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Türkiye to Expand Gas Export Hub to Europe, Resumes Iraqi Oil Flow

Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
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Türkiye to Expand Gas Export Hub to Europe, Resumes Iraqi Oil Flow

Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t

Türkiye believes its presence is indispensable to the success of energy and transport corridors in the region, revealing plans to expand its gas infrastructure to facilitate the transit of Russian gas to Europe.

Turkish Foreign Minister Hakan Fidan asserted that effective, sustainable operation of energy transportation corridors without Türkiye's involvement is not possible.

Speaking at the 10th World Turkish Business Council (DTIK) Congress in Istanbul, Fidan said: "We hope to move into the implementation phase of the Development Road project, which is of great importance for prosperity and stability in the Middle East within the next few months."

He highlighted ongoing intense negotiations with Iraq, the UAE, and Qatar about the project.

Fidan emphasized the significance of new trade routes, especially in light of recent geopolitical developments, including the COVID-19 pandemic, the Russo-Ukrainian war, and the rivalry between the United States and China, or more broadly, the West and China.

He noted that these developments have revived discussions of other trade routes previously considered theoretically, emphasizing that trade routes don't merely cater to commerce but also reflect geostrategic competition.

- A gas hub

Meanwhile, Energy Minister Alparslan Bayraktar stated that Türkiye plans to expand its gas infrastructure as it lays the groundwork to establish a gas exchange from which countries in southeast Europe can source gas.

Following its incursion into Ukraine in February of the previous year, Russia proposed setting up a gas hub in Türkiye last year to replace lost sales to Europe.

Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin have given directives to commence the project.

They discussed specific steps during their recent meeting in Sochi after the project's delay due to the earthquake catastrophe in Türkiye last February and the presidential and parliamentary elections in May.

Türkiye plans to expand its gas infrastructure in northwest Türkiye's Thrace region, connecting LNG gasification terminals and an upgraded storage facility in Silivri, west of Istanbul.

Bayraktar told a press briefing on Thursday that gas coming from Azerbaijan, Iran, and Russia through pipelines could also feed into this hub and be priced in a local gas exchange.

- Iraqi Oil Exports Resumption

Furthermore, Bayraktar confirmed that Iraq's northern oil export route through Türkiye will soon be ready to resume operation after checks on pipeline maintenance and repairs to flood damage.

Bayraktar mentioned that an inspection of the oil pipeline is complete, and it will soon be "technically" ready for operations.

Türkiye halted flows on Iraq's northern oil export route on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports by the Kurdistan Regional Government (KRG) between 2014 and 2018.

"As of today, the independent surveyor completed their survey, and now they're preparing their report," Bayraktar said without mentioning a date for resumption of oil flows.

Iraq and Türkiye previously agreed to wait until maintenance works were complete before resuming the pipeline that contributes about 0.5 percent of the global oil supply. Sources said oil flows are not expected to start before October.

The Kurdistan Regional Government lost roughly $4 billion in lost exports.

- Nuclear power plant

The Minister revealed that the ongoing negotiations with Russia, China, and South Korea regarding constructing a second nuclear power station in Thrace, northwestern Türkiye, are progressing.

"We came to a very important point that we need to finalize [the deal] in a few months," said Bayraktar.

He also pointed to ongoing talks with Russia concerning the third nuclear power station in the Sinop.

Bayraktar said Türkiye needs to produce 20 gigawatts from the nuclear power plants in the future.

Russia is currently constructing the Akkuyu station, Türkiye's first nuclear power plant, situated in Mersin.

Bayraktar revealed that Türkiye aims to establish a broader nuclear ecosystem that requires atomic power to transition to clean energy by 2050.

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Business

UAE Bank Stocks Jump after Central Bank Launches Resilience Package

A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
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UAE Bank Stocks Jump after Central Bank Launches Resilience Package

A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana
A man on a boat with an UAE flag near Dubai Creek, in Dubai, United Arab Emirates, March 5, 2026. Picture taken with a mobile phone. REUTERS/Rula Rouhana

The United Arab Emirates central bank (CBUAE) on Tuesday unveiled a package to help bolster banks' liquidity, marking its most significant policy move since the pandemic, as Gulf economies move to weather the impact of the Iran crisis.

UAE banks, whose stocks have seen double-digit losses since the war began last month, jumped on Wednesday morning, with Dubai's Emirates NBD and Abu Dhabi Islamic Bank gaining over 6%, and Abu Dhabi Commercial Bank up over 5%.

First Abu Dhabi Bank was losing around 1% by 0825 GMT.

The war, now in its third week and without tan end in sight, has thrown global energy markets and transport into chaos as the conflict has spread.

The UAE's financial system "has demonstrated resilience during the current extraordinary circumstances affecting the global and regional markets without any material impact on the banking sector's health and payment systems," the CBUAE board said in a statement.

Under the package approved on Tuesday, banks will gain enhanced access to ⁠reserve balances of up to 30% of the cash reserve requirement and term liquidity facilities in both UAE dirhams and US dollars, the CBUAE said.

Other measures include stopgap relief in liquidity and stable funding ratios as well as the temporary release of the countercyclical capital buffer (CCyB) and capital conservation buffer (CCB), it said.

While the measures introduced on Tuesday are larger than a similar package introduced to withstand the impact of the COVID-19 pandemic, "asset quality pressures could still emerge should the conflict persist and its economic effects deepen," the bank said.

Gulf banks could face domestic deposit outflows of $307 billion if the Middle East conflict deepens, S&P Global Ratings said in a report on Monday. The ratings agency said, however, that it had seen no evidence of major outflows of foreign or local funding from banks.

The CBUAE said in Tuesday's statement that the overall stock of liquidity held by UAE banks at the regulator, combined with their net eligible assets for central bank operations, had reached close to $250 billion, of which banks' reserve balances exceed $109 billion.

Business

About 90 Ships Cross the Strait of Hormuz Despite the War

Indian vessel 'Nanda Devi' carrying liquefied petroleum gas (LPG) arrives at Vadinar Port in the Jamnagar district of Gujarat state on March 17, 2026 after Iran allowed it to pass through the Strait of Hormuz. (Photo by AFP)
Indian vessel 'Nanda Devi' carrying liquefied petroleum gas (LPG) arrives at Vadinar Port in the Jamnagar district of Gujarat state on March 17, 2026 after Iran allowed it to pass through the Strait of Hormuz. (Photo by AFP)
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About 90 Ships Cross the Strait of Hormuz Despite the War

Indian vessel 'Nanda Devi' carrying liquefied petroleum gas (LPG) arrives at Vadinar Port in the Jamnagar district of Gujarat state on March 17, 2026 after Iran allowed it to pass through the Strait of Hormuz. (Photo by AFP)
Indian vessel 'Nanda Devi' carrying liquefied petroleum gas (LPG) arrives at Vadinar Port in the Jamnagar district of Gujarat state on March 17, 2026 after Iran allowed it to pass through the Strait of Hormuz. (Photo by AFP)

About 90 ships including oil tankers have crossed the Strait of Hormuz since the outset of the war with Iran and it is still exporting millions of barrels of oil at a time when the waterway has been effectively closed, according to maritime and trade data platforms.

Many of the vessels that passed through the strait were so-called “dark” transits evading Western government sanctions and oversight that likely have ties to Iran, maritime data firm Lloyd’s List Intelligence said. More recently, vessels with ties to India and Pakistan have also successfully crossed the strait as governments stepped up negotiations.

As crude prices spiked above $100 a barrel, US President Donald Trump pressured allies and trade partners to send warships and reopen the strait, hoping to bring oil prices lower.

Most shipping traffic through the Strait of Hormuz, a waterway for global oil and gas transport that supplies roughly one-fifth of the world’s crude oil, has been halted since early March, after the war started. About 20 vessels have been attacked in the area.

However, Iran has still managed to export well above 16 million barrels of oil since the beginning of March, trade data and analytics platform Kpler estimated. Due to Western sanctions and associated risks, China has been the biggest buyer of Iranian oil.

There has been “continued resilience” in Iran's oil export volumes, said Kpler trade risk analyst Ana Subasic.

Iran has managed to profit from oil sales and also “preserve its own export artery” by using control over the chokepoint, said Kun Cao, client director at consulting firm Reddal.

Iran's oil export data estimates are largely aligned with maritime traffic data.

At least 89 ships crossed the Strait of Hormuz between March 1 and 15 – including 16 oil tankers, according to Lloyd’s List Intelligence, down from roughly 100 to 135 vessel passages per day before the war, The Associated Press reported. More than one-fifth of the 89 vessels were believed to be Iran-affiliated, while Chinese and Greece affiliated ships are among the rest, it said.

Other vessels also have been getting through.

The Pakistan-flagged crude oil tanker Karachi, controlled by the Pakistan National Shipping Corp., passed through the strait on Sunday, Lloyd’s List Intelligence said.

Shariq Amin, a spokesman at the Pakistan Port Trust, refused to confirm or deny which route the MT Karachi had used but he said the ship would soon safely reach Pakistan.

The India-flagged liquefied petroleum gas (LPG) carriers Shivalik and Nanda Devi, both owned by state-owned Shipping Corp. of India, also traveled through the strait around March 13 or 14, according to Lloyd’s List Intelligence. LPG is used as a primary cooking fuel by millions of Indian households.

India’s foreign minister, Subrahmanyam Jaishankar, told the Financial Times the two vessels’ were able to pass following talks with Iran. Iraq was also in talks with Iran to allow Iraqi oil tankers through the Strait of Hormuz, its state-run news agency reported.

Vessels may be transiting “with at least some level of diplomatic intervention,” said Richard Meade, editor-in-chief of Lloyd’s List. So, Iran may have “effectively created a safe corridor” with some ships passing close to the Iranian coast.

Some vessels near or in the strait were found to have declared themselves as China-linked or with all Chinese crew to reduce risks of being attacked, based on an earlier analysis on ship tracking platform MarineTraffic. Analysts believe they were taking advantage of China’s closer ties with Iran.

Oil prices have jumped more than 40% to above $100 per barrel since the Iran war began, and Iran has threatened it won't allow “even a single liter of oil” destined for the US, and Israel and their allies to pass through.

Business

South Korea Says it Secures Priority UAE Crude

FILE PHOTO: A board shows oil prices as cars wait in a line at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: A board shows oil prices as cars wait in a line at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji/File Photo
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South Korea Says it Secures Priority UAE Crude

FILE PHOTO: A board shows oil prices as cars wait in a line at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji/File Photo
FILE PHOTO: A board shows oil prices as cars wait in a line at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji/File Photo

South Korea has secured a pledge from the United Arab Emirates to supply 24 million barrels of crude oil, its presidential office said on Wednesday, as authorities roll out measures to cushion the economy from fallout from the Middle East conflict.

Kang Hoon-sik, President Lee Jae Myung's chief of staff, told a briefing at the Blue House that the UAE had said it would give South Korea - the world's fourth-biggest oil importer - top priority for crude supplies.

"They clearly promised that there would be no country that receives oil ahead of South Korea, and that Korea would be number one priority in crude oil supply," Kang said, after returning from the UAE.

However, while ⁠he confirmed plans ⁠to urgently import 18 million barrels, Kang gave no time frame for their delivery and no details on potential shipping routes that would avoid the Strait of Hormuz, Reuters reported.

Iran's effective closure of the strait has forced the UAE to shut in production, cutting its oil output by more than half, while loadings at its Fujairah terminal have been disrupted by drone attacks.

Two supertankers carrying a total of 4 million barrels of Abu Dhabi's Murban crude that loaded at Fujairah are ⁠due to arrive in South Korea on March 29 and April 1, Kpler data shows.

The last cargo of naphtha loaded on February 20 and offloaded in South Korea on March 14, according to Kpler data.

Total emergency imports from the UAE would reach 24 million barrels, Kang said. Deliveries would be made on three UAE-flagged vessels and six South Korean-flagged ships.

South Korea imports almost all of its energy, with about 70% of its crude oil shipments and 20% of liquefied natural gas typically sourced from the Middle East, according to Korea International Trade Association data.

It is also a big importer of naphtha, which is broken down into petrochemicals used in plastics for automobiles, electronics, clothing and construction.

The emergency ⁠supply agreement comes as ⁠South Korea moves to shield companies and consumers from surging energy costs triggered by the Middle East crisis.

Finance Minister Koo Yun-cheol said earlier on Wednesday the country will limit naphtha exports and temporarily designate the feedstock as a supply-chain economic security item.

The government will boost financial support for affected petrochemical companies by 1.5 trillion won ($1.01 billion), including for the cost of alternative imports and preferential interest rates for firms handling high-risk economic security items, Koo said.

President Lee said on Tuesday the government should draw up contingency plans to restrict vehicle use on designated days if the Middle East crisis drags on.

The government has also imposed the country's first fuel price cap in nearly 30 years.

To ease reliance on oil and LNG, Asia's fourth-largest economy on Monday lifted caps on coal-fired power generation and moved to raise nuclear reactor utilization to around 80%.