Business
Egypt, Greece and Cyprus back plans to bring Cypriot gas to Europe
Cyprus’ Cronos gas is expected to reach European markets via Egypt from 2028, with Greece offering an onward route into southeastern and central Europe. The three countries renewed their backing for the plan at their El Alamein summit.
Economy
Qatar’s budget deficit more than doubles amid LNG disruption
The first-half shortfall has exceeded Qatar’s original full-year forecast. Doha has said cuts to operating spending exclude salaries and capital projects, while European gas buyers face delivery cancellations extending into early November as the Iran war postpones revenue.
Economy
European gas prices keep climbing as IEA calls for emergency reserves
With European gas prices hitting the highest since early 2023, the International Energy Agency says governments should consider strategic reserves, more flexible contracts and closer international cooperation to prepare for future natural gas shortages.
Business
French EDF Energy in talks to acquire smaller British rival So Energy
France's EDF Energy is reportedly in discussions to buy So Energy, the smaller British supplier whose Irish parent company has put it up for sale, in a deal that would add to a renewed wave of consolidation among UK gas and electricity retailers.
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Economy
Why is fuel expensive when crude oil hasn't hit record highs?
Pump prices could remain high in Europe, adding to inflationary pressure. The immediate problem is not just the supply or price of crude oil, but limited refining capacity, disrupted trade flows and shortages of finished fuels, particularly diesel.
Business
Qatar extends LNG cancellations as Hormuz disruption drags on
QatarEnergy’s latest cancellations run into early November. Buyers in Europe and Asia are finding replacement cargoes, switching to other fuels or using less gas, while no one knows when LNG shipping through the Strait of Hormuz will return to normal.
Europe News
EU countries face nearly €41bn in extra fossil fuel costs
European countries have spent unforeseen billions of euros on fossil fuel imports due to the drastic surge in prices that followed the war against Iran. Meanwhile, European and international groups are urging Ursula von der Leyen to set out a plan to phase out fossil fuels.
Uzbekistan
Uzbekistan and Azerbaijan deepen trade and Trans-Caspian ties
Presidents Shavkat Mirziyoyev and Ilham Aliyev signed a Treaty on Eternal Friendship in Tashkent and launched new projects in banking, energy, tourism and mining. The two countries will also co-host the FIFA U-20 World Cup in 2027.
Europe News
Europe faces race to refill gas storage as LNG cargoes flow to Asia
After spending much of the past two years rebuilding its gas security following the loss of Russian pipeline supplies, Europe is again facing high natural gas prices due to volatility in global markets linked to disruptions in the Strait of Hormuz.
Europe News
EU-backed electricity link to Cyprus stalls amid regional tensions
The nearly €2 billion Great Sea Interconnector subsea cable would connect Cyprus to the EU's electricity system and end Nicosia's energy isolation. However, Turkey's maritime ambitions and financing issues have been stalling the project, which was meant to become operational in 2024.
