Saudi-Qatari Partnership Paves Way for Logistics Corridors to Boost Regional Trade Efficiency 

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
TT

Saudi-Qatari Partnership Paves Way for Logistics Corridors to Boost Regional Trade Efficiency 

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)

The Saudi Ports Authority (Mawani) and Qatar Ports Management Company signed on Tuesday a memorandum of understanding (MoU) aimed at boosting maritime and logistics cooperation between the two sides.

The agreement will contribute to the development of the ports sector, raising operational efficiency, and supporting regional and international trade flows.

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. Qatari Ambassador to Saudi Arabia Bandar bin Mohammed Al Attiyah attended the signing ceremony.

The agreement reflects Saudi Arabia and Qatar’s commitment to building effective partnerships, exchanging expertise, establishing an organized framework for cooperation management, and developing joint investment opportunities in line with Saudi Vision 2030 and Qatar National Vision 2030.

The MoU outlines eight key areas of cooperation, including the exchange of best practices in port management and operations, and the study of opportunities for direct maritime and land connectivity between the ports of both countries to enhance trade flow efficiency.

It includes collaboration in logistics services, exploring the establishment of joint maritime corridors serving bilateral and regional trade, and assessing the feasibility of creating shared regional distribution centers.

In the fields of digital transformation and artificial intelligence, the two sides agreed to deepen cooperation on developing smart systems, data governance, and the unified maritime window, thereby boosting operational efficiency and keeping pace with technological advancements in the maritime sector.

The MoU places strong emphasis on maritime safety and environmental protection, including exchanging expertise in combating marine pollution and emergency response; developing joint maritime emergency plans; establishing an emergency communication line between the two countries; and cooperating to ensure compliance with international conventions, conduct joint exercises, and develop risk monitoring systems.

The cooperation also covers human capital development through joint training programs and field-exchange of expertise, as well as academic and research collaboration in maritime transport and logistics.

In terms of joint investment, both sides will study local and global investment opportunities in ports and related services and coordinate with the private sector to support these initiatives.

The MoU further includes cooperation in cruise tourism through enhanced maritime connectivity and joint promotion of Gulf cruise routes, as well as international and regional representation by coordinating positions in international maritime organizations and supporting joint initiatives, notably “Green Ports” and “Safe Sea Corridors.”

The agreement reflects the commitment of Mawani and Qatar Ports Management Company to advancing the ports sector and boosting its role as a key driver of trade and economic growth, contributing to Gulf integration and enhancing regional competitiveness in maritime and marine services.



India Turns to Latin American, African Oil After Hormuz Disruption

 A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
TT

India Turns to Latin American, African Oil After Hormuz Disruption

 A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)
A worker holds a nozzle to pump fuel in a vehicle at a petrol pump in New Delhi, India, May 19, 2026. (Reuters)

Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-US war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show.

Refiners in the world's third-largest oil importer and consumer bought most of their crude from the nearby Middle East until the war broke out at the end of February.

In April and May, Indian refiners raised imports ‌from Venezuela, Brazil, Angola ‌and Nigeria to make up the shortfall, as well ‌as ⁠continuing to buy ⁠Russian oil, preliminary data from Kpler show.

Last month, India skipped purchases from Iraq as exports were halted, while it received Iranian oil after a gap of seven years following a temporary waiver granted by Washington to help stabilize global oil prices.

New Delhi reduced imports from Russia by about 29.4% from March to 1.6 million barrels per day as Nayara Energy shut its 400,000-bpd ⁠refinery for maintenance, the data showed.

However, in May, ‌India is due to get about ‌1.9 million bpd of Russian oil and about 41,000 bpd of Iraqi oil, preliminary data ‌from Kpler showed.

Overall, India imported 4.57 million bpd oil in ‌April, unchanged from March, but down 15.5% from a year earlier, the data showed.

Imports from the United Arab Emirates rebounded in April to 669,700 bpd from 230,600 bpd in March while intake of Saudi Arabian oil stayed at about 619,500 bpd, ‌the data showed.

The UAE and Saudi Arabia are the only Gulf producers with pipelines that export crude bypassing ⁠the Strait ⁠of Hormuz, while Kuwait, Iraq, Qatar, and Bahrain rely on the waterway for shipments.

The share of the Organization of the Petroleum Exporting Countries, including the UAE as its member during the month, in India's imports rose to 45.2% in April from about 30% in March, the data showed. The UAE exited OPEC in May.

Higher imports from the UAE helped arrest a decline in the Middle East's share of India's imports, while the share of Russian oil declined to about 35% from nearly 50%.

Russia remained India's top oil supplier, followed by the UAE and Saudi Arabia. Brazil was the fourth-largest supplier, while Venezuela ranked fifth. Venezuela is on course to become the fourth-largest supplier in May, Kpler data showed.


Asian Shares Mostly Gain and Oil Prices Fall After Trump Says Peace Talks on Iran War Are Proceeding

 People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
TT

Asian Shares Mostly Gain and Oil Prices Fall After Trump Says Peace Talks on Iran War Are Proceeding

 People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP)

Asian shares mostly rose Monday and oil prices plunged after US President Donald Trump said talks on ending the war with Iran are progressing.

Japan's benchmark Nikkei 225 surged 2.8% to 65,130.03. Australia's S&P/ASX 200 added 0.4% to 8,692.00. The Shanghai Composite gained 0.8% to 4,143.97.

Trading was closed in South Korea and Hong Kong for local holidays. Markets will be closed in the US on Monday for Memorial Day.

Trump said negotiations with Iran were “proceeding in an orderly and constructive manner.” Meanwhile, regional officials told The Associated Press on Sunday that the United States is close to reaching a deal with Iran that would end the war, reopen the Strait of Hormuz and see Iran give up its stockpile of highly enriched uranium,

Reopening the Strait of Hormuz will help decide the direction of oil prices. The closure has prevented oil tankers from exiting the Gulf and delivering crude to customers worldwide. Japan, for instance, imports almost all its oil, most of it through the strait.

“Markets are rapidly transitioning from pricing geopolitical fear toward pricing a potential peace dividend as Hormuz reopening expectations pressure oil and the dollar lower,” analyst Stephen Innes said in a commentary.

Early Monday, benchmark US crude was down $5.52 at $91.08 a barrel. Brent crude, the international standard, sank $5.56 to $97.08 a barrel.

In currency trading, the US dollar declined to 158.91 Japanese yen from 159.16 yen. The euro cost $1.1639, up from $1.1605.

Friday on Wall Street, stocks finished their eighth straight winning week, the best such streak since 2023. That’s even though a survey showed US consumers are feeling even worse about the economy than before.

The S&P 500 added 0.4% and pulled closer to its all-time high set in the middle of last week. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.2%.

Recent earnings reports from US companies that topped analysts’ expectations also helped markets. But worries about inflation have pushed bond yields higher worldwide.

The yield on the 10-year Treasury edged down to 4.56% Friday from 4.57% late Thursday, but it remains well above its 3.97% level from before the war.


Vessels Carrying Middle East Oil, LNG Exit Hormuz, Head for Pakistan, China

Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
TT

Vessels Carrying Middle East Oil, LNG Exit Hormuz, Head for Pakistan, China

Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz, Iran, May 22, 2026. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Two liquefied natural gas tankers are exiting the Strait of Hormuz on Monday, heading to ‌Pakistan and China, while a supertanker with Iraqi crude for China left the Gulf on Saturday after being stranded for nearly three months, shipping data showed.

The US-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, through which around one-fifth of the world's supply of oil and LNG normally flows.

The vessels are among a handful of supertankers exiting the Gulf this month via a transit route ⁠that Iran has ordered ships to use. Last week, three Very Large Crude Carriers (VLCCs) made their way to China and South Korea with 6 million barrels of crude, according to Reuters.

LNG tanker Fuwairit is crossing the Strait of Hormuz on Monday and is expected to discharge its cargo in Pakistan on Tuesday, shipping data on LSEG and Kpler showed. The vessel, sailing under the Bahamas flag, loaded LNG at Qatar's Ras Laffan port around March 28.

Separately, the VLCC Eagle Verona, which exited the strait on Saturday, is expected to reach Ningbo port in eastern China on June 12 to discharge its cargo, ⁠shipping data on LSEG and Kpler showed.

The Singaporean-flagged vessel chartered by Unipec, the trading arm of Asia's largest refiner, Sinopec, loaded nearly 2 million barrels of Basrah crude around February 26, according to the data.

The Eagle Verona was among seven ships Malaysia had sought ⁠permission from Iran to transit, two sources earlier told Reuters. Five of the ships have since exited the waterway, while two more remain in the Gulf.

Before the war began, shipping traffic through the strait averaged 125 to 140 daily passages. Some 20,000 seafarers remain stranded inside the Gulf on board hundreds of ships.