How should multinational corporations adjust their strategies and tactics in response to the expansion and protraction of the U.S.-Israel-Iran conflict?

How should multinational corporations adjust their strategies and tactics in response to the expansion and protraction of the U.S.-Israel-Iran conflict? The Middle East has long been a premium market for international energy cooperation—especially oil and gas tenders in the six Gulf Cooperation Council (GCC) countries and Iraq. For over a decade, this region has been dubbed the 'Olympics of Oil' for multinational corporations. It serves not only as a high-profile platform for the global 'Big Five' (ExxonMobil, Shell, BP, Chevron, and TotalEnergies), but also as a hotspot where China’s three major state-owned petroleum enterprises, as well as Russian, Indian, and Malaysian oil giants, fiercely compete. It is likewise the stage on which national oil companies—including Saudi Aramco, ADNOC (Abu Dhabi National Oil Company), and Iran’s NIOC (National Iranian Oil Company)—demonstrate their strength. Moreover, it has become fertile ground for Chinese private oil firms and other small- and medium-sized enterprises to seek prosperity. It is no exaggeration to say that since Iraq reopened to foreign investment after the 2008 war, the scale of investment and output by multinational oil companies in the Middle East rivals that of America’s shale revolution. Thus, unlike today—where the expansion and protraction of the U.S.-Israel-Iran conflict have drawn GCC countries (except Oman) and Iraq into turmoil—the past decade saw these nations remain vibrant investment hubs and ‘safe havens’ for multinational corporations. A paradoxical reason lies in the fact that the 2011 ‘Arab Spring’ uprisings triggered social unrest and conflict that toppled modern secular regimes in Egypt, Syria, Libya, Tunisia, and Yemen; yet the GCC monarchies—often labeled ‘backward’—managed to preserve their political systems amid this sweeping regional transformation across North Africa and the Middle East. This outcome, indeed, qualifies as nothing short of a ‘miracle.’ In the subsequent decade, the six GCC states thoroughly absorbed the lessons from this ‘Jasmine Revolution,’ undertook profound introspection, and turned their focus inward. Their strategic autonomy strengthened, with growing emphasis placed on domestic economic development and social welfare. Gradually, conditions stabilized across the region, returning them to a normal developmental trajectory—and ushering in one of the rarest periods of ‘peace’ and ‘reconciliation’ in the Middle East since World War II. This environment created favorable conditions for multinational corporations worldwide to invest aggressively in the Middle East—particularly the Gulf states. Of course, we cannot claim the Middle East was entirely tranquil over the past decade. In reality, the region existed in a state of ‘extreme duality’: while Syria, Egypt, Libya, and Yemen remained mired in prolonged war or instability, and the Israel-Palestine conflict reignited after October 2023—plunging parts of the region into continued ‘fire and water’—the six GCC countries largely remained insulated, focusing intently on their own development and enjoying relative calm and stability. Accordingly, over the past decade, multinational oil and gas companies, new-energy enterprises, high-tech and internet firms, information and communications technology providers, and infrastructure developers have all increasingly targeted the Gulf states and Iraq—with remarkable growth. As host countries, these nations have sustained global interest through relatively stable investment environments, forward-looking development philosophies, sophisticated strategic planning (e.g., Saudi Arabia’s Vision 2030), world-class sovereign wealth funds totaling $6 trillion, strong financial capacity, and a pronounced commitment to developing renewable energy and AI-driven high-tech industries.

[Fortune Global 500] Indian Oil Corporation (IOC) in the UAE: From Major LNG Buyer to Upstream Equity Holder

Click the blue text to follow us—navigate overseas ventures without losing your way. Preface (approx. 1,400 words) Previously, we reviewed infrastructure projects undertaken by France’s ENGIE Group across North Africa and the Gulf. Starting with this article, we shift our focus to another Fortune Global 500 enterprise expanding its footprint in the Middle East: Indian Oil Corporation Limited (IOC). Unlike ENGIE—which emphasizes infrastructure operation and management—IOC’s expansion logic is more direct: building upon multi-billion-dollar long-term LNG procurement agreements to extend upstream into exploration rights. This article reconstructs IOC’s evolution in the UAE—from a pure buyer to an upstream asset shareholder—by analyzing data including LNG long-term contracts exceeding 2 million tonnes, progress on the Onshore Block 1 exploration project, and more. I. LNG Procurement: Securing Gas Supply First Long-term LNG procurement agreements form the cornerstone of IOC’s operations in the UAE. Das Island LNG Project: In February 2025, ADNOC Gas (a subsidiary of Abu Dhabi National Oil Company) signed a 14-year agreement with IOC, committing to supply 1.2 million tonnes of LNG annually starting in 2026. The LNG will be sourced from the Das Island liquefaction facility, which has an annual capacity of 6 million tonnes. The total contract value is estimated at USD 7–9 billion. Location of the Das Island LNG Project (Image date: March 7, 2026) Ruwais LNG Project: In August 2025, ADNOC and IOC signed a 15-year agreement under which Ruwais will supply 1 million tonnes of LNG annually. Scheduled to commence operations in 2028, Ruwais will be the Middle East’s first LNG facility fully powered by clean energy. Its construction includes two production lines, each with an annual capacity of 4.8 million tonnes—totaling 9.6 million tonnes per year. Over 8 million tonnes of annual capacity have already been secured via long-term contracts. Location of Ruwais LNG Project L1/L2 Facilities (Image date: March 7, 2026) Strategic Significance: By 2029, IOC’s total annual LNG purchases from ADNOC will reach 2.2 million tonnes (1.2 million from Das Island + 1 million from Ruwais), making IOC ADNOC’s largest LNG customer. These two agreements are timed to overlap seamlessly, providing India with stable, predictable, long-term gas supply security. II. Onshore Block 1: From Buying Gas to Exploring Oil As India’s pursuit of overseas energy asset equity intensifies, IOC leveraged its deep political and commercial relationships—forged through LNG procurement—to swiftly enter the UAE’s upstream exploration sector. Flagship Project: Abu Dhabi Onshore Block 1 Located in Abu Dhabi’s onshore territory, this block is held 100% by Urja Bharat Pte Limited (UBPL), a special-purpose vehicle jointly established by IOC and Bharat PetroResources Limited (BPCL’s subsidiary), with an equal 50:50 equity split. UBPL acquired the exploration license for this block in early 2019 through Abu Dhabi’s 2019 licensing round.

ADNOC Trading, TotalEnergies, Chevron Poised to Win Indian LPG Term Tender for 2027, Traders Say

17 hours ago

Indian state-owned LPG importers are expected to award a 2.75 million metric ton term tender for 2027 to ADNOC Trading, TotalEnergies, and Chevron following a dozen bids.

reuters

2026-10-28

ADNOC Trading, TotalEnergies, Chevron Poised to Win Indian LPG Term Tender for 2027, Traders Say

ADNOC Trading, TotalEnergies, Chevron Poised to Win Indian LPG Term Tender for 2027, Traders Say

FAQ