Gulf Petrochemicals and Chemicals Association (GPCA) signed an MoU with IRU, the world road transport organisation, to improve cross-border transport of dangerous goods. The partnership focuses on safety, efficiency, sustainability, training, and fuel efficiency.
Saudi Basic Industries Corporation (Sabic), a global leader in chemicals, returned to profit in the first quarter of 2026, posting a net profit attributable to shareholders of SAR13.2 million ($3.52 million) compared with a SAR1.21 billion ($322 million) loss a year earlier, according to the company's Tadawul filing.
Unique Group, an expert in subsea technologies and engineering, has secured a contract with DeepOcean for the supply of two XWM-90-S A-Frames.
Saudi Arabia's National Gas and Industrialisation Holding Company (Gasco), a leading company in LPG solutions industry, said it has secured the go-ahead from the General Authority for Competition (GAC) to proceed with its planned acquisition of a 50% stake in Jacko Gases, a key provider of gas requirement service in the kingdom.
Eni signed a programmatic agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company PDVSA to relaunch oil activities, specifically at Junin-5 (PDVSA 60 per cent, Eni 40 per cent), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place.
SLB has launched AlphaSight, a new reservoir mapping and drilling intelligence technology that improves visibility and control in complex drilling environments, setting a benchmark and helping maximise production potential.
TotalEnergies has completed its acquisition of 50 per cent of EPH’s Western European flexible power assets, forming TTEP, Europe’s second-largest flexgen player with 14 GW capacity across five countries and 30 TWh output in 2025.
Europe risks jet fuel shortages after Middle East shipments halted due to conflict and closed shipping routes, threatening aviation just as airlines prepare for peak summer travel demand.
The United Arab Emirates’ planned exit from OPEC and OPEC+ from May 2026 is expected to have limited immediate impact on oil markets in the near term but could weaken the group’s supply management over time, HSBC said, while OPEC+ sources signalled the alliance would remain broadly intact.
Oil prices went up further on Wednesday, extending a multi-day rally, as the Iran and US blockades of the Strait of Hormuz continued.
