Modutec announced a majority investment in Aberdeen-based EOS Europe, an electrical services provider for energy and marine sectors, delivering projects across the UK, USA and Norway.
Airports Council International (ACI) Europe has warned that Europe could see jet fuel shortages if the Strait of Hormuz does not reopen in the next three weeks. The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports.
Elsewedy Electric Power Systems Projects said it is implementing a portfolio of six high voltage power substations across various the kingdom in collaboration with Saudi Electricity Company and National Grid Company. These projects have a voltage levels ranging between 110 and 115 kilovolts.
Iran continued its near-total blockade of the Strait of Hormuz despite US President Donald trump saying Tehran must allow oil to go through the waterway.
Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi Press Agency reported, citing an official source at the Ministry of Energy.
The Middle East war's effect on rated chemical players in the Middle East will depend largely on its duration and how long the Strait of Hormuz remains disrupted, S&P Global Ratings said in a report published on Thursday.
Mubadala Investment Company, an Abu Dhabi–based sovereign investor, today reported strong financial performance in its 2025 annual results with its assets under management growing 17 percent to AED1.4 trillion ($385 billion), with annualised five- and ten-year returns exceeding 10 percent.
Austrian oil and gas group OMV said it expected higher energy prices to more than offset disruptions to production and sales volumes caused by the war in the Middle East, a Reuters report said.
Goldman Sachs has lowered its second-quarter 2026 oil price forecasts to $90 for Brent and $87 a barrel for US WTI, down from previous forecasts of $99 and $91.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
