Jordan, Syria and Lebanon Agree Gas Swap Deal

From left to right: Syrian Energy Minister Mohammed al-Bashir, Jordan’s Energy Minister Saleh al-Kharabsheh and Lebanon’s Energy and Water Minister Joe Saddi during their meeting in Amman. (Petra)
From left to right: Syrian Energy Minister Mohammed al-Bashir, Jordan’s Energy Minister Saleh al-Kharabsheh and Lebanon’s Energy and Water Minister Joe Saddi during their meeting in Amman. (Petra)
TT

Jordan, Syria and Lebanon Agree Gas Swap Deal

From left to right: Syrian Energy Minister Mohammed al-Bashir, Jordan’s Energy Minister Saleh al-Kharabsheh and Lebanon’s Energy and Water Minister Joe Saddi during their meeting in Amman. (Petra)
From left to right: Syrian Energy Minister Mohammed al-Bashir, Jordan’s Energy Minister Saleh al-Kharabsheh and Lebanon’s Energy and Water Minister Joe Saddi during their meeting in Amman. (Petra)

Jordan’s Energy Minister Saleh al-Kharabsheh announced on Monday that an agreement has been reached for a gas exchange between Jordan, Syria and Lebanon, using infrastructure in Amman to import liquefied natural gas before pumping it to Syria through the Arab Gas Pipeline.

The Jordanian capital hosted a high-level trilateral ministerial meeting on Monday bringing together Kharabsheh, Syrian Energy Minister Mohammed al-Bashir, and Lebanon’s Energy and Water Minister Joe Saddi.

The meeting set the stage for final steps on electricity interconnection projects and natural gas supplies.

As Jordan moves to cement its position as a regional energy hub, Syria and Lebanon appear closer to benefiting from the rehabilitation of the Arab Gas Pipeline and long-stalled electricity interconnection networks.

Syria signed several agreements in January to secure gas for power generation, including a deal to import around 140 million cubic feet per day from Jordan to support its electricity grid. It also signed two memorandums of understanding with Egypt to supply natural gas and petroleum products for electricity generation.

Kharabsheh said joint efforts had reached an advanced stage, paving the way for full implementation details to be announced soon.

Technical teams have completed the necessary studies to rehabilitate networks, he added, stressing that cooperation has moved beyond planning to tangible progress.

This includes importing global gas via Jordan, regasifying it and pumping it into Syria, helping stabilize the country’s energy system.

He said work is now focused on completing similar arrangements with Lebanon after gas networks are repaired, to ensure a smooth transition toward comprehensive electricity interconnection projects.

Bashir said progress had been made in rehabilitating key sections of the Arab Gas Pipeline, which has positively impacted the stability of Syria’s electricity grid and improved service levels.

On electricity interconnection, he noted that several links with Lebanon are ready and technical assessments with Jordan have been completed.

Damascus is working to remove remaining technical obstacles to ensure the rapid transit of gas and electricity to Lebanon, supporting its power generation.

Infrastructure in Syria and Jordan will be used to improve gas supplies to Lebanon, he added.

Saddi described the trilateral cooperation as “an indispensable strategic option” to rebuild the country’s struggling energy sector on sustainable foundations.

He expressed optimism about a near-term timeline that would allow Lebanon to access reliable and lower-cost energy sources, easing the heavy economic burden caused by the fuel crisis and poor power generation.

The ministers stressed that the cooperation goes beyond technical aspects, representing a model for regional integration serving the strategic interests of the three countries.

They agreed to maintain close coordination to finalize contractual arrangements ahead of the full flow of energy, in a move expected to help ease the geopolitical “energy shock” affecting the region.

 



Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards
TT

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company Wins Four Global Awards at 2026 Stevie Awards

Riyadh Airports Company, which manages and operates King Khalid International Airport in Riyadh, achieved a new global accomplishment by winning four awards at the 2026 Stevie Awards, considered among the most prominent international awards honoring innovation and excellence across various business fields.

The awards annually attract thousands of entries from leading institutions and companies worldwide and are subject to precise evaluation standards by specialized international judging committees, reinforcing their position as one of the leading global awards in institutional excellence, SPA reported.

The company received awards across multiple categories, winning the gold award for Innovation in the Use of Social Media, in addition to two silver awards for Most Innovative Social Media Campaign and Most Innovative Use of Influencer Collaboration, alongside a bronze award for Innovation in Social Media Marketing.

This recognition reflects the level of progress achieved by Riyadh Airports Company in adopting the latest and best practices and developing distinguished initiatives based on innovation and integration in implementing communication and marketing campaigns, enhancing its institutional presence and reinforcing its position at both regional and international levels.


Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries.   Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP
TT

Oil Prices Drop awaiting Mideast Peace Progress

In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries.   Brandon Bell/Getty Images/AFP
In an aerial view, a Valero refinery is seen on May 05, 2026 in Corpus Christi, Texas. Corpus Christi is facing a looming water crisis driven by rising temperatures, prolonged drought conditions, and increasing demand from local oil refineries. Brandon Bell/Getty Images/AFP

Oil prices fell and global stock markets traded mixed Thursday awaiting an update on a US plan to end the Middle East war and reopen the Strait of Hormuz.

Having plunged more than 10 percent at one point Wednesday on peace hopes, crude futures fell far less sharply Thursday, with losses of around two percent.

European stock markets declined after big gains the previous session, while leading Asian markets climbed.

Tokyo soared 5.6 percent, which largely reflected resumption of trading in Japan after the country's public holidays this week.

"The wild streak of enthusiasm which hit markets amid hopes for a major de-escalation in the Iran conflict is tempering," noted Susannah Streeter, chief investment strategist at Wealth Club.

"There's a realisation that there are more hurdles to climb for a longer-term resolution to be agreed, even though Iran is reported to be studying a US peace proposal aimed at formally ending the conflict."

US President Donald Trump said an agreement could be near after positive talks, with Iran adding that it would pass on its latest position to mediator Pakistan.

The war, launched by the United States and Israel in late February, has seen Iran respond with attacks across the Middle East and impose a chokehold on the Strait of Hormuz, the gateway to the Gulf oil and gas industries and a strategic trade route.

In foreign exchange Thursday, the dollar lost some of its safe haven support.

Investors in Tokyo were closely watching the yen after speculation of intervention by the Japanese government to prop up the beleaguered currency.

Norway's central bank on Thursday hiked its guiding rate by a quarter point to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.

"Inflation is too high and has run above target for several years," Norges Bank governor Ida Wolden Bache said in a statement.

Away from the war, there has been a fresh wave of cash pumped into the technology sector as traders snap up all things artificial intelligence, helped by standout earnings from Apple, Google parent Alphabet, Microsoft and Samsung during the ongoing first-quarter reporting season.

Emirates Group on Thursday announced a three-percent rise in annual profits to $5.7 billion despite severe disruption to flights owing to the war.


Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
TT

Shell's Profit Beats Expectations at $6.9 Billion

(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)
(FILES) The Shell logo is pictured above a Shell petrol station in London on January 30, 2026. (Photo by HENRY NICHOLLS / AFP)

Shell's first-quarter profit beat estimates and hit its highest in two years at $6.9 billion on Thursday, boosted by gains linked to the Middle East war, leading the company to raise the dividend by 5%.

At the same time, it slowed its quarterly share buyback program to $3 billion from $3.5 billion to help divert cash to its balance sheet as a short-term liquidity squeeze after war-related energy supply disruption increased its debt.

"It really reflects that confidence we have in the long term cash ⁠flows of the ⁠company," Shell's Chief Financial Officer Sinead Gorman said on a call with reporters of the dividend hike. She added she still felt Shell shares were undervalued.

Turning to the buybacks, she said she had reduced them to allocate cash to the balance sheet.

Shell's shares were down 2.2% in early trading, broadly in line with other oil majors' shares as ⁠benchmark global oil prices have retreated from peaks well above $100 a barrel, Reuters reported.

First-quarter adjusted earnings, Shell's definition of net profit, rose to $6.92 billion, beating an analyst consensus of $6.36 billion in a company-provided poll and up from $5.58 billion a year earlier.

Profits at its chemicals and products unit, which includes refining and its oil trading desk, were $1.93 billion, beating expectations of $1.24 billion and up from $0.45 billion last year.

This echoes big oil trading profits at its European peers BP and TotalEnergies that also take speculative bets on moving prices in contrast with their more cautious US rivals.

Shell's oil and gas output fell 4% compared with the previous quarter, mainly due ⁠to outages in ⁠Qatar where part of its Pearl gas-to-liquids plant was damaged in the Middle Eastern conflict that began at the end of February. Full repairs might take about a year, Shell has said.

Shell's gearing, or debt to equity ratio including leases, rose to 23.2% from 20.7% at end-2025. Shell had flagged higher debt due to managing war-related price and supply disruptions and volatility.

Gorman told reporters she was very happy with Shell's balance sheet.

Its cash flow from operating activities at $6.1 billion was hit by large swings in inventory values, pushing working capital - a liquidity measure of current assets minus liabilities - to minus $11.2 billion.

Shell expects working capital movements to reverse over time provided oil and gas prices ease.