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)
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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.

 



China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
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China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday.

Volumes totaled 1.76 million metric tons, or about 360,695 barrels per day (bpd), up 4% from April, according to General Administration of Customs data.

Some marine fuel demand had been diverted from regional hub Singapore to China's Zhoushan due to cheaper prices at Chinese ports during most of ⁠May, market sources ⁠said.

Fuel oil imports in May extended declines after plummeting last month to what was then the lowest level since customs data for them began in 2021.

Imports of fuel oil totaled 559,346 tons ⁠in May, down 43% from April and 57% from a year earlier.

The imports, mostly purchased by refineries for use as feedstock, remained capped this quarter as China's independent refineries trimmed runs amid weak domestic demand for products, market sources said, according to Reuters.


Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
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Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)

Saudi Arabia used the Eurosatory 2026 defense and security show to open new investment horizons, showcasing promising opportunities and a regulatory environment designed to attract capital.

The participation helped sharpen the appeal of the Kingdom’s military industries and drew the attention of major global companies seeking strategic partnerships that support Saudi localization targets.

The Saudi pavilion, held at the Paris exhibition from June 15 to 19, reinforced the Kingdom’s position as a leading investment destination in the military industry sector.

Organized by the General Authority for Military Industries (GAMI), the pavilion brought together 10 government and private entities alongside the authority.

The participation underlined Saudi Arabia’s welcome to investors from around the world seeking opportunities in the military industries sector. It also highlighted the Kingdom’s efforts to localize more than 50% of military spending by 2030.

On the sidelines of the exhibition, GAMI Governor Ahmad Al-Ohali met Patrick Pailloux, French Director General for Armament (DGA), as well as representatives of major global defense companies.

The meetings focused on ways to strengthen cooperation in military industries and exchange expertise, supporting the development of a sustainable sector, improving the readiness of military equipment, boosting self-sufficiency and contributing to the national economy.

The Saudi participation also saw the signing of several agreements and memorandums of understanding, part of GAMI’s efforts to develop military industries, strengthen supply chains and enable strategic partnerships.

The authority organized a workshop titled “Developing Supply Chains in Military Industries,” which discussed how an attractive investment environment for local and international investors can help build a diversified and prosperous economy in the sector.

The pavilion showcased the integration of government efforts, national industrial and service capabilities, and the innovative technologies presented by participating Saudi companies. It also highlighted the country’s attractive investment environment and the rapid growth of its military industries sector.

The sector’s contribution to GDP rose from 2.2 billion riyals, or about $587 million, in 2021 to 6.6 billion riyals, or about $1.76 billion, in 2024. The localization rate of military spending also climbed to nearly 25% in 2024, as the Kingdom works toward localizing more than 50% of military spending by 2030.

GAMI said the Saudi pavilion’s participation strengthened the Kingdom’s position as a trusted international partner, expanded its network of relations with major global companies and enabled national firms to showcase their capabilities while exploring opportunities for growth and expansion in global markets.


Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

 

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

 

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.