Caturus to nearly double export capability of Commonwealth LNG project
Brian Cain, the chief corporate affairs officer of Caturus, said Tuesday that it will almost double its export capacity for its Commonwealth LNG project, located in Cameron Parish in Louisiana. Cain spoke at a G20 Ministerial Event in Houston. He said that the expansion would include five new liquefaction trains. This will increase peak production to 17.25 metric tons annually from 9.5 mtpa initially planned. This is the first fully integrated LNG project in the U.S.
Saudi stocks continue to fall after energy attacks shock sentiment
Saudi Arabian stock prices fell again on Monday as investors were unnerved by the escalating attacks against the kingdom's shipping routes and energy infrastructure. However, some major Gulf markets edged up. Saudi Arabia's benchmark index fell 0.3%. Oil?major Saudi Aramco dropped 0.5%. Saudi Arabian Mining Company, Saudi Basic Industries Corp and Saudi Arabian Mining Company both declined 1% and 0.5% respectively. Riyadh Cement…
Iran claims that the Oman deal has reached its final stages, but US must take action to open Hormuz
Iran announced on Sunday that it was nearing the final stages of a deal to define new?shipping routes in the Strait of Hormuz. However, they reiterated that this strait will only be reopened once the United States meets?other requirements. An official from the United States said on Friday that an agreement between Iran, Oman and Israel was nearing completion and could soon be reopened. The strait used to carry a fifth of all global oil and LNG shipments until Iran closed it as a response to U.S.
Pacific Energy reports that Middle East buyers are interested in LNG cargoes coming from Canada.
The president of Woodfibre's LNG project in Canada said that buyers in the Middle East were looking for liquefied gas from Canada to hedge against geopolitical turmoil. Ratnesh Bedi is the president of Singapore's?Pacific?Energy, which holds a 70% stake on Canada’s Pacific Coast, near Squamish in B.C. In an interview, Bedi said that his company has received inquiries from Middle Eastern customers even though the project’s 2.1million tonnes per year capacity is already contracted to BP.
Saipem's 2026 forecast is a sign of a Middle East blow for energy contractors
Saipem lowered its core earnings forecast for '2026 on Tuesday. This sent shares of the Italian oilfield service group?down by more than 8%, as disruptions linked to the Gulf Conflict drove costs up and created logistical difficulties. The Milan-based company now expects to earn adjusted earnings before taxes, depreciation, and amortization (EBITDA), of EUR1,75 billion ($1,99 billion) in this year. This is down from an earlier forecast of EUR1.9billion.
Saipem lowers its forecast for 2026 due to additional Gulf costs and denting share prices
Saipem's 2026 core earning forecast was cut on Tuesday. The Italian oil and gas contractor saw its shares fall by more than 7% as it said that disruption in the Gulf caused extra costs and logistical difficulties. Oil and gas producers have been forced to be more cautious due to the repeated?Iran War flare-ups. This has delayed tenders for repair work that Saipem, and other contractors had expected. Saipem expects to earn adjusted earnings before taxes…
Saipem, Italy's Saipem, lowers its earnings forecast for 2026 due to the Middle East crisis
Saipem, an Italian oil and gas contractor, revised its expectations for core earnings in 2026 to take into account additional costs relating to the Middle East crisis. Saipem said that the recent sale of its shallow water drilling business had also affected the estimate for full year. The Milan-based company now expects to earn adjusted earnings before taxes, depreciation and amortisation this year of EUR1.75 billion ($1.9 billion), down from an earlier estimate of EUR1.9billion.
EU antitrust regulators warn that the Saipem-Subsea 7 merger could lead to a price increase
The'merger' of Italian energy contractor Saipem with Norwegian counterpart Subsea 7 could lead to higher prices and less innovation, EU antitrust regulators warned Wednesday as they opened a full investigation. The deal announced last February would create a global leader in offshore energy services. This includes drilling, engineering and subsea construction for offshore oil and natural gas projects. Both companies have a fleet for these services.
EU antitrust regulators warn that the Saipem-Subsea 7 merger could lead to a price increase
The'merger' of Italian energy contractor Saipem with Norwegian counterpart Subsea 7 could 'lead to higher prices and less innovation. 'EU antitrust regulators warned a day earlier as they opened a full-scale probe. The deal, announced in February of last year, would have created a global leader in offshore energy services. This includes drilling and engineering as well as subsea construction for offshore oil and natural gas projects. Both companies have a fleet for these services.
Sources say that the EU will be investigating Subsea 7 and Saipem's deal.
People with direct knowledge said that the?merger of Italian energy contractor Saipem with Norwegian counterpart Subsea 7 will?face a full-scale EU antitrust investigation due to?competition issues about the deal. In February of last year, the companies announced a deal to create a global leader in offshore energy services. This includes drilling and engineering as well as subsea infrastructure installation for offshore oil and gas projects. Both companies operate a fleet for these services.
Norway's Aker shares rise 7% following $3.1 billion Cognite sales
Aker ASA shares rose by nearly 7% after the Norwegian investment company and its partners agreed on Wednesday to sell Cognite, a software firm for industrial applications to Schneider Electric in a 'all-cash' deal valued at $3.1 billion. Cognite, the industrial software unit of Schneider Electric, will be integrated with AVEVA under the agreement announced on Tuesday. The integration is expected to be completed in the next few quarters.
Saudi Crude Supply to China Remain at Record Low in July
Saudi Arabia's crude oil sales to China are expected to stay at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.The allocations, closely watched by market participants as a gauge of Chinese demand, indicate that refiners remain reluctant to import high-priced barrels following run cuts…
Saudi Arabia will burn more oil to generate electricity this summer, as gas production falls
Analysts say that Saudi Arabia will burn more fuel oil imported for power generation in the summer due to a lack of natural gas from oilfields which have been closed?after Iran war curtailed its?oil?exports. Fuel oil consumption at power plants is on the rise just as summer cooling demands are increasing. This is a setback to the Kingdom's efforts to switch to cleaner fuels. After an Iranian blockade of the Strait of Hormuz…
Caturus will start construction on a major US LNG plant after receiving $9.75 billion
Mubadala Energy announced on Friday that Caturus, a U.S. company, has given the green light to build a huge liquified natural gas (LNG), facility in Cameron Parish, Louisiana, after raising $9.75 billion for its construction. Mubadala Energy is an Abu Dhabi sovereign wealth fund that holds a 24,1% stake in?Caturus. It was also a participant in financing the project. Kimmeridge, an energy?investor, and Canada Pension Plan Investment Board CPP Investments also contributed?funding to the plant.
Gulf markets are sunk by fading hopes of a quick resolution to the Iran war
The Gulf's major stock exchanges fell in early trading on Tuesday, as hopes of a deal ending the U.S. and Israeli war against Iran faded amid?differences? between Washington and Tehran over a proposed peace plan. U.S. president Donald Trump stated on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements over a number of demands, such as a halt in hostilities?on all sides, the lifting a U.S. Naval Blockade, and the resumption?of Iranian oil exports.
Asia increases US LPG imports in order to replace Middle East LPG supply
Analysts and traders said that Asia's largest liquefied gas (LPG), including India and China are racing to replace Middle East supply disruptions with cargoes coming from the Americas. This is driving spot premiums up to record levels. Since the U.S. and Israel's war against Iran began in late February, LPG exports to Asia, Asia's largest?supplier?" of the fuel used for heating and as feedstock for petrochemical factories, have plummeted.
Asia increases US LPG imports in order to replace Middle East LPG supply
Analysts and traders said that Asia's largest liquefied petrol gas (LPG), including India and China are racing to replace Middle East supply disruptions with cargoes coming from the Americas. This is driving spot premiums up to record levels. Since the U.S. and Israel's war against Iran began in late February, LPG exports to Asia, Asia's top supplier? of fuel for cooking, as well as feedstock... for... petrochemical factories, have plummeted.
Fears of a prolonged Middle East conflict has caused most Gulf stocks to retreat.
The major Gulf stock markets dropped in the early hours of trading on Thursday, after Donald Trump said that the U.S. will continue to attack?Iran without indicating a definite end date. In a late-night prime-time speech, Trump stated that the U.S. was planning to launch aggressive attacks on Iran in the coming two to three week period and were close to achieving their main strategic goals?in this conflict. Emaar Properties, the blue-chip developer that is Dubai's largest shareholding company, saw its shares fall 1.6%.
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran.
Gulf stocks mixed after Iran denies US talks, Qatar continues decline
Gulf stock markets were unable to find direction during early trading Tuesday. Qatar's fall was exacerbated by mixed messages about U.S.Iran talks following President Donald Trump's decision to delay strikes on Iran's energy infrastructure. Trump made his decision on Monday based on what he called productive discussions with Iranian officials. Iran denied, however, that it had held negotiations with the U.S. Semafor, citing an official from the United States, reported on Monday that the U.S. would continue to strike Iran.