the factories of Hyundai, Renault, Apple suppliers Foxconn, and Tata Electronics. Chief Minister Joseph Vijay said that the state had identified alternative locations which will have a significantly lower impact on agricultural land. Vijay ended in May a decades-old duopoly between?two major political parties. The previous government received approval from civil aviation to build an airport near Chennai at a cost estimated at 274 billion rupees. Farmers had opposed the project. The consultancy Colliers had said that the airport would stimulate demand for air cargo warehousing, manufacturing facilities and industrial parks nearby. Ravichandran Purushothaman, chairman of the southern region of the Confederation of Indian Industry, said that it is important for the government to quickly finalise a new site and give priority to the project in order to "support Chennai's rapidly growing industrial, manufacturing and service sectors." According to a federal government statement made a year earlier, Tamil Nadu was responsible for the largest share of manufacturing and?factory employment in India. State government plans to upgrade an existing terminal, which currently handles 30 million passengers per year, and build a new terminal. Tamil Nadu has signed a total of 674.52 billion rupees worth of investment pacts, including with Saint-Gobain, Indian jeweller Titan, and U.S. computer maker Super Micro Computer. $1 = 95.72250 Indian Rupees (Reporting and editing by Mrigank Dahaniwala in Chennai)
Putin gives the Russian state the right to control infrastructure that is not properly protected
The Russian state was given the authority by President Vladimir Putin to take control of critical infrastructure facilities that are deemed to have been 'poorly protected' from Ukrainian drone attacks and other threats.
A presidential decree outlines the special powers that will allow for temporary management of these facilities. This is at a time where?Ukraine is intensifying drone attacks against oil refineries and retail warehouses.
According to the decree, the state can take over 'physical and financial assets' and formal ownership rights when the entity responsible for these 'facilities is judged to be negligent in protecting them and too slow in repairing them after an attack.
The new decree included fuel, energy, communications, transport, and logistics facilities, as well as other items deemed to be critical for ensuring?security and stability? of the state?and the people?.
Putin ordered last week that the government launch "a" program to rebuild commercial warehouses destroyed or damaged by Ukraine over recent weeks.
Kyiv has attacked at least two dozen warehouses belonging to Russia's largest online retailer Wildberries, destroying a significant?chunk? of its storage capacity. Russia's second largest?online retailer Ozon said on Monday that four of its logistic hubs in southern Russia were targeted by Ukrainian attacks. Reporting and Editing by Andrew Osborn
(source: Reuters)