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Iran threatens Mideast energy after Pars attack: Update
Iran threatens Mideast energy after Pars attack: Update
Adds Iranian response in paragraphs 1-6 Dubai, 18 March (Argus) — Iran said on Wednesday it will retaliate against US and Israeli strikes on its gas treatment facilities, naming specific downstream facilities in Saudi Arabia, the UAE and Qatar as "legitimate targets." In a statement carried by state media, Iran's armed forces said the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha, the 305,000 b/d Ras Laffan refinery, north of Doha, and the Al-Hosn sour gas field in Abu Dhabi are "direct and legitimate targets" to "be targeted in the coming hours". It advised "all citizens, residents and employees" to leave the facilities and the areas around them. "Prior to this, clear and repeated warnings were given to your rulers about entering this dangerous path and gambling with the fate of their nations," it said. "But they chose to continue on the path of blind obedience and make decisions that do net reflect the will of their people, but are imposed on them from outside their borders." This latest escalation sent energy prices higher. The Dutch TTF European gas benchmark rose by 5pc in the hour following the news, and the front-month Ice Brent crude contract was up by more than 6pc on the day at just below $110/bl. All five facilities named by Iran are at least part owned by US companies. ExxonMobil is a stakeholder in Samref and Qatar's Ras Laffan refinery, US independent Occidental is a stakeholder at Al-Hosn, Dow Chemical holds a stake in Sadara, and Chevron in Qatar Chemical. The threats from Tehran come shortly after state media said four gas treatment facilities in southern Iran were damaged by US and Israeli drones, the second time the country's downstream energy infrastructure has been hit since the war began on 28 February. The US and Israeli attacks targeted gas treatment plants in Assaluyeh that process sour gas from phases 3, 4, 5 and 6 of the offshore South Pars gas field, state media said. The governor of Assaluyeh, Eskandar Pasalar, said the facilities have "been taken offline" to control and prevent the spread of fire. This will have probably resulted also in a reduction in production from the offshore platforms linked to those facilities, but the authorities have not disclosed how much. South Pars, which Iran shares with Qatar, is the world's largest gas field with 24 development phases. It has been in production since 2002 and accounts for between 70pc and 75pc of Iranian gas production. The field also supplies a significant share of feedstock for Iran's petrochemical and gasoline production. The Qatari portion of the field is known as the North Field. The Qatari foreign ministry called today's attacks "dangerous and irresponsible". They are the second attacks by Israel and the US on Iranian downstream facilities since the start of the war. Prior attacks have targeted oil storage depots in Karaj, Shahran, Aghdasieh and Shahr-e Rey ꟷ all areas in or around the capital Tehran. State media said the 220,000 b/d state-owned Tehran refinery was also damaged as a result of those strikes, although the extent is unclear. The onshore gas treatment facilities in Assaluyeh were also targeted during Iran's 12-day war with Israel in June . That time, the plant that processes sour gas from phase 14 was struck, causing a fire and disrupting production. Iran resumed operations at the plant within two weeks of that strike. Further strikes on Iranian energy infrastructure could threaten up to 3.4mn b/d of crude output and around 1.5mn b/d of exports. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Targa LPG export terminal declares force majeure
Targa LPG export terminal declares force majeure
London, 18 March (Argus) — US midstream firm Targa Resources has today declared force majeure on LPG loadings from its Galena Park terminal on the Houston Ship Channel following mechanical failures on key equipment, further tightening an already strained global LPG market. The terminal identified issues in early March with compressors on a low ethane propane (LEP) unit, leading to the force majeure announcement today, according to a notice Targa sent to its buyers verified by Argus . The disruption directly affects propane loading, with the lighter LPG grade making up more than 80pc of the terminal's LPG exports. The problems with the LEP unit were the result of liquid carryover causing significant mechanical damage, according to the Targa notice. The unit has been fully shut down, and all three compressor skids require replacement, it said. Galena Park is the third largest export site in the US, accounting for nearly 20pc of all US LPG exports, equivalent to more than 12 mn t/yr, or some 240,000 t/week. More than 50pc of the terminal's export volumes are typically shipped to Asia — mostly Japan and South Korea — and around 10pc go to Europe. China accounted for only 25pc of the terminal's exports as it reduced its reliance on US LPG after US president Donald Trump introduced its "Liberation Day" tariffs, which reshaped global trade flows. China was the largest buyer of Galena Park volumes until 2024. Exports out of the facility already eased by more than one-third on the month to 27,000 t/d over 1-18 March, Kpler data show. Market sources see a complete loading halt from the terminal as unlikely, but anticipate a slower pace of shipments, which could lead to some cancellations and place further strain on global balances. The ongoing US-Israel war with Iran and the effective closure of the strait of Hormuz has affected global LPG availability as most of the production from the Middle East, which supplies nearly 30pc of global exports, remains cut off from the markets. Global propane prices are currently at near four year highs as major buyers across the globe compete for fewer LPG cargoes in the absence of Mideast Gulf supplies. By Efcharis Sgourou, Peter Wilton and Waldemar Jaszczyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says US, Israel hit South Pars gas facilities
Iran says US, Israel hit South Pars gas facilities
Dubai, 18 March (Argus) — Four gas treatment facilities in southern Iran were damaged in US and Israeli drone strikes, according to Iranian state media, the second time the country's downstream energy infrastructure has been hit since the war began on 28 February. US and Israeli drones targeted gas treatment plants in Assaluyeh that process sour gas from phases 3, 4, 5 and 6 of the offshore South Pars gas field, state media said. The governor of Assaluyeh, Eskandar Pasalar, said the facilities have "been taken offline" to control and prevent the spread of fire. This will have probably resulted also in a reduction in production from the offshore platforms linked to those facilities, but the authorities have not disclosed how much. The Dutch TTF gas benchmark rose by 5pc in the hour following the news, as did the front-month Ice Brent crude contract. South Pars, which Iran shares with Qatar, is the world's largest gas field with 24 development phases. It has been in production since 2002 and accounts for between 70pc and 75pc of Iranian gas production. The field also supplies a significant share of feedstock for Iran's petrochemical and gasoline production. The Qatari portion of the field is known as the North Field. The Qatari foreign ministry called today's attacks "dangerous and irresponsible". They are the second attacks by Israel and the US on Iranian downstream facilities since the start of the war. Prior attacks have targeted oil storage depots in Karaj, Shahran, Aghdasieh and Shahr-e Rey ꟷ all areas in or around the capital Tehran. State media said the 220,000 b/d state-owned Tehran refinery was also damaged as a result of those strikes, although the extent is unclear. The onshore gas treatment facilities in Assaluyeh were also targeted during Iran's 12-day war with Israel in June . That time, the plant that processes sour gas from phase 14 was struck, causing a fire and disrupting production. Iran resumed operations at the plant within two weeks of that strike. Further strikes on Iranian energy infrastructure could threaten up to 3.4mn b/d of crude output and around 1.5mn b/d of exports. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK may extend heating oil subsidy to LPG fuel
UK may extend heating oil subsidy to LPG fuel
London, 17 March (Argus) — The UK government's £50mn ($66mn) subsidy to help some low-income households pay for their heating oil costs could be extended to LPG at the discretion of local authorities, according to sources. The Labour government has come under pressure to provide long-term support to rural households.UK energy regulator Ofgem does not cap LPG and heating oil prices, meaning that the consumers of those fuels are now exposed to significantly higher energy bills. Northwest European large cargo propane benchmark hit a four-year high at $828.75/t on 16 March, marking a 47pc increase since the conflict started. Europe does not take LPG from the Middle East, but the de-facto closure of the strait of Hormuz — the main route for Mideast Gulf oil exports — is intensifying competition from Asia for US cargoes, a critical source of supply for Europe. Around 200,000 households in the UK use LPG for heating, while 1.5mn use heating oil, according to the industry association Liquid Gas UK. The government scheme, which focused on heating oil but can also include LPG, is due to run from 1 April, with £27mn allocated to England, £17mn to Northern Ireland, £4.6mn to Scotland and £3.8mn to Wales. By Waldemar Jaszczyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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