Latest News
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Aircraft startup Electra invests $850 million in Ohio factory
Hybrid-electric airplane?startup Electra announced Tuesday that it would invest $850 millions to?build a facility to assemble nine-passenger, hybrid-electric aircrafts in Springfield. The company, backed up by Honeywell 'Aerospace, Safran, and other major investors said?the move would help get the EL9 Ultra Short out of development and into significant commercial production, and create 1,975 new jobs. The EL9, a fixed-wing aircraft with hybrid-electric propulsion that can take off and land as quickly as 150 feet, is designed to provide air travel on point-to-point distances up to 250 miles. This would otherwise require cars. The timing of investment is determined by a clear understanding of the market. Marc Allen, CEO of Electra, said in an interview with the Farnborough?airshow that "the product and demand are there". "We are on the FAA certification path, and making good progress." It's time to start a factory. Allen stated that 32 million trips are made across the U.S. each day between 50 and 250 miles, with only 0.6% of those being by air. They can land anywhere because they don't need a large runway. The company hopes to fly in 2027 or 2028. Initial phase capacity will be up to 400 aircrafts per year. The companies are investing billions in next-generation solutions for air mobility, such as flying air taxis or electric vertical takeoff and landing aircraft. Electra's investors include?Lockheed Martin Ventures and Honeywell. Electra announced last week that it had signed a production contract with Safran Helicopter Engines, which?includes a first order of 250 turbogenerators. Turbogenerators are a combination of a gas turbine and one or more generators, as well as a voltage and power regulation system. Electra is one of the 'companies' selected by the U.S. Government pilot program to speed up the deployment of flying air taxis, and other advanced technology in air mobility. Electra wants to have the EL9 enter service by 2030. Electra is awaiting delivery of 2,200 aircraft that 63 customers have ordered. (Reporting and editing by David Shepardson)
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Middle Eastern airline executives project stability at Farnborough, despite conflict
The Middle East's aviation industry is open for business, aviation executives from regional companies, including Emirates President?Tim Clark on Tuesday, sought to calm fears about spiralling conflicts. Clark said on Tuesday that as long as the current situation is manageable we can continue with our work. The airline is flying at 90% capacity, and premium cabins are full. Iran attacked U.S. targets in Bahrain, Kuwait, and Jordan on Wednesday, tearing apart a fragile interim agreement signed last month. Last week, Europe’s aviation safety regulator issued an advisory to avoid airspace in this region until July 29. Air France-KLM suspended flights from and to Riyadh, Saudi Arabia as well as Dubai on July 27. Middle Eastern carriers are seeing their traffic fall since the Israel-U.S. War on Iran began? on February 28. Some have cut capacity to protect themselves from spiraling costs. At Farnborough regional leaders stressed that the Middle Eastern aviation industry is booming. Paul Griffiths CEO of Dubai Airports said, "I think that the closer you get to the Gulf operation the more normal things seem." CANCELLATIONS BUT CALLS TO POSITIVITY Airline Analyst John Strickland noted that the region has weathered many crisis in the past. However, it is unlikely that airline profits will remain untouched. Strickland said, "It will hit the bottom-line, of course. It has an impact." They will want their hatches to be battened as much as possible to avoid loss of cost when things get tough and return to profitability. Qatar Airways canceled its attendance to the show following the death of the former emir, Sheikh Hamad Bin Khalifa Al Thani. Etihad's Chief Executive Antonoaldo Neves likewise opted out of the airshow. As Emirates' Clark said, the sector must "think positively, act positively, and be positive" when it comes projecting the recovery of the?region. Clark said that the airline has no plans to delay orders, and that its ambitions to open "a new airport" in the United Arab Emirates by 2032 are still on track. Griffiths confirmed the Dubai airport would still be opening on its scheduled date. In recent years, many of the largest regional carriers have placed substantial orders for aircraft. Marc Nichols said that their presence at the show reflects more on strategic priorities and maturity in fleet planning, than a change in confidence and growth ambitions.
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Abra orders 28 E2 jets from Embraer
The Brazilian planemaker Embraer announced on Tuesday orders for 28 E2 aircraft at the Farnborough Airshow, England. These included 20 jets ordered by South 'American airline group Abra Group and orders placed by existing clients Luxair and?Binter?. Abra's purchase of E195-E2 aircraft marks the first Embraer aircraft purchased by the group which controls Brazilian airline Gol, and Colombian carrier Avianca. Both airlines' fleets are currently Boeing and Airbus. Abra has not yet revealed how the aircraft will be allocated, but Gol would join rivals Azul and?LATAM as Embraer jet operators in the home market of the planemaker if Abra added them to its fleet. Azul has been an Embraer customer for many years, and LATAM ordered a plane last year. Embraer and Gol have been discussing a possible order for some time, as the Brazilian government has been pushing all major Brazilian carriers to fly Embraer jets. Abra's agreement includes 10 options to purchase and 15 rights to purchase. The first aircraft delivery is anticipated to be in late 2027. Unclear Product Plans Arjan Meijer, CEO of Embraer Commercial Aviation, told reporters that the company has not yet decided on its future product plans. "We are a very competent company, but first we have to decide what we want." Embraer expects to see its record-high order backlog continue to grow. "A larger backlog?gives us greater security for future sales." Meijer stated that they wanted to expand the business. We're going to sell more in the future and we are seeing a?continued need. Embraer announced an order for five E195E2?jets from the Spanish airline Binter. Luxair, the flag carrier of Luxembourg, converted its purchase rights for three E190E2 jets into firm orders while also securing a second purchase right. Embraer announced that Japan's Fuji Dream Airlines ordered two E175 first-generation aircraft. Itau BBA analysts estimated that?firm orders are worth about $1.3 billion assuming a discount of 50% off list prices. This compares to Embraer’s backlog of $32.1 billion at the end the first quarter. The analysts sent a client note that stated, "Positive news from Embraer could keep the?sentiment surrounding the Farnborough Airshow elevated throughout the week." (Reporting and writing by David Shepardson, Gabriel Araujo and Maria Rugamer; editing by Andrew Heavens, Rod Nickel and Andrew Heavens)
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Boeing and Airbus seal orders at Farnborough Airshow
Airlines have announced nearly 300 orders for planes at the Farnborough Airshow, in?the United Kingdom. Boeing has a slight advantage over European rival Airbus as they race to close deals. Industry sources, however, said that they expected dealmaking to fall below some ambitious expectations?of 800 or more aircraft, as planemakers?continue to struggle with supply-chain restrictions and production bottlenecks. Here are the key deals that have been made so far. SMBC AVIATION CAPITAL Boeing and SMBC Aviation Capital have announced that they have ordered 100 737-MAX aircraft, 60 737-10 jets and 40 737-8. SMBC announced that it had placed a firm 100 Airbus A320neo family aircraft order, including 65 A321neos and 35 A320neos, with deliveries to begin in the first decade of the new century. RIYADH AIR The Saudi airline exercised options?for a total of 28 Boeing 787 Dreamliners, from an order placed for 2023. Twenty of these aircraft were converted to the larger 787-10 version. The firm also confirmed an additional order for six Airbus A350 1000 aircraft, bringing its total A350 1000 order book up to 31 aircraft. PHILIPPINE Airlines announced that it had placed a new order with Boeing for 20 widebody 787-10 Dreamliner twinjets, which consists of 15 firm orders plus five options. The airline has also secured the purchase rights of five additional Airbus A350s. It expects to take delivery of its first Airbus A350 in early 2030. UGANDA AIRLINES Uganda Airlines has announced that it will be ordering four Boeing 737MAX narrowbody aircraft and four Boeing 787 widebody planes. SHOHIN AERLINES The Tajikistan-based airline Shohin Airlines has ordered four Airbus A320neo family aircraft. MSC AIR CARGO Boeing announced that MSC Air Cargo has acquired five 777-8 freighters. LUXAIR According to IBA, an aviation intelligence and advisory firm, Luxair ordered two Boeing 737-10s worth $124m, based upon estimated prices, after discounts. FUJI DREAMS AIRLINES Embraer, the Brazilian planemaker, announced that Japan's Fuji Dream Airlines had placed a firm two-jet regional order. Embraer has already included the order in its backlog. ABRA GROUP The South American carrier group has ordered 20 Embraer E2 aircraft, the first time the Brazilian planemaker has received an order from this airline group. BINTER Embraer announced that Spanish regional airline Binter has ordered five more E2 aircraft from the Brazilian planemaker, increasing its fleet of latest-generation regional jets. OTHER DEALS Japan Skymark 'Airlines' has signed a lease agreement with Aviation Capital Group for seven Boeing 737 MAX 10-narrowbody twinjets. Deliveries will begin in 2028. The first 'Airbus' order at the show was a commitment from the UK National Police Air Service for two additional H135 helicopters. Delivery is expected to begin in 2028. Leonardo, an Italian company, said that Saudi Arabia's The Helicopter Company ordered 11 helicopters. The deliveries are expected to take place between 2027 and 2028. ENGINE ORDERS British Airways has announced that it will be using Pratt & Whitney GTF engine for up to 63 incoming Airbus A320neo aircraft. Singapore-based BOC Aviation has placed the largest engine?order ever for up to 300 CFM International?engines?to support their expanding Airbus/Boeing narrowbody fleet. IndiGo, India's largest airline, has signed an agreement with CFM International for over 1,000 LEAP-1A engine. This would be a record-breaking deal for CFM International which has been criticized by the industry for its maintenance delays.
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Airlines protest 'double whammy" of proposed EU carbon tax on certain international flights
Emirates' president said that a European proposal to impose carbon charges on some international flights would hit carriers?twice. He was speaking as more airlines gathered behind a global deal to halt pollution. The European Commission released proposals on Friday for the implementation of costs for emissions on international flights that depart Europe, measured at a certain point in central Europe and land in countries as far away as 5,000 km (3100 miles). If approved, the proposal will 'exclude direct flights from the U.S. to the Middle East and North Africa, but some flights from the Middle East to Turkey, for example, would be affected. This would begin in 2029. The United States and the airlines' trade association IATA have denounced the proposal, while UN's Aviation?agency has warned that it will undermine the global CORSIA agreement which requires most airlines to offset their rising emissions on international flights. "This is double-whammy, because we already have CORSIA in place," Tim Clark, Emirates President told reporters on Tuesday at the Farnborough Air Show. The aviation community supports it and sees this as the best way to address the issue. Emirates, based in Dubai, has already bought credits to support rainforests in Guyana as part of the global deal brokered by the International Civil Aviation Organization?in 2016. Airlines for America, the trade group that represents U.S. airlines, stated on Monday, in a?statement, that it did not support "a fragmented approach" to taxing emissions from international aviation. A4A said that "expanding the scope of international flights outside the European region" violates international agreements. A spokesperson for the European Commission declined to comment citing a Belgian public holiday. (Reporting by Allison Lampert and Joanna Plucinska from Montreal, Additional reporting by Makini Brrice in Paris. Editing by William Maclean.
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Source: Attestor will take over Condor in full by September 30.
Attestor, an investment firm, plans to purchase the remaining 49% in German leisure airline Condor by the German government on September 30. This is a result of the option that it has had since 2021. The carrier has repaid its state-backed loan ahead of schedule. After the collapse of the former parent Thomas Cook, and the COVID-19 Crisis, the transaction will grant?Attestor the full ownership of Condor. Source: Attestor will continue to pursue the acquisition regardless of whether or not it can find a strategic partner before the deadline. The British asset management company acquired 51% of Condor in 2021 from the German government. They invested 200 million euros in equity, and committed another 250 million euros for fleet expansion. The source said that, although there is not a timetable for this, Attestor's ideal scenario would be to sell a minority share to a bigger airline or airline group in the future. Attestor and Condor declined to comment. Condor's Chief Executive Peter Gerber said to Stern magazine in this month that "Gulf carriers" and Turkish Airlines were potential partners. He also suggested that a domestic buyer like Lufthansa might face more antitrust hurdles. Turkish Airlines didn't immediately respond to an inquiry for comment. John Strickland, an airline analyst, said that a strategic airline investor could support Condor’s expansion. This would also be a good fit for Attestor as it is not a specialist aviation investment. Condor employs approximately 5,500 people, and transports close to 10,000,000 passengers per year.
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Sources say that CPC has stopped accepting Kazakh oil because of attacks on tankers.
Three industry sources confirmed that the 'Caspian Pipeline Consortium' has stopped receiving oil from Kazakhstan, after suspending loadings Monday due to attacks against oil tankers at their Black Sea terminal. On Tuesday, two sources also stated that the oil tanks at the terminal were full. CPC, the company that accounts for 80% oil exports out of?Kazakhstan declined to comment. CPC announced on Monday that the oil loadings at Black Sea port had been suspended following a drone strike on tankers. Russia accused Ukraine of targeting CPC tanks as part of their "ambition to destabilise global oil markets". Ukraine has not made any comments on the attacks. According to LSEG's ship tracking data, two tankers planned to arrive at terminal to collect oil but instead changed directions. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC said that any further inquiries about CPC should go to the entity. The suspension of loads from the CPC Pipeline, which exports almost 2 %?of the world's oil, has added to the global oil concern as the war in Iran had already disrupted the?supply? from Saudi Arabia and Gulf producers. On Monday, the Kazakhstan government said that CPC loading stations were not damaged by the attacks. According to sources, CPC oil supply?inched down by?7% in June from May, to 1.699?barrels of oil per day. This was due to a late-May accident at Tengiz and a lower volume of Russian crude. Reporting by Susan Fenton; Editing by Susan Fenton
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Sources say that CPC has ceased accepting Kazakh oil because of attacks on tankers.
Three industry sources reported on Tuesday that the Caspian Pipeline Consortium has ceased receiving oil from Kazakhstan after the suspension of 'loadings' due to a sabotage attack against 'oil tankers? at its Black Sea Terminal. Two sources said that the oil?reservoirs are also full at the terminal. CPC, the company that accounts for 80% of Kazakhstan's oil exports, declined to comment. CPC announced on Monday that oil loads were'suspended' at the Black Sea Port following a ukranian drone attack against tankers. Chevron continues its monitoring of the situation at CPC. Safety and security for personnel are our highest priority. Chevron's 15% stake in CPC is the best place to direct any further questions about CPC. The suspension of the loadings of the 'CPC pipeline which exports almost 2 percent of the world oil adds to the global oil concerns as the war in Iran has already disrupted the supply from Saudi Arabian and other Gulf producers.
Sources say Egypt is in negotiations with energy giants to secure a multi-year LNG deal.
Three sources with knowledge of the matter said that Egypt was in talks with Shell, TotalEnergies, and BP to buy 15-18 cargoes per month of liquefied gas for a minimum period three years.
The talks take place as Egypt struggles to meet the rising demand for LNG and global LNG markets are tight due to the Iran conflict. This has led to a reduction in shipping through the Strait of Hormuz, and an increase in competition among buyers.
Two sources confirmed that talks were ongoing with Shell, TotalEnergies and BP, as well as commodities traders Hartree Partners.
A third source stated that there is a "strong will to work with Americans".
Sources?added that the duration of these deals could range from three to five year, but they have yet to be finalised.
TotalEnergies and Egypt's Petroleum Ministry did not respond immediately to a comment request. Shell, BP, and Hartree Partners refused to comment.
Cost of importing natural gas from Egypt
Energy imports have soared despite a relatively stable economy in Egypt despite the U.S./Israeli war against Iran.
Egypt's natural-gas import bill nearly tripled from $560 million before the conflict, to $1.65 billion in March for the same volume.
According to calculations, recent import deals at a premium price of $1.5 over TTF (the European benchmark gas price) could cost the Arab world's most populous country between $8 and $11 billion per year.
The government would face an added challenge, as it already has a high level of debt, which consumes the majority its budget and a currency that is barely holding up since the start of the conflict in the region.
Each dollar spent on LNG or fuel imports means money that cannot be used for budget expenditure, investments or reserve accumulation.
Aly Blakeway is the head of Atlantic LNG for S&P Global Energy. She said that Egypt's ongoing LNG negotiations, along with the expansion of existing and planned pipeline agreements, are efforts to reduce exposure in volatile spot market procurement, amid a continued climate of?political unrest.
Blakeway said that this uncertainty also includes tensions between the U.S., Iran and Russia.
EGYPT GAS PRODUCTION IS LOWERING
Egypt imported 985 billion cubic foot of gas from July 2025 to June 2026. This includes LNG cargoes and cargoes from Israel.
According to documents seen by the, it is estimated that its imports will reach 1,081 Billion cubic feet between July 2016 and June 2027.
The increased imports are a reflection of the continued decline in production of natural gas, despite numerous pledges to clear foreign companies' arrears.
Monthly production?averaged less than 4.4 billion cubic foot per day during fiscal year 2025-2026 and is expected further to decline to 4.2 billion cubic feet per month in the current financial year. (Reporting from Marwa Rashad and Mohamed Ezz, in London; Additional reporting by Stephanie Kelly; and America Hernandez; editing by Nina Chestney; and Jan Harvey.)
(source: Reuters)