TODAY: Iraq scraps USD 764 mn airport agreement + ALCN sells port operator stake

Good morning, friends. Iraq has pulled the plug on a USD 764 mn airport contract over corruption concerns. Egypt, meanwhile, is quietly reshaping its port ownership map: ALCN is selling its stake in Egypt Marine Ports back to its state parent, and the country has signed on to transit and re-export Cypriot gas through Idku and Damietta — an agreement that adds another thread to Egypt's case for becoming the region's gas hub.

The question dominating the opening day of the G7 in France: When exactly will Hormuz reopen? Trump says Friday, when the US and Iran are due to sign. Others at the summit aren't so sure.

You can survive a bad investment, but you cannot undo a severance package you never negotiated.

You're at the stage where the questions have shifted: who gets what, whether your estate survives you intact or gets tied up in courts, whether you exit on your terms or let timing decide for you.

Retirement isn't a finish line but a structure problem, and most people get it wrong. It's not because they ran out of money but because they never asked the right questions at the right time.

In the final issue of EnterpriseAM Money Matters, we cover the decisions that define how you exit: estate planning under Egyptian law, what to actually ask your lawyer before you step back, how to read a severance package, when phased retirement makes financial sense — and when cashing out your options is the smartest move you'll make this decade.

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The fifth wheel

The Egyptian gov’t is expected to contract for a fifth floating storage regasification unit (FSRU) ahead of the summer demand peak, two government officials tell EnterpriseAM. The vessel will join the four FSRUs already deployed in the country — the Hoegh Galleon, Energos Power, Energos Eskimo, and Energos Winter — which currently provide c.2.7 bcf/d of regasification capacity.

Why it matters: Egypt’s been buying huge volumes of LNG since its domestic natural gas production plunged to an average of 3.87 bcf/d in 1Q 2026, compared to its peak of 6.13 bcf/d in March 2021. Egypt needs more capacity to turn the LNG into usable gas — a fifth unit would up its capacity, deepen the import buffer, and keep the national grid from buckling.

DATA POINT- Egypt has secured around 75 LNG cargoes to cover natural gas needs through the end of the year, including 45 cargoes for the summer months, the officials say. Roughly 30 of the summer cargoes will be directed to power stations, the sources add.

Egypt’s total energy import bill is expected to hit USD 13.5 bn, up from previous estimates of USD 12 bn in FY 2026/27, according to a government document seen by EnterpriseAM. From April through September of this year, crude import costs are expected to surge to USD 13.3 bn, up from an initial target of USD 10 bn.

Gulf crude goes west

The UAE and Oman are redirecting a large wave of crude to Europe next month, as Chinese imports of Gulf oil fall sharply. At least six supertankers carrying a combined 12 mn barrels are already scheduled, Bloomberg reports.

The China gap is stark: China normally takes 70-80% of Oman’s crude, but its purchases of May-loading Oman cargoes fell to just 65k bbl / d, down from some 700k bbl / d in February. It also bought no May-loading UAE crude, compared with 750k bbl / d in February, leaving more Murban, Upper Zakum, and Oman crude available for European refiners.

Why it matters: The flows show that China’s sharp retreat from Middle East crude buying is softening the blow from the Iran war’s disruption of Gulf supply routes. When the war broke out, traders initially scrambled for non-Gulf barrels — but the market calmed once it became clear that China, the world’s top crude importer, was pulling back heavily from purchases.

Adnoc has more to offer

Adnoc has launched its third crude tender this month — offering up to 2 mn bbl of Upper Zakum, Umm Lulu, and Das crude, Reuters reports, citing trade sources. Buyers can purchase on an FOB basis from Fujairah, Zirku, or Das Island, or via ship-to-ship transfers across ranges including Fujairah to Sohar and Malaysia, with pricing set against official selling prices or the Dubai benchmark.

Adnoc is finding ways to keep exports moving — even as Hormuz’s reopening timeline remains unclear. The company has exported three LNG shipments from the Gulf on tankers that went dark while crossing Hormuz earlier this month. It also offered oil tenders this month, resumed exporting naphtha through Oman’s Sohar port, and is planning a multi-fuel pipeline to hedge against future shipping disruptions.

har port, and is planning a multi-fuel pipeline to hedge against future disruptions to shipping.

Market watch

Oil prices rose this morning amid uncertainty over the US-Iran agreement and delays in reopening Hormuz, Reuters reports. Brent crude futures increased USD 0.26 to trade at USD 83.42 / bbl by 01.18 GMT, while US West Texas Intermediate (WTI) rose USD 0.46 to USD 81.12 / bbl.

The Baltic Index is back in the red: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.3% to 2,720 points on Monday. The capesize index was down 1.3% to 4,053 points, while the panamax index rose 0.4% to 2,291 points. The smaller supramax index inched up 1.3% at 1,664 points.

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