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  Read the June 2026 MEED Business Review

  4 June 2026

  Download / Subscribe / 14-day trial access

  For decades, the Strait of Hormuz has served as a critical artery of the global energy system. Despite being only 33 kilometres wide at its narrowest point, this strategic maritime passage has traditionally handled around one-sixth of global oil consumption and nearly one-third of worldwide liquefied natural gas trade.

  Following Iran’s effective closure of the strait in 2026, Gulf states have been compelled to rapidly identify and develop alternative transport corridors. This effort extends beyond safeguarding oil exports from the region to ensuring the continued flow of food, consumer products and industrial supplies that underpin the Gulf’s economies. Read more here. 

  June’s market focus is on Iraq, which is entering mid-2026 with the largest project pipeline in its post-2003 history, encompassing more than $420bn in planned and ongoing investments. However, the country faces an exports collapse that could challenge its ability to deliver this ambitious programme.

  This edition also includes our Top 100 report – an annual ranking published by MEED that identifies the 100 largest publicly listed companies in the Middle East and North Africa based on their market capitalisation.

  In the latest issue, we explore why the UAE’s Opec departure fulfils multiple ends; investigate why insurers will only cover a fraction of war damage to oil and gas facilities; analyse Saudi Arabia’s real estate ownership reforms; and examine the first trade deal between the GCC and a G7 nation.

  We hope our valued subscribers enjoy the June 2026 issue of MEED Business Review. 

  

   

  Must-read sections in the June 2026 issue of MEED Business Review include:

  > AGENDA: Gulf races to reroute trade

  > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity

  > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends

  INDUSTRY REPORT: MEED Top 100 > Middle East stocks recover unevenly

  > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities

  > LEADERSHIP: Building the infrastructure that makes net zero possible

  > LEGAL: Saudi Arabia’s foreign property ownership milestone 

  > TRADE TALKS: UK-GCC trade deal talks conclude

  > IRAQ MARKET FOCUS: 
  > COMMENT: Iraq’s reform window narrows
  > GOVERNMENT: Al-Zaidi takes Iraq’s premiership under US shadow
  > BANKING: Financial challenge tests Iraq’s resolve
  > ECONOMY: Iraq enters era of resilience, reform and rising risks 
  > OIL & GAS: Iraqi oil and gas sector in crisis
  > POWER & WATER: Focus shifts to delivery of Iraq utilities expansion
  > CONSTRUCTION: Momentum builds in Iraq’s post-war construction sector

  > MEED COMMENTS: 
  > Institutional capital sees past conflict risk
  > Gulf conflict fails to slow Dubai’s projects push
  > Oman steps up hydrogen plans
  > Bidders assess partnership strategy for utilities projects

  > GULF PROJECTS INDEX: Gulf Projects Index resumes growth trajectory

  > APRIL 2026 CONTRACTS: Middle East contract awards

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: Hoping for a long, cool summer

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

  To see previous issues of MEED Business Review, please click here

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  MEED Editorial
• 
  Activity ramps up in Syria’s oil and gas sector

  3 June 2026

  

   

  Foreign interest in Syria’s oil and gas sector is growing as the government moves to revive the industry and elevated global energy prices improve the economics of new developments.

  A series of agreements signed in recent months has attracted some of the world’s largest energy companies, raising expectations that investment and production could accelerate.

  However, despite growing optimism, significant security, financial and regulatory challenges remain, which could constrain the pace of growth for years to come.

  Military control

  Optimism among foreign businesses about potential opportunities in the country was boosted in January this year when Syria’s central government regained control of most of the country’s oil and gas assets.

  On 13 January 2026, the Syrian government launched an offensive against the Kurdish-led Syrian Democratic Forces (SDF) in the territories of the Democratic Autonomous Administration of North and East Syria.

  The offensive was initially focused on eastern Aleppo Governorate, around the towns of Deir Hafer and Maskanah, and was expanded on 17 January to include Raqqa, Deir ez-Zor and Al-Hasakah Governorates.

  The offensive eventually led to Syria’s Omar and Conoco fields being seized, as well as the Tanak, Rmeilan and Suwaydiyah fields.

  The Omar field is Syria’s largest oil field and the Conoco field hosts Syria’s largest gas processing plant, which previously supplied several power stations, including the Jandar plant in Homs, one of the country’s largest.

  Before the outbreak of the Syrian civil war in 2011, this field produced about 10 million cubic metres of natural gas a day.

  On 18 January, an agreement was signed under which Damascus assumed administrative and security control over all major oil and gas assets previously held by the SDF in the northeast of the country.

  Wider market

  The push to take control of the oil and gas assets came ahead of the US and Israel attacking Iran on 28 February, which led to a regional conflict and disrupted shipping through the Strait of Hormuz.

  Disruption in the waterway – which normally transports about 20 million barrels a day (b/d) of oil and refined products, as well as around 20% of the world’s liquefied natural gas – triggered a surge in global energy prices and sent oil companies scrambling to develop resources that did not rely on the strait as an export route.

  Syria is increasingly being viewed as a potential option for major oil and gas development projects due to its significant unrealised reserves and its geographic position across the Mediterranean from consumer markets in Europe.

  Syria’s production currently stands at around 110,000 b/d, down from a peak of 380,000 b/d in 2011, according to a report published by the US-Syria Business Council in April.

  The country’s recoverable oil reserves are estimated at 2.5 billion barrels, and Syria also has significant gas reserves.

  In April, Yousef Qiblawy, chief executive of the state-owned Syria Petroleum Company (SPC), said his organisation aimed to double national production before 2027 and boost output to 800,000 b/d by the end of 2029, not including offshore production.

  He said: “Before the takeover of the northeast, we were producing 10,000-15,000 b/d.

  “Currently, we are producing 100,000 b/d, and the plan now is to double this production number by the end of this year.”

  He also expressed optimism about the outlook for projects in Syria’s portion of the Mediterranean Sea, saying: “New offshore and onshore exploration is also starting … there are 15 or 17 brand new green blocks, untouched in Syria, with huge reservoirs of oil mainly, and some gas.”

  So far, no offshore wells have been drilled in Syrian waters.

  In 2013, Russia’s Soyuzneftegaz signed an offshore exploration agreement with Damascus, but the project was abandoned during the civil war and never progressed to drilling.

  Making deals

  In recent months, a range of significant deals and meetings has raised expectations for the future of Syria’s oil and gas sector.

  On 11 May, SPC announced plans for Syria’s first-ever offshore oil and gas exploration project.

  The deep-water project is being carried out in partnership with US-based Chevron and Qatar’s UCC Holding.

  SPC said that it had, together with Chevron and UCC Holding, defined the boundaries of the offshore block, paving the way for finalising contracts and starting technical operations this year.

  The three companies previously signed a preliminary deal in February to evaluate offshore oil and gas exploration in Syrian waters.

  On 12 May, France’s TotalEnergies, state-owned QatarEnergy and US-based ConocoPhillips signed a memorandum of understanding (MoU) with SPC relating to the exploration of Syria’s offshore Block 3.

  Under the terms of the preliminary deal, the companies will carry out a technical review of the area.

  The agreement also established a framework for technical and commercial discussions related to exploration activities on the block.

  ConocoPhillips also signed another MoU in November last year, along with Houston-headquartered Novaterra Energy, focused on developing several gas fields and launching exploration programmes.

  This MoU included an agreement to rehabilitate the gas plant at the Conoco field in Deir ez-Zor province.

  At the time, Qiblawy said the agreement was expected to boost the country’s gas production by 4-5 million cubic metres a day within a year.

  On 8 May, the Croatian oil company INA and Hungary’s MOL announced that they had held a series of meetings with SPC focused on exploring options to restart INA’s oil and gas operations in Syria.

  They said a joint technical team established by INA and SPC was assessing the feasibility of INA resuming operations on its Syrian concessions by evaluating operational, technical, commercial and regulatory conditions.

  In 2011, oil and gas production at INA’s Syrian concessions had reached 37,300 barrels of oil equivalent a day.

  By the time the company suspended operations in Syria in 2012, it had invested approximately $1.1bn in the country and had built a gas processing plant at the Hayan gas field.

  Resuming activities

  In April, the managing director of London-headquartered  met with Syria’s president, Ahmed Al-Sharaa.

  Gulfsands is the official operator of Syria’s Block 26, but for 15 years after the start of the Syrian civil war, it could not access the asset.

  The company declared force majeure in late 2011 and, until recently, it was under the control of the Kurdish-led SDF.

  In a statement released after the April meeting with Syria’s president, John Bell confirmed that his company had recently regained access to Block 26, which he described as “an important milestone for Gulfsands and for Syria”.

  He added: “This development provides a strong foundation for the recommencement of operations and investment.

  “We are now back on the ground in Syria, working closely with SPC to accelerate towards a full resumption of activities.”

  Bell also said that, as a result of a global drive to diversify away from “traditional choke points like the Strait of Hormuz”, Syria had the potential to become “a new world energy hub”.

  In April, Saudi Arabia’s ADES Holding Company signed an implementation contract with SPC to develop several gas fields in Syria.

  In a statement, SPC said the scope of the deal with ADES included executing maintenance and development works on existing wells, in addition to drilling new exploratory wells within the agreed operational areas.

  It added that it expected the deal to increase gas production by 25% within the first six months and by 50% by the end of this year.

  Industry insiders are also watching US-based HKN Energy, which has close ties to the Trump administration, after Qiblawy said in January that the company had expressed interest in entering the Syrian oil and gas sector.

  In April, a statement from the US-Syria Business Council said an MoU with HKN was “in the pipeline”.

  Over recent months, expectations have been building about a potential deal involving US-based oil and gas companies Baker Hughes, Hunt Energy and Argent LNG.

  In July last year, Jonathan Bass, chief executive of Argent LNG, said that the three companies were planning to develop a masterplan for Syria’s oil, gas and power sector.

  It was later reported, in February this year, that the three US-based companies were planning to form a consortium for oil and gas exploration and energy production in northeast Syria.

  The consortium is expected to become involved in approximately four to five exploration blocks.

  Commenting on his company’s plans in Syria, Argent LNG’s chief executive said: “We're very excited to be realising the visions of US President Donald Trump and Syrian President Ahmed Al-Sharaa, bringing the country forward from darkness to light.”

  In a separate statement in April, Hunter Hunt, chief executive and chairman of Hunt Oil Company, said: “President Sharaa’s vision is bold, it is comprehensive, and it is full of execution and getting things done … We like what we see on a forward-looking basis.”

  Challenges remain

  While SPC’s Qiblawy has outlined ambitious targets to increase oil and gas production and international interest in the sector is growing, significant obstacles remain.

  A report published by the US-Syria Business Council in April highlighted several risks facing prospective projects. Among the most significant is the threat posed by Islamic State, particularly to pipeline infrastructure crossing remote desert regions.

  The report warned that securing large stretches of sparsely populated territory remains difficult, increasing the risk of attacks on critical energy infrastructure.

  It also highlighted the possibility of renewed conflict in northeastern Syria, where the SDF previously controlled many of the country’s most important oil and gas assets. According to the report, the current ceasefire remains fragile and any deterioration in relations could reignite territorial disputes.

  Beyond security concerns, international investors continue to face substantial financial and regulatory hurdles.

  Although sanctions on Syria have been eased considerably, the country remains designated by the US as a State Sponsor of Terrorism. As a result, licences are still required for many controlled exports, including oilfield equipment, software and technology.

  Restrictions also remain on support from international financial institutions. The US Export-Import Bank and the US International Development Finance Corporation continue to face limitations on their ability to support projects in Syria, constraining access to capital for large-scale developments.

  These factors suggest that progress towards SPC’s production targets is likely to be slower than official projections imply.

  Nevertheless, if Syria can continue to improve security conditions, strengthen political stability and maintain a supportive investment environment, the country’s oil and gas sector has the potential to deliver steady production growth over the coming years.

  For international energy companies seeking opportunities outside traditional export routes and geopolitical chokepoints, Syria is increasingly emerging as a market with significant long-term potential, albeit one accompanied by substantial risk.

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  Wil Crisp
• 
  Aramco and Emerson partner for corrosion management

  3 June 2026

  Saudi Aramco has entered into a partnership with US-based industrial automation provider Emerson to jointly develop corrosion management systems.

  As part of the corrosion research and development collaboration, Aramco will “combine its expertise and intellectual property with Emerson’s advanced corrosion solutions to digitalise and transform corrosion management”, Emerson said in a statement.

  For Aramco, corrosion management is a strategic priority that is closely linked to operational performance, safety and environmental stewardship. Continuous corrosion monitoring can replace labour-intensive and potentially hazardous manual inspections while providing a reliable stream of digital data to support decision-making and asset integrity management.

  The collaboration builds on the companies’ existing relationship. In May, Emerson announced the deployment of an artificial intelligence-driven optimisation system for Aramco.

  The current phase of that initiative focuses on expanding a hybrid modelling approach for hydrocracker units across Aramco’s operations. The expansion is expected to improve model accuracy while demonstrating the scalability and robustness of the AI-driven optimisation strategy across the company’s asset base.

  Emerson has steadily expanded its presence in Saudi Arabia over the past 16 years. Key milestones include the opening of facilities in Jubail, Dammam and Dhahran, as well as the launch of a manufacturing hub at King Salman Energy Park (Spark) in 2024.

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  Indrajit Sen
• 
  Aramco issues tender for offshore pipeline work

  3 June 2026

  

   

  Saudi Aramco has issued a tender for the engineering, procurement, construction and installation (EPCI) of flexible subsea pipelines at the Berri and Marjan offshore oil and gas fields in Saudi Arabia.

  The tender has been issued as Contract Release and Purchase Order (CRPO) 176, according to sources.

  Aramco issued CRPO 176 to contractors in its Long-Term Agreement (LTA) pool of offshore service providers in May and has set a bid submission deadline of 30 June.

  CRPO 176 covers the EPCI of seven flexible pipelines with a combined length of 17 kilometres at the Berri and Marjan offshore field developments.

  Aramco’s LTA pool of offshore service providers comprises the following entities:

  • Saipem (Italy)
  • McDermott International (US)
  • Larsen & Toubro Energy Hydrocarbon (LTEH, India) / Subsea7 (UK)
  • NMDC Energy (UAE)
  • Lamprell (UAE/Saudi Arabia)
  • China Offshore Oil Engineering Company (China)
  • Dynamic Industries (US)
  • Sapura Energy (Malaysia)
  • TechnipFMC (France) / MMHE (Malaysia)
  • Hyundai Heavy Industries (South Korea)

  Aramco renewed its LTAs in April 2025 with the following contractors, whose contracts had either lapsed or were close to expiry:

  • Saipem
  • McDermott International
  • Larsen & Toubro Energy Hydrocarbon / Subsea7
  • NMDC Energy
  • Lamprell
  • China Offshore Oil Engineering Company

  Major offshore contract awards

  Aramco spent almost $11bn on offshore EPCI contracts last year, which is more than double its capital expenditure on offshore projects in 2024, marking yet another year of robust upstream project spending in Saudi Arabia.

  In July, Aramco selected contractors for five CRPOs – numbers 150, 157, 158, 159 and 160 – worth over $3bn. These involve EPCI work and infrastructure upgrades at the Abu Safah, Berri, Manifa, Marjan and Zuluf offshore fields.

  The Saudi energy giant then selected contractors for four more CRPOs as part of the large-scale project to expand infrastructure at the Zuluf offshore field development. The tenders are CRPOs 145, 146, 147 and 148, and their combined value is estimated at almost $6bn.

  In late December last year, Italian contractor Saipem announced securing contracts for CRPOs 162 and 165. The scope of work on CRPO 162 covers the EPCI of two rigid pipelines – a 30-inch pipeline stretching 23.98km, and a 20-inch pipeline, 10.23km-long; replacement of a flexible 10-inch pipeline that spans 5.1km; along with modification work on topsides at the Berri and Abu Safah field developments. The duration of this contract is 32 months, Saipem said.

  The scope of work on CRPO 165, lasting 12 months, includes subsea interventions at the Marjan field development and the EPCI of 300 metres of onshore pipeline and associated tie-ins.

  In early January 2026, MEED reported that Aramco had selected US-based McDermott International for CRPO 166. The scope of work is understood to have been carved out of the major $15bn Marjan offshore field development project, under which Aramco issued contracts for 20 EPCI packages in 2019. McDermott won the largest share of work on the project, with an estimated $4.5bn-worth of contracts secured for two packages.

  The contract for CRPO 166 was single-sourced to McDermott without a competitive tendering process, and issued as a change order, sources told MEED.

  Aramco then awarded its second offshore contract of the year, CRPO 156, to Saipem. The scope of work on the contract covers the EPCI of a 48-inch trunkline, covering a distance of roughly 65km offshore and 12km onshore, from the Safaniya offshore oil field to the onshore processing facility, plus associated structures such as subsea hook-ups.

  CRPO 156 comprises the third package in Aramco’s latest expansion phase at Safaniya – the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day (b/d). Discovered in 1951, the field is located in the Gulf waters, approximately 265 kilometres north of Aramco’s headquarters in Dhahran.

  MEED also reported that Saipem was selected by Aramco for two more tenders as part of the Safaniya field development expansion phase – CRPOs 154 and 155. The combined contract value for CRPOs 154 and 155 is estimated at $600m, as per sources.

  In April, state-owned China Offshore Oil Engineering Company (COOEC) won CRPO 161, which covers the EPCI of four gas jackets at the Arabiyah, Hasbah and Karan offshore fields, MEED previously reported.

  Healthy contract award pipeline

  Looking ahead, Aramco is evaluating bids submitted by its offshore LTA contractors in July and August for at least two additional tenders.

  These tenders are CRPOs 163 and 164, and relate to the EPCI of key infrastructure at the Abu Safah, Berri, Karan, Marjan and Safaniya fields.

  Meanwhile, MEED reported in January that Aramco had issued a new batch of five offshore tenders covering the EPCI of key structures at the Abu Safah, Berri, Manifa, Marjan and Zuluf fields, which are CRPOs 167, 168, 169, 170 and 171.

  Aramco issued the five CRPOs to its offshore LTA contractors in December, initially setting a bid submission deadline of 3 February. The client has extended the bid deadline several times since then, with MEED recently reporting that the current submission date is set for 1 July.

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  Indrajit Sen
• 
  Iranian drones hit Kuwait International airport’s Terminal 1

  3 June 2026

  Kuwait International airport was struck by a fresh wave of hostile drone attacks on 3 June. The drones caused significant structural damage to Terminal 1 and wounded several individuals.

  Brigadier General Saud Abdulaziz Al-Otaibi, official spokesman for the Ministry of Defence, blamed the strikes on “criminal Iranian aggression”. He confirmed that the injured had been evacuated for medical care and stated that the armed forces remain in a state of complete readiness to secure the state.

  The incident is the third major drone strike on the hub in recent months. On 1 April, a drone strike hit fuel tanks managed by Kuwait Aviation Fuelling Company, sparking massive fires. On March 28, another multi-drone raid severely damaged the airport’s primary radar systems.

  The airport is being expanded with the construction of a new terminal, and works on the project are expected to be completed by 2027. It consists of three packages.

  These are:

  • Package 1: Main works – $4,329m
  • Package 2: Multistorey car park building, connection roads, bridges and landscaping works – $550m
  • Package 3: Aircraft parking, runways and service buildings – $950m

  Turkiye’s Limak Holding is executing the main works.

  The terminal building was designed by Foster+Partners and Gulf Consult.

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  Colin Foreman