Kazakhstan

The inclusion of hydrogen in China’s 15th Five-Year Plan confirms a public investment strategy focused on cost reduction, domestic demand stimulation and geo-economic influence across global markets.
In New York, Chevron outlines its long-term vision following the Hess integration, focusing on financial stability, spending reduction, and record production to consolidate investor confidence.

Sofia secures Lukoil refinery ahead of planned state takeover

The Bulgarian government has increased security around Lukoil’s Burgas refinery ahead of a state-led takeover enabled by new legislation designed to circumvent international sanctions.
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Russia and India are preparing an expanded agreement for the construction of VVER-1200 reactors and modular nuclear power plants, while accelerating work at the strategic Kudankulam site.
COP30 begins in Belém under uncertainty, as countries fail to agree on key discussion topics, highlighting deep divisions over climate finance and the global energy transition.

Washington locks in Kazakh tungsten supply and frames its C5+1 bet

The United States secures a tungsten joint venture in Kazakhstan and mining protocols in Uzbekistan, with financing envisaged from the Export-Import Bank of the United States and shipment routed via the Trans-Caspian corridor.
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Appalachia, Permian and Haynesville each reach the scale of a national producer, anchor the United States’ exportable supply and set regional differentials, LNG arbitrage and compliance constraints across the chain, amid capacity ramp-ups and reinforced sanctions.
TotalEnergies has tasked Vallourec with supplying tubular solutions for drilling 48 wells as part of its integrated gas project in Iraq, reinforcing their ongoing industrial cooperation on the Ratawi field.

Bulgaria passes law to take control of Lukoil refinery

Faced with US sanctions targeting Lukoil, Bulgaria adopts emergency legislation allowing direct control over the Balkans’ largest refinery to secure its energy supply.
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OMS Energy is accelerating investments in artificial intelligence and robotics to position itself in the growing pipeline inspection and maintenance sector, a strategic segment with higher margins than traditional equipment manufacturing.
Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.

Trump grants Orban oil exemption in exchange for US gas deal

The United States grants Hungary a one-year waiver on sanctions targeting Russian oil, in return for a commitment to purchase US liquefied natural gas worth $600mn.
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JA Solar has signed an agreement with Larsen & Toubro to supply photovoltaic modules for the Samarkand 1 and 2 solar power plants, developed by ACWA Power with a total installed capacity of 1.2 GW.
Two photovoltaic plants with a combined capacity of 1,400 MW will be operational in 2027, strengthening EDF Group's international presence and Asian actors in Saudi Arabia's energy market.

SLB launches Tela, an agentic artificial intelligence for upstream oil operations

SLB has unveiled Tela, an agentic artificial intelligence technology designed to automate upstream processes and enhance operational efficiency at scale.
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Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.
Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.

Aramco’s net profit drops for the eleventh consecutive quarter

Aramco reported a 2.3% decrease in its net profit for the third quarter, amid global economic uncertainties and an oversupply of oil, although its adjusted earnings showed a slight increase.
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The partnership combines industrial AI tools, continuous power supplies, and investment vehicles, with volumes and metrics aligned to the demands of high-density data centers and operational optimization in oil and gas production.
The SANAD drilling joint venture will resume operations with two suspended rigs, expected to restart in March and June 2026, with contract extensions equal to the suspension period.
A Ukrainian national arrested in Italy will be extradited to Germany, where he is suspected of coordinating the 2022 attack on the Nord Stream 1 and 2 gas pipelines in the Baltic Sea.
Cairo has concluded three new exploration agreements with Apache, Dragon Oil and Perenco, for a total investment of over $121mn, as national gas output continues to decline.

ACWA Power secures 800MW in Morocco with technical support from Gotion High-Tech

ACWA Power secures the NOOR Midelt 2 and 3 solar-storage project in Morocco, outbidding European and Emirati competitors, with decisive backing from Gotion High-Tech’s storage technology.
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The Iris carrier, part of the Arctic LNG 2 project, docked at China’s Beihai terminal despite US and EU sanctions, signalling intensifying gas flows between Russia and China.
London has expanded its sanctions against Russia by blacklisting 70 new tankers, striking at the core of Moscow's energy exports and budget revenues.

Russian Arctic LNG 2 deliveries to Asia to slow this winter

The accelerated arrival of Russian cargoes in China has lowered Asian spot LNG prices, but traffic is set to slow with the seasonal closure of the Northern Sea Route.
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Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
Shipments of liquefied natural gas and higher pipeline flows strengthen China’s gas optionality, while testing the sanctions regime and reshaping price–volume trade-offs for the next decade.

European Union maintains 2028 deadline to end Russian gas imports

Brussels confirms its target to end all Russian energy imports by 2028, despite growing diplomatic pressure from Washington amid the ongoing conflict in Ukraine.
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Kazakhstan has signed an agreement with Nukem Technologies Engineering Services GmbH to benefit from German expertise in nuclear decommissioning and radioactive waste management.
The European Court of Justice annulled the European Commission's authorisation of Hungarian state aid for the Paks II nuclear project, questioning compliance with EU public procurement rules.

Trump links new sanctions against Moscow to halting Russian oil in NATO

Donald Trump threatens to escalate US sanctions against Russia, but only if NATO member states stop all Russian oil imports, which remain active via certain pipelines.
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A drone attack on a Bachneft oil facility in Ufa sparked a fire with no casualties, temporarily disrupting activity at one of Russia’s largest refineries.
The divide between the United States and the European Union over regulations on Russian oil exports to India is causing a drop in scheduled deliveries, as negotiation margins tighten between buyers and sellers.

Finland criticises Hungary and Slovakia over Russian oil purchases

Finnish President Alexander Stubb denounced fossil fuel imports from Russia by Hungary and Slovakia as the EU prepares its 19th sanctions package against Moscow.
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Rosatom and China National Nuclear Corporation signed a memorandum of understanding to strengthen bilateral cooperation in talent development and skills training in the nuclear sector.
Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.

BlackRock and partners target $10.3 billion for Aramco gas deal financing

A consortium led by BlackRock is in talks to raise up to $10.3 billion to finance a gas infrastructure deal with Aramco, including a dual-tranche loan structure and potential sukuk issuance.
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Amman confirms its grid readiness to supply Syria during off-peak hours, pending completion of Syrian infrastructure.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.