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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.

India and Russia strengthen nuclear cooperation with new projects

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.

Three U.S. gas basins reshape prices, flows and contracts

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.
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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.

South Korea under industrial pressure over emissions targets deemed unrealistic

South Korean refiners warn of excessive emissions targets as government considers cuts of up to 60% from 2018 levels.

Gunvor drops $22bn bid for Lukoil assets under US pressure

Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.
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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.

The liquid hydrogen micro-storage systems market to reach $738.6mn by 2034

Driven by aerospace, industrial gas, and hydrogen investment, the global liquid hydrogen micro-storage systems market is projected to grow 9% annually through 2034.

Gunvor rules out resale of Lukoil assets to Russia after acquisition

Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.
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Western sanctions disrupt Lukoil’s international operations

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.

Sinopec and LG Chem Sign Agreement to Develop Sodium-Ion Battery Materials

Sinopec and LG Chem announce a strategic partnership to develop key materials for sodium-ion batteries. This collaboration aims to accelerate the commercialization of this technology in energy storage systems and low-speed electric vehicles.
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QatarEnergy awards EPC contract for 4.1 MTPA CCS project

QatarEnergy has awarded Samsung C&T Corporation an EPC contract for a 4.1 MTPA carbon capture project, supporting its expansion into low-carbon energy at Ras Laffan.

EU bans Russian LNG, Arctic bottlenecks and clauses under strain

The gradual ban on Russian cargoes reshapes European flows, increases winter detours via the Northern Sea Route and shifts risk toward force majeure and “change of law,” despite rising global capacity. —

Bulgaria halts fuel exports to EU after sanctions on Lukoil

Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.
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Lukoil sells its African oil assets to Gunvor under pressure from US sanctions

Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.

Air Liquide raises €2.15bn to finance the purchase of South Korea’s DIG Airgas

The French industrial gas group issued bonds with an average rate below 3% to secure the strategic acquisition of DIG Airgas, its largest transaction in a decade.

Washington temporarily authorises operations linked to Rosneft’s German assets

The United States has issued a general license allowing transactions with two German subsidiaries of Rosneft, giving Berlin until April 2026 to resolve their ownership status.
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Excelerate Energy to build Iraq’s first floating LNG terminal in $450 mn deal

Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop a floating liquefied natural gas import terminal at Khor Al Zubair, with a projected investment of $450 mn.

Turkey locks in 19 Bcma of LNG, Moscow and Tehran under pressure

Botaş lines up a series of liquefied natural gas (LNG, liquefied natural gas) contracts that narrow the space for Russian and Iranian flows, as domestic production and import capacity strengthen its bargaining position. —
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U.S. oil drilling rebounds amid global tensions

The number of active drilling rigs in the United States rose for the fourth consecutive week, supported by higher crude prices and OPEC+’s difficulties in meeting production targets.

Putin calls for new financing models for global nuclear energy

At World Atomic Week in Moscow, the Russian president advocated for a reform of civil nuclear funding mechanisms, urging stronger involvement from multilateral financial institutions.

UN sanctions on Iran reactivated, increased pressure on trade

The activation of the snapback mechanism reinstates all UN sanctions on Iran, directly affecting the defence, financial and maritime trade sectors.
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North Korea reportedly holds two tonnes of weapons-grade enriched uranium

Seoul estimates Pyongyang holds enough highly enriched uranium to produce up to 50 atomic bombs, reigniting concerns over its growing nuclear arsenal despite international sanctions.

Ørsted and KOEN join forces for 1.4 GW offshore wind project in Incheon

Ørsted and Korea South-East Power Co. (KOEN) have signed a memorandum of understanding to explore joint development of the 1.4 GW Incheon offshore wind project, located off South Korea’s west coast.

Nuclearelectrica secures €620mn for strategic Cernavoda projects

Romanian producer Nuclearelectrica has secured €620mn in funding to modernise Cernavoda unit 1 and launch the next phase of units 3 and 4, backed by a banking syndicate led by JP Morgan.
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Kairouan solar plant reaches 82% completion in Tunisia

AMEA Power announces its 120 MWp photovoltaic plant in Kairouan is 82% complete, with commissioning expected before year-end.

United States offers India a way out of Russian oil amid trade tensions

Washington offers New Delhi an alternative to its Russian imports while maintaining tariff pressure, exposing a double standard in US energy policy.

Dispute escalates between MOL and Janaf over Adriatic pipeline’s supply capacity

A technical dispute between Hungarian group MOL and Croatian operator Janaf raises doubts about the Adriatic pipeline's ability to supply oil to Hungary and Slovakia.
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Brussels prepares tariffs on Russian oil imported by Hungary and Slovakia

The European Commission is considering targeted tariffs on Russian oil imports still allowed in Hungary and Slovakia, in an effort to bypass existing exemptions.

Iran signs agreement with Rosatom to develop small modular reactors

Iran and Russia have signed a memorandum of understanding for the design and construction of small modular nuclear reactors, strengthening their cooperation in the field of civilian nuclear energy.

Serbia to renew gas contract with Russia in October despite tensions

A new three-year gas import agreement will be signed between Belgrade and Moscow, as Serbia’s energy ties face growing diplomatic scrutiny from the West.
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Trump urges NATO to halt all Russian oil purchases by member states

The US president has called for an immediate end to Russian oil imports by NATO countries, denouncing a strategic contradiction as sanctions against Moscow are being considered.

Russia shifts coal exports toward Asia, expert says

Facing Western restrictions, Russia plans to increase coal deliveries to China, India and Turkey, according to a recent presentation on the sector’s outlook.

OMV fires executive accused of links to Russian espionage in Vienna

OMV terminated the contract of one of its executives after suspicions of spying for Russia, prompting the Austrian Ministry of Foreign Affairs to summon a Russian diplomat.
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Brussels seeks to ban Russian liquefied natural gas from January 2027

The European Commission proposes bringing forward by one year the ban on imports of Russian liquefied natural gas, as part of a new sanctions package backed by Washington.

Brussels seeks to accelerate ban on Russian LNG in 19th sanctions package

The European Commission is preparing a new sanctions package including an accelerated ban on Russian liquefied natural gas, with negotiations already underway among member states.

Russia and Indonesia overtake Australia in South Korea’s thermal coal supply

Port congestion in Australia has boosted Russian and Indonesian coal exports to South Korea, with both now dominating the market due to lower prices and reliable delivery schedules.
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Oil industry could unlock 1,000 billion barrels through AI recovery methods

A new analysis estimates that existing oil fields could yield up to 1,000 billion additional barrels without major new discoveries, using proven methods supported by artificial intelligence.

Novatek redirects 70,000 tonnes of condensate to Novorossiisk after Ust-Luga incident

Russian producer Novatek rerouted part of its gas condensate output to the port of Novorossiisk, following a temporary shutdown at its Ust-Luga complex after a drone attack caused a fire.
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