LNG
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LNG's role as a key feedstock is well established as it helps manage both input costs and carbon emissions. Heavy industrial users' drive to achieve net zero targets has added a new dimension to how and where it is being deployed. Overall, its use is expected to increase and is tipped to become the strongest-growing fossil fuel.
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Attacks shut Saudi Satorp refinery units: TotalEnergies
Attacks shut Saudi Satorp refinery units: TotalEnergies
Dubai, 10 April (Argus) — TotalEnergies said on Friday that one of two processing trains at the 460,000 b/d Satorp refinery in Saudi Arabia was damaged in an "overnight incident" on April 7-8, prompting a precautionary shutdown of units at the site. TotalEnergies, which operates Satorp in a 37.5-62.5 venture with Saudi state-controlled Aramco, disclosed the damage a day after Riyadh said Iranian attacks had hit key energy facilities in the country including the refinery. The Saudi statement did not specify when the incident at Satorp occurred or how extensive the damage was. The details have emerged after a ceasefire between the US and Iran that should end nearly six weeks of attacks on energy facilities across the Mideast Gulf region. Elsewhere in the region, TotalEnergies said its production in Qatar, Iraq and offshore UAE had been shut or was in the process of being shut down, representing around 15pc of the company's total output. Those disrupted volumes are tied to some of the company's key partnerships in the region, including LNG and upstream ventures with state-owned QatarEnergy, Iraq's Basra Oil (BOC) and oil concessions with state-owned Adnoc in the UAE. TotalEnergies' onshore UAE production, equivalent to about 210,000 b/d net to the company, is unaffected, it said. The company said the disrupted Middle East output accounts for around 10pc of its global upstream cash flow, but said higher prices would cushion the effects of the disruptions. TotalEnergies said an $8/bl rise in Brent from its base-case assumption of $60/bl would be enough to offset the expected 2026 cash-flow loss from its Iraq, offshore UAE and Qatar assets. It also said the effect of LNG production shutdowns in Qatar on its trading business would be limited to around 2mn t in 2026, because most Qatari LNG is marketed by QatarEnergy. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran eyes regional solution for Hormuz crisis
Iran eyes regional solution for Hormuz crisis
Dubai, 9 April (Argus) — Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament. Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. " Dubbed the 'law of strategic action for peace and development of the Persian Gulf,' the Iranian bill would govern Tehran's oversight and management of traffic through Hormuz, which has been severely disrupted since the start of the US-Israeli war against Iran on 28 February. Tehran's subsequent threats to any and all vessels it deemed to be 'unfriendly' led to traffic through the strait dropping to around seven a day in March, compared with typical daily movement of more than 100 before the war according to Kpler data. Diplomatic engagement with several of what Tehran dubs 'friendly' countries has seen a slight pick-up in traffic through the strait, with more than 11 vessels crossing on average in the first eight days of April. Malaysia, Thailand, the Philippines and Iraq have all secured deals for passage with Tehran, and Islamabad last week said it had secured the safe passage of 20 Pakistani-flagged ships. This pick-up came as Iran began introducing something of a toll system, whereby vessels would pay Tehran a fee to transit the waterway safely — a process first revealed by Iranian parliament member Alaeddin Boroujerdi in mid-March . Speaking to Argus , Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, confirmed the toll mechanism remains in place. "Every very large crude carrier (VLCC) transiting the strait has been paying $2mn, in line with what has been under discussion in parliament," Hosseini said. The fee being charged is directly linked to the volume of oil on board, Hosseini said. "Ship owners are being asked to pay $1 per barrel, and that can be done in the local currency, rials, or cryptocurrency, but only after the vessel has received a permit from the IRGC," he said. Tidings for all This mechanism appears to form the basis of how Iran sees the future of the strait of Hormuz, and its role as the guardian and guarantor of the key waterway. "The Iranian government, in co-operation with the Iranian armed forces, is obliged to provide services, like navigation guidance and vessel inspection, as well as compliance and financial assessments," the bill says, specifying that vessels related to "warring countries" will, for the most part, be barred. "The armed forces will determine which vessels are considered belligerent, and which are not," the bill says, stating that final say will come from the Supreme National Security Council (SNSC), one of Iran's most powerful decision-making bodies. Chaired by the president, the SNSC is responsible for national security, defense and major foreign policy strategy, and has been deeply involved in formulating Iran's war effort. The bill reiterates vessels will need to pay a fee to transit Hormuz, either in rials or cryptocurrency, it says proceeds will not go to Iranian state coffers, but to what it calls a 'Persian Gulf Reconstruction and Development Fund' that regional countries can apply to join. "The resources in this fund will be considered war reparations for Iran and other member countries, and be used for the reconstruction and development needs of the member countries," the bill says. Gulf countries are yet to show appetite for this plan. Oman's transport, communications and information technology minister Said Al-Maawali on 8 April said the country is party to all international maritime conventions, which do not allow for the imposition of charges on passage. The Iranian bill has secured approval from parliament's national security council, but has not yet been brought to the parliament floor for a vote, Hosseini said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran talks to resume on 11 April: White House
US-Iran talks to resume on 11 April: White House
Washington, 8 April (Argus) — US vice president JD Vance will lead the US delegation in talks with Iran scheduled to begin on 11 April in Islamabad, Pakistan, the White House said on Wednesday. The US and Iran on Tuesday announced a two-week ceasefire — presumably until 21 April — to allow for negotiations on an agreement to end the war permanently. Less than 24 hours after the announcement, the ceasefire looks fragile and the parties are offering conflicting accounts of key terms of the ceasefire and of a potential peace agreement. Attacks on energy infrastructure in Iran and in neighboring Mideast Gulf states continued in the hours after the ceasefire was announced. The Israel Defense Forces said it carried out attacks against targets in Iran overnight before adhering to the US-Iran ceasefire from Wednesday morning. Iran on Wednesday added an additional condition to the ceasefire agreement, demanding that Israel stop its ground and aerial attacks in Lebanon. "The US must choose — ceasefire or continued war via Israel," Iran's foreign minister Abbas Araqchi said in a social post on Wednesday. Iran's parliamentary speaker Mohammad Bagher Ghalibaf in a separate post accused the US of sending a drone into the Iranian airspace and also claimed that the ceasefire agreement called for a halt in hostilities in Lebanon. "In such situation, a bilateral ceasefire or negotiation is unreasonable," Ghalibaf said in a post. But the White House countered that the US-Iran ceasefire agreed on Tuesday did not call for a halt to Israel's attacks on its northern neighbor. Araqchi did not explicitly reference Lebanon in his initial announcement of a ceasefire. The White House downplayed tough statements from Iran, asserting that privately Tehran assured the US of its continued commitment to the ceasefire deal. Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a ceasefire, as shipowners wait for clarity on security arrangements and insurance cover for transits. The White House on Wednesday asserted that traffic through Hormuz is increasing and that it is monitoring Iran's adherence to that part of the ceasefire accord "minute by minute, hour by hour". The US and Iran have offered conflicting understandings of the terms of navigation through Hormuz while the ceasefire is in effect. Trump on Tuesday reposted a statement from Araqchi, who asserted that Iran's armed forces will "coordinate" navigation through Hormuz. Trump separately mulled joint US-Iranian control of traffic through the strait. But by Wednesday afternoon, the White House insisted that Trump views the ceasefire as requiring Tehran to ensure "free, safe and immediate reopening of the strait of Hormuz". The US has not "definitively accepted" Iran's demand for tolls on ships passing through Hormuz, the White House said. Trump has mulled a "joint venture" for the US and Iran that would control Hormuz, but in the near term, Trump wants to see Hormuz reopened unconditionally, the White House said. Terms of peace Trump's Tuesday announcement of a ceasefire with Iran referred to a 10-point peace proposal he deemed "workable", without specifying what those points were. Tehran then posted a list of 10 points it said would be part of an eventual agreement, including provisions securing Iran's control of Hormuz, full sanctions relief, withdrawal of US troops from the Middle East and protecting Iran's right to enrich uranium. Trump has pushed back on reports that the 10 points as described by Tehran are the same points he said he viewed as workable. The White House asserted that Iran on Tuesday "put forward a more reasonable and entirely different and condensed plan to the President and his team", which would serve as a basis for talks — without disclosing what those terms were. The 10-point proposal as described by Iran on Tuesday "was literally thrown in the garbage by President Trump", the White House said. But in an earlier Wednesday social media post, Trump acknowledged at least one other point demanded by Iran: "We are, and will be, talking Tariff and Sanctions relief with Iran," Trump said. The Trump administration has offered multiple objectives behind its decision to launch a war against Iran. But on Wednesday, the White House listed a single "red line" to be upheld by Trump — "the end of enrichment in Iran". By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump defends concessions to Iran: Update
Trump defends concessions to Iran: Update
Updates with details throughout Washington, 8 April (Argus) — US president Donald Trump on Wednesday said his decision to allow Iran to at least temporarily maintain control over the strait of Hormuz and to discuss full sanctions relief for Tehran was a "big day for World Peace". The US and Iran late on Tuesday Washington time announced a two-week ceasefire, during which the two countries will hold negotiations to finalize a peace agreement. The two countries' starting negotiating positions are far apart. But Trump confirmed at least one point demanded by Iran, relating to its chokehold on navigation through Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on Tuesday. Trump reposted the statement in full. Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire, as shipowners wait for clarity on security arrangements and insurance cover for transits. Additional war risk premiums for transits through the Mideast Gulf, the strait of Hormuz and the Red sea are not expected to ease immediately despite a ceasefire announcement, market participants said. And energy infrastructure in Iran and the Mideast Gulf states remained under attack in the hours after the ceasefire was announced. Rather than clarify questions over the status of the strait of Hormuz, Trump's statements only added to the confusion. On Wednesday morning, Trump asserted that there will be a "joint control" over the strait and that the US "will be helping with the traffic buildup in the strait of Hormuz". US vice president JD Vance, who could potentially lead the US negotiations with Iran, on Wednesday called the ceasefire "fragile", asserting that there are elements in the Iranian leadership who might be opposing talks with the US by misrepresenting the peace proposals under discussion. "You have people who clearly want to come to the negotiating table and work with us to find a good deal, and then you have people who are lying about even the fragile truce that we've already struck," Vance said in remarks in Budapest. Vance could potentially travel to Islamabad, Pakistan, for high-level talks with an Iranian delegation, "but nothing is final until announced by" Trump, the White House said on Wednesday. Iran's supreme national security council on Tuesday outlined a 10-point peace proposal, which included enshrining its control over Hormuz, lifting all sanctions on Iran, accepting of its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. Trump in a rambling social media post on Tuesday evening lashed out at CNN for reporting details of Iran's 10-point plan as described by Tehran. Trump, in a social media post on Wednesday, added another denunciation of the references to details of Iran's 10-point proposal, which he said were circulated by "Fraudsters, Charlatans, and WORSE". There was only "one group of meaningful 'POINTS' that are acceptable to the United States, and we will be discussing them behind closed doors during these Negotiations," Trump said. But in an earlier Wednesday social media post, Trump acknowledged at least one other point demanded by Iran: "We are, and will be, talking Tariff and Sanctions relief with Iran," Trump said. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear program. Trump's hawkish anti-Iran loyalists in Congress appeared to be confused by his willingness to discuss Iranian demands that his predecessors previously refused to even consider. Senator Lindsey Graham (R-South Carolina), who defended Trump's decision to go to war with Iran without Congress' approval, said on Tuesday that Congress will need to have a say in any peace agreement Trump signs with Iran. Trump on Wednesday also threatened a 50pc tariff against any country that supplies Iran with weapons, even though the US Supreme Court has curtailed his ability to impose tariffs at will. Pentagon officials on Wednesday morning described the US operation as overwhelmingly successful and asserted that the US had forced Iran to capitulate. "Iran begged for this ceasefire and we all know it," defense secretary Pete Hegseth said. "We congratulate all the people of Iran on this victory," Iran's supreme national security council said on Tuesday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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