MIL Email Publisher – Foreign Submissions

Source: deVere Group

May 21 2026 – SpaceX's IPO filing – the biggest in history – shows AI's next trillion-dollar trade is infrastructure, not software, affirms the CEO of global financial advisory giant deVere Group.

The analysis from Nigel Green comes as SpaceX prepares a major fundraising round expected to value the Elon Musk-led company at around $400 billion, a figure that makes it one of the most valuable private companies in history and underlines the scale of investor appetite surrounding the infrastructure powering the artificial intelligence boom.

He comments: “The market is entering a new phase in the AI cycle, one in which the biggest opportunities are no longer concentrated solely in software developers or chatbot platforms, but in the physical systems required to sustain the rapid expansion of AI globally.”

He argues that investors are now beginning to understand the sheer scale of infrastructure spending AI will require over the next decade.

“Trillions of dollars are likely to flow into data centres, semiconductors, electricity generation, cooling systems, fibre networks, cloud architecture and satellite connectivity.

“Software captured the first wave of excitement around artificial intelligence, but infrastructure is where the next trillion-dollar investment opportunity is emerging.

“AI models require extraordinary computing power. Every new breakthrough increases demand for chips, energy, storage capacity and ultra-fast connectivity.”

Markets are moving “beyond the novelty stage,” and investors are now assessing what is actually required to support artificial intelligence at global scale, and the answer is “massive infrastructure expansion.”

He says the significance of the latest SpaceX filing stretches far beyond the company itself.

“SpaceX is increasingly viewed not only as a space company, but as critical infrastructure for the digital economy,” continues the deVere CEO.

“Satellite systems, secure communications, global internet coverage and data transmission are becoming strategically essential as AI adoption accelerates across industries and countries.

“The companies building the foundations of this new era are attracting enormous capital because investors recognize these assets are likely to become indispensable.”

The deVere CEO notes that the market narrative around AI has shifted markedly over the past year.

Early enthusiasm largely centred on consumer-facing applications and software platforms. Attention is now turning toward the businesses supplying the hardware, energy and network capacity underpinning the sector's expansion.

According to Nigel Green, this transition is likely to reshape global capital allocation for years.

AI is developing into something far larger than a conventional tech cycle.

“It increasingly resembles an industrial transformation with consequences for energy markets, construction, commodities, manufacturing and national infrastructure policy.

“Governments and corporations are already competing aggressively to secure computing capacity and reliable energy access because AI leadership will depend heavily on infrastructure strength.”

He points to the accelerating buildout of hyperscale data centres in the US, Europe and Asia, alongside surging investment into advanced semiconductors and electricity generation projects.

Demand pressures are already creating strains in some regional power grids as large AI systems consume dramatically more electricity than previous generations of digital services.

“Investors should understand that AI's expansion is constrained by infrastructure availability,” explains Nigel Green.

“You can't scale advanced artificial intelligence indefinitely without parallel growth in power generation, transmission networks and compute capacity.

“Those bottlenecks create enormous opportunities for the companies positioned to solve them.”

The deVere chief executive also says private market valuations increasingly reflect this reality.

“Capital is flowing toward infrastructure because investors see durability there,” he concludes.

“The SpaceX IPO filing shows that the market is beginning to price-in the possibility that the infrastructure layer of AI could ultimately become a multi-trillion-dollar global investment story in its own right.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Source: GlobalData

Escalating disruptions across key Middle East maritime corridors are tightening global energy supply and keeping a higher risk premium embedded in crude markets. Each sustained $10 per barrel increase in crude oil prices can shave roughly 0.1–0.5 percentage points (pp) off the annual GDP growth in major net energy-importing economies, consistent with a widely used market rule of thumb and historical patterns seen in past supply-driven shocks, according to GlobalData, a leading intelligence and productivity platform.

Ramnivas Mundada, Director of Companies and Economic Research at GlobalData, comments: “For countries that import more energy than they produce, a surge in oil prices acts like a sudden tax. It rapidly lifts inflation and worsens trade balances, squeezes corporate profits, and slows growth, especially when disruptions linger, and higher freight and insurance costs compound the impact beyond crude prices alone.”

What does the $10/bbl shock mean by economy

India: -0.4pp to -0.5pp – high import dependence amplifies inflation and current-account pressures.
Eurozone/UK: -0.2pp to -0.3pp – higher energy costs squeeze manufacturers and household budgets.
China: -0.15pp to -0.2pp – strategic reserves can smooth the initial blow, but manufacturing margins remain exposed.
US: -0.1pp – domestic output provides a partial hedge, though higher pump prices still constrain discretionary spending.

Early warning signs: recent quarter growth prints show mounting pressure

National accounts releases have already hinted at how vulnerable the current growth environment is: energy costs remain at an elevated level, and by Q1 2026, the drag from higher oil prices began to show up in the quarterly GDP results of several economies.

In the euro area, activity has effectively stalled. Seasonally adjusted GDP rose only 0.1% quarter-on-quarter in the first three months of 2026, easing from 0.2% in the prior quarter. The weak performance reflects persistent structural headwinds, tighter and more uncertain energy availability, and subdued household spending in many of the region's largest economies.

Looking across major markets, energy-price shocks are expected to weigh more heavily on growth in 2026 than they did in 2025. For the eurozone, the deceleration risk has increased: growth came in at 1.4% in 2025 and is projected to slow to 1.0% in 2026.

The UK shows a similar pattern, with growth easing from 1.4% in 2025 to an expected 0.8% in 2026. China is also forecast to cool modestly, from 5.0% in 2025 to 4.5% in 2026. India remains the fastest-growing among these economies but rising energy-related input costs are expected to temper momentum, with growth projected to slow from 7.6% in 2025 to 6.4% in 2026.

Why this shock is different

Mundada concludes: “Beyond the crude price itself, shipping delays, rerouting, and rising insurance and freight costs can amplify the macro hit—particularly for regions reliant on energy imports and global trade lanes. If the disruption persists, second-round effects (higher core inflation, tighter financial conditions, reduced capex) may deepen the slowdown.”

Notes

Quotes provided by Ramnivas Mundada, Director of Companies and Economic Research at GlobalData
Information based on GlobalData's Macroeconomic Database, “Country Analytics Overview – GlobalData”

Source: Médecins Sans Frontières – Doctors Without Borders

21 May 2026;  The Democratic Republic of Congo (DRC) officially declared an Ebola disease outbreak on 15 May in Ituri province, in the country’s northeast. On 17 May, the World Health Organization (WHO) declared a public health emergency of international concern. The next day, the Africa CDC declared a Public Health Emergency of Continental Security (PHECS).   So far, according to the DRC Ministry of Health, there are 536 suspected cases and 134 deaths. This marks the 17th recorded outbreak of Ebola disease in DRC since the virus was first identified in 1976.

Unlike most previous Ebola disease outbreaks that occurred in the DRC, this one is caused by Bundibugyo virus. “Ebola disease” is a disease caused by any virus within the genus of Orthoebolavirus. The most commonly known viruses within this genus are Ebola virus, Sudan virus and the Bundibugyo virus.

In the two previous known outbreaks of Bundibugyo virus disease, the case fatality rate was lower than outbreaks caused by the more common and deadly Ebola virus.  Yet, responding to this virus is particularly challenging as there are currently no approved vaccines or treatments available, unlike for the more common Ebola virus. Diagnostics are also challenging. The PCR tests used for diagnosis require test kits specific not to the disease itself, but to each individual virus in order to detect it. However, these test kits are currently in short supply for the Bundibugyo virus, which significantly slows down case confirmation and, consequently, the implementation of contact tracing and patient isolation.

The outbreak was first identified following alerts of an unusual increase in deaths linked to a suspected viral haemorrhagic fever in Mongwalu health zone, northwest of Bunia, the capital of Ituri Province. In collaboration with the Ministry of Health (MoH), MSF assessments conducted in affected areas found dozens of deaths had occurred since April, with suspected and confirmed cases also reported in Bunia and Rwampara health zones. Over the past few days, the outbreak has spread far further in the provinces of Ituri and North Kivu.

Two cases have also been confirmed in Uganda, the first one being the case of a Congolese man who was admitted in a Kampala hospital on 11 May and who died on 14 May. Both cases were imported from DRC. On 15 May, the MoH of Uganda declared the Ebola disease outbreak.

MSF has a vast experience in supporting Ebola disease outbreaks responses. Our teams are preparing to rapidly scale up medical and operational support in affected areas alongside the Ministry of Health, WHO and local actors to strengthen surveillance, patient care, infection prevention and control, and community engagement efforts aimed at containing the outbreak as quickly as possible.

As of 20 May, the DRC had officially reported a total of 536 suspected cases and 134 suspected deaths, 34 confirmed cases and 8 confirmed deaths.

In DRC, the outbreak is now affecting two provinces, with Ituri remaining the main epicentre. Several cases have been confirmed in North Kivu province, including in the capital city of Goma.

As stated by several officials and health experts from the DRC and WHO, those figures need to be taken with caution as under-reporting very likely in the current situation.

Two laboratory confirmed cases, including one death, with no apparent link to each other have also been reported in Kampala, Uganda, within 24 hours of each other, on 15 and 16 May. Both are imported cases.

Key Points:

• The extent, the nature and the context of this Ebola disease outbreak are very concerning. Dealing with this outbreak is difficult as it involves a particular virus which does not benefit from approved treatments nor vaccines, while diagnostics will also be of particular concern. The real extent of the outbreak remains unknown due to the lack of diagnostics and underreporting of cases. 
• While this virus is less lethal than the two others (Ebola and Sudan), it nevertheless presents a major challenge in containing the outbreak. In addition, this outbreak is happening in provinces affected by ongoing conflict, with millions of people displaced from their homes and people moving across borders into neighbouring countries such as Uganda. Both Ituri and North Kivu Provinces are marked by significant population movement and limited, under resourced health capacity, further complicating the identification, follow up and isolation of cases.
• Responding to this Ebola disease outbreak will present several challenges and will require all stakeholders to design an approach adapted to Bundibugyo’s specific context. However, our previous experience in Ebola responses has shown that multiple factors significantly influence the epidemiological trend of the disease. Addressing these elements is essential to effectively contain the outbreak. These include, among others, strong contact tracing, timely isolation of suspected cases, community trust and engagement, rigorous infection prevention and control measures, effective health promotion, and rapid access to healthcare services — including care for non-Ebola conditions. One lesson we've learned from past Ebola disease outbreaks is that we need to ensure access to regular healthcare – such as treatment for malaria, measles vaccinations, and sexual and reproductive healthcare. Ebola responses are based on six pillars (care and isolation of patients; tracing and follow up of patient contacts; raising community awareness of the disease such as how to prevent it and where to seek care; conducting safe burials; proactively detecting new cases; and supporting existing health structures) and we are in discussion with the health authorities to see where our support will be the most impactful.
• Local and international expertise to fight such outbreaks already exists. The DRC has faced 16 Ebola disease outbreaks since 1976 and has developed significant expertise and experience in responding to this disease over the years. Congolese health authorities, local healthcare workers, researchers, and communities have been at the forefront of some of the world’s most complex Ebola responses, often under extremely difficult circumstances. It is important to recognise that the DRC is not starting from zero. 
• MSF has a vast experience in responding to Ebola disease outbreaks and is mobilising a large-scale response to support and in collaboration with DRC authorities. We have been an active partner in the response in many of these, including the Bundibugyo virus disease outbreak of 2012, as well as the one in Uganda in 2007.  Our teams are working around the clock to prepare a large-scale response in DRC, in collaboration with the Congolese health authorities. We are currently deploying medical and logistics emergency staff. Essential medical supplies and equipment are currently en route to affected areas from Kinshasa, Uganda and Europe.  

MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation.  MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. Every year more than 120 Australians and New Zealanders go on assignment with Médecins Sans Frontières  working as: doctors, midwives, psychologists, laboratory technicians, human resource/finance coordinators, pharmacists, mental health specialists and logisticians. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

Source: Modirum Platforms

Helsinki, Finland & Abu Dhabi, UAE, May 21, 2026 — Modirum Platforms and Atlas Telecom today announce the expansion of their strategic partnership focused on integrated Situational Awareness and Critical Communication Network Service Assurance capabilities across the Gulf Cooperation Council (GCC) region.

The partnership reflects a shared mission: safeguarding public safety and protecting society’s critical infrastructure through advanced digital technologies and resilient communications capabilities.

Through the expanded collaboration, Modirum Platforms and Atlas Telecom will jointly invest in integrated technologies and capabilities that:

• Enhance utilisation and resilience of critical communication networks under compromised conditions 
• Improve service assurance and operational continuity for mission-critical broadband services 
• Enable advanced real-time situational awareness through video and sensor-based intelligence 
• Support faster, data-driven operational decision-making for public safety and critical infrastructure operators 

Enabling multi-agency coordination with secure real-time video, location data, and communications

A key focus area of the partnership is enabling seamless cooperation between multiple authorities and operational stakeholders during real-world incidents.

For example, in a major traffic accident scenario, emergency response may require simultaneous coordination between police, ambulance services, fire and rescue teams, road authorities, and telecom operators. Through the integrated Modirum Platform and Atlas Telecom capabilities, real-time video streams, location data, and operational communications can be securely shared between all responding parties to improve coordination and accelerate decision-making.

In addition, the platform capabilities support secure citizen participation in incident response workflows. A citizen or eyewitness at the scene can, for example, receive a secure live-video link from emergency services, enabling authorities to obtain immediate visual situational awareness directly from the scene before first responders arrive. This can significantly improve incident assessment, resource allocation, and response prioritisation.

A stronger regional alliance to advance Service Assurance and Situational Awareness across the GCC

The partnership combines Modirum Platforms’ expertise in mission-critical software, service assurance, and situational awareness with Atlas Telecom’s strong regional presence, telecommunications capabilities, and deep understanding of GCC market and client requirements.

The primary commercial focus of the partnership is the GCC region, where governments and operators are investing heavily in more secure infrastructure, end-to-end public safety modernization, and next-generation critical communication systems.

“Together with Atlas Telecom, we are building capabilities that address some of the most important operational challenges facing modern societies — ensuring resilient communications and real-time operational awareness when it matters most. Integrated situational awareness, resilient broadband communications, and secure real-time video collaboration will become increasingly critical capabilities for every modern society”, said Sami Honkaniemi, COO, Modirum Platforms.

“Atlas Telecom has built its position over many years as a trusted integrator of advanced communications and critical infrastructure technologies across the GCC region. We continuously evaluate and integrate the most advanced and proven technologies into our offering, ensuring that our customers have access to world-class capabilities. Modirum Platforms represents this type of innovation — combining advanced service assurance, situational awareness, and real-time operational intelligence capabilities that are increasingly critical for modern societies and public safety operations”, said Anas Kutit, CEO, Atlas Telecom.

The companies expect the partnership to accelerate deployment opportunities across public safety, government, telecom, transportation, energy, and other critical infrastructure sectors throughout the region.

About Modirum Platforms

Modirum Platforms develops mission-critical software solutions focused on service assurance, situational awareness, and operational intelligence for Telecom, Critical Communications, Government, and Critical Infrastructure sectors.

For more information, visit www.modirumplatforms.com or follow us on LinkedIn.

About Atlas Telecom

Atlas Telecom is a UAE-based telecommunications and technology company delivering advanced communications and infrastructure solutions across the GCC region.

For more information, visit https://atlasgroupone.com/atlas-telecom/

Source: Equinor

21 MAY 2026 – Equinor is marking 50 years of operations in Northern Norway. After five decades of investment and value creation, the company is planning for high activity and growth in the region for many decades to come.

The Harstad office was opened in 1976 by then Statoil CEO Arve Johnsen as the company’s first establishment outside Stavanger.

Today, Equinor produces more than half a million barrels of oil equivalent per day in Northern Norway — around 35 percent of the company’s own production on the Norwegian continental shelf. This makes Northern Norway an important energy province for European energy security.

“Equinor has achieved a lot in Northern Norway over 50 years. We have built strong professional environments and created major value for the company, the region and Norway. Our operations have helped develop the supplier industry and created skilled jobs and ripple effects throughout the region,” says CEO Anders Opedal.

Equinor currently has more than 1,200 employees in Nordland, Troms and Finnmark. From Harstad, Equinor operates the Norne and Aasta Hansteen fields in the Norwegian Sea, as well as Snøhvit and Johan Castberg in the Barents Sea. Gas from Snøhvit is processed into LNG at Melkøya in Hammerfest.

At the same time, activity among suppliers in the north is growing. Northern Norwegian suppliers work on maintenance, modifications, projects and operations on Equinor’s installations and onshore facilities. The value of deliveries from Northern Norwegian companies has increased from NOK 2.6 billion in 2023 to an estimated NOK 4 billion in 2025 (source: the Levert report).

“Looking ahead, we see several major opportunities in Northern Norway. We have discoveries that are still to be developed as subsea developments tied back to our existing fields. There are also still significant oil and gas resources yet to be proven, so we will continue exploration in both the Norwegian Sea and the Barents Sea. Equinor will continue to invest and grow in the north,” says Opedal.

On behalf of the partnership, Equinor has already started developing Isflak — the first subsea field to be tied back to Johan Castberg. Over the past year, the company has also made the Drivis Tubåen and Polynya discoveries in the area. For Drivis Tubåen, an investment decision has already been made, and the discovery will be tied into existing infrastructure at Johan Castberg.

“We are working to increase the resource base and extend plateau production from Johan Castberg, and we therefore plan to drill one to two exploration wells annually in the area going forward,” says Grete Birgitte Haaland, Equinor’s senior vice president for Exploration and Production North.

The resource base for Johan Castberg was originally estimated at 500–700 million barrels of oil. Equinor aims to increase this by a further 200–500 million barrels through continued exploration and development in the area.

Source: Equinor

21 MAY 2026 – The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 15 May 2026, in total seven business days.

Average Norges Bank fixing rate for this period was 9.2414. Total cash dividend for fourth quarter 2025 is consequently NOK 3.6041 per share.

On 27 May 2026, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange.

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Source: Equinor

21 MAY 2026 – Equinor and Aker BP have agreed on a strategic collaboration aiming to increase future production and value creation across selected parts of their portfolios on the Norwegian Continental Shelf (NCS).

The parties will seek alignment on key areas of joint interest on the NCS, with the aim of speeding up the development of resources to uphold high production levels and unlock value.

As a first step the parties have agreed on a set of transactions in the Troll-Fram (Ringvei Vest), Yggdrasil and Wisting areas that will strengthen alignment on future developments.

”Equinor and Aker BP have identified key areas to increase value creation from discoveries that have not yet been developed for production on the Norwegian continental shelf. We have completed important transactions that will contribute to efficient resource utilisation and greater value creation. By aligning interests across these assets, we can enable better and faster project decisions,” says Kjetil Hove, Executive Vice President for Exploration & Production Norway.

The transaction includes the divestment of a 19% interest in several discoveries in the Ringvei Vest area to Aker BP: The Grosbeak, Røver Nord & Sør, Toppand and Swisher discoveries.

The agreement strengthens the alignment of ownership interests in the licenses, supporting a more coordinated approach to development planning and project execution. The parties also aim to include the Kveikje discovery into the Ringvei Vest development.

Equinor is the operator of Ringvei Vest, expected to be a cluster development of multiple oil and gas discoveries in the Troll-Fram area of the North Sea.

In addition, Equinor will divest a 38.16% interest in the Frigg UK licence to Aker BP, enabling a joint development of the Omega Alfa discovery and the Frigg Field oil resource potential in the area. The divestment will enable coordinated appraisal and development of the cross-border discovery.

As part of the transactions, Equinor will increase its ownership in the Wisting discovery from 35% to 42.5% and further strengthen its position in the largest undeveloped discovery on the NCS.

Finally, Aker BP will pay a cash consideration to Equinor of USD 23 million.

“These agreements will enable better development solutions, reduce complexity, and support value creation in line with our long-term strategy,” says Kjetil Hove.

The transactions support Equinor’s strategy to optimise its oil and gas portfolio and enable high-value, timely developments on the Norwegian continental shelf towards 2035.

The agreements have an effective date of 1 January 2026. The transactions are subject to regulatory approvals.

Facts

Aker BP acquires 19% in licenses PL 090JS, PL 248I and PL 925 (Grosbeak), PL 248C (Swisher), PL 630 (Toppand) and PL 923 (Røver Nord and Røver Sør).
Aker BP acquires 38.16% in UK licence P2343 (Frigg). After the transaction Equinor owns 61.84%.
Equinor acquires 7.5% in PL 537 and PL 537B (Wisting). After the transaction, Equinor owns 42.5%.
Aker BP will pay a cash consideration to Equinor of USD 23 million.

Source: The Climate Council

THURSDAY 21 MAY, 2026 – The UN General Assembly’s historic adoption of a resolution affirming states’ legal duty to protect their own people from climate change leaves the Albanese Government with nowhere to hide on its massive fossil fuel exports. (ref. https://news.un.org/en/story/2026/05/1167561 )

Climate Council CEO Amanda McKenzie said: “This ruling establishes that the Albanese Government has a legal duty to protect Aussies from an escalating climate crisis that is already a clear and present danger. From farmers facing ruin, to regional communities pummelled by back-to-back disasters, this crisis is hitting home right now and upending our Australian way of life.

“While the government is ramping up renewable power, it is still giving fossil fuel giants a free ride. Continuing to wave through massive new coal and gas projects puts our kids' future at risk and is now clearly against international law.

“Australia rightly voted in favour of this resolution but a vote is just a symbolic gesture if it is not matched by action. Maintaining a $19 billion annual gravy train for multinational polluters is like pouring petrol on a fire while the rest of the world tries to put it out. To be a credible COP31 host, Australia must commit to an orderly phase-out of all fossil fuels.”

Climate Council Fellow Wesley Morgan said: “This landmark resolution is a massive victory for Vanuatu and the Pacific leaders who have spent decades fighting for survival on the frontlines of the climate crisis and a warning for Australian governments. For far too long, fossil fuel heavyweights have treated climate action as a political choice, but the UN General Assembly has now confirmed it is a binding legal duty.

“As the world's third-largest fossil fuel exporter, Australia can no longer ignore the catastrophic impacts our coal and gas exports are causing globally. We cannot continue to export climate pollution and expect to avoid accountability. The Australian Government must now take science-backed action to rapidly phase out fossil fuels and immediately end the approval of any new coal, oil, and gas projects.”

 

The Climate Council is Australia’s leading community-funded climate change communications organisation. We provide authoritative, expert and evidence-based advice on climate change to journalists, policymakers, and the wider Australian community.

For further information, go to: climatecouncil.org.au

Source: US State Department

WASHINGTON – Today, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the Senate Foreign Relations Committee, delivered opening remarks during a committee hearing on the nominations of Brock Dahl to be Legal Advisor of the Department of State, David Brat to be Ambassador to the Commonwealth of Australia, Michael Kavoukjian to be Ambassador to the Kingdom of Norway, Eric Wendt to be Ambassador to the Republic of Albania and Michelle Steel to be Ambassador to the Republic of Korea.

You can watch her opening remarks here:

https://youtu.be/DU5fL-WAezI?si=lw-wTrEMwy_aEzBQ

“Last year, at our nomination hearing for the Legal Advisor to the State Department, Mr. Dahl, I asked him whether he would commit to following the law and he actually struggled to answer,” said Ranking Member Shaheen. “It was a yes or no question, but he couldn’t give me a yes answer. Over the last year, that attitude toward the law, including refusing to spend funds that congress has appropriated, has had real consequences. We have seen the termination of global health programs and now we’re seeing an Ebola outbreak in Africa. That has real implications for countries around the world. We have seen family planning commodities that have been left to expire in warehouses instead of reaching women and families who need them. Foreign assistance cuts have weakened our ability to stand with Ukraine against Russia, and none of that makes us safer or more secure.”

Ranking Member Shaheen pressed Mr. Kavoukjian, nominee for Ambassador to Norway, to strengthen our partnership with our Norwegian allies, who are on the frontlines of growing Russian aggression.

“When our Embassy in Oslo was targeted in a terrorist attack in March, we had no U.S. ambassador on the ground,” said Ranking Member Shaheen. “As key posts across the Middle East remain vacant following Iran’s recent retaliatory attacks, it’s critical that we have ambassadors in U.S. posts around the world. Norway is on the front lines of growing Russian activity and sabotage efforts in the Baltics, the North Sea and in the Arctic. If confirmed, I hope you will work closely with our Norwegian allies to strengthen NATO’s presence in the Arctic and to counter Russian aggression. The United States needs to show up and lead in moments like these.”

Ranking Member Shaheen also emphasized the importance of the security of our Indo-Pacific allies and partners to Ms. Steel, nominee for Ambassador to South Korea, following the Senator’s recent bipartisan delegation to the region.

“Senator Curtis talked about your trip with him to Taiwan, but he and I and Senator Rosen from this committee recently traveled there with a bipartisan delegation,” said Ranking Member Shaheen. “And across Asia, we heard the same message repeatedly: they want to see the United States stand by its allies. That’s why I was troubled when I heard the President suggest that arms sales to Taiwan might actually be an open item to negotiate with China. I think Taiwan’s security is not a bargaining chip; it’s central to deterrence in the Indo-Pacific. And allies like South Korea are watching closely to see whether American commitments remain firm. That matters not only for our security alliances, but for our economic partnerships as well. If confirmed, I hope you will work to strengthen our alliance with Seoul and reinforce deterrence in the region.”

The Ranking Member’s remarks, as delivered, are below.

Thank you, Mr. Chairman and welcome to our nominees today and thank you for your willingness to think about continuing to serve this country, and welcome to all of your family and supporters who are here this morning.

Last year, at our nomination hearing for the Legal Advisor to the State Department, Mr. Dahl, I asked him whether he would commit to following the law and he actually struggled to answer. It was a yes or no question, but he couldn’t give me a yes answer. Over the last year that attitude toward the law, including refusing to spend funds that congress has appropriated, has had real consequences. We have seen the termination of global health programs, and now we’re seeing an Ebola outbreak in Africa. That has real implications for countries around the world. We have seen family planning commodities that have been left to expire in warehouses instead of reaching women and families who need them. Foreign assistance cuts have weakened our ability to stand with Ukraine against Russia, and none of that makes us safer or more secure. Mr. Dahl, if confirmed as the State Department’s next Legal Advisor, I hope you will ensure that the Administration follows the law, because as we know, the law is not optional.

Mr. Brat, you have been nominated to be the U.S. Ambassador to Australia. Like the Chairman, I think Australia is a vital ally, particularly on AUKUS. It is going to be critical for U.S. ambassador to help encourage that AUKUS continues to move forward. It’s also important for critical minerals, for countering Chinese coercion in the Indo-Pacific, and the Administration’s prolonged review of AUKUS has created uncertainty that I think has been unnecessary at a critical time in the region. It took more than a year for the Administration to nominate someone to this post, and I am glad that they finally have. I am delighted because its delays like that weaken American credibility with our allies.

Mr. Kavoukjian, […] we are delighted you are going to have a chance to go back and see Norway firsthand. When our Embassy in Oslo was targeted in a terrorist attack in March, we had no U.S. ambassador on the ground. As key posts across the Middle East remain vacant following Iran’s recent retaliatory attacks, it’s critical that we have ambassadors in U.S. posts around the world. Norway is on the front lines of growing Russian activity and sabotage efforts in the Baltics, the North Sea and in the Arctic. If confirmed, I hope you will work closely with our Norwegian allies to strengthen NATO’s presence in the Arctic and to counter Russian aggression. The United States needs to show up and lead in moments like these.

Mr. Wendt, you have been nominated to serve as ambassador to Albania. And again, as the Chairman said, Albania is one of our closest partners in the Western Balkans and a NATO ally. And it has really stood with us in so many ways. It has also stood with Ukraine and supported sanctions on Russia. If confirmed, you will be the first U.S. ambassador to Albania in three years. At a consequential moment for the region, diplomatic leadership matters.

Ms. Steel, you have been nominated to serve as ambassador to South Korea. Senator Curtis talked about your trip with him to Taiwan, but he and I and Senator Rosen from this committee recently traveled there with a bipartisan delegation. And across Asia, we heard the same message repeatedly: they want to see the United States stand by its allies.

That’s why I was troubled when I heard the President suggest that arms sales to Taiwan might actually be an open item to negotiate with China. I think Taiwan’s security is not a bargaining chip; it’s central to deterrence in the Indo-Pacific. And allies like South Korea are watching closely to see whether American commitments remain firm. That matters not only for our security alliances, but for our economic partnerships as well. If confirmed, I hope you will work to strengthen our alliance with Seoul and reinforce deterrence in the region.

Let me conclude by highlighting that last week more than 250 Foreign Service Officers were separated from the Department of State. These are professionals with deep expertise, in whom the United States has invested time and resources. I am very distressed that we are hollowing out America’s diplomatic corps and at the time when America’s leadership needs to remain strong in the world. When growing threats around the world could move us in the wrong direction.

So again, I appreciate all of you being here this morning, your willingness to be nominated and considered for these critical posts. Thank you, Mr. Chairman.

Source: EIG

WASHINGTON – MidOcean Energy (“MidOcean” or the “Company”), a liquefied natural gas (LNG) company formed and managed by EIG, today announced a $120 million equity investment from The Arab Energy Fund (''TAEF''), a leading multilateral impact financial institution, as part of its current equity capital raise.

TAEF's investment further strengthens MidOcean's high-quality investor base and underscores continued strong interest in the Company's strategy to build a diversified, resilient and long-life global LNG business.

There is significant further momentum from additional investors currently in documentation, and MidOcean will continue to raise capital, with a cumulative target of up to $2 billion from new investors.

R. Blair Thomas, MidOcean Chairman and EIG CEO, said: “We are delighted to welcome The Arab Energy Fund as a shareholder in MidOcean. Their significant expertise in energy investments is a strong validation of MidOcean's strategy to build a leading global LNG business. In parallel, EIG and TAEF are seeking collaboration opportunities across energy infrastructure in the Middle East, with the aim of further deepening our relationship.”

De la Rey Venter, CEO of MidOcean, said: “This investment supports our strategy of building a diversified LNG portfolio and positions us well to execute on our identified growth opportunities. We welcome TAEF with its more than 50 years of experience in energy investing and focus on energy security and sustainability.”

Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, said: “Our investment in MidOcean Energy reflects the Fund's commitment to supporting strategic energy platforms that contribute to global energy security and a more sustainable energy mix. LNG continues to play a critical role as a reliable and flexible energy source, and MidOcean's disciplined approach and high-quality asset base align well with our long-term investment strategy. EIG is a great partner and we look forward to unlocking further value through collaboration across energy infrastructure, particularly in the Middle East.”

Important Notice

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to subscribe for or purchase any securities. Any offering will be made only pursuant to applicable offering documents and in compliance with applicable securities laws.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $25.9 billion assets under management as of March 31, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed – $53.9 billion to the energy sector through 426 projects or companies in 44 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit www.eigpartners.com.

About MidOcean

MidOcean Energy, an LNG company formed and managed by EIG, seeks to build a diversified, resilient, cost- and carbon-competitive global LNG portfolio. It reflects EIG's belief in LNG as a critical element of a lower carbon, competitive and more secure global energy system. MidOcean Energy has diverse LNG interests, including in LNG Canada, Gorgon LNG, Pluto LNG, QCLNG and Peru LNG. The company is headed by De la Rey Venter, a 30-year industry veteran who has held a variety of senior executive roles, including Global Head of LNG for Shell Plc. For additional information, please visit www.midoceanenergy.com.

About The Arab Energy Fund

The Arab Energy Fund (The Fund) is a multilateral impact financial institution focused on the MENA energy and utility sectors, established in 1974 by ten Arab oil-exporting countries. The Fund's mission is to support the energy ecosystem with debt and equity solutions to enable energy security and sustainability and to develop local value chains and services in the MENA region. The Arab Energy Fund creates impact by contributing to economic prosperity and enabling local communities via talent development and knowledge creation. The Fund offers a comprehensive range of funding solutions across the entire energy value chain to leading public and private sector business partners in over 35 markets. The Arab Energy Fund applies best-practice ESG principles across all operations, with environmental and socially linked projects comprising c.20% of its USD 5.8bn loan portfolio. The Arab Energy Fund is the only energy-focused financial institution in the MENA region rated 'Aa2' by Moody's, 'AA+' by Fitch and 'AA-' by S&P.