In a post on Truth Social, Trump said Iranian negotiators were “begging for a deal,” dismissing Tehran’s public stance as inaccurate. Araghchi, speaking on state television, said there had been no direct dialogue with Washington, adding that exchanges via intermediaries did not constitute negotiations.

He said Iran was conveying its positions and warnings through friendly countries.The divergence in messaging comes as military operations continue. U.S. and Israeli forces have conducted extensive strikes on Iranian targets since late February, while Iran has launched retaliatory attacks on Israel, U.S. bases, and Gulf states.

A U.S. Central Command briefing said more than 10,000 targets had been struck, with significant degradation of Iran’s naval, missile, and drone capabilities.

The conflict has disrupted global energy flows, particularly through the Strait of Hormuz, a key transit route for oil and liquefied natural gas. Its effective closure has triggered what officials describe as a severe energy shock, driving up fuel prices and straining supply chains across industries from aviation to agriculture.

Sultan Al Jaber, chief executive of ADNOC, described restrictions on Hormuz as “economic terrorism,” warning of global consequences. Governments are considering intervention measures similar to those deployed during the COVID-19 pandemic, as businesses face rising costs and weakening demand.

The World Food Programme has warned that prolonged disruption could push tens of millions into acute hunger, with farmers and fisheries already facing fuel shortages.

A 15-point U.S. proposal, conveyed to Iran through Pakistan, includes reopening the Strait of Hormuz, curbing Iran’s nuclear and missile programs, and halting support for regional allies, according to Israeli sources familiar with the plan.

The White House has not publicly detailed the proposal.Israeli officials expressed skepticism that Tehran would accept the terms and voiced concern that U.S. negotiators could offer concessions.

Iran, according to regional sources, has insisted that Lebanon be included in any ceasefire framework involving Washington and Israel.

Financial markets reflected fading optimism over a near-term resolution. Global equities weakened on Thursday while oil prices resumed their upward trajectory. Analysts cited diminishing expectations of a ceasefire as a key driver of volatility.

The Pentagon is preparing to deploy additional airborne troops to the Gulf, supplementing Marine units already en route, according to sources. The buildup is intended to expand military options as the conflict risks widening.

United Nations Secretary-General Antonio Guterres warned that the situation could escalate further, urging a shift from military confrontation to diplomacy.

Michael Arizanti

What impresses me most about this merger is how it’s unlocked $500 million in annual operational synergies.

I’ve been watching global economic shifts closely, and I’m convinced we in the West need to pay more attention to what’s happening in the GCC, particularly the UAE. Under Sultan Al Jaber’s leadership, the UAE isn’t just participating in the global market- they’re fundamentally changing it.

A Bold Strategic Transformation

What ADNOC and OMV just accomplished with the Burouge International Group creation blew me away. This $60 billion merger of Borealis and Nova isn’t just another corporate consolidation- it’s a masterful strategic move that happened practically overnight. As someone who follows industry developments, I was struck by how swiftly this positioned the UAE as the driving force behind what’s now the world’s fourth-largest petrochemical company.

Redefining Global Leadership

What impresses me most about this merger is how it’s unlocked $500 million in annual operational synergies. These aren’t just numbers on a spreadsheet- they represent stronger supply chains, enhanced innovation capacity, and secured market leadership. I firmly believe the UAE is setting itself up to become a dominant petrochemical force with advantages in scale, cost efficiency, and geographic reach that will be hard to match.

Why I Think the West Should Pay Attention

From my perspective, there are several compelling reasons we should look eastward:

First, the leadership I’ve observed under Sultan Al Jaber shows a remarkable ability to build strategic partnerships and embrace cutting-edge technology. This forward-thinking approach stands in stark contrast to what I often see in Western business strategies, which tend to be more reactive.

Second, creating a $60 billion powerhouse during uncertain economic times demonstrates extraordinary financial and operational savvy. This kind of economic resilience through diversification offers valuable lessons for Western economies.

Third, you can’t ignore the GCC’s strategic location. I’ve always considered their geographical position a major advantage for global trade. By engaging more with the UAE, Western nations could tap into networks perfectly positioned for future energy transitions.

Finally, I’ve watched traditional industry hierarchies being completely disrupted by these moves. Western businesses with their entrenched models risk being left behind if they don’t adapt to these new market dynamics coming from the GCC.

A Call for New Thinking

I believe these strategic developments in the UAE’s petrochemical sector offer more than just business insights — they provide a blueprint for the future. The transformation led by ADNOC, OMV, and visionaries like Al Jaber should prompt us to reconsider our priorities.

Rather than clinging to outdated approaches, I’m convinced Western economies would benefit tremendously from collaboration with the GCC, learning from their strategic insights and robust market approaches to drive global progress.

This isn’t just a shift in petrochemicals- it represents a complete reimagining of what leadership in the energy industry can look like. We have an opportunity to learn from this masterclass in strategic transformation- a powerful lesson in vision, resilience, and bold action.

Disclaimer: Views expressed by writers in this section are their own and do not reflect Milli Chronicle’s point-of-view.

The agreement would see Azeri state oil company SOCAR and TotalEnergies (TTEF.PA), which had each previously held a 50% stake in the field, both retaining a 35% share.

TotalEnergies announced first gas from Absheron in July. The French energy group confirmed on Friday it and SOCAR had each sold a 15% interest in the field to ADNOC, though it declined to specify the price.

ADNOC’s investment in Azerbaijan comes as part of a strategic plan to grow its international gas business.

The Abu Dhabi state oil giant in March offered with BP (BP.L) to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for about $2 billion, marking their entry into Israel’s growing energy sector.

ADNOC has sharpened its focus on the gas market as competition for LNG has ramped up following Russia’s invasion of Ukraine in February 2022, with Europe in particular needing large amounts to help replace gas piped from Russia.

“With global gas demand expected to steadily increase over the coming decades, ADNOC will continue to responsibly meet the world’s energy needs,” Musabbeh Al Kaabi, executive director of low carbon solutions and international growth at ADNOC, said in a statement.

ADNOC listed its gas business in March after raising $2.5 billion from an initial public offering (IPO), which was the world’s biggest in the first quarter.

The energy giant has made an informal offer for a per share price in the mid-50 euros, which compares with a Monday closing price of 40.31 euros, said the sources, asking not to be named because the matter is confidential.

ADNOC and Covestro declined to comment.

Covestro, a maker of transparent polycarbonate plastics, as well as chemicals for insulation and upholstery foams, in April issued earnings guidance that reassured markets about its growth prospects. It also resumed a share buyback programme.

Earlier on Tuesday it confirmed its outlook for 2023.

Shares in Covestro were up 14% at 46 euros at 1400 GMT, trading at their highest in more than a year.

A combination would give energy giant ADNOC, also a maker of refined products and petrochemicals, access to more advanced materials that go into electric vehicles, thermal insulation for buildings as well as coatings, adhesives and engineering plastics.

It would also support Abu Dhabi’s plans to diversify the economy away from energy.

As part of that transformation strategy, which also invited foreign investment, ADNOC began floating units in late 2017.

Over the past two years, it has separately listed businesses offering investors exposure to its petrochemicals, fertilisers, drilling services, gas as well as logistics businesses.

ADNOC Chief Executive Sultan al-Jaber is leading the company’s push into new energy, low carbon fuels, such as ammonia and hydrogen, as well as liquefied natural gas and chemicals.

ADNOC has expanded in Europe previously, agreeing to buy 24.9% of Austrian oil and gas group OMV (OMVV.VI) last December.

The OMV deal would indirectly also increase ADNOC’s holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD).

A move for Covestro would mirror the expansion of other Middle Eastern energy and petrochemical players into European materials and plastics businesses.

Saudi Aramco in 2018 acquired the shares it did not already own in synthetic-rubber maker Arlanxeo from German co-owner Lanxess (LXSG.DE) for 1.4 billion euros.

SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S).

Thanks to a 2007 deal to buy GE’s plastics unit, SABIC competes with Covestro in polycarbonate plastics.