Australia's High Court rules the Mount Pleasant coal mine expansion invalid, 3-2, because planners never weighed how to cut emissions from its coal burned overseas

The rest of the day

43 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

1. 02

   Google pays to upgrade 11 old reactors

   Constellation Energy, the biggest owner of nuclear power plants in the US, signed a 20-year deal on Tuesday to sell Google the extra power from upgrading 11 of its reactors. [6][8] These upgrades, called uprates, fit bigger turbines, pumps and controls so an old reactor makes more electricity. [8] They will add 890 megawatts, about enough for 700,000 homes, at six plants in Illinois, Pennsylvania and New Jersey. [6][8] Constellation will spend $4.3 billion, and the first upgrade should run in 2028. [6][7]

   Constellation for Google890 MW

   Vistra, with a US loan433 MW

   Constellation for Amazon190 MW

   Why it matters — Uprates can be finished in five years or less, for a fraction of the cost of a new plant, which is why Google wants them. [8][9] The power goes to PJM, the grid across 13 eastern US states, which is about 6.8 gigawatts short of what it needs. [6][12]

2. 03

   A $4.2 billion loan for Vistra's reactors

   The US Energy Department offered Vistra, a big US power company, a $4.2 billion loan on Monday to upgrade its nuclear plants. [10] The money would add 433 megawatts at the Perry and Davis-Besse plants in Ohio and Beaver Valley in Pennsylvania. [10] It would also keep about 4 gigawatts of reactors running for 20 years past their current licences. [10] Meta, the owner of Facebook, agreed in January to buy all the power from the Perry and Davis-Besse plants. [10]

   Why it matters — The department says the upgrades need no new power lines, which take years to build. [10] Companies and analysts estimate upgrades across the US could add 6,000 to 8,000 megawatts, about six to eight big new reactors. [8]

3. 04

   Planned US gas plants jump 44%

   Planned new gas power plants in the US have jumped 44% since December, to 60.4 gigawatts due by the end of 2030. [11] The count comes from Environment America and Frontier Group, two campaign groups, using filings to the US government's energy statistics agency. [11] Texas holds a third of it. [11] Over the same months, planned wind farms fell 33.9%, and planned solar stopped growing. [11]

   Why it matters — The groups blame demand from data centres, and say gas plants built now will burn for decades. [11] Not every planned plant gets built, so the figure counts plans, not plants. [11]

4. 05

   Wind and sun carried Texas through a hot summer

   Texas used about 4% more electricity in the first nine months of 2026 than a year earlier, a Reuters energy columnist calculated from grid data. [12] Power from wind and sun rose more than 11%, so power from gas and coal grew by less than 1%. [12] Solar made more than 18% of Texas's power in July and August, and about a third of California's from May to August. [12] Batteries stretched that daytime solar into the evening. [12]

   Why it matters — Critics have long said a grid under strain must burn more fossil fuel. [12] In Texas, the biggest power user among US states, it did not this summer. [12]

5. 06

   Equinor warns Britain over two North Sea fields

   Equinor, Norway's state oil company, warned that Britain may become 'uninvestable' if it rejects two new North Sea fields, Rosebank and Jackdaw. [13] Both were first approved by the last government, then held up when a Scottish court ruled their climate impact had not been fully considered. [13] Energy Secretary Miatta Fahnbulleh now makes the final decision. [13] Rosebank, north-west of Shetland, may hold 500 million barrels of oil and gas. [13]

   Why it matters — Jackdaw is 99% built and could send gas to British homes this winter, its operator says. [13] Uplift, a campaign group, says Rosebank's oil is mostly for export and will not cut bills. [13]

6. 07

   Britain plans £1 billion for energy bills

   Britain's finance minister, Chancellor John Healey, plans to spend more than £1 billion in this month's budget to help poorer households with energy bills. [14] Ministers were alarmed by forecasts that bills will rise by hundreds of pounds in January. [14] Most of the money would raise the discount for households on some benefits. [14] Healey is expected to turn down the energy secretary's call to spend billions removing levies from bills. [14]

   Why it matters — Sources say final decisions have not been made. [14] Officials are also drawing up rules to limit what energy companies can charge, instead of paying part of the bill. [14]

7. 08

   Ireland cuts taxes on heating fuel

   Ireland's government cut taxes on heating oil and gas in this week's budget, and froze them for the rest of its term. [15] Temporary tax cuts on petrol and diesel, brought in earlier this year, will be extended. [15] The whole budget package is worth 8.65 billion euros. [15] Ireland can afford it because taxes on big companies bring in more than it spends, and it expects a surplus of 6.7 billion euros this year. [15]

   Why it matters — Britain is planning help of its own, so two neighbouring governments plan to pay part of their voters' fuel bills this winter. [14][15]

8. 09

   Diesel hits a record in Britain

   Diesel in Britain reached a record 200.01p a litre, the RAC motoring group says, so filling a family car costs more than £110. [16] Petrol has risen by a third since the Iran war began at the end of February. [16] On Scottish islands such as Shetland and the Hebrides some stations sold diesel above 220p, because there is little competition and fuel must be shipped in. [16] One North Uist resident paid £2.28 a litre. [16]

   Why it matters — People there rely on their cars for work and for the school run, as one father of three told the Guardian. [16]

9. 10

   Goldman sees dear diesel through 2027

   Goldman Sachs, a big US bank, says diesel prices may need to stay high through 2027. [17] Refineries cannot make enough, and governments and companies are refilling the stocks they drew down. [17] It expects the extra price of diesel and jet fuel over crude oil to average above $40 a barrel in 2027, about twice the usual. [17] That is even with crude itself settling near $80. [17]

   Why it matters — A high price is what holds demand down while refineries run near their limit, Goldman's analyst said. [17] So diesel would stay dear even if crude oil gets cheaper. [17]

10. 11

    The EU turns to its shrinking refineries

    Ursula von der Leyen, head of the European Commission, announced talks on Tuesday about Europe's shrinking oil refineries. [18] The EU, the UK, Norway and Switzerland had 72 big refineries at the end of 2025, with about a fifth less capacity than in 2009. [18] So Europe buys more ready-made diesel and jet fuel from the Middle East, the US and India. [18] The EU's energy commissioner says it has paid over 100 billion euros extra for oil and gas imports since the US and Israel bombed Iran on 28 February. [18]

    Why it matters — Europe can still buy crude oil despite the blockades, but its refineries cannot make all the diesel and jet fuel it needs. [18] EU leaders meet on 15 October. [18]

11. 12

    Oil bosses plan more ways out of the Gulf

    At an oil industry forum in London this week, Amin Nasser, head of Aramco, Saudi Arabia's state oil company, said it has not cancelled one promised delivery during the war. [19] He credited its East-West pipeline across Saudi Arabia, built with spare lines. [19] Patrick Pouyanne, head of TotalEnergies, a French oil company, said the war has moved the industry from 'just in time' to 'just in case'. [19] Nasser said three export routes may not be enough, and a fourth and fifth should be built. [19]

    Why it matters — The pipeline kept oil moving despite blockades in the Strait of Hormuz and, more recently, at Bab al-Mandeb, the southern entrance to the Red Sea. [19]

12. 13

    Poland builds a floating gas terminal

    Poland is building a floating gas terminal two miles off Gdansk, on the Baltic Sea, and the ship at its centre is named Solidarity. [20] It will store liquefied natural gas, which is gas cooled into a liquid for shipping, and turn it back into gas. [20] From early 2028 it will add 6.1 billion cubic metres a year to Poland's 8.3 billion of import capacity. [20] Poland bought more than half its gas from Russia before 2022. [20]

    Why it matters — The new capacity is more than Poland needs, so it can pass gas on to Slovakia, the Baltic states and other neighbours. [20]

13. 14

    Russia bombs Ukraine's grid again before winter

    Russia has started bombing Ukraine's power grid again ahead of winter. [22][23] On 30 September its heaviest attack on energy sites in months killed seven people and forced power cuts in Kyiv and nearby regions. [23] Last winter was Ukraine's coldest in decades. [21] This year it has a gas surplus, concrete walls around key sites and about $250 million of energy equipment on the way, Semafor reports. [21]

    Why it matters — A blackout is most deadly in deep cold, so a warm winter from El Nino would blunt the attacks. [21] Germany pledged 350 million euros this week to repair Ukraine's energy system. [21]

14. 15

    Venezuela's power cuts spread

    Almost two in three Venezuelan households had daily power cuts in 2026, up from 37% in 2024, a survey by ANOVA Policy Research found. [24] Some cuts are deliberate rationing by Venezuela's government, led by interim President Delcy Rodriguez. [24] About 90% of Venezuela's power comes from dams, and Venezuela's government blames El Nino's heat and drought. [24] Nelson Hernandez, a Venezuelan energy expert, blames years of neglect of plants and lines instead. [24]

    Why it matters — People are banging pots and blocking roads in protest, in the country with the world's largest proven oil reserves. [24] A dialysis patient told Al Jazeera the cuts keep interrupting his treatment. [24]

15. 16

    Argentina vows to stop Falklands oil

    Argentina's foreign minister, Pablo Quirno, said his government will stop the Falkland Islands from drilling their offshore oil. [25] Argentina claims the islands, which Britain rules. [25] His target is Sea Lion, an oil project in the North Falkland Basin that the British government has helped move forward. [25] Quirno said the plan is peaceful, and Britain's ambassador left the event soon after he spoke. [25]

    Why it matters — President Javier Milei called Sea Lion 'an unlawful act' at the UN last month. [25] So the field is now part of a fight over who owns the islands, as well as an oil project. [25]

16. 17

    Finland halts work on Google's data centres

    Finland's environment agency ordered work to stop at two planned Google data centres, at Muhos and Kajaani, after more than 300 hectares of forest were cleared. [26] It said work at one site was done without a required environmental impact assessment. [26] The sites are part of a 13 billion euro investment Google announced less than a month ago. [26] Google said it had fallen short of its own standards and will follow the order. [26]

    Why it matters — Work that changes the land must stop by 23 October, and the company must explain its plans by 14 October. [26] The agency can begin enforcement if Google does not comply. [26]

17. 18

    A wood-burning data centre at Drax

    Drax, which runs a big power station in North Yorkshire that burns imported wood, wants to turn part of it into a 1.2-gigawatt data centre. [27] NRDC, a US environmental group, estimates the data centre would need 4.9 million tonnes of wood a year. [27] It puts the carbon at 8.6 million tonnes a year, nearly twice all flights from Gatwick airport in 2024. [27] The plan has not yet entered planning, and Drax says it could run from 2031. [27]

    Why it matters — Drax counts wood as low-carbon because new trees regrow, but researchers say that can take 150 years to pay back. [27] There are 315 data centres waiting to connect to Britain's grid. [27]

18. 19

    Stanlow refinery broke its permit 58 times

    Stanlow, one of Britain's four remaining oil refineries, broke its pollution permit 58 times in 2023 and 2024, documents shared with the BBC show. [28] Its operator, EET Fuels, released cyanide into a river at over eight times the allowed level, and oil at over thirteen times. [28] In September 2024 more than a tonne of oil reached the Mersey Estuary, a protected wildlife site. [28] The Environment Agency, England's pollution regulator, is investigating. [28]

    Why it matters — Stanlow makes about 18% of Britain's road fuel. [28] EET Fuels already pleaded guilty this year to 12 earlier breaches, from 2018 to 2020. [28]

19. 20

    US water bills up 62% in ten years

    US households pay 62% more for drinking water than a decade ago, a study by Food & Water Watch, a campaign group, found. [29] Prices across the economy rose 39% over the same years. [29] The average bill in 2025 was $531, ranging from $133 to $1,416 depending on the water system. [29] Systems owned by private companies charged $823 on average, against $494 for publicly owned ones. [29]

    Publicly owned systems$494

    Company-owned systems$823

    Why it matters — The group blames company practices, cuts in federal money and climate change. [29] In 93% of systems, the poorest fifth of households spend more than 1.5% of their income on water. [29]

20. 21

    Gas kitchens fill restaurants with fumes

    Seventy percent of restaurant kitchens that cook with gas or propane had more nitrogen dioxide in the air than US and WHO safety limits, a study published on Tuesday found. [30] Nitrogen dioxide is a gas from burning that inflames the lungs. [30] Researchers measured 27 kitchens in California, New York and Pennsylvania. [30] The three all-electric kitchens never reached even a tenth of the WHO limit. [30]

    Why it matters — About 15.7 million people work in US food service, and more than three-quarters of restaurants burn gas. [30] Pilot lights kept polluting overnight, with the fans switched off. [30]

21. 22

    New Zealand's air holds record greenhouse gas

    New Zealand's official report on its climate, released on Wednesday, found carbon dioxide in its air has risen 30% since monitoring began there in 1972, and methane hit a record. [31] The country has warmed 1.36C since records began in 1909. [31] Its roughly 3,000 glaciers shrank from 56 to 30 cubic kilometres of ice between 1997 and 2023. [31] Even with low emissions they will very likely lose 14% to 86% of their ice by 2100. [31]

    199756 km3

    202330 km3

    Why it matters — The report says heatwaves are very likely to grow more frequent and longer. [31] New Zealand's seas were found to be warming 34% faster than the world average, linked to kelp and penguin deaths. [31]

22. 23

    Pacific leaders say the fossil-fuel exit stays

    Australia's prime minister, Anthony Albanese, warned at a climate meeting in Fiji that Australia expects a summer of floods, cyclones and extreme heat. [4] Fiji's prime minister, Sitiveni Rabuka, said the 2023 agreement to move away from fossil fuels is 'not open for renegotiation'. [4] Tuvalu's climate director said flood damage could cost $63 million a year by 2100, more than Tuvalu's whole economy. [4] The meeting prepares for COP31 in Antalya, Turkey, from 9 November. [5]

    Why it matters — Australia will steer the COP31 talks, and was criticised at the meeting for still approving new coal and gas. [4][5] A fossil-fuel phase-out is not a formal item at COP31. [5]

23. 24

    Nepal's flood missing are not counted as dead

    More than 5,000 people are still missing after last month's flood across the China-Nepal border, and Nepal's government has ended rescue work. [32] Under Nepal's law, a missing person is presumed dead only after 12 years, and its civil code has no rule for a disaster like this. [32] So families struggle to get death certificates. [32] They need them to claim flood compensation, transfer property and inherit. [32]

    Why it matters — Relatives can get up to 25,000 rupees, about $162, for funeral costs. [32] The flood has revived calls for rich countries to pay more toward climate damage at COP31. [5]

24. 25

    Indonesia's fire smoke chokes Singapore

    Singapore's environment agency rated the air unhealthy on Tuesday, as smoke drifted in from huge fires in Indonesia. [33] Rain across the region has been about 80% below normal since June, giving the worst fire season in over a decade, a Singapore scientist said. [33] A strong El Nino is making Sumatra and Kalimantan, two big Indonesian islands, even drier. [33] Formula One's Singapore night race goes ahead this weekend, with masks on hand. [33]

    Why it matters — A short spell in the haze mostly irritates healthy people. [33] It can trigger asthma and bronchitis in children, older people and pregnant women. [33]

25. 26

    Isaias may end the Atlantic's hurricane-free year

    No hurricane had formed in the Atlantic this year by early October, the latest date since satellites began watching in the 1960s, the BBC reported. [34] El Nino strengthens winds high over the Atlantic, and they tear storms apart before they grow. [34] Now Tropical Storm Isaias is forming in the Gulf of Mexico, and forecasters say it could become a hurricane. [35] It could reach land anywhere from Louisiana to the Florida panhandle this weekend. [35]

    Why it matters — The Atlantic records show no year without a hurricane since 1914. [34] Even as a tropical storm, Isaias could be pushed far inland over the US Southeast. [35]

26. 27

    Indonesia threatens prison for forest data

    Indonesia's forestry ministry now warns that anyone who downloads its forest data without written permission will be prosecuted, with up to nine years in prison, the news site Mongabay reported. [36] The data covers tree cover, fires and groundwater in its forests. [36] Researchers fear they will lose the means to track illegal clearing. [36] Forest loss in Indonesia hit an eight-year high last year. [36]

    Why it matters — Over the last decade Indonesia had cut its forest loss by nearly two-thirds. [36] Legal experts say the new rule breaks Indonesia's own law on public information. [36]

27. 28

    Trees creep over the Great Plains

    Trees are spreading across the grasslands of the US Great Plains, a change some ranchers call the 'green glacier'. [37] Eastern red cedar, planted as windbreaks, is seeding itself onto open range in places like Nebraska's Sandhills. [37] A Texas A&M farm service puts the lost grazing across 10 Plains states at $4 billion. [37] Putting out prairie fires, which used to kill young trees, helped them spread. [37]

    Why it matters — Ranchers lose grass to graze. [37] Ecologists fear for prairie birds, insects and water as thirsty trees move into drier land further west. [37]

28. 29

    A carbon tower on Scotland's biggest saltmarsh

    A tower that measures how much carbon a saltmarsh takes from the air has been put up at Caerlaverock, on the Solway Firth, Scotland's largest saltmarsh. [38] It is the first such tower in Scotland and the most northerly in a UK network. [38] About 85% of Britain's saltmarshes have been lost since the mid-1800s, to farming, building, pollution and the sea. [38]

    Why it matters — Measured numbers could get saltmarshes counted in the UK's official greenhouse-gas inventory. [38] That would strengthen the case to protect and restore them, the project's scientists say. [38]

29. 30

    Maryland picks its first big grid batteries

    Maryland chose its first two big grid batteries under a 2025 law: 400 megawatts at Chalk Point and 40 megawatts in the far west of the state. [39] Together they hold 1,760 megawatt-hours, but fall short of the state's 800-megawatt target for this round. [39] They will cost the average home about 7 cents a month for 15 years. [39] A second round must open by 1 January 2027. [39]

    Why it matters — PJM, the grid operator for Maryland and 12 other states, is short of power, and the price it pays for spare capacity sits at its legal cap. [39][12]

30. 31

    Poland pays for home batteries

    Poland will pay up to 30% of the cost of home batteries and hot-water tanks for households with solar panels, from a 1 billion zloty fund, about $258 million. [40] Batteries must hold at least 10 kilowatt-hours, and grants top out at about $4,900 per home. [40] A bonus goes to batteries made in the EU. [40] Applications open on 20 October. [40]

    Why it matters — The aim is for homes to use more of their own solar power instead of sending it to the grid. [40] Poland's climate minister also calls it a matter of energy security. [40]

31. 32

    Europe's battery market nearly doubles

    Europe is expected to install 65 gigawatt-hours of batteries in 2026, almost twice the 34 it installed in 2025, EUPD Research, a market research firm, calculates. [41] Big batteries connected straight to the grid make up about 44 gigawatt-hours of that. [41] Grid operators use them to move power from sunny hours to other times of day. [41]

    202534 GWh

    2026, expected65 GWh

    Why it matters — Electricity prices remain high enough in many countries to make storage pay. [41] The more solar a country has, the more it needs somewhere to keep the midday surplus. [41][42]

32. 33

    Spain leads Europe in below-zero power prices

    Spain had 596 hours with power prices below zero in the second quarter, the most in Europe, followed by Portugal with 462, Montel, an energy data firm, reports. [42] A negative price means generators pay to keep sending power, because there is more than anyone wants. [42] Europe's solar output beat its record by nearly 20%, flooding the grid at midday. [42] In the evening, prices in Germany jumped above 600 euros a megawatt-hour. [42]

    Spain596 h

    Portugal462 h

    France370 h

    Greece317 h

    Why it matters — The swing from below zero at noon to very high at night is what makes batteries worth building. [42][41]

33. 34

    Tesla's cheaper cars can now power a house

    Tesla's Model 3 and Model Y can now power a house in a blackout, if it has Tesla's Powerwall 3 home battery. [43][44] A car can add over two days of backup for a home using 30 kilowatt-hours a day. [44] Only cars ordered from 1 October are guaranteed the feature. [44] Tesla does the power conversion inside the car, avoiding a separate charger that typically costs $6,500 to $10,000. [43]

    Why it matters — Ford and GM have sold cars that can back up a home for years. [44] The Powerwall 3 itself costs $8,200, plus several thousand dollars to install. [43]

34. 35

    Japan picks which solar keeps its support

    Japan's energy agency proposed which business solar projects keep feed-in support, a guaranteed payment for their power, after new ground-mounted projects lose it in April 2027. [45] Four kinds would keep it: solar on government land, in town climate plans, over car parks, and on roads, railways, ports and airports. [45] To qualify, a project must avoid clearing new land or stay under public oversight for its whole life. [45]

    Why it matters — Fitting in with local communities is one of the agency's three tests. [45] So the rules steer new solar onto land already in use. [45]

35. 36

    Thailand sets a safety standard for solar panels

    Thailand's cabinet approved a rule that crystalline silicon solar panels must meet the Thai Industrial Standard, which guards against electric shocks, overheating and fire. [46] Makers and importers will need a licence, and shops may sell only licensed panels. [46] Panels already tested to international standards can register within five days. [46] The industry ministry plans to review inverters, cables and batteries next. [46]

    Why it matters — Thailand's government says the rule will add no cost or delay to imports. [46] It is preparing 279 import licences for this month. [46]

36. 37

    Australia's wind farms stall

    Wind farms in Australia are stalling while solar and batteries keep growing, an analysis in The Conversation says. [47] In 2025 battery investment rose almost 70% to $4.8 billion, and wind investment fell almost 60% to $2.6 billion. [47] Wind farms need power prices above $100 a megawatt-hour to pay, against about $60 now. [47] Renewables already make over 40% of the power on the main grid. [47]

    Why it matters — Australia's target of 82% renewables by 2030 is slipping out of reach. [47] The grid operator is counting on wind for 47% of renewable power by then. [47]

37. 38

    Driverless trucks could make electric pay sooner

    Driverless electric trucks could beat diesel on running costs years sooner than expected, a researcher argues in The Conversation. [48] Without a driver's wages, a truck can travel slower, and air resistance falls sharply at lower speeds. [48] That saves enough energy to make batteries pay on long trips. [48] Australia will allow driverless trucks on some public roads from 2027. [48]

    Why it matters — Many experts expect long-haul battery trucks to beat diesel only in the 2030s. [48] Australia already runs driverless trucks carrying ore in the Pilbara, off public roads. [48]

38. 39

    Boston orders battery trains

    Boston's transit agency will lease seven battery-powered trains from Stadler, a Swiss maker, for its Fairmount line, in a 15-year deal worth about $765 million. [49] They are due in 2030 and will run every 20 minutes instead of every 30. [49] The agency says they will save 17,700 tons of carbon dioxide a year against the diesel trains they replace. [49]

    Why it matters — Battery trains avoid the cost of overhead power wires. [49] Marvin Martin, a campaigner from Dorchester, one of the neighbourhoods the line runs through, pushed for more stops and cleaner trains from 1995. [49]

39. 40

    Suzuki's mini electric car undercuts BYD

    Suzuki will launch its first electric kei car, Japan's class of tiny cars, on 16 November for about $13,500, Nikkei reports. [50] The e SKY undercuts the Racco from BYD, the Chinese carmaker, which had been Japan's cheapest mini electric car. [50] It uses BYD's own batteries and can go up to 310 kilometres on a charge. [50]

    Why it matters — With a Japanese government subsidy, it could cost about the same as Suzuki's best-selling petrol kei car. [50]

40. 41

    Tesla's slow start in India

    Tesla has registered just 993 cars in India since deliveries began in September 2025, data compiled by ElecTree, an Indian electric-car site, shows. [51] But 294 came in September 2026 alone, after Tesla cut prices and launched a six-seat Model Y. [51] Every Tesla sold in India is imported and pays import duties, because the company will not build a factory there. [51]

    Why it matters — The first Model Y sold in India for about $70,000, almost twice its US price at the time. [51]

41. 42

    Jaguar shows its first electric-only car

    Jaguar showed the Type 01, the first car of its controversial rebrand, in New York. [53] The all-electric four-door has about 1,000 horsepower and up to 320 miles of range at highway speed. [53] It starts at £130,000 in Britain and $130,500 in the US. [53] It goes on sale as a 2028 model. [52]

    Why it matters — Jaguar's owner, JLR, has spent billions turning the brand electric-only. [53] Reactions to the car's design are mixed. [53]

42. 43

    Energy Transfer buys Vaquero for $2.6 billion

    Energy Transfer, a big US pipeline company, agreed on Tuesday to buy Vaquero Midstream for about $2.6 billion in cash and shares. [54] Vaquero's pipes link to Energy Transfer's existing network carrying natural gas and gas liquids. [54] The company plans to spend $5 billion to $5.5 billion this year, mostly on gas projects. [54]

    Why it matters — Energy Transfer says the extra gas will flow into pipes and export terminals it already runs. [54]

43. 44

    QatarEnergy borrows $3 billion from Chinese banks

    QatarEnergy, Qatar's state energy company, has borrowed $3 billion from four big Chinese state banks, people familiar with the deal said. [55] The five-year loan is for day-to-day spending. [55] Chinese banks lent a record $11.5 billion to Gulf borrowers last year through shared loans, more than five times the year before. [55]

    Why it matters — It shows lenders still back some Gulf energy companies despite the US war with Iran. [55]