Good morning, folks. We’re starting this week with an issue packed with concession agreement updates for zones and ports in Egypt, Syria, and UAE. We also have the latest earnings updates from a few regional and global industry players as the 1Q earnings season arrives in full swing. Let’s get the ball rolling.
HAPPENING THIS WEEK-
#1- The Airport Show will run from Tuesday, 6 May to Thursday, 8 May at the Dubai World Trade Center (DWTC). The event will host over 160 exhibitors from 20 countries and focus on airport technology, sustainability, and efficiency. The Global Airport Leaders’ Forum and Women in Aviation Conference will be running within the event.
#2- Seatrade Maritime Logistics Middle East is also starting tomorrow and will run until Thursday, 8 May at DWTC. The event will bring together professionals in shipping, logistics, and supply chain management to discuss and debate industry challenges and the latest innovations.
WATCH THIS SPACE-
#1- Egypt is in advanced talks with Iraq to resume imports of 12 mn barrels of Iraqi crude oil annually starting 3Q 2025, an unnamed government official told Asharq Business. The move comes after financial disagreements led to the Iraqi Oil Marketing Company (Somo) halting the supply of crude oil to the Egyptian General Petroleum Corporation (EGPC) at the end of 2023, the official added. The negotiations reportedly cover “granting favorable terms to the EGPC, whereby Baghdad will receive payment for shipments delivered to Egypt three months after delivery.”
IN OTHER REGIONAL ENERGY TRADE NEWS- ALSO- Syria + Turkey look to boost energy trade: Syria is close to signing an energy cooperation agreement with Turkey to import electricity through a 400 kv line, Syria’s Energy Minister Mohammed al-Bashir told Asharq Business. No timeline for the signing of the agreement was disclosed. Syria is also working on a natural gas pipeline between Kilis, Turkey, and Aleppo that will enable the flow of 6 mn cubic meters of gas per day to power plants in Syria, al-Bashir added. Another 80 MW electricity interconnection from Reyhanli municipality in Turkey’s Hatay province to the Harem District in Syria’s Idlib Governorate is also in the pipeline.
ALSO- QatarEnergy, Japan firms in talks for LNG agreement: QatarEnergy is looking to clinch a long-term supply contract with a consortium of Japanese companies, where at least 3 mn metric tons per annum of gas will be split among the buyers, Reuters reported last week, citing five sources familiar with the matter. Among the buyers interested in the arrangement are Japan’s largest energy producer Jera and energy trader Mitsui & Co, the sources said.
What’s at stake? Qatar — historically a major LNG supplier to the world’s second-largest importer of the fuel Japan — is fending off intensifying competition in the LNG space from neighboring Gulf countries and the US which, unlike Qatar, offer shorter-term contracts and do not limit the cargoes’ final destination.
#2- The US has sanctioned four UAE-based companies for trading in Iranian petroleum products, according to a statement by the US State Department issued last week. The firms — Shivnani Organics, Solvent Organics, Al Seerah Trading, and Harold Trading — are accused of facilitating the export of Iranian petrochemical products to other unnamed countries, allowing Iran to avoid sanctions and make revenue.
What does it mean? The sanctions will block the firms’ assets in the US or under US control, in addition to anyone holding a 50% stake in the companies. People in the US are also blocked from engaging with them.
#3- US mulls easing Nvidia chips export controls for UAE: A potential easing of access to Nvidia chips for the UAE and a broader bilateral chip agreement could be on the table during talks between US President Donald Trump and UAE officials when Trump visits the UAE in mid-May, Bloomberg reported on Thursday, citing people it says are familiar with the matter. The news comes as the White House mulls amending AI curbs for the UAE amid bilateral talks over tech investments, including potential Emirati investment in chipmaker Intel.
Context: The US’ export restrictions on AI chips and GPUs — an essential component for data center infrastructure — affect 120 countries, including the UAE, and are set to take effect on 15 May, while Trump is in the region for his visit.
ICYMI- UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan visited the US and pledged USD 1.4 tn in investments in US tech and energy sectors over the next decade, last month — an agreement that could help nudge things in the UAE’s favor.
MARKET WATCH-
#1- Oil prices saw a sizeable dip this morning in the wake of Opec+ announcement of an accelerated production hike, Reuters reports. Brent crude futures fell by USD 2.21 to USD 59.08 a barrel, while the US West Texas Intermediate (WTI) went down by USD 2.29 to reach USD 56.00 a barrel by 06.53 GMT.
The context: Opec+ said it is planning to accelerate oil production increments for the second month in a row, adding 411k barrels per day in June — a three-month worth of supply increments that will be delivered all at once next month, according to a statement. The oil group once again cited healthy market fundamentals as the driver behind the decision.
The rationale: The recent moves mark a strategic shift toward regaining market share after years of cutting production, former Opec employee and Rystad Energy A/S geopolitical analyst Jorge León told the Financial Times. “Last month’s decision was a wake-up call. Today’s decision is a definitive message,” Leon said. The move is also seen as a bid to punish overproducing members (Kazakhstan and Iraq) by sending crude prices tumbling, Bloomberg reported, citing unnamed Opec+ delegates.
#2- Baltic index snaps losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — was up 0.8% to 1,421 points on Friday. The capesize grew 1.8% to 2,079 points, while the panamax index fell six points to 1,368. The smaller supramax index shed one point to 955..
#3- US LNG exports have surged by over 20% y-o-y so far in 2025 on the back of purchases made by European nations due to low gas inventory levels, Reuters reported on Thursday, citing Kpler data. European countries accounted for 77%, or 26.5 mn tons, of the total volume of US orders. Total US LNG shipments during January-April reached 34.6 mn metric tons.
Meanwhile, Asia’s LNG purchases fell by 41% during the January-April 2025 period to 4.9 mn tons, reaching their lowest level since 2019 due to high international gas prices compared to thermal coal, as well as the US tariffs, Reuters writes. Chinese imports recently stalled for a 40-day period, as energy traders diverted shipments to other buyers to avoid China’s 15% duty on US LNG.
PSA-
Hapag-Lloyd rolls out new VTS: Shipping giant Hapag-Lloyd is updating its Vessel Traffic System Charge (VTS) for shipments to Iraq, starting 1 June until further notice, according to a statement published last week. The VTS will be USD 15 for both 20 ft and 40 ft containers and will apply to all cargo types.
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CIRCLE YOUR CALENDAR-
Saudi Arabia will host the Saudi Smart Logistics trade fair on Monday, 12 May to Thursday, 15 May in Riyadh. The event will provide insights into the latest international and local technology, solutions, equipment providers, and sustainable workflow practices within the logistics industry in the country.
The UAE will host the Global Ports Forum on Tuesday, 13 May to Wednesday, 14 May in Dubai. The forum will cover topics such as port strategy and development, port automation, finance, and efficiency.
The UAE will host the Seamless Middle East from Tuesday, 20 May to Thursday, 22 May in Dubai. The event will cover topics including digital marketing, e-commerce, and retail and merchant payments.
Saudi Arabia will host the Saudi Warehousing & Logistics Expo from Tuesday, 27 May to Thursday, 29 May in Riyadh. The expo will host over 18k supply chain industry professionals and more than 400 exhibitors. It will also explore over 3.5k solutions.
Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.




