Featured is a delivery nozzle/vent assembly for a portable container including a first section, a second section movable coupled to the first section, a passageway alignment assembly and a valve assembly. The alignment assembly is configured and arranged to align liquid and air lines/passages of the first and second sections when the nozzle is moved to a given position. The valve assembly includes an actuation mechanism that selectively fluidly couples/decouples the aligned liquid and air lines/passages in the first and second sections. When these passages are so fluidly coupled, liquid can flow from the portable container and delivered to a targeted receptacle and air can flow into the container as a volume replacement for the departing liquid. Also featured are a portable container with such a nozzle/vent assembly and methods related thereto. The liquid can be a liquid organic compound such as gasoline, kerosene and diesel.