US Eyes European Gas Dominance through Balkans

The new floating terminal for liquefied gas boosts Croatia's import capacity. DENIS LOVROVIC / AFP/File
The new floating terminal for liquefied gas boosts Croatia's import capacity. DENIS LOVROVIC / AFP/File
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US Eyes European Gas Dominance through Balkans

The new floating terminal for liquefied gas boosts Croatia's import capacity. DENIS LOVROVIC / AFP/File
The new floating terminal for liquefied gas boosts Croatia's import capacity. DENIS LOVROVIC / AFP/File

As Europe weans itself off Russian energy, Washington is fast emerging as its largest gas supplier, with experts suggesting Croatia's Adriatic gas terminal offers a pathway deeper into the continent.

Since Russia invaded Ukraine in 2022, gas supplies flowing from the east have become increasingly weaponized -- accelerating Brussels' plans to reduce its reliance on Moscow, said AFP.

Russia still supplies around 12 percent of the bloc's gas imports, according to the European Council, but by the end of 2027 it will ban them completely.

To meet this deadline, the European Union has spent billions of euros on infrastructure to be able to handle the needed volumes of liquefied natural gas (LNG), which will make the bloc the largest importer in the world.

- Balkan push -

One of the key sites is Croatia's floating LNG terminal off the island of Krk, which following a recent upgrade is now capable of handling around two percent of the EU's annual gas consumption at nearly 6.1 billion cubic meters.

Connecting pipelines link it to Hungary, allowing US gas to flow into central Europe.

But energy analyst Ivan Brodic said its future could be much bigger, as the terminal's largest supplier -- the United States -- looks to push Russia out of the market completely.

Already the EU's largest source of LNG, the US is forecasted to overtake Norway as bloc's largest natural gas supplier in 2026, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

"Americans do not want Russian capital in the energy sector in this region anymore," Brodic told AFP.

"That is why they are pushing for the gas interconnection between Bosnia and Croatia."

The US-backed pipeline between the Balkan nations plans to link Bosnia to Krk, and loop it into Europe's gas network.

Some analysis suggests it could even offer the cheapest gas for a post-war Ukraine.

- 'Peace pipelines' -

Earlier this year, US Energy Secretary Chris Wright used a summit to promote the Trump Peace Pipelines Framework -- a plan to expand energy infrastructure across central and eastern Europe.

The US plan could turn Croatia into a major transit point for fuel imports, including oil, beyond the Balkans into other parts of Europe.

Alongside its LNG facility, Croatia also boasts oil pipelines connecting it to Bosnia, Hungary, Slovenia and Serbia -- capable of pumping nearly half a million barrels of crude per day.

"Energy dependence on Russia remains a strategic vulnerability in the region," said a State Department report submitted to Congress in May.

"Diversifying energy supplies, including with abundant US sources, enhances regional stability and prosperity."

- A Ukraine supply route -

For the EU and Croatia, the Krk terminal has already proven its value as its supply fully booked until 2036, according to LNG Croatia managing director Ivan Fugas.

"It was not only important for Croatia, but definitely also for the EU as it got an additional natural gas entry point," Fugas said.

The terminal, operating since 2021, was strongly supported by the US while Brussels funded nearly half of its more than 230 million euros cost.

The terminal's success has also been noticed in Kyiv.

Ukraine's underground storage operator, Ukrtransgaz, presented earlier this year an analysis showing that Croatia's LNG terminal could provide the cheapest route to supply the country.

Boasting one of Europe's largest underground gas storage networks, much of it dating back to the Soviet era, Ukraine could also solve a key problem of storing the large amounts of imported gas that could then also be sent elsewhere in Europe.

Ukrainian President Volodymyr Zelenskyy and Croatian Prime Minister Andrej Plenkovic met earlier this year to discuss energy supply and storage, but there have been no official announcements.

With major investments, it could become a shorter and cheaper route to Ukraine than existing options via Greece or Poland.

"But that does not mean anything if Croatia does not have the capacity," Fugas said, flagging the necessary pipeline upgrade for any new demand.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.