Qatar pushes more LNG through Hormuz and buys oil acreage beyond it

Ras Laffan is loading LNG at roughly half its pre-war pace, with a 10-day moving average of 13-15 cargoes so far this month against about 11 in October, according to Bloomberg. October was already Qatar’s strongest month since the war began, with Kpler counting 35 cargoes and more than 2.7 mn tons loaded.

Fewer are getting out. S&P Global Energy counted 23 Qatari-loaded tankers leaving Hormuz in October, just over 30% of pre-war transits. Iranian strikes cost QatarEnergy 17% of its export capacity for up to five years and an estimated USD 20 bn a year in revenue, Minister of State for Energy Affairs Saad Sherida Al Kaabi said.

QatarEnergy is also buying acreage that never touches the strait. It agreed to take a 25% stake in Chevron’s PEL 82 license offshore Namibia, its fifth license in the country and its second from Chevron. Chevron drops to 55% from 80% and stays operator, with NAMCOR and Custos Energy holding 10% each.

Gentlemen’s agreement

Iraq has reached an understanding with the US to keep Iraqi oil exports flowing through the Strait of Hormuz via a shipping lane near Oman, Foreign Minister Fuad Hussein told Al Jazeera, as Iraq’s estimated losses from war disruptions and export stoppages sits around USD 60 bn. Iraq has been selling its oil at steep markdowns of USD 25-28 / bbl because it is paying buyers to carry the risk of loading inside the Gulf.

The agreement is a critical lifeline for Baghdad: The US Treasury asked Iraq to close all border crossings with Iran except for two as part of Washington’s policy of ‌increasing economic ‌pressure on Tehran, but Iraq is negotiating with the Americans as closing all crossings negatively affects Iraq’s economy, the minister said.

Regional investment push

Saudi IT firm Zone is planning USD 30 mn in regional investments over the next three years as it eyes a potential listing on Tadawul by late 2028 or early 2029, CEO Farid Hussein told Asharq Business, without revealing a potential offering size, financial advisors, or regulatory filing plans.

Egypt gets a third of the spending: Zone plans to invest USD 10 mn in digital transformation projects for government and private-sector clients in Egypt, a market Hussein expects to contribute 25-30% of the company’s total revenue within three years.

More markets in sight: The firm is looking to expand its digital transformation business in Syria and Libya as reconstruction prospects open up. Hussein said partnerships and projects have already been agreed upon in both countries, with announcements expected soon.

Crossing bridges

Lebanon and Syria reopened the Dabousieh-Abboudieh border crossing on Monday, two years after Israeli strikes closed it during the war with Hezbollah. Lebanon’s Public Works and Transport Minister Fayez Rasamny put its capacity at 8-10k passengers and 150-200 trucks a day in both directions, MTV reports.

The Arida crossing on the coastal highway between Tripoli and Tartus is next, Syrian officials said, according to L’Orient. Rasamny said René Mouawad Airport in Kleyat will start operating next week. Lebanon inaugurated the airport, its second civil airport after Beirut, in June, and it has yet to run commercial flights.

Six official crossings connect the two countries. Syria and Turkey are rehabilitating five of their shared crossings, clearing landmines, expanding customs yards and building administrative facilities.