Omani Al Maha CFO Highlights Digital Readiness at Finance & Tax Forum
Al Maha Petroleum Products Marketing Company has highlighted its focus on digital readiness, financial discipline, governance and operational excellence at the Future Ready Finance and Tax Transformation Forum Oman.
Al Maha’s Chief Financial Officer Hiriyanna Narayanaswamy participated as a distinguished panellist at the event held on June 24 at the Mandarin Oriental Hotel, Muscat.
The exclusive, invitation-only boardroom forum brought together leading CFOs, tax heads, finance executives, technology leaders and digital transformation decision-makers to discuss the future of finance, taxation, compliance and business transformation in Oman.
Hiriyanna participated in a panel discussion titled “Preparing for the Future of Tax and E-Invoicing in Oman: Readiness, Challenges, and Opportunities”. The session explored Oman’s evolving tax and e-invoicing landscape, lessons from VAT implementation, technology and ERP readiness, data preparedness for future compliance requirements and the importance of closer collaboration between finance, tax, procurement and IT teams.
The panel also discussed how organisations can manage compliance risks while improving operational efficiency, and how digital tax initiatives can enhance overall business performance. The discussion was aligned with the growing need for companies in Oman to modernise finance functions, strengthen internal systems and prepare for a more transparent, technology-driven regulatory environment.
Hiriyanna said: “As Oman moves towards a more digital tax environment, organisations must look beyond system upgrades and focus on readiness across people, processes and data. E-invoicing will be an important step in this journey, helping businesses improve compliance, strengthen transparency and make finance functions more efficient.”
He added that businesses must build agile finance teams, invest in the right technology infrastructure and strengthen coordination between finance, tax, procurement and IT teams to prepare for long-term digital compliance.
The forum provided a valuable platform for senior leaders to exchange perspectives on finance transformation, tax innovation, automation, risk management and operational excellence. It also highlighted the expanding role of senior leadership from the private sector in supporting Oman Vision 2040 objectives, driving business resilience and enabling sustainable growth.
08/07/2026
Saudi Oil Price Cut Unlikely to Convince Sated Asia Buyers, Traders Say
The biggest price cut in more than two decades for Saudi Arabian crude oil sold to Asia still leaves the grade more costly to lift than some rival GCC supplies, curbing appetite for oil from the OPEC linchpin.
The world's top exporter slashed the August official selling price (OSP) on Monday for its flagship Arab Light crude to US$1.50 a barrel below the average of Oman and Dubai quotes for Asia, down US$11 from the previous month. It also cut the OSPs for its other four grades by US$11 a barrel.
The sudden change reflects the U.S.-Iran interim deal in June that has prompted more shipping to flow through the crucial Strait of Hormuz and a resumption of oil loadings, depressing global oil prices.
Oil traders said that not only have other GCC suppliers also cut their prices to attract demand, but the sanctions waiver on Iran crude sales add to the competition for sellers. In addition, they said lifting crude from inside the Persian Gulf still carried a risk given the shaky truce that is in place between the U.S. and Iran, so reduced the incentive to buy.
"The sharp month-on-month cuts to Saudi term OSPs came as little surprise, with competing Middle Eastern spot grades trading at even deeper discounts," said Vortexa analyst Emma Li.
"Weak Asian demand, especially from China, together with the sanctions waiver on Iranian crude, has intensified competition among sellers and shifted the market in buyers' favour," Li said.
Saudi crude prices hit all-time highs in May after the U.S.-Iran war prevented ships from sailing through the Strait of Hormuz, where a fifth of the global oil supplies used to flow.
Other GCC producers, including the Abu Dhabi National Oil Co, Iraq's SOMO, and Kuwait Petroleum Corp, are selling crude at wide discounts to try to boost demand.
The National Iranian Oil Co is trying to revive buying interest from former Asian customers beyond the independent refiners in China during the 60-day U.S. sanction waiver.
SAUDI CRUDE 'WAY MORE EXPENSIVE'
Multiple sources at Asian refineries and trading firms said August-loading Saudi crude will cost a few dollars per barrel more than other GCC grades, while the cost of chartering a tanker to enter the Persian Gulf remained high.
"I am getting Upper zakum and Das at -US$7, so why will I buy more Saudi oil?" said a source at an Indian refinery.
Another trader said: "Saudi oil from inside the strait is way more expensive." For example, ADNOC's Upper Zakum crude is selling at US$6-US$8 a barrel below Dubai quotes for ship-to-ship transfer at Oman's Sohar port, with the cost of chartering a Very Large Crude Carrier at US$4-US$5 a barrel, he said.
The cost for a VLCC, which can carry 2 million barrels, to load at Saudi's Ras Tanura port inside the Persian Gulf will be more than double that, making the economics more expensive, he said.
Another trade source estimated that it would cost US$15 a barrel more to lift oil from inside the Persian Gulf than outside.
As a result, the state oil giant is likely to continue selling its crude in the spot market as it competes with other GCC producers, some of the sources said.
"Saudis are trying to prop up prices by refusing to go into a price war," one trader said, adding that the August OSP is higher than the Dubai benchmark which is about US$3.70 a barrel below Dubai swaps on Monday.
"They know it's too expensive but they still hold onto their price," he said, adding that this could lead to a loss of market share for Aramco in Asia.
08/07/2026
Network of Middlemen in Marib Smuggling Oil, Gas to Somalia
According to informed local sources who spoke to Yemen Online, an organized network has been systematically smuggling crude oil and liquefied petroleum gas (LPG) produced at the Safer facilities in Yemen's Marib Governorate to Somalia through a network of local brokers and traders.
The sources alleged that one of the key intermediaries is a trader known as Doman, based in Harib District, Marib.
They further claimed that the operation is coordinated with Mohsen Hamad bin Waheit, Executive Director of the Marib Gas Company, who allegedly receives a share of the proceeds in exchange for facilitating the movement of the shipments.
According to the same sources, the smuggled fuel is transported by tanker trucks from the Safer facilities in Marib to Al-Shihr Port in Hadhramout Governorate before being shipped by sea to Somalia.
The sources further alleged that some of these shipments ultimately reach areas where armed groups operate, including Al-Shabaab, which has been designated as a terrorist organization by the United States, the European Union, and several other countries and international organizations.
The sources also claimed that Safer Company regularly allocates approximately one million liters of gasoline and diesel under military supply provisions for forces stationed in Marib. However, they alleged that part of these fuel allocations is diverted to military formations affiliated with the Islah Party.
The Islah Party is one of Yemen's most prominent political parties. It is described by a number of researchers and political analysts as the political and ideological extension of the Muslim Brotherhood in Yemen.
Marib Governorate is currently under the control of forces affiliated with Yemen's internationally recognized government, within which the Islah Party is widely regarded as holding significant political and military influence.
Since the early 2000s, the governorate has also been the scene of numerous U.S. drone strikes targeting members and leaders of Al-Qaeda in the Arabian Peninsula (AQAP) as part of Washington's counterterrorism operations.
08/07/2026
Bahrain's Al Salam Bank Implements JP Morgan Payments’ Overnight Murabaha Solution
Al Salam Bank has announced its successful launch of JP Morgan Payments’ overnight murabaha solution, becoming the first bank globally to implement this innovative murabaha-based liquidity management tool based on a murabaha sale structure. The milestone reflects the Bahraini bank’s pioneering approach to treasury and liquidity management innovation, while reinforcing its commitment to adopt advanced solutions to enhance optimise efficiency and performance.
The collaboration was recently commemorated during an official visit by senior representatives from JP Morgan Payments to the bank’s headquarters in Bahrain, highlighting the strategic importance of this relationship and its role in advancing murabaha-based financial solutions on a global scale. Launched in March 2026, the overnight murabaha solution enables Al Salam Bank to generate murabaha-based overnight returns on balances held within its USD nostro account with JP Morgan Payments.
The solution is designed to enhance liquidity optimisation by enabling the bank to deploy short-term funds more efficiently, improve treasury efficiency, and manage its balance sheet more effectively. This achievement marks a significant step forward in the long-standing relationship between Al Salam Bank and JP Morgan, reflecting a shared commitment to innovation and excellence in financial services.
Commenting on the occasion, Al Salam Bank Group chief executive officer Rafik Nayed said: “We are proud to be the first bank globally to implement JP Morgan Payments’ overnight murabaha solution, marking a key milestone in the evolution of liquidity management in our sector. This achievement reflects our ongoing commitment to delivering innovative, value-driven solutions that enhance the efficiency of our treasury operations while maintaining the highest governance standards. Our collaboration with JP Morgan Payments underscores the strength of our strategic partnerships with leading global institutions and supports our broader vision to drive sustainable growth, innovation, and excellence across our operations.”
JP Morgan Bahrain Branch general manager Abdulla Aljanahi added: “This launch reflects a relationship built on trust and a shared focus on solving real client needs. We have a long-standing relationship with Al Salam Bank and we’re proud to deliver a meaningful milestone in murabaha-based liquidity management, providing tangible impact for the bank’s treasury operations.”
The introduction of this solution underscores Al Salam Bank’s continued focus on enhancing its treasury and financial institutions’ capabilities through the adoption of globally recognised best practices. By leveraging strategic collaborations and introducing differentiated offerings, the bank remains well-positioned to support the development of the Islamic finance industry while delivering tangible value to its stakeholders.
08/07/2026
Trump Says Interim Accord with Iran to End War Is Over
U.S. President Donald Trump said on Wednesday that the memorandum of understanding signed with Iran to end the conflict was "over", adding he didn't want to engage with Tehran.
The interim ceasefire agreement signed between Washington and Tehran — under the mediation of Pakistan — was intended to provide a 60-day window for negotiations on a permanent agreement, but indirect talks in Qatar ended with no sign of headway and the U.S. military unleashed a new wave of strikes against Iran on Tuesday.
"To me, I think it's over. I don't want to deal with them," Trump said ahead of a NATO summit in the Turkish capital Ankara. "They're scum. They're sick people. They're led by sick people," he added alongside NATO Secretary General Mark Rutte. "As far as I'm concerned, it's just a waste of time dealing with them."
The U.S. on Tuesday also revoked a license allowing Iran to sell oil after three tankers were hit by projectiles in the Strait of Hormuz. Under the interim U.S.-Iran , the U.S. Treasury issued a to allow the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21. In revoking that license on Tuesday, it gave Iran until July 17 to wind down any transactions. - Reuters
08/07/2026
EU Aviation Agency Tells Operators to Avoid Iran, Iraq & Lebanon Airspaces
The European Union Aviation Safety Agency said on Wednesday that airlines should not operate within the airspace of Iran, Iraq, and Lebanon, amid ongoing tensions and the potential for further military action, as the US and Iran exchanged fresh attacks.
The EASA said its bulletin for the airspaces of Iran, Iraq and Lebanon was valid until August 31.
The agency said it had withdrawn its previous bulletin that had also asked airlines to exercise caution when operating within the airspace of Bahrain, Kuwait, Israel, Jordan, Qatar, Oman, UAE and Saudi Arabia. It was not immediately clear whether EASA would issue a new advisory for those nations.
The agency's latest advisory comes after Iran's Revolutionary Guards said they targeted US military sites in Bahrain and Kuwait on Wednesday. Those attacks followed a wave of US military strikes on Iran after tankers were hit in the Strait of Hormuz.
President Donald Trump had said on Monday that the US would either reach a deal with Iran or "finish the job," renewing his threat of military action.
EASA said the implementation of the US-Iran ceasefire remained fragile, and its advisory decision was based on "ongoing high level of tensions and the potential for further military action." The European agency also added that should the existing truce break down, Iranian airspace was likely to be exposed to "imminent threats". - Telegraph India
08/07/2026
Vietnam Bills Economic Cooperation as Cornerstone of Ties with Iran
Vietnamese President To Lam said economic cooperation should become the main pillar of relations with Iran, calling for expanded collaboration in culture, education and tourism sectors between Hanoi and Tehran. The remark was made as Iran's newly appointed Ambassador to Vietnam Akbar Qassemi presented his credentials to Lam at the presidential palace in the capital on Monday. During the meeting, Lam proposed measures to strengthen bilateral ties, saying economic cooperation should take priority while broader exchanges in cultural, educational and tourism fields should also be expanded.
According to IRNA, Lam described his 2023 visit to Iran as productive and said it had opened a new phase in bilateral relations. He added that Hanoi was ready to deepen cooperation with Tehran in areas including trade, technology, science and nanotechnology. The Iranian ambassador, for his part, said Tehran was prepared to expand consultations and establish expert working groups to promote political, economic, parliamentary, commercial, technological, cultural and tourism cooperation. Qassemi also said Iran's geopolitical and strategic position had been significantly strengthened since March 2026, creating new opportunities for cooperation between Tehran and Hanoi across multiple sectors.
As reported by IRNA, Lam offered condolences over the martyrdom of Iran's Leader Ayatollah Seyyed Ali Khamenei and expressed sympathy with the Iranian government and people. Lam praised Iran's ancient civilization and historical heritage, and noted that both countries shared experiences of resisting foreign domination and valued national resilience. Qassemi said Iran's martyred Leader held a favorable view of Vietnam's history and people, often citing the country's struggle for independence and its emphasis on self-reliance as an example of national perseverance. Lam also welcomed the Islamabad memorandum of understanding between Iran and the United States, expressing hope that the process would produce more comprehensive results and contribute to greater regional and global stability. - Iran Daily
08/07/2026
Iran Outlines Consumer Rights Achievements at UNCTAD Meeting in Geneva
Iran achievements in protecting consumer rights, developing smart market surveillance, and utilizing digital tools outlined by deputy minister of industry, mine, and trade at a UNCTAD intergovernmental meeting in Geneva.
Addressing the 9th session of ‘Intergovernmental Group of Experts on Consumer Protection Law and Policy’, Davoud Mousavi described consumer rights protection as a fundamental pillar of sustainable development, economic growth, and social justice.
Mousavi highlighted Iran’s development of smart surveillance systems, initiatives to raise public awareness, and expanded cooperation among responsible domestic agencies. He further detailed measures taken by Iran to advance its market monitoring capabilities.
Iranian deputy minister also welcomed an initiative by the United Nations Conference on Trade and Development (UNCTAD) to map out a “Global Consumer Protection Map,” calling for active participation from member states to fully complete the project.
The ninth session of the UNCTAD Intergovernmental Group of Experts on Consumer Protection Law and Policy is taking place in Geneva from July 6 to 8, bringing together officials and delegates from more than 60 countries. - IRNA
08/07/2026
Iran, Iraq Agree to Organize Movement of Export Trucks at Khosravi Border
The manager of Khosravi Customs announced an agreement with the manager of the Mundheriya border in Iraq to organize the movement of export trucks and said that with the implementation of this agreement, export trucks and returning empty trucks will travel on separate routes.
According to an IRNA, Dariush Sadeghi said on Saturday in a joint meeting at the Khosravi border with the manager of the Mundheriya border in Iraq aimed at examining solutions for organizing the movement of trucks carrying export goods and resolving traffic bottlenecks, that based on the agreement, from now on, trucks carrying export goods will move towards Iraq via the Barakat road, and truck traffic will be in two separate outbound and inbound lanes.
He added that previously, trucks carrying export shipments and returning empty trucks from Iraq traveled on a common route, which caused traffic and slowdowns, but with the implementation of this decision, truck traffic will become smoother and the export process will also be facilitated.
The manager of Khosravi Customs stated that this agreement plays an effective role in organizing trade exchanges at the Khosravi border and said that the implementation of this plan will reduce congestion, increase the speed of goods movement, and lead to greater satisfaction among traders, businessmen, and drivers.
He said that the average daily outflow of trucks from this border is currently between 400 and 450 vehicles, and the most important export items from this border include rebar, various kinds of fresh vegetables, dry milk, construction materials, and tiles.
The Khosravi official border crossing is located in the border city of Qasr-e Shirin, is the oldest land border between Iran and Iraq, and is one of the country's most important commercial and pilgrimage crossings. Due to its proximity to Baghdad and the central cities of Iraq, this border is considered one of the most important routes for Iran's non-oil exports to Iraq, with hundreds of trucks carrying export goods passing through it daily.
Khosravi, the oldest and most important crossing from Iran to Iraq in Qasr-e Shirin, Kermanshah, is part of the Silk Road and provides the shortest route to Baghdad (190 kilometers) and Karbala (300 kilometers); with appropriate welfare infrastructure, it plays a vital role in the pilgrimage and commercial communications of the two countries, and the implementation of capotage (customs transit procedures) increases the volume of traffic. - Tehran Times
08/07/2026
Iran, Iraq Push to Advance Energy Cooperation
Iranian President Masoud Pezeshkian and Iraqi President Nizar Amidi stressed the need to accelerate bilateral cooperation, particularly in the energy sector, and move existing agreements from the signing stage to practical implementation during talks in Tehran.
According to president.ir, Pezeshkian thanked the Iraqi government and people for their condolences and solidarity during their visit to Tehran to attend ceremonies commemorating the late leader of Iran's Islamic Revolution. He described Iraq's participation as a reflection of the deep historical, cultural and religious ties between the two nations. Pezeshkian said Iran views Iraq not only as a neighboring country but also as a close brotherly nation, emphasizing that the longstanding cultural, religious, historical and social bonds between the two peoples transcend geographic borders.
The Iranian president called for expanding bilateral cooperation across multiple sectors, with a particular focus on implementing previously signed agreements in the energy sector. He said Tehran and Baghdad should move beyond signing memorandums of understanding and prioritize their operational execution to strengthen economic and strategic ties. Pezeshkian also said regional countries should rely on their own capabilities to address common challenges, stressing that greater unity and cooperation among neighboring states are essential for achieving lasting security, stability and economic development without foreign intervention.
During the meeting, Amidi extended Iraq's condolences over the deaths of senior Iranian officials and citizens, saying the Iraqi people share in Iran's grief and honor the memory of those who lost their lives. The Iraqi president said relations between Iran and Iraq are rooted in deep historical, religious, cultural and economic ties, adding that these shared interests place greater responsibility on both governments to further strengthen cooperation. Amidi reiterated Iraq's condemnation of recent attacks against Iran and warned of their potential consequences for regional stability. He said recent developments underscore that lasting security in the Middle East depends on cooperation, mutual trust and coordination among regional countries rather than reliance on external powers. He expressed hope that senior officials from both countries would hold more meetings in the near future to deepen cooperation in energy, security, economic affairs and other areas of mutual interest, promoting stability and prosperity across the region. - Shana
08/07/2026
Iran, Turkmenistan Deepen Strategic Energy Coop.
President Masoud Pezeshkian and Turkmenistan's National Leader Gurbanguly Berdimuhamedow underscored the need to accelerate bilateral agreements in key economic sectors, describing closer cooperation in energy and transport as a significant step toward advancing the two countries' shared interests.
According to president.ir, Pezeshkian met Berdimuhamedow and his delegation, who traveled to Tehran to attend the funeral and memorial ceremonies for Iran's Martyred Leader. The president thanked the Turkmen government and people for their condolences and solidarity, saying Iran and Turkmenistan enjoy friendly, brotherly relations built on good neighborliness, mutual trust and respect.
Pezeshkian also expressed appreciation for Ashgabat's support following recent attacks by the United States and Israel that resulted in the martyrdoms of Iran's Leader, senior commanders, officials, academics and civilians. He said Turkmenistan's response reflected the depth of ties between the two neighboring countries. The president said relations between Tehran and Ashgabat have long been characterized by peace, stability and good neighborliness, adding that the shared border remains one of the region's most secure. He attributed this to the commitment of both governments to expanding bilateral cooperation. Reviewing the countries' economic potential, Pezeshkian called for the swift implementation of existing agreements in energy, transportation, transit, trade and investment. He said Iran is committed to broadening cooperation with Turkmenistan across all areas of mutual interest. He also highlighted regional environmental cooperation, identifying protection of the Caspian Sea ecosystem as a shared priority for littoral states. Pezeshkian invited Turkmenistan to participate in the upcoming Caspian Sea summit in Tehran and stressed the importance of Ashgabat's active role in future meetings of the Economic Cooperation Organization (ECO).
Berdimuhamedow conveyed the condolences of the Turkmen government and people over the martyrdoms of Iran's Leader and others during the recent conflict, expressing solidarity with Iran. He said Turkmenistan places special importance on relations with neighboring countries and stands ready to support Iran during difficult times. Praising the martyred Iranian leader, Berdimuhamedow described him as a respected and farsighted figure admired across the region. The Turkmen leader reaffirmed his country's commitment to strengthening bilateral and regional cooperation, including active participation in the upcoming Caspian Sea summit and ECO meetings. He also recalled his last meeting with the Martyred Iranian Leader, saying the conversation reflected the importance both sides attached to expanding ties between Iran and Turkmenistan. - Shana
08/07/2026
Iran-Qatar Trade Resumed with Reopening of Al Ruwais Port to Iranian Goods
Iran's Commercial Attaché in Doha announced the reopening of Qatar's Al Ruwais port to Iranian goods and the resumption of maritime trade between the two countries.
According to IRNA, quoted from Iran's Trade Promotion Organization, Abbas Abdolkhani, referring to the resumption of Iran-Qatar trade, stated: After approximately five months of halt in the maritime transport route for goods between Dayyer Port in Iran and Al Ruwais Port in Qatar, following continuous follow-ups by the Embassy of the Islamic Republic of Iran in Doha and coordination with relevant Qatari officials, Al Ruwais Port has once again begun accepting Iranian goods.
Referring to the importance of this trade route, he added: Al Ruwais Port is considered one of the most important gateways for Iranian goods entering the Qatari market, and the resumption of activity on this maritime route will play a significant role in facilitating trade, reducing transportation costs, increasing the speed of goods supply, and enhancing the volume of commercial exchanges between the two countries.
The Commercial Attaché of the Islamic Republic of Iran in Doha stated: A diverse range of Iranian goods is exported to the Qatari market through this route, the most important of which include various types of fresh fruits and vegetables, produce, dried fruits, foodstuffs, aquatic products, eggs and protein products, construction materials, stone, white cement, mineral products, handmade and machine-made carpets, and other goods needed by the Qatari market.
He continued: The reopening of Al Ruwais Port, in addition to boosting bilateral trade, will also increase economic and commercial activity at Dayyer Port in Bushehr Province as the port of origin for exports to Qatar, and will stimulate business for exporters, maritime transport companies, and supply chain operators.
Abdolkhani, emphasizing the growing trend of economic relations between Tehran and Doha, stated: The development and expansion of economic, commercial, and investment cooperation between the Islamic Republic of Iran and the State of Qatar is among the common priorities of the two countries and is pursued within the framework of the emphasis and will of high-ranking officials of Iran and Qatar to elevate the level of bilateral relations.
At the end, the Commercial Attaché of the Islamic Republic of Iran in Doha, while appreciating the efforts and follow-ups of the Ambassador of the Islamic Republic of Iran to Qatar for the reopening of Al Ruwais Port, expressed hope that with the resumption of activity on this maritime route, we will witness the development of private sector cooperation and an increase in the volume of commercial exchanges between the two countries. - Tehran Times
08/07/2026
US Reinstates Sanctions on Iranian Oil Sales after LNG, Oil Tanker Attacks
The United States on Tuesday re-imposed sanctions on Iranian oil, as a U.S. official warned that Iran's attacks on vessels in the Strait of Hormuz were "wholly unacceptable" and would be met with consequences.
Oil prices were up more than 5% following the announcement. The U.S. Treasury had authorized last month Iran oil sales until August 21 as part of the fragile agreement between Tehran and Washington. Tuesday's revocation cuts that wind-down period to an end date of July 17.
The U.S. move came after three tankers reported being struck by unknown projectiles in and near the Strait of Hormuz in recent days, the British navy-affiliated agency UKMTO said in a report. There was no immediate comment from Tehran, or any claim of responsibility.
The U.S. official said negotiators continued to work in good faith toward a final agreement with Iran despite the latest escalation. The attacks and the U.S. response threaten to put the diplomatic understanding between Washington and Tehran on shaky ground, raising the risk that further retaliation could derail negotiations over a broader agreement.
Another U.S. official, speaking on condition of anonymity, said initial indications were that Iran had fired at three commercial vessels.
The Strait of Hormuz, a narrow waterway between Iran and Oman, is one of the world's most important energy choke points. Roughly a fifth of global oil and liquefied natural gas shipments passed through the strait each day before the war. Any prolonged disruption could push up energy prices and increase pressure on consumers and governments already facing higher fuel costs.
Oil exports remain a critical source of revenue for Iran, providing billions of dollars in hard currency that help fund government spending and support an economy weakened by years of U.S. sanctions. Despite restrictions, Tehran has managed to expand shipments in recent years, largely to China, making oil sales one of the country's most important economic lifelines.
Oil prices have fallen steeply since the agreement was struck last month. Bob McNally, president of Rapidan Energy Group, said the developments "signal that the ceasefire is not as solid and durable as the oil market has chosen to assume," and added that "the oil market has some risk pricing to do." - Reuters
08/07/2026
Iran, Russia, Azerbaijan Sign MoU on Enhancing Rail Freight Transit
The heads of railway companies of the Islamic Republic of Iran, the Russian Federation, and the Republic of Azerbaijan have signed a trilateral memorandum of understanding, aimed at enhancing rail freight transport among the three nations.
The MoU was inked on Friday between Jabbar Ali Zakeri, Deputy Minister for Roads and Urban Development and the head of Iran's Railway Authority, Oleg Belozyorov, CEO of Russian Railways and Rovshan Rustamov, head of Azerbaijan Railways.
Expressing hope for better transit connectivity between the countries, the officials also held discussions regarding the development of the western route of the North-South Corridor.
At the end of the trilateral meeting, the CEO of Russian Railways announced an agreement between Tehran, Moscow, and Baku on establishing a "digital corridor" by orchestrating data exchange systems and implementing new transport technology.
During his trip to Moscow, Zakeri met with Dmitry Zverev, Russia’s Deputy Minister of Transport to exchange views on the latest status of the Rasht-Astara Railway project and ways to strengthen the rail routes of the International North-South Transport Corridor
The meeting was also attended by Afshin Parchizadeh, deputy head of Iranian embassy in Moscow; Managing Director of Russian Railways Sergey Pavlov, as well as officials and representatives from different Russian ministries. - IRNA
08/07/2026
Innovex Buys UAE-Focused TCO Group
Innovex International has completed its acquisition of TCO Group in a cash-and-stock transaction valued at US$95 million.
The deal strengthens Innovex’s corporate margin profile and is expected to be accretive to earnings per share, while supporting long-term growth.
Innovex said it plans to leverage its global commercial platform to expand the reach of TCO’s glass barrier technologies and create additional revenue opportunities.
The acquisition also enhances cross-selling potential, as TCO’s established presence in Norway and the UAE will allow Innovex to introduce its broader product portfolio into these markets.
The company said the integration is expected to improve returns over time and aligns with its strategy of pursuing small-ticket, high-impact investments while balancing capital allocation between acquisitions and share repurchases.
TCO Group is a global provider of well completion and tubing-conveyed perforating technologies, serving complex oilfield operations.
Innovex, based in Houston, delivers energy technology solutions across the well lifecycle, combining engineering expertise, manufacturing capability and advanced technologies.
The acquisition supports Innovex’s focus on efficiency, operational performance and expanding its international footprint in the energy services sector.
Adam Anderson, CEO of Innovex, previously stated: “We are excited to announce the acquisition of TCO Group. Robert and the TCO team have built an outstanding company with differentiated technologies, strong customer relationships, and an impressive track record of execution. We are pleased to welcome the entire TCO team to Innovex and look forward to creating value for our customers, employees, and shareholders, together.”
“We are energised to continue our growth under the Innovex name,” said Robert Abercrombie, CEO of TCO. “TCO brings technology depth, great talent and proven execution rooted in Norway. Innovex has a broad complementary portfolio and brings scale and reach globally. Together, this creates a much stronger platform for us to continue to redefine well technology and enable our customers to deliver efficient wells."
08/07/2026