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PetroBangla Sign 15 Year Deal with QatarEnergy to Buy LNG

QatarEnergy offshore gas field (QatarEnergy website)
QatarEnergy offshore gas field (QatarEnergy website)
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PetroBangla Sign 15 Year Deal with QatarEnergy to Buy LNG

QatarEnergy offshore gas field (QatarEnergy website)
QatarEnergy offshore gas field (QatarEnergy website)

Bangladesh's state-owned gas company PetroBangla will sign a 15-year deal with QatarEnergy on Thursday to buy two million tons of liquefied natural gas (LNG) annually.

PetroBangla chairman Zanendra Nath Sarker said on Tuesday, "Under the new deal with Qatar, the LNG will be supplied from January 2026," according to Reuters.

Reuters reported on Tuesday that QatarEnergy would sign a long-term LNG supply deal with an Asian entity.

The agreement will be one of many to come in 2023 as state-owned QatarEnergy secures sales for its mega expansion of North Field, a source with direct knowledge of the new contract agreement, who did not wish to be identified, said.

Qatar is the world's top LNG exporter, and competition for LNG has ramped up since the start of the Ukraine war, with Europe, in particular, needing vast amounts to help replace Russian pipeline gas that used to make up almost 40 percent of the continent's imports.

But Asia has been far ahead in securing gas from Qatar's massive production expansion project.

The contract will be QatarEnergy's second to Asia since it started selling the gas expected to come onstream from the North Field expansion project.

The two-phase expansion plan will raise Qatar's liquefaction capacity to 126 million tons annually by 2027 from 77 million.

Qatar's first Asian deal with Sinopec, the longest to be signed at 27 years for the supply of four million tons a year, was followed by the state-owned Chinese company taking a five percent stake in the equivalent of one North Field East LNG train.

QatarEnergy's sales and purchase agreements to supply Germany with around two million tons of LNG annually through a partnership with ConocoPhillips cover at least 15 years.

The North Field expansion project will help guarantee long-term supplies of gas globally. North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its share South Pars.

QatarEnergy chief Saad al-Kaabi said last week there was significant demand for LNG and that by the end of the year, he expects to have signed supply deals for all the gas expected to come on stream from the North Field expansion.

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Business

Saudi Stocks End March Higher amid Geopolitical Tensions

Two investors monitor Saudi Aramco stock movements on the Saudi market. (Reuters)
Two investors monitor Saudi Aramco stock movements on the Saudi market. (Reuters)
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Saudi Stocks End March Higher amid Geopolitical Tensions

Two investors monitor Saudi Aramco stock movements on the Saudi market. (Reuters)
Two investors monitor Saudi Aramco stock movements on the Saudi market. (Reuters)

Saudi Arabia’s stock market closed March on a strong note, advancing while most Gulf markets declined, underscoring its resilience in the face of heightened geopolitical tensions.

The benchmark Tadawul All Share Index (TASI) ended the final session of the month at a two-month high, trading above 11,200 points, supported by gains in Saudi Aramco and Al Rajhi Bank.

The index rose about 4.5 percent in March, recovering part of its 5.9 percent loss in February. On a quarterly basis, it gained roughly 6.7 percent, putting it on track for its strongest performance since the fourth quarter of 2023.

Economic adviser Hussein Al-Attas told Asharq Al-Awsat that the market’s strong performance reflects the broader resilience of the Saudi economy and its ability to absorb regional shocks.

He said the gains were driven in part by Saudi Aramco maintaining crude flows to global markets despite disruptions in the Strait of Hormuz.

Aramco shares rose 9.6 percent in March, climbing from 25 riyals to 27.44 riyals by Tuesday’s close.

The company has resumed exports through Saudi Arabia’s East-West pipeline, which bypasses the Strait of Hormuz. The pipeline is operating at full capacity of 7 million barrels per day via the Red Sea port of Yanbu, according to a source cited by Bloomberg.

Al-Attas added that petrochemical stocks have rallied since the start of the war, supported by their connection to Aramco and stronger global demand driven by supply disruptions linked to the conflict with Iran.

All 12 petrochemical firms listed on TASI have gained since the outbreak of the war, led by Yanbu National Petrochemical Company (Yansab), whose shares have surged 46 percent.

Gulf markets under pressure

The war involving Iran weighed on most Gulf markets in March, with heightened uncertainty driving sharp volatility and broad-based declines.

Dubai index recorded the steepest losses, falling 16.44 percent, followed by Abu Dhabi, down 8.93 percent. Bahraini and Qatari index each declined 7.84 percent, while Kuwait slipped 1.82 percent.

In contrast, Muscat bucked the regional trend, posting gains of about 10.5 percent. The Saudi market also outperformed its regional peers, rising 5.05 percent.

Business

Saudi Women Help Steady Unemployment at End of 2025

The unemployment rate among Saudi women fell by 1.8 percentage points to 10.3 percent compared with the third quarter of 2025. (SPA)
The unemployment rate among Saudi women fell by 1.8 percentage points to 10.3 percent compared with the third quarter of 2025. (SPA)
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Saudi Women Help Steady Unemployment at End of 2025

The unemployment rate among Saudi women fell by 1.8 percentage points to 10.3 percent compared with the third quarter of 2025. (SPA)
The unemployment rate among Saudi women fell by 1.8 percentage points to 10.3 percent compared with the third quarter of 2025. (SPA)

In a sign of the profound changes reshaping Saudi Arabia’s labor market, Saudi women emerged as a key factor in keeping unemployment stable at the end of 2025, helped by higher economic participation and growing job opportunities across a range of vital sectors.

The labor force participation rate for Saudi women rose by 0.8 percentage point to 34.5 percent in the fourth quarter of last year, underlining the success of empowerment programs and reforms linked to Vision 2030.

The gains have strengthened the presence of Saudi women in the labor market not only in terms of numbers, but also in their contribution to greater balance and sustainability in employment, supporting the stability of economic indicators and improving labor market efficiency over the longer term.

According to the latest indicators released on Tuesday by the General Authority for Statistics (GASTAT), the Saudi labor market ended 2025 on a strong note, reflecting the scale of the economic transformation under way in the Kingdom.

Fourth-quarter results showed continued improvement in employment indicators, lower unemployment and higher participation rates, pointing to the success of empowerment programs and structural reforms tied to Vision 2030.

Based on Labor Force Survey estimates, the overall unemployment rate for Saudis and non-Saudis stood at 3.5 percent in the fourth quarter of last year, up 0.1 percentage point from the third quarter of the same year and unchanged from the fourth quarter of 2024.

The overall labor force participation rate for Saudis and non-Saudis reached 67.4 percent, rising 0.5 percentage point from the third quarter and 1 percentage point year on year.

Among Saudis, the unemployment rate stood at 7.2 percent in the fourth quarter of last year, down 0.3 percentage point from the third quarter of the same year but up 0.2 percentage point from the corresponding period of 2024.

The employment-to-population ratio for Saudis rose by 0.6 percentage point from the third quarter to 45.9 percent, although it was down 1.6 percentage points from a year earlier.

Saudi labor force participation increased by 0.5 percentage point in the final quarter of 2025 from the third quarter to 49.5 percent, while recording a year-on-year decline of 1.6 percentage points compared with the same period in 2024.

Labor market indicators for the fourth quarter also showed that the participation rate of Saudi women in the labor force rose by 0.8 percentage point to 34.5 percent, while the employment-to-population ratio for Saudi women increased by 1.3 percentage points to 31 percent.

The unemployment rate among Saudi women fell by 1.8 percentage points to 10.3 percent compared with the third quarter of 2025.

For Saudi men, the labor force participation rate rose by 0.4 percentage point to 64.7 percent, while the employment-to-population ratio was unchanged at 61.1 percent. The unemployment rate among Saudi men rose to 5.6 percent compared with the third quarter of 2025.

Business

Gold slides 14% in March Despite War, Testing Safe-Haven Status

A goldsmith weighs gold jewellery inside a showroom in Ahmedabad, India, July 31, 2025. (Reuters)
A goldsmith weighs gold jewellery inside a showroom in Ahmedabad, India, July 31, 2025. (Reuters)
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Gold slides 14% in March Despite War, Testing Safe-Haven Status

A goldsmith weighs gold jewellery inside a showroom in Ahmedabad, India, July 31, 2025. (Reuters)
A goldsmith weighs gold jewellery inside a showroom in Ahmedabad, India, July 31, 2025. (Reuters)

Gold defied its traditional role as a crisis hedge in March, posting its steepest monthly fall since October 2008. The metal dropped more than 14% over the month - its sharpest decline in over 17 years - despite heightened geopolitical tensions in the Middle East, prompting questions about whether gold’s safe-haven function is weakening or being reshaped by shifts in investor behavior and monetary policy.

The sell-off coincided with a roughly 2% rise in the US dollar since the outbreak of conflict involving the United States, Israel and Iran in late February.

Fahd Iqbal, head of investment services at Union Bancaire Privée (UBP), pointed to two main factors that drove the decline. Investors often liquidate top-performing assets during periods of stress to cover losses or meet margin calls, he told Asharq Al-Awsat, noting gold had been among the strongest performers over the past two years. Similar dynamics were seen during crises in 2008 and 2020.

Rising energy costs also lifted inflation expectations and led markets to price in potential interest rate hikes, putting pressure on non-yielding assets such as gold, Iqbal added.

Mohammed Farraj, senior head of asset management at Arbah Capital, cited a surge in US Treasury yields as another key factor, offering investors a more attractive alternative.

Expectations of tighter Federal Reserve policy have boosted the dollar, making gold costlier for non-dollar holders and encouraging profit-taking after earlier gains, he said.

In remarks to Asharq Al-Awsat, Farraj described the drop as a “healthy and natural correction,” noting that declines of 10 to 20% are typical in rebalancing supply and demand after strong rallies.

Markets also appeared less sensitive to geopolitical tensions than usual. Neal Keane, Head of Global Sales Trading at ADSS, said investors have become less reactive to political rhetoric, though geopolitical risks remain central.

Any diplomatic breakthrough could still trigger sharp cross-asset moves, he added.

Views diverged on the nature of the drop. Al-Farraj said a routine correction, while Keane argued it may reflect a broader “inflation shock” alongside pressure on global equities.

Iqbal, for his part, said the decline is driven by liquidity needs rather than a structural shift, maintaining a positive long-term outlook.

Most analysts agree gold has not lost its core role but has become more sensitive to monetary policy and investor positioning.

Keane said the metal has at times behaved more like a risk asset, reflecting strong recent gains and increased speculative activity.

Iqbal noted that gold remains attractive in stagflationary or slowing economic environments, conditions that persist globally.