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Saudi Aramco Acquires 50% Stake in BHIG Hydrogen Company

Saudi Aramco signed an agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of Air Products Qudra (APQ). (SPA)
Saudi Aramco signed an agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of Air Products Qudra (APQ). (SPA)
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Saudi Aramco Acquires 50% Stake in BHIG Hydrogen Company

Saudi Aramco signed an agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of Air Products Qudra (APQ). (SPA)
Saudi Aramco signed an agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of Air Products Qudra (APQ). (SPA)

Saudi Aramco, a global integrated energy and chemicals company, signed on Tuesday definitive agreements to acquire an equity interest in the Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of Air Products Qudra (APQ).

The transaction, which is subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen.

As part of its efforts to develop low-carbon hydrogen businesses and expand its alternative energy solutions portfolio, Aramco expects its investment in BHIG will contribute to the development of a lower-carbon hydrogen network in Saudi Arabia's Eastern Province, serving both domestic and regional customers.

Upon completion of the transaction, Aramco and APQ, a joint venture between Air Products and Qudra Energy, are expected to each own a 50% stake in BHIG.

Aramco executive vice president of strategy & corporate development Ashraf Al Ghazzawi said the investment highlights Saudi Aramco's ambition to expand its new energy portfolio and grow its low-carbon hydrogen business.

He expressed his pleasure in moving forward with APQ on this path, noting that there are promising commercial opportunities for low-emission hydrogen, and that the company aims to leverage its growing capabilities in carbon capture and storage (CCS) and its technical expertise in hydrogen to support the creation of a thriving low-carbon hydrogen market, which could help lay the foundation for the energy system of the future.

APQ chairman Dr. Samir J. Serhan stressed the company's continued expansion of its longstanding partnership with Saudi Aramco and its commitment to accelerating the growth of the hydrogen economy.

He underlined the efforts of the two companies to establish the largest hydrogen network in the Middle East, which is expected to serve the refining, chemical, and petrochemical industries, and expressed his eagerness to contribute the company's expertise in hydrogen business and pipelines and to support Saudi Aramco's efforts to secure reliable supplies of low-carbon hydrogen to meet local and regional needs.

BHIG, which is designed to produce lower-carbon hydrogen while capturing and storing carbon dioxide (CO2), intends to commence commercial operations in coordination with Aramco's CCS activities.

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Business

Oil Edges Higher as Breakdown in Iran-US Talks Raises Supply Concerns

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
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Oil Edges Higher as Breakdown in Iran-US Talks Raises Supply Concerns

FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo
FILE PHOTO: A pumpjack, used to help lift oil from a well, in the Permian basin near Midland, Texas, US, October 8, 2025. REUTERS/Arathy Somasekhar/File Photo

Oil prices ticked higher on Wednesday on concerns a breakdown in talks between Iran and the US for a final agreement to end their war may extend supply disruptions in the key Middle East producing region.

Brent futures rose 14 cents, or 0.19%, to $73.09 a barrel at 0644 GMT, while US West Texas Intermediate (WTI) crude was up 11 cents, or 0.16%, to $69.61 a barrel, Reuters said.

"Hormuz continues to reopen but it's patchy, unpredictable, and not fully transparent,” said Vandana Hari, founder ‌of oil market analysis ‌provider Vanda Insights.

"Unless there is a fresh understanding ‌between ⁠Washington and Tehran, the ⁠market may wait and watch for sustained peace and quiet before crude resumes bearish momentum."

US President Donald Trump's son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha for what the White House described as "high level" talks on Tuesday, but Iran and host Qatar said they would meet with mediators, rather than the Iranians themselves.

Qatar said Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani was among those to meet with ⁠Witkoff and Kushner. Brent fell by around $45 a barrel in ‌the second quarter of this year, its largest ‌quarterly loss since the global financial crisis in 2008. US crude futures meanwhile fell by ‌around $31, their largest quarterly loss since 2020, when the COVID-19 pandemic crushed global oil ‌demand.

The declines followed progress toward ending the Middle East conflict, after sharp gains in March triggered by the outbreak in hostilities.

Analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, after five straight monthly increases, as the ‌reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions, a Reuters poll showed on Tuesday.

US Vice President ⁠JD Vance said ⁠Iran would be prevented from charging tolls through the strait, telling The Michael Knowles Show, "This is not going to end in a place where the Iranians are collecting tolls on ships going through the Strait of Hormuz."

Tanker traffic through the critical waterway has started to recover, with Vance claiming that oil flows through the strait had been restored to pre-war levels.

Meanwhile, US crude oil inventories fell again last week while gasoline stocks also declined, market sources said, citing data from the American Petroleum Institute released on Tuesday.

Crude stocks fell by 6.1 million barrels in the week ended June 26, the sources said on condition of anonymity.

Official US oil stock data from the Energy Information Administration will be released at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Business

Oman Air Targets Tourists on New Singapore Route, Eyes North Asia Expansion

A Boeing 737 MAX 8 operated by Oman Air, on the tarmac at Muscat International Airport, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 13, 2026. (Reuters)
A Boeing 737 MAX 8 operated by Oman Air, on the tarmac at Muscat International Airport, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 13, 2026. (Reuters)
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Oman Air Targets Tourists on New Singapore Route, Eyes North Asia Expansion

A Boeing 737 MAX 8 operated by Oman Air, on the tarmac at Muscat International Airport, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 13, 2026. (Reuters)
A Boeing 737 MAX 8 operated by Oman Air, on the tarmac at Muscat International Airport, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 13, 2026. (Reuters)

Oman ‌Air is looking to capitalize on the Gulf state's appeal as a largely untapped tourism destination as it launches flights from Muscat to Singapore on Thursday and considers an expansion to North Asia over the next year, its CEO said.

The new nonstop Singapore service is underpinned by a lower cost base and the airline's year-old membership in the oneworld alliance to aid with connections, as serving the city-state with a stopover in Kuala Lumpur failed nine years ‌ago, Oman ‌Air CEO Con Korfiatis said in an ‌interview.

"Singapore ⁠is one of the ⁠major global hubs...and Singaporeans are among the most avid travelers in the world," he said. "Oman has moved from being a transit point...to now also being a tourist destination, and that has created a different market opportunity."

Korfiatis said the airline was targeting load factors, or the percentage of seats ⁠filled, in the mid-to-high 70% range in year ‌one for the Singapore route, ‌and first-month bookings were tracking above that level.

The eight-hour flight ‌will be one of the world's longest on a Boeing ‌737 MAX narrow-body and will run four days a week.

The launch comes as the government-owned airline has been executing a transformation plan since early 2024, cutting routes, renegotiating contracts, boosting fleet utilization ‌and reducing headcount.

The airline is also eyeing a return to North Asia for the first ⁠time in ⁠years, with Korfiatis expecting to announce at least one new nonstop destination in the region within 12 months.

He declined to name specific cities but described China, Japan and South Korea as markets of strong interest, citing their travelers' appetite for nature-based and off-the-beaten-track destinations.

Oman's airspace remained open throughout recent Middle East disruptions, giving the airline a brief advantage as passengers rerouted during the early weeks of the Iran war, Korfiatis said.

Load factors had still dipped by around 8 to 10 percentage points at the height of the disruption but had since mostly recovered, he added.

Business

China Imposes ‘National Security’ Rules on Overseas Investments

A traffic police stands guard on a street in Beijing's Central Business District (CBD) in Beijing, China, 22 June 2026. (EPA)
A traffic police stands guard on a street in Beijing's Central Business District (CBD) in Beijing, China, 22 June 2026. (EPA)
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China Imposes ‘National Security’ Rules on Overseas Investments

A traffic police stands guard on a street in Beijing's Central Business District (CBD) in Beijing, China, 22 June 2026. (EPA)
A traffic police stands guard on a street in Beijing's Central Business District (CBD) in Beijing, China, 22 June 2026. (EPA)

China is intensifying its scrutiny of investments overseas with broad "national security" regulations taking effect from Wednesday, at a time of rising tech competition with Washington.

The new rules, originally announced on June 1, provide authorities with a sweeping legal framework to influence flows of capital and personnel across China's borders.

Beijing sees fields such as artificial intelligence, computer chips and green technology as economically and strategically vital and has vowed to promote their domestic development.

The new measures are intended to "enhance the quality and level of outward investment", according to the provisions laid out by the State Council, China's cabinet.

However, some investors worry they will restrict the ability of China's bustling and sprawling tech ecosystem to access global markets.

Outbound investment should adhere to the "overall national security concept", the regulations state, while aiming to "balance domestic and international considerations".

The new framework also authorizes the government to conduct reviews of investments or transfers that could impact national security.

Beijing often views cross-border transactions with suspicion, with its top economic planning body striking down in April an attempt by Facebook owner Meta to acquire AI startup Manus, which was created by a company founded in China but now based in Singapore.

Under the new rules, existing curbs on cross-border transfers will extend beyond goods and data to include the export of services, through sending technical experts abroad or carrying out training overseas.

The US-China Economic and Security Review Commission said on social media this week that the move reinforces a trend it has tracked for months.

The bipartisan commission warned in May that, "as is often the case for China's national security-related laws, enforcement authorities have immense discretion to determine what constitutes a violation, creating further risk for foreign firms".