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  US oil companies to profit while Middle East exports are curtailed

  6 March 2026

  While the oil and gas operations of the Middle East’s biggest producers are being dramatically curtailed by the conflict sparked by the US and Israel’s attack on Iran, US producers are likely to see windfall profits.

  So far, the list of oil and gas assets in the Mena region disrupted by the conflict is long and includes facilities in all GCC nations, as well as Iraq and Iran itself.

  In addition to oil fields and refineries that have been shut – either due to direct Iranian attacks or concerns over further strikes – about 20 million barrels a day (b/d) of production has been removed from the global market by the effective closure of the Strait of Hormuz.

  Oil price

  The disruption to global oil and gas supplies caused by the Iran conflict has pushed oil prices up by around 15%, with Brent briefly rising above $85 a barrel on 3 March – its highest level since July 2024.

  This has boosted investor optimism about the outlook for US oil companies.

  Texas-headquartered ExxonMobil made $56bn in profit in 2022 after Russia’s invasion of Ukraine created a sustained period of higher oil prices. It was a record year for the company, and it could see a similar bump this year if oil prices remain high.

  Shale response

  US shale producers are ramping up production to capitalise on higher oil prices, according to the Paris-based International Energy Agency (IEA).

  Recently drilled shale wells could add around 240,000 b/d of supply in May, and an additional 400,000 b/d could be added in the second half of the year, according to an IEA document cited by the Financial Times.

  Gas impact

  The impact of the Iran conflict on liquefied natural gas (LNG) prices has been even more pronounced than on oil, with several gas benchmarks hitting multi-year highs.

  The Dutch Title Transfer Facility rose by 55%, reaching its highest level since fuel markets spiked after Russia’s 2022 invasion of Ukraine.

  One of the key factors driving prices higher was Qatar – the world’s second-biggest LNG producer – halting exports on 2 March after Iranian attacks on several facilities.

  Qatar is expected to take at least several weeks to restart exports from its liquefaction terminals.

  Not only will time be required to ensure the export route through the Strait of Hormuz  is secure, but restarting LNG export terminals is also a gradual process. They require a slow restart to avoid damaging cryogenic equipment, which cools natural gas to around -160°C.

  In addition, LNG trains must be brought back online sequentially; Qatar’s Ras Laffan hub has 14 trains.

  US advantage

  While the world’s second-biggest LNG producer is likely to be offline for some time, the US – the world’s biggest LNG producer – is already operating near full capacity and is benefiting from the higher-price environment.

  Cheniere and Venture Global, the two biggest US LNG producers, have both seen their share prices rise amid the conflict.

  Cheniere shares are up 18% since the start of February, while Venture Global’s share price has risen 12% over the same period.

  The scale of additional revenues earned by US companies – and the revenue losses suffered in the Middle East’s oil and gas sector – will largely depend on how long the disruption linked to the Iran conflict continues.

  If the disruption persists and significant long-term damage is done to Middle East oil and gas infrastructure, US-based oil and gas companies could record another year of record profits.

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  Wil Crisp
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  Bahrain says refinery fire from Iran strike has been contained

  6 March 2026

  A fire that broke out at the Sitra refinery in Bahrain after an Iranian missile strike has been contained, according to a statement from the country’s National Communication Centre (NCC).

  Verified videos of the attack show flames springing up almost immediately after a missile hits the complex.

  The videos also seem to show a second missile hitting another location at the site moments later, and then several columns of dark smoke coming from different parts of the refinery.

  The NCC said: “A fire broke out at a unit of the Bapco Energies refinery following an Iranian missile strike. The fire has been fully contained.”

  It added: “There are no reported injuries, and refinery operations continue. An assessment of the damage is currently under way."

  Iran has been firing missiles at a range of targets in nearby countries since it was attacked by the US and Israel on 28 February.

  In November last year, MEED reported that Bahrain’s state-owned Bapco Energies was in the final stages of ramping up volumes processed by new units that were installed as part of the Bapco Modernisation Programme (BMP).

  The project at the Sitra refinery in Bahrain is estimated to have been worth $7bn and was inaugurated by Bahrain’s King Hamad Bin Isa Al-Khalifa in December 2024.

  At the time, the companies involved in the engineering, procurement and construction (EPC) contract for the project were still working on the site to assist with efforts to increase volumes.

  Bapco Energies awarded the main $4.2bn contract to perform EPC works on the BMP to a consortium led by France’s Technip Energies in February 2018.

  The consortium also included Spain’s Tecnicas Reunidas and South Korea’s Samsung E&A.

  Technip Energies also performed the project’s front-end engineering and design work. US oil and gas producer Chevron acted as a consultant on the BMP, while Australia-based Worley was the project management consultant.

  In March 2024, after a series of setbacks and delays, France’s Total Energies was brought in to support Bapco in “optimising” the project.

  The BMP is central to Bahrain’s Vision 2030 economic development strategy, and Bapco has said that it is crucial to boosting the country’s long-term downstream potential.

  The BMP was originally expected to reach mechanical completion in 2023, with operations set to begin in 2024.

  The core objective of the BMP was to upgrade the Sitra refinery – Bahrain’s only oil refining asset, which is 90 years old.

  One of the key units to be built as part of the BMP was a residual hydrocracking unit (RHCU) powered by technology licensed from US-based Chevron Lummus Global. The BMP team has built a two-train RHCU with a capacity of 65,000 barrels a day.

  The Sitra refinery includes seven crude distillation units (CDUs) and vacuum distillation units (VDUs) as part of the BMP.

  The new 225,000 b/d integrated crude and vacuum unit replaced CDUs 1, 2 and 3 and VDUs 1 and 3, which had served Bapco Energies for over 80 years.

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  Wil Crisp
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  Firm signs $120m Egypt new capital industrial complex deal

  6 March 2026

  Egypt’s Administrative Capital for Urban Development (ACUD), the master developer of the New Administrative Capital (NAC), and local firm Polaris Parks for Industrial Development have signed an agreement to establish an integrated industrial complex in the NAC, located along Ain Sokhna Road.

  Covering 1.8 million square metres, the development is expected to attract more than $120m in direct investment and generate around 15,000 direct and indirect job opportunities, according to a joint statement.

  Designed to combine manufacturing with advanced logistics and a range of supporting services, the complex will cater to several sectors, including food industries, engineering, pharmaceuticals, chemicals and cosmetics.

  The construction works are expected to begin soon, and the project is slated for completion by 2027.

  Founded in 2007, Polaris Parks develops and manages industrial parks across Egypt, with a total portfolio exceeding 10 million square metres.

  GlobalData expects the Egyptian construction industry’s output to grow at an average annual rate of 7.4% between 2026 and 2029.

  This growth will be driven by investments in housing, renewable energy and transport infrastructure, alongside the government’s target of developing 10GW of renewable energy capacity by 2028.

  The industrial construction sector is anticipated to expand by 12.2% in 2025, with robust average annual growth of 9.1% through 2029, driven by investments in manufacturing and rising external demand.

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  MEED’s March 2026 report on Egypt includes:

  > COMMENT: Egypt’s crisis mode gives way to cautious revival
  > GOVERNMENT: Egypt adapts its foreign policy approach
  > ECONOMY & BANKING: Egypt nears return to economic stability
  > OIL & GAS: Egypt’s oil and gas sector shows bright spots
  > POWER & WATER: Egypt utility contracts hit $5bn decade peak
  > CONSTRUCTION: Coastal destinations are a boon to Egyptian construction

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

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  Yasir Iqbal
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  Lowest bidder emerges for Suwaiq Industrial City infrastructure

  6 March 2026

  Oman’s Public Establishment for Industrial Estates (Madayn) has opened bids for a contract to develop the first phase of the infrastructure and utilities network at Al‑Suwaiq Industrial City in Oman.

  According to results published by the Oman Tender Board, Egyptian firm Hassan Allam Construction submitted the lowest main bid, valued at RO45.4m ($118m).

  The other bidders include:

  • United Gulf Construction Company (local): $140m
  • Towell Infrastructure Projects (local): $154m
  • Edecs El-Dawlia for Contracting (Egypt): $160m
  • The Arab Contractors Oman (local): $160m
  • Galfar Engineering & Contracting (local): $186m
  • Petrojet (Egypt): undisclosed
  • Target (local): undisclosed
  • Al-Gharbia Enterprises Trading & Contracting Company (local): undisclosed
  • Egyptian Contracting Company (Egypt): undisclosed

  The scope covers the construction of a building, greenhouses, roads, water network, electricity and sewage networks, and other associated facilities.

  The tendering activity follows Madayn awarding a ($45m) contract in September last year, which covers the construction of infrastructure facilities for the first phase of Al-Mudhaibi Industrial City in the sultanate’s North Al-Sharqiyah Governorate.

  The first phase of the infrastructure development covers an area of about 2.5 million square metres (sq m).

  The scope includes the construction of road, water and sewerage networks; lighting; water tanks; security fences; surveillance devices; and several industrial units, each with an area of 500 sq m, in the development’s Madayn complex.

  The development will also include administrative offices, manufacturing workshops, private parking lots and truck entrances.

  According to a report from UK-based data analytics provider GlobalData, the Omani construction industry is expected to register annual growth of 4.2% from 2025 to 2027, supported by investments in economic zones, renewable energy, manufacturing and tourism projects under Vision 2040.

  The industrial construction sector is expected to record an annual average growth rate of 4.1% in 2025-28, supported by investments in the construction of manufacturing and mining facilities.

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  READ THE MARCH 2026 MEED BUSINESS REVIEW – click here to view PDF

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

  Distributed to senior decision-makers in the region and around the world, the March 2026 edition of MEED Business Review includes:

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15886029/main.jpg

  Yasir Iqbal
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  Riyadh to award Expo 2030 metro station in June

  6 March 2026

  

   

  Saudi Arabia’s Royal Commission for Riyadh City (RCRC) is expected to award the design-and-build contract by 30 June for the construction of a new metro station catering to the Expo 2030 site in the north of Riyadh.

  The new metro station will be located on Line 4 (Yellow Line) of the Riyadh Metro network.

  MEED understands that the tender was floated in early February, with a bid submission deadline of 3 May.

  RCRC had instructed interested bidders to submit the required documentation by 26 February.

  The client is expected to open the bids on 3 May.

  Construction work on the Expo 2030 Riyadh site is progressing at an accelerated pace. In January, Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, awarded an estimated SR1bn ($267m) contract to deliver the initial infrastructure works at the site.

  The contract was awarded to the local firm Nesma & Partners.

  The scope of work covers about 50 kilometres (km) of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communication systems, and electric vehicle charging stations.

  Contractors are also bidding for infrastructure lots two and three. In December, MEED reported that ERC had floated another tender for the project’s initial infrastructure works.

  The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, providing direct access to various landmarks within Riyadh.

  Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions. This initiative is expected to create opportunities for business and investment growth in the region.

  The expo is forecast to attract more than 40 million visitors.

  In a statement, the Public Investment Fund said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”

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  READ THE MARCH 2026 MEED BUSINESS REVIEW – click here to view PDF

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

  Distributed to senior decision-makers in the region and around the world, the March 2026 edition of MEED Business Review includes:

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15886006/main.jpg

  Yasir Iqbal