Latest news with #naturalGas
Arab News
12 hours ago
- Business
- Arab News
Israel restarts limited gas exports amid ongoing conflict, Egypt still waiting
CAIRO: Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle. A ministry spokesperson told Reuters that exports are now resuming 'from surpluses, after domestic needs are met.' An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only 'tiny volumes' reached Egypt this week. Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week. The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment. Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand. Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe. 'I don't want to use our strategic storage, so therefore, I needed to cut exports,' he told Reuters. Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units. Israeli gas typically accounts for up to 60 percent of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organizations Data Initiative (JODI).
Reuters
12 hours ago
- Business
- Reuters
Israel restarts limited gas exports amid ongoing conflict, Egypt still waiting
CAIRO, June 19 (Reuters) - Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle. A ministry spokesperson told Reuters that exports are now resuming "from surpluses, after domestic needs are met." An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only "tiny volumes" reached Egypt this week. Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week. The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment. Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand. Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe. "I don't want to use our strategic storage, so therefore, I needed to cut exports," he told Reuters. Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units. Israeli gas typically accounts for up to 60% of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organisations Data Initiative (JODI).
Bloomberg
17 hours ago
- Business
- Bloomberg
Egypt Resumes Gas Imports From Israel Following Six-Day Halt
By and Galit Altstein Save Egypt started to receive small quantities of natural gas from Israel, ending a six-day halt in supplies, according to people familiar with the matter. Israel shut down two of its three gas fields on June 13 as a precautionary measure as the country exchanged missile fire with Iran. The closures halted flows to Egypt and Jordan, which in turn cut off supplies to several industries as they looked to prioritize power generation.
Yahoo
a day ago
- Business
- Yahoo
Why Plains All American Pipeline Stock Was a Winner on Wednesday
It announced a deal to hive off its Canadian natural gas liquids assets. It will be paid nearly $3.8 billion for these assets. 10 stocks we like better than Plains All American Pipeline › Plains All American Pipeline (NASDAQ: PAA) stock was the pipeline to increased gains for investors on Wednesday. They traded the shares up by nearly 4% on news of an important divestment, and that rate easily beat the essentially flat-lining S&P 500 index. After market close on Tuesday, Plains and its majority owner, Plains GP Holdings (NASDAQ: PAGP), disclosed that they had finalized agreements to sell "substantially all" of their natural gas liquids (NGL) business. The acquirer is a Canadian peer company, Keyera, and the deal is to be effected in cash. The price is roughly 5.15 billion Canadian dollars ($3.79 billion). The sale is expected to close in the first quarter of 2026, subject to the applicable regulatory approvals and closing conditions. Plains added that, accounting for a potential one-time "special distribution" estimated at $0.35 per unit to both Plains common unit holders and Plains GP shareholders, it will reap total proceeds of around $3 billion from the divestment. The special distribution payment is subject to approval by Plains's board of directors. Following the sale, Keyera will own Plains' Canadian NGL assets, but Plains will retain those in its native U.S. The latter company's crude oil assets in Canada are not part of the deal. In its press release on the deal, Plains quoted CEO Willie Chiang as saying that it's "a win-win transaction for both Plains and Keyera. Plains is exiting the Canadian NGL business at an attractive valuation while Keyera is receiving highly complementary and critical infrastructure in a strategic market." Judging by their collective reaction, Plains investors agree with this assessment. It will provide the company with gobs of capital while slimming its operational structure and allowing it to concentrate more on the crude oil segment. Before you buy stock in Plains All American Pipeline, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Plains All American Pipeline wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $658,297!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $883,386!* Now, it's worth noting Stock Advisor's total average return is 992% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Keyera. The Motley Fool has a disclosure policy. Why Plains All American Pipeline Stock Was a Winner on Wednesday was originally published by The Motley Fool Sign in to access your portfolio
Al Arabiya
a day ago
- Business
- Al Arabiya
Under a hot summer sun, South Carolina's governor says energy law will keep air conditioners humming
Under the hot South Carolina summer sun, Republican Gov. Henry McMaster held a ceremonial bill signing for a law he and other supporters said will ensure the rapidly growing state has the energy to run air conditioners and anything else well into the future. McMaster signed the bill into law more than a month ago. But Wednesday's ceremony was a chance to bring utility executives and other workers together with lawmakers to celebrate the promise from supporters that the law will clear the way to meet the power needs of the 1.5 million people the state has added this century – and its fast industrial growth. 'It is hot and promising to get hotter, so we'll be very quick here. This is, of course, to celebrate a great step for South Carolina,' McMaster said at the ceremony, which lasted less than fifteen minutes before most everyone went back into the air-conditioned mansion. The law has immediate impacts. It clears the way for private Dominion Energy and state-owned Santee Cooper to work together on a 2,000-megawatt natural gas plant on the site of a former coal-fired power plant in Colleton County, as long as regulators give their OK. Utilities now can appeal decisions from those regulators at the Public Service Commission directly to the South Carolina Supreme Court, meaning projects or rate cases won't be in limbo for years as they wind through the courts. Power companies can now ask for smaller rate increases every year instead of hitting customers with what was sometimes a double-digit percent increase to cover inflation and rising costs after four or five years. Also in this session, lawmakers cleared the way for cloud computer companies, utilities, or others to offer to take over the long-abandoned project to build two new nuclear reactors at the V.C. Summer site near Jenkinsville. Ratepayers paid billions of dollars on the project, which was abandoned in 2017 well before it generated a watt of power. The feasibility of restarting construction or whether a private entity or a utility could get the licenses and permissions that have lapsed has not been determined. The bill didn't get unanimous support. Some Democrats worried consumer protections and energy efficiency efforts were removed. Some Republicans and Democrats worried the state didn't set limits on data centers and that would allow the computer farms to suck up massive amounts of the new energy and raise costs to homeowners and others while providing few local benefits. But Wednesday was a day to celebrate for someone like Dominion Energy South Carolina President Keller Kissam, sweating in his suit and tie instead of the short-sleeved polo he would prefer to wear. 'With the heat we experience in South Carolina, and you've got to be able to produce twenty-four/seven,' Kissam said. 'Our customers expect when they flip a switch or bump the thermostat there's going to be enough electricity.'
