Iran Plans to Impose Transit Fees on Strait of Hormuz; Middle East Energy Infrastructure Firms May Benefit
N.R. Finch
Iran says it will charge ships passing through the Strait of Hormuz once a 60-day ceasefire expires. Gulf oil producers are fast-tracking bypass pipelines, creating potential order flow for Saipem, Technip Energies, and SLB.
What is Iran demanding, and why now?
The U.S. and Iran are in a 60-day ceasefire; ships pass free for now. But Iran's chief negotiator Ghalibaf stated publicly: "The Strait of Hormuz will never return to its pre-war status."
A joint statement from Oman and Iran confirms the two sides discussed "navigation management, services provided, and related fees" for the strait's future.
This means → Iran is trying to turn the world's most critical oil chokepoint — carrying roughly one-fifth of global seaborne crude — into a tollgate it controls.
How are Gulf states responding?
Saudi Arabia has a Red Sea pipeline built in the 1980s with a capacity of 7 million barrels per day; it already leaned heavily on this route during the conflict.
The UAE operates a pipeline to Fujairah port — outside the strait — with a capacity of roughly 1.8 million bpd, and has launched plans to double that.
Iraq is working to expand its pipeline system running through Turkey to the Mediterranean.
In plain terms = all three producers share one playbook — build new roads around the tollbooth rather than pay Iran indefinitely.
Which listed companies could win orders?
Saipem (Italy): built parts of Saudi Arabia's Red Sea pipeline and serves Qatar and Kuwait — both countries that may also seek bypass routes.
Technip Energies (France): active across most Middle Eastern countries, from pipelines to LNG facilities. CEO Arnaud Pieton said on the latest earnings call: "Energy security is driving stronger investment in energy infrastructure."
SLB (the world's largest oilfield-services firm): does not build pipelines directly but supplies pipeline-management technology and works closely with Saudi Arabia and other major exporters. The stock has fallen roughly 19% over the past month, yet analysts see it playing a central role in the region's infrastructure rebuild.
What is the key uncertainty here?
One variable dominates: whether Iran actually imposes the fee after the ceasefire expires.
If the fee goes live, Gulf pipeline expansions shift from "contingency plan" to "urgent necessity" — and only then do engineering-services orders materialize at scale.
This reflects a gap: markets have not fully priced in the "accelerated bypass pipeline" scenario for these companies — the day the ceasefire ends is the make-or-break moment for order confirmation.
Content is for reference only, not financial advice.