Latest News
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Sources say that Korean Air is expected to order 100 Boeing aircraft.
Sources say that Korean Air will announce a new order for 100 Boeing aircraft on Monday, coinciding with President Lee Jae Myung's visit to Washington. Sources said that the order will include a mixture of Boeing 787s and 777s. Cho Won Tae, CEO of Korean Air and Stephanie Pope, CEO of Boeing Commercial Airplanes attended an event in Washington with South Korean President Lee Myung-bak. Boeing has declined to comment. South Korea's Industry Ministry said in March that Korean Air would finalize a deal worth $32.7 billion for new Boeing and GE Aerospace engine. Last year, Korean Air announced that it would purchase 20 Boeing 777-9 planes and 20 Boeing 787-10 aircraft. It also said there were options to buy an additional 10 planes. The deal was signed in 2024. Boeing plane orders are expected to be announced by many countries that are negotiating with the Trump Administration. (Reporting and editing by Leslie Adler; David Shepardson)
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Sources say that Canada's Alberta is looking to invest in Japan's refinery to boost oil exports.
Two sources familiar with this matter have confirmed that Alberta, Canada's largest oil producing province, is looking at investing in the refining industry of Japan. This would be an effort to reduce the heavy dependence of the oil exports on the United States, its top trading partner. The sources claim that Alberta's government has begun early talks with several Japanese refiners about a possible joint venture where it would fund the construction of an oil coker unit to allow one or more Japanese firms to process the heavy crude produced by Alberta's oil-sands. The deal would be a first for Alberta. It has never invested in energy infrastructure abroad, but it is eager to increase oil exports after the Trans Mountain pipeline expansion last year, which allowed Canada to ship more oil via the Pacific Coast. A deal with Japan could help boost oil flow on Trans Mountain, Canada's one and only east-west pipeline. It would also make the case for the new export pipeline the Alberta government is pushing for. Sources say that Canada and Japan are still in the very early stages of discussing an investment. Nothing has been finalized. A coker could increase the amount of Canadian heavy crude oil that Japan can process. The heavy, high-sulfur Canadian oil is not compatible with the majority of Japan's current refining plants. As a result, the country imports most of its oil. Increased purchases of Canadian crude oil that can be transported directly across the Pacific Ocean will also reduce Japan's dependency on shipments via the South China Sea. This is a major maritime chokepoint if tensions in the region arise. Canada's main oil-producing region, Alberta, is landlocked and has limited access to ports on the tidewater. The majority of Canadian oil exports, about 4 million barrels a day or 90 percent of total exports, are sent to the U.S. through pipelines running north-south. Alberta government officials have visited Asia on several occasions, notably Japan and South Korea. The goal was to drum up interest in Canadian crude oil. In an email, Brian Jean, Alberta's Energy Minister said that Alberta is looking into opportunities to sell its light and heavy crude oil in Japan. He refused to comment on whether Alberta was in discussions to invest in Japan’s refining industry. A spokesperson for Minister of Natural Resources Tim Hodgson confirmed that the Canadian federal government was aware of Japan's current opportunity to buy additional volumes of Canadian crude oil. The spokesperson stated in an email that "Natural Resources Canada is closely monitoring the developments and is open to partnering up with provinces and industries to support strategic energy project which advance Canada's interests." NEW OPPORTUNITIES The Trans Mountain pipeline was expanded last year, doubling its capacity from 890,000.0 barrels per day to 8.900.000 barrels. This opened up new markets for Canadian oil on the U.S. West Coast as well as in Asia. China is the largest buyer of Canadian crude oil shipped through the Trans Mountain pipeline. The U.S. West Coast follows closely behind. South Korea, which has been increasing its purchases recently, is now in third place, with Japan, India and Singapore also buying cargoes occasionally. According to Kpler's ship tracking data, Japan's Eneos Holdings has purchased a 250,000 barrel cargo in the past year, and a 550,000 barrel cargo so far this season. Trans Mountain's operator is also looking at a number of projects that will increase the system's capability by 200,000-300,000 barrels per day. Alberta's government wants to boost oil production in the province and is lobbying pipeline companies to entice a private company to build a crude oil export conduit along Canada's Northwest coast. Canada will export an average of 4.2 millions bpd in 2024. This is about 80% its total production. (Reporting from Amanda Stephenson and Arathy Sommesekhar, in Calgary; Additional reporting from Jekaterina Globkova in Tokyo. Editing by Matthew Lewis.)
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Buffett dismisses talk of Berkshire Railroad merger and CSX shares fall
Warren Buffett, the billionaire investor, shut down speculation on Monday that his company Berkshire Hathaway was looking to acquire another train company. After Buffett said to CNBC that he wasn't interested in a merger - and shattered investor hopes that Berkshire Rail unit BNSF might acquire CSX - shares of CSX dropped about 5%. Later, a representative from Berkshire confirmed Buffett’s remarks. Investors have been speculating for weeks that CSX Corp. and BNSF may merge. Last month, Union Pacific and Norfolk Southern announced a $85 billion surprise merger proposal. The goal was to create the U.S.'s first coast-tocoast freight rail operator. Becky Quick of CNBC reported that Buffett met with the CEO CSX to discuss greater cooperation. Berkshire reports that Buffett and Greg Abel had a meeting with CSX CEO Josephhinrichs on August 3 in Buffett’s Omaha office, without advisors. The two men told Hinrichs they wouldn't bid on CSX but that they believed they could work together more to gain the same benefits. Last week, CSX announced new coast to coast services. This strengthened their freight connectivity, but also dampened market expectations about a merger. BNSF and CSX didn't immediately respond to comments. Investors are unhappy with CSX's performance, and the news puts pressure on CEO Joe Hinrichs. Ancora Holdings has urged the board, after increasing its stake, to look at merger options with BNSF and Canadian Pacific Kansas City. They also warned that CSX is falling behind by waiting on Berkshire's first move. (Reporting from Sabrina Valle, in New York; Nathan Gomes, in Bengaluru, and editing by Shreya biswas, Alan Barona, and David Gregorio.)
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Helicopter crashes in UK Isle of Wight during a flying lesson, leaving one injured
Police said that a helicopter carrying four people crashed into a field on the Isle of Wight, near a seaside town, during a flying class on Monday. One person was airlifted by helicopter to a major trauma center. British media reported Northumbria Helicopter as the operator. They said that one of their aircraft - a GOCLV model – was involved in the accident during a lesson. Hampshire and Isle of Wight Constabulary had earlier reported that the helicopter came down in a nearby field. Hampshire and Isle of Wight Air Ambulance dispatched a critical care team that included a doctor, specialized paramedic and a nurse. The air ambulance service confirmed that it airlifted a single person to the hospital. (Reporting and editing by Alison Williams, Hugh Lawson, and Sam Tabahriti)
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Trump signs executive order ordering AG to prosecute flag desecration
According to a White House fact sheet, President Donald Trump will sign on Monday an executive order that instructs the U.S. Attorney General to prosecute anyone who desecrates the American flag by burning it. The American flag is a sacred and beloved symbol of the United States of America. Desecrating the American flag is offensive and provocative in its own right. The fact sheet stated that it was a declaration of contempt and hatred towards our Nation. According to the fact sheet, the order directs the attorney general "vigorously prosecutes" those who violate flag desecration law and to pursue litigation in order to clarify the scope First Amendment with regard to this issue. The executive order also directs that flag desecration cases be referred to local or state authorities. The executive order also directs the administration not to grant visas or residence permits, nor initiate naturalization procedures for anyone who desecrates the flag. Brendan O'Brien, reporting from Chicago; Bernadette Baum, Andrea Ricci and Bernadette B. Baum edited the article.
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Sources say that Tokyo Gas is in talks with Venture Global to purchase 1 mtpa LNG.
Three people familiar with the discussions said on Monday that Tokyo Gas and Venture Global are in talks to buy 1 million metric tons of liquefied gas per year from the company's CP2 Export Facility. Venture Global, the U.S.'s second-largest LNG exporter, has been the primary source for the growing LNG export capability of the U.S. since 2023. This helps the U.S. to remain the largest exporter in the world of supercooled gas. Tokyo Gas has begun negotiations with Venture Global to purchase LNG on a long-term contract. Two of the three sources confirmed this. Three people have confirmed that the LNG will come from the CP2 Export Facility's second phase, which is due to be operational by the end 2028. Tokyo Gas said in a Monday statement that it was exploring different projects to secure new LNG supply, including in the United States. However, we could not comment on individual projects. Venture Global is not available to comment immediately. CP2 will be the second-largest LNG plant in the U.S. with a 28 mtpa export capacity. Venture Global will become the biggest U.S. exporter of LNG when it is built. Venture Global signed 20-year purchase and sales agreements with Petronas, Eni and has expanded its long-term sale deal with Germany's SEFE since April. Mike Sabel, CEO of CP2, said in a recent earnings call that the three new contracts bring the total volume contracted for CP2 to 13.5 mtpa. Two people have said that Venture Global offers LNG at lower prices than the market. One of the three said, "They're putting pressure on market because they offer LNG at liquefaction fee of $2.35 for mmBtu. Others in the market ask between $2.50 to $2.75. It makes it hard to resist." A second source said that Venture Global offers uncommitted cargoes from its Plaquemines plant on short-term contracts to potential CP2 purchasers, allowing them access to LNG earlier. Venture Global is currently completing construction of its 27.2 mtpa gas facility in Plaquemines in Louisiana. The facility is second in U.S. production behind Cheniere Sabine Pass in Texas. Reporting by Curtis Williams, Marwa Rahat and Yuka Obasashi in Houston; editing by Jan Harvey
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Sources: Novatek will reduce naphtha output due to the fire at Ust-Luga Complex
Four market sources reported on Monday that the Russian energy company Novatek would reduce its naphtha exports, and may resume shipments to international markets of stable gas condensate due to an inferno at their complex located in Ust-Luga port. The regional governor stated on his Telegram account that debris from a destroyed Ukrainian UAV caused an early morning fire at Novatek’s Ust-Luga Terminal on 24 August. According to market sources, the complex was closed on Sunday. Two sources say that while the full impact of the fire is not yet known, at least one unit of processing was damaged. According to two other sources, the fire also damaged two processing units. Novatek didn't immediately respond to a comment request. The Ust-Luga Complex has three processing units each with a 3 million ton per year capacity. It refines stable condensate and converts it into jet fuel, light and heavy naphthas, fuel oil for ships, and gasoil. This complex allows the transshipment of gas condensate for export. Reduced processing capacity would result in more gas condensate available for export. Company data revealed that from January 2025 to June 2025 the complex processed 4,2 million tons of condensate gas. According to LSEG, Novatek will export an average of 420,000 tonnes per month of naphtha from Ust-Luga to Asian countries - Singapore Malaysia Taiwan and China - in 2025. Novatek's terminal at Ust-Luga also caught fire in January 2024 as a result two explosions caused by "external impacts". The operation of the splitters had to be stopped. On February 11, 2024, the company resumed processing condensate at the complex. Reporting by Trixie Yap, Singapore with additional reporting by. Jan Harvey is the editor.
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Vietnam is hit by Typhoon Kajiki, which has caused trees to fall and homes to flood.
On Monday, Typhoon Kajiki flooded the north central coast of Vietnam, with torrential rainfall. Despite a slowing down in wind speed, trees were felled and homes flooded. According to the weather agency, as of 0900 GMT Kajiki was located on the coasts of Nghe An province and Ha Tinh Province, where wind speeds had slowed to 118-133 km/h from a maximum of 166 km/h. "It is terrifying," said Dang Phuong, 48, a resident of Cua Lo in Nghe An Province, which was directly affected by the storm. Phuong said, "I could see 2 metre waves when I looked down from the upper floors. The water had flooded the streets around us." According to reports in the state media, power was cut in Ha Tinh Province in several places. Roofs were also blown off and floating fishing farms were swept away. Vietnam closed airports and schools earlier, and began mass evacuations in preparation for the strongest storm this year. Kajiki will bring heavy rains and flooding, the government said. Vietnam's long coastline, which faces the South China Sea is susceptible to violent storms. These can be deadly and cause dangerous flooding and mudslides. Weather agency says rain could reach 500 millimetres in some parts of north Vietnam from Monday afternoon to Tuesday evening. On Monday, the Vietnamese government announced that 30,000 people were evacuated from coastal regions. More than 16500 soldiers and 107,500 paramilitary staff were mobilised to assist with the evacuation as well as standby for search and recovery. According to the Civil Aviation Authority of Vietnam, two airports were closed in Thanh Hoa province and Quang Binh. Vietnam Airlines and Vietjet canceled dozens of flights into and out of the area Sunday and Monday. Kajiki, which is currently moving towards Vietnam from China's Hainan Island, skirted around the southern coast on Sunday and forced Sanya City to close its businesses and shut down public transport. Hainan, China's most southern province, downgraded their typhoon alerts and emergency response alerts Monday morning. However they warned that heavy rains and isolated storms could occur in southern Hainan cities. Local media reported on Sunday night that many residents of Sanya, an extremely popular resort, took shelter in underground garages from the storm. Reports said that some large trees had been brought down, leaving the roads littered with broken branches on Monday morning. China's Transport Ministry urged local authorities to be vigilant against secondary disasters and risks after the National Forecaster warned of typhoon impact on a wide part of the nation until early Tuesday. The warning extends to all of China's provinces, including the northeastern ones such as Heilongjiang, Jilin and Yunnan which are near the Koreas. The Chinese Embassy in Hanoi reminded Chinese nationals in Vietnam on Monday to be prepared for heavy rain and strong winds by being aware of their prevention.
Nigeria's NNPC claims pipeline theft is almost eliminated
Nigeria's state-owned oil company NNPC Limited announced on Monday that nearly all pipeline theft had been eliminated following coordinated efforts of the country's defense and intelligence agencies.
In the past three years, only 30% of the oil that was sent through certain pipelines reached Nigeria's terminals for export. This cost the government billions and led to investment being deferred.
Bayo Ojulari, Chief Executive Officer of the NNPC Group in Abuja, said: "Today I am proud to report that our terminal and pipeline receipts have reached close to 100 percent." He claimed that security was improved, especially in the Niger Delta where the majority of the oil infrastructure is situated.
Ojulari, the country's intelligence and defence agencies, said that illicit trade was not just a local issue but also involved "sophisticated" international syndicates exploiting weak points in national and regional security structures.
The national oil regulator, at a conference on oil last week, predicted that Nigeria could exceed 2.5 million barrels of oil per day in 2019. This is because the improved security will boost Nigeria's oil production and the country wants to speed up approvals for new projects. Nigerian oil production last reached 2.5 million barrels a day in 2005, but militancy within the Niger Delta lowered output to just 1 million bpd in 2016. Nigeria will begin hiring private security companies in 2021 to supplement the national security organizations for managing pipeline security. Reporting by Isaac Anyaogu
(source: Reuters)