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Eni Pledges £11 Billion In Gross Investment In The UK’s Energy Sector
Italian energy company Eni has pledged to invest approximately £11 billion in the United Kingdom between 2026 and 2030, with around two-thirds of the planned spending earmarked for lower-carbon energy sectors.
The investment commitment was confirmed during a meeting in London between UK Secretary of State for Energy Security and Net Zero Miatta Fahnbulleh and Eni Chief Executive Claudio Descalzi, where they discussed the company’s operations and investment plans across the UK’s energy value chain.
Discussions focused on the energy transition, industrial competitiveness and energy security.
Eni said the investment would support the UK’s decarbonisation ambitions, industrial development and efforts to strengthen domestic energy supplies.
The company said the planned spending was expected to create skilled jobs, attract additional investment and strengthen the competitiveness of British industry, while generating economic benefits for communities in the regions where it operates.
Fahnbulleh said the investment demonstrated confidence in Britain’s industrial future and would support employment, energy security and economic development.
“This £11 billion investment is a vote of confidence in Britain’s industrial future – backing good, skilled jobs, strengthening our energy security and breathing new life into our industrial heartlands. From carbon capture in the North West to offshore wind in the North Sea, we want the communities that powered Britain for generations to be at the forefront of its energy future. That means supporting investment and backing British workers, businesses and communities,” she said.
Descalzi said the UK remained a key market for Eni, with the company operating across several segments of the energy industry, including renewable energy, carbon capture and storage (CCS), fusion technology and oil and gas production.
He said the company was expanding its industrial presence, particularly in lower-carbon sectors, citing the UK’s investment environment, technological capabilities and focus on innovation.
Eni said its investments would cover several major projects, including carbon capture and storage developments, offshore wind and fusion energy initiatives, as well as upstream oil and gas operations.
In the carbon capture and storage sector, Eni, through its subsidiary Eni CCUS Holding, is developing the Liverpool Bay CCS project, which forms the backbone of the HyNet industrial decarbonisation cluster in North West England and North Wales.
The project is expected to support the development of a lower-carbon industrial cluster and contribute to the UK’s net-zero ambitions. Eni estimates that it will support more than 2,000 jobs during construction and approximately 300 permanent positions over its projected operational lifespan of more than 25 years.
Eni CCUS Holding is also developing the Bacton CCS project, which is intended to support the decarbonisation of industrial sectors in South East England and provide carbon dioxide storage capacity for industries across North West Europe.
In renewable energy, Eni operates through Plenitude, a company jointly controlled with Ares, and participates through Vårgrønn in offshore wind developments, including Dogger Bank, Greenvolt and Cenos.
The company is also pursuing fusion energy through partnerships with the United Kingdom Atomic Energy Authority (UKAEA), aimed at accelerating the commercial development of fusion technology.
These initiatives include the H3AT project and the RH3OVA joint venture.
In the upstream sector, Eni said it continued to maintain a significant presence in the UK following the combination of Eni UK’s assets with Ithaca Energy in 2024.
The company’s North Sea oil and gas production continues to contribute to Britain’s domestic energy supplies and wider energy security.
Eni has operated in the United Kingdom since 1964.
Botswana Pilots Electric Buses As Rising Fuel Costs Spur Transport Reforms.
Botswana has launched a pilot programme involving 10 electric buses for public transport as part of efforts to modernise urban mobility amid rising fuel prices, the Namibia Broadcasting Corporation (NBC) has reported.
The pilot project aims to improve public transport services and promote electric mobility in Gaborone and surrounding areas.
Transport and Infrastructure Minister Keoagile Atamelang told NBC that the 10 electric buses form part of the government’s broader efforts to improve public transport, reduce environmental pollution and accelerate the adoption of cleaner energy solutions.
Atamelang said the initiative was intended to introduce a more coordinated, reliable and inclusive public transport system, with existing transport operators expected to participate as stakeholders.
“Rising costs are rampant all over the world. This is due to the cost of crude oil. And also, we have a lot of unemployment relative to the transport sector. It is difficult for those who are unemployed to actually penetrate this market. We also have a dilapidated fleet. We also have low standards. Those are the challenges, as they are right now. We are trying to digitise the payment system,” he said.
Delivering his State of the Nation Address earlier this week, President Duma Boko said the programme would use innovation and strategic partnerships to improve urban mobility and enhance public transport services for communities.
Ghana To Begin Construction Of 1,450 MW Gas-Fired Power Plant In December – Ato Forson
Ghana plans to begin construction of a 1,450-megawatt gas-fired power plant in December as part of a $2.2 billion investment in energy infrastructure to boost electricity supply and support industrial growth, Finance Minister Dr. Cassiel Ato Forson said on Thursday.
The plant, to be built at Kafodzidzi-Abrobeano in the Central Region, will be fully funded by the state. The first 600 MW is expected to come on stream by December 2028, with the remaining 850 MW scheduled for completion by December 2030.
Presenting the 2027 budget to parliament on November 12, Forson said the plant would use about 150 million standard cubic feet of additional gas a day from the Sankofa and Jubilee fields.
“In December 2026, we will start the construction of a 1,450-megawatt thermal power plant at Kafodzidzi-Abrobeano in the Central Region,” he said.
The government also plans to build a wholly state-owned 600 MW solar power plant backed by 2,000 megawatt-hours of battery storage to improve electricity supply and strengthen grid stability.
The projects are intended to support industries including bauxite and manganese processing, steel, cement and agro-processing, as well as the government’s 24-Hour Economy programme.
Forson said the investments formed part of efforts to achieve energy independence and address the sector’s financial difficulties.
“Mr. Speaker, we will end our dependence on costly emergency power by 2030,” he said.
According to the budget, Ghana’s energy sector recorded an annual shortfall of about $1.4 billion in 2025, while arrears owed to independent power producers and fuel suppliers stood at about $1.7 billion.
The government plans to invest $500 million between 2027 and 2030 to modernise the electricity transmission system and reduce losses.
It also plans to deploy two million prepaid meters to reduce distribution losses and fully implement performance-based private sector participation in electricity distribution by the end of 2027.
The government aims to cut power generation costs from about 16 U.S. cents per kilowatt-hour to eight cents or less.
South Africa To Continue Using Coal Responsibly, Energy Minister Says
South Africa will continue to use coal responsibly while expanding renewable energy as part of a diversified power mix to secure supply and support industrial growth, Electricity and Energy Minister Kgosientsho Ramokgopa said.
Speaking at a Nuclear and Clean Energy Conference 2026 in Pretoria, Ramokgopa cautioned against focusing solely on closing coal-fired power stations, saying energy policy should prioritise reliable and affordable electricity.
“We’ll continue to exploit coal. We’ll exploit it responsibly and there will be an exponential increase of renewable energy onto our grid. That’s what I mean by additionality,” he said.
Ramokgopa said the debate should recognise the role of different energy sources in meeting the country’s needs, with coal, nuclear and renewables contributing to a diversified system.
The department and state power utility Eskom are reviewing the coal fleet, with decisions on the future of individual stations guided by their condition, operating costs and environmental requirements, he said.
“Some stations may have a case for longer operation and others will retire,” he said.
“Those decisions have to reflect plant condition, costs and applicable environmental requirements.”
Ramokgopa said South Africa needed sufficient dependable electricity to allow manufacturers to expand production, new investments to connect to the grid and households to access affordable power.
“South Africa needs enough dependable electricity for the economy we intend to build,” he said.
“An economy with too little capacity pays for that shortage through higher cost supply and through production and investment that never takes place.”
He said coal would operate alongside nuclear and an increasing share of renewable energy, particularly wind and solar, as South Africa expanded its generating capacity.
Ghana Targets Six New Petroleum Agreements By March 2027 To Revive Production – Energy Minister
Ghana expects to sign at least six new petroleum agreements with international oil companies by the first quarter of 2027 as the government steps up efforts to attract investment and reverse years of declining crude oil production, Energy Minister Dr John Abdulai Jinapor has said.
Jinapor said negotiations with major industry players were progressing as part of a broader programme to revitalise the country’s upstream petroleum sector.
Speaking at the Petroleum Commission’s 2026 Local Content Conference and Exhibition in Takoradi on Tuesday, November 10, Jinapor named Eni, Vitol, Shell, Chevron, Petrobras and ExxonMobil among the companies engaged in discussions with Ghana.
He said the government was working to restore investor confidence through greater policy certainty, regulatory predictability and a more attractive investment environment.
The renewed push comes as Ghana seeks to reverse a prolonged decline in crude oil production.
Jinapor said annual output had fallen from a peak of approximately 71 million barrels to about 37 million barrels, with the decline affecting economic activity in Takoradi and the wider Western Region.
He, however, announced that daily crude oil production had increased from about 90,000 barrels to 122,000 barrels, marking what he described as the first reversal of the declining trend in six years.
The minister said the government was determined to move beyond stabilising production and achieve sustained growth through increased exploration, reserve replacement and long-term investment.
He identified the Ebano-Afoma field, the Pecan field and the deepwater Keta prospects among the projects being prioritised for development.
Jinapor also announced plans to begin construction of Ghana’s third gas processing plant, with a groundbreaking ceremony expected next month.
On local content, the minister said the government was seeking to deepen Ghanaian participation in the upstream petroleum industry beyond regulatory compliance.
He disclosed that Ghanaians currently account for approximately 90% of the upstream petroleum workforce, while the value of local content had increased from about US$227 million in 2024 to US$450 million.
He said sustaining these gains would require stronger partnerships, technology transfer, skills development and greater opportunities for indigenous businesses.
Jinapor also welcomed a memorandum of understanding between the Ghana National Petroleum Corporation (GNPC) and Eni, describing the associated gas sales agreement as an important development for the energy sector.
He cautioned, however, that Ghana was competing with other African petroleum-producing countries for limited global exploration capital and could no longer rely solely on its petroleum potential to attract investors.
Ghana: Sustained Investment Key To Growing Ghanaian Oil And Gas Businesses – GNPC
The Ghana National Petroleum Corporation (GNPC) has called for greater alignment between investment and local content development to strengthen the competitiveness of Ghana’s upstream petroleum industry and create sustainable opportunities for indigenous businesses.
Speaking during a panel discussion on Enhancing Competitiveness in Ghana’s Upstream Sector at the 2026 Local Content Conference and Exhibition (LCCE) in Takoradi, GNPC Deputy Chief Executive responsible for Finance, Commercial and Administration, Mr. Hamis Ussif, said local content and foreign investment must be treated as complementary priorities rather than competing interests.
He explained that the continued growth of Ghanaian businesses in the petroleum sector depends largely on sustained exploration, production and investment activities that generate demand for local goods and services.
“You can’t have local content without content,” he remarked, stressing that a decline in industry activity ultimately reduces opportunities for indigenous companies.
Mr Ussif noted that Ghana had made considerable progress in expanding local participation in the upstream petroleum industry through employment, procurement opportunities and indigenous ownership of petroleum interests.
He acknowledged the contributions of the Petroleum Commission, government institutions and industry players to these achievements but maintained that the next phase of local content development must place greater emphasis on building competitive Ghanaian businesses with the technical expertise and capacity to undertake more complex industry activities.
He argued that local content should not be viewed as inferior to imported expertise or as an additional cost imposed on investors.
“Local content is not bad content. Local content is not inferior content,” he stated.
According to him, effective partnerships between international oil companies and indigenous businesses should deliver measurable value through the application of local expertise, stronger supply chains and improved operational resilience.
He explained that when such partnerships increase the overall value generated by petroleum operations, both investors and Ghanaian businesses stand to benefit.
Mr Ussif also linked the discussion to GNPC’s ongoing efforts to strengthen its operational capabilities as the Corporation works towards becoming a more efficient and competitive exploration and production operator.
He cited GNPC Explorco’s growing responsibilities in the Voltaian Basin as part of the Corporation’s efforts to develop practical operatorship experience and strengthen indigenous technical capacity.
Looking ahead, he said GNPC’s long-term ambition was to build an ecosystem of capable Ghanaian service companies that could grow alongside the Corporation and eventually pursue opportunities beyond Ghana’s borders.
Drawing on the experiences of national oil companies such as Petrobras and Petronas, he noted that developing strong domestic capabilities could provide a foundation for future participation in international markets.
He emphasised that achieving this ambition would require sustained investment, stronger partnerships and a deliberate effort to position Ghanaian companies as competitive contributors to the petroleum industry rather than merely beneficiaries of regulatory requirements.
BP Secures Operatorship Of Three Offshore Exploration Blocks In Namibia
BP has secured operatorship of three offshore petroleum exploration licences in Namibia after receiving final government approval for a deal with Eco (Atlantic) Oil & Gas, the Namibian newspaper reported.
Eco Atlantic said this week it had completed the transfer of a 60% stake in the three offshore exploration licences to BP Namibia Energy, a subsidiary of British energy major BP.
The transaction, which received final ministerial approval from Namibia’s Ministry of Industries, Mines and Energy, gives BP control of exploration activities in the three licences, known as PEL97, PEL99 and PEL100, in the Walvis Basin.
Under the agreement, Eco Atlantic retains a 25% stake in each licence, while the National Petroleum Corporation of Namibia (Namcor) holds 10%.
Local partners own the remaining 5% in each block.
The next phase of exploration will involve a three-dimensional seismic survey covering at least 3,000 square kilometres across PEL99 and PEL100.
Seismic surveys use sound waves to create images of underground rock formations, helping energy companies identify geological structures that could contain oil and gas.
Eco Atlantic said preparations for the survey were already underway, with work expected to begin in the coming weeks.
Eco Atlantic Chief Executive Gil Holzman described the completion of the transaction as a major milestone for the company and Namibia’s oil and gas industry.
“The successful completion of the farm down of our Namibia portfolio to BP is a landmark achievement not only for Eco but also for Namibia’s oil and gas sector, which has now gained another leading International Oil Company operator in its prospective offshore acreage,” Holzman said.
He said the partnership would allow Eco Atlantic to maintain its interest in the licences while reducing its financial commitments.
“We are particularly grateful to the government of Namibia, the Ministry of Industries, Mines and Energy and the Upstream Petroleum Unit for their professionalism, efficiency and collaborative approach in progressing the necessary approvals,” he said.
The approved exploration programme also includes further processing of existing seismic data from PEL97, the company said.
Under the agreement, BP will fund Eco Atlantic’s share of exploration costs during the current licence renewal period. It will also cover the costs attributable to Namcor’s 10% interest and the local partners’ combined 5% stake.
The arrangement allows Eco Atlantic to retain its 25% ownership in the licences without financing its share of the current exploration programme.
Eco Atlantic said the deal would reduce its financial exposure while allowing it to retain an interest in any future discoveries.
The company is also expected to receive a one-off payment of US$2.7 million this week, equivalent to approximately N$44.7 million.
The agreement includes further options when the licences reach their next renewal stage in 2028.
Ghana: Gov’t To Invest US$1 Billion In Completion Of Pwalugu Multipurpose Dam
The Government of Ghana is planning to invest US$1 billion to ensure the full completion of the Pwalugu Multipurpose Dam as part of efforts to boost agricultural production, expand agro-processing and strengthen the country’s energy supply.
The previous government broke ground for the project on November 29, 2019.
However, the project faced setbacks after the contractor allegedly received funds and left the country, raising concerns about its future.
Despite these challenges, the Pwalugu Multipurpose Dam remains a significant initiative aimed at boosting agricultural production and strengthening energy supply in northern Ghana.
Initially estimated to cost US$993 million, the project was designed to address flooding caused by the spillage of the Bagre Dam in Burkina Faso.
It included a 60-megawatt hydropower plant, a 50-megawatt solar farm and an irrigation scheme covering 25,000 hectares.
Presenting the 2027 Budget Statement in Parliament on Thursday, Finance Minister Dr. Ato Forson said the project’s cost had increased to US$1 billion due to modifications to its original design.
He said the dam would generate 77 megawatts of hydropower to support agro-industrial activities within and around the Pwalugu enclave.
The dam is also expected to provide water for approximately 25,000 hectares of land dedicated to vegetable production, while its reservoir will accommodate up to 100,000 fish cages to support aquaculture.
According to Dr Forson, the project is expected to promote year-round agricultural production, improve water security and provide flood protection across the White Volta corridor.
“Pwalugu will support year-round vegetable production, flood protection, water security, agriculture and agribusiness across the dry water corridor,” he told Parliament.
He explained that the electricity generated would support processing factories, irrigation systems, pack houses and cold storage facilities, enabling farmers and businesses to add value to agricultural produce closer to production centres.
The Finance Minister said the project would be implemented in phases, with the first phase expected to be ready by early 2029 and full completion scheduled for December 2030.
“The first phase of the Pwalugu Multipurpose Dam will be ready by early 2029, with full completion by December 2030,” Dr Forson stated.
Nigeria: Crude Oil And Condensate Output Falls To 1.68 Million Bpd In October
Nigeria’s average crude oil and condensate production fell to 1.68 million barrels per day (bpd) in October from 1.72 million bpd in September, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Crude oil production alone declined to 1.51 million bpd from 1.53 million bpd, but remained above the country’s OPEC quota of 1.5 million bpd.
October marked the sixth consecutive month in which Nigeria met or exceeded that quota. OPEC data showed output of 1.50 million bpd in both August and July, 1.55 million bpd in June and 1.53 million bpd in May.
Daily crude oil and condensate production ranged from 1.60 million to 1.79 million barrels during October, the NUPRC said.
The commission attributed relatively stable output in recent months to improved operational stability, production uptime and crude evacuation efficiency.
A breakdown by terminals and production streams showed Forcados recorded the highest average crude oil and condensate output at 318,490 bpd, followed by Bonny at 311,020 bpd.
Qua Iboe averaged 173,970 bpd, while Escravos produced 134,670 bpd. Bonga ranked fifth with average output of 106,650 bpd, the commission said.
A breakdown by terminals and production streams showed Forcados recorded the highest average crude oil and condensate output at 318,490 bpd, followed by Bonny at 311,020 bpd.
Qua Iboe averaged 173,970 bpd, while Escravos produced 134,670 bpd. Bonga ranked fifth with average output of 106,650 bpd, the commission said.
Russia: Fire Reported Near Omsk Oil Refinery After Drone Attack
A drone attack on the Russian city of Omsk, home to the country’s largest oil refinery, lasted more than eight hours on Nov. 11, according to local officials and monitoring channels cited by the Kyiv Independent.
The independent Russian Telegram channel Astra cited residents as reporting a fire near the Omsk refinery following the attack. Residents also reported power outages in some districts, the Kyiv Independent said.
The reports did not establish the extent of any damage to the refinery or whether operations had been disrupted.
The Siberian city lies about 2,500 kilometres (1,550 miles) from Ukraine’s eastern border.
The Omsk refinery has an annual processing capacity of more than 21 million metric tonnes of crude oil, making it Russia’s largest by refining capacity.
The facility accounts for about one-sixth of the country’s petrol and diesel production.
Ukrainian forces previously targeted the refinery in July and October 2026, according to the Kyiv Independent.
Following the July attack, Ukraine’s General Staff said the plant produced fuels, lubricants and petrochemical products and supplied the Russian military.
Ukraine has developed long-range drones capable of reaching targets deep inside Russia. President Volodymyr Zelensky has described such strikes as “long-range sanctions” and a means of putting pressure on Moscow.
Nigerian Electricity Delegation Engages GRIDCo On Study Tour Of Ghana’s Electricity Transmission System
The Forum of Nigerian Electricity Regulators (FONER), comprising chief executives and managing directors of electricity regulatory institutions across various states in Nigeria, has paid a working visit to the Ghana Grid Company Limited (GRIDCo).
Led by its Chairman, Dr Musiliu Oseni, and Vice Chairman, Engr Chijioke Onokwo, the delegation is in Ghana as part of a regulatory study tour aimed at gaining insights into the country’s electricity sector and exploring opportunities for collaboration.
The team was received by GRIDCo’s Chief Executive, Ing. Frank A. Otchere, the Deputy Chief Executives and members of the Management Team.
During the visit, Mr Samuel Acquah, Director of Corporate Strategy, delivered a presentation on Ghana’s electricity value chain and GRIDCo’s role in electricity transmission and system operations.
The delegation also visited the System Control Centre, where the Centre’s Manager, Ing. Steven Debrah, led a briefing on power system management, including frequency control, electricity supply and demand balancing, and cross-border power exchanges with neighbouring countries.
Discussions also covered GRIDCo’s involvement in the Ghana Wholesale Electricity Market (GWEM) project, its technical and consultancy services, and its capacity-building support for utilities across the sub-region.
The visit provided an opportunity for both institutions to exchange knowledge and experiences, highlighting the importance of regional cooperation in strengthening West Africa’s electricity sector.
The delegation also visited the System Control Centre, where the Centre’s Manager, Ing. Steven Debrah, led a briefing on power system management, including frequency control, electricity supply and demand balancing, and cross-border power exchanges with neighbouring countries.
Discussions also covered GRIDCo’s involvement in the Ghana Wholesale Electricity Market (GWEM) project, its technical and consultancy services, and its capacity-building support for utilities across the sub-region.
The visit provided an opportunity for both institutions to exchange knowledge and experiences, highlighting the importance of regional cooperation in strengthening West Africa’s electricity sector.
Ghana: Investment In Domestic Refining Critical To Industrial Growth – TOR MD
Ghana needs to increase investment in domestic oil refining to support industrial growth, reduce reliance on imported petroleum products and retain more economic value locally, the managing director of Tema Oil Refinery (TOR), Edmond Kombat, said on Wednesday.
Speaking at the Energy Day of the 15th Ghana Economic Forum in Accra, Kombat said domestic refining was important for ensuring fuel availability, supporting industrial activities, supplying fuel for power generation and creating jobs.
He said the benefits of local refining extended beyond the production of petroleum products to include opportunities for petrochemical development and other related businesses.
Kombat said Ghana’s dependence on imported refined petroleum products exposed the economy to higher freight, insurance and refining costs, particularly during disruptions in international petroleum markets, including those affecting shipping through the Strait of Hormuz.
Expanding domestic refining capacity would help reduce these pressures and provide a more reliable fuel supply for businesses and industries, he said.
Kombat also outlined progress in TOR’s recovery following the resumption of crude processing in December 2025, including efforts to improve operational efficiency, rehabilitate critical infrastructure and expand processing capacity.
He said the refinery was also working towards listing on the Ghana Stock Exchange by 2028 as part of efforts to attract private investment and strengthen its long-term financial position.
The planned listing would be supported by measures to restructure the company’s debt, improve its balance sheet and achieve sustained profitability, he said, adding that the process would also promote stronger corporate governance.
Kombat, who participated in a panel discussion on Ghana’s energy competitiveness, said sustained investment and a supportive policy environment were needed to strengthen domestic refining and position the country to meet local fuel demand while exploring opportunities in regional markets.
The Energy Day was organised by the Business & Financial Times (B&FT) as part of the 15th Ghana Economic Forum, held under the theme: “The Future Economy Runs on Power: Building Ghana’s Energy Advantage for Sustainable Industrialisation and Economic Growth.”
The planned listing would be supported by measures to restructure the company’s debt, improve its balance sheet and achieve sustained profitability, he said, adding that the process would also promote stronger corporate governance.
Kombat, who participated in a panel discussion on Ghana’s energy competitiveness, said sustained investment and a supportive policy environment were needed to strengthen domestic refining and position the country to meet local fuel demand while exploring opportunities in regional markets.
The Energy Day was organised by the Business & Financial Times (B&FT) as part of the 15th Ghana Economic Forum, held under the theme: “The Future Economy Runs on Power: Building Ghana’s Energy Advantage for Sustainable Industrialisation and Economic Growth.”
Iran Denies Talks With US, Says Hormuz Will Stay Shut Until Demands Are Met
Iran’s Security Chief Mohsen Rezaei has said that Tehran is waiting for a response from the United States on its seven conditions for peace talks, while dismissing speculation about holding any negotiations with Washington.
Rezaei’s comments on Tuesday came as hopes grow for a diplomatic breakthrough in the US and Israel’s war on Iran after US President Donald Trump said that he saw “positive momentum” towards ending the conflict.
Trump, who held talks with Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani at the White House on Monday, also said that new attacks on Iran were unnecessary. Qatar is a key mediator in the conflict.
Rezaei told Lebanon’s Al Mayadeen TV on Tuesday that claims “about continuing negotiations or holding a meeting in Qatar is a pure lie”, saying that Washington was talking up negotiations to ease economic pressure and bring down oil prices.
He said the Strait of Hormuz – the global maritime corridor that Iran closed – will not reopen until the US meets Tehran’s seven conditions.
“Their initial response was insufficient and deceptive, and we are still waiting for an explicit and clear response,” he said.
Iran has not released the full list of conditions. But Rezaei and Foreign Minister Abbas Araghchi have said it includes lifting sanctions and the US naval blockade, and ending the fighting on all fronts, especially Israel’s attacks on Lebanon.
Araghchi has said that Hormuz could be reopened within two days if the demands are met.
“The conflict with Iran will not be resolved through military means, nor by intensifying sanctions,” Araghchi told the state news agency IRNA on Tuesday.
“The only solution is to adopt a language of respect, engage in diplomacy, and address Iran’s demands and conditions – which were outlined in the two-day proposal and remain on the table,” he said.
The war, which is now in its ninth month, has roiled global markets and disrupted oil and gas supplies, pushing up prices around the world.
In the French capital, Paris, where foreign ministers from the Group of 7 were meeting, Sheikh Mohammed held talks with the Saudi foreign minister and four top European diplomats only hours after his meeting with Trump.
The French Foreign Ministry said the talks would focus on the Iran crisis and its security and economic fallout.
Speaking to reporters in Paris, US Secretary of State Marco Rubio said Washington was “open to diplomacy”. He reiterated Trump’s position that further strikes were not needed “if we’re achieving the same objectives through economic means”.
“The economic campaign is so devastating that right now there is no need for major combat operations,” Rubio said. “That’s what I told our allies here today.”
In the Strait of Hormuz, meanwhile, attacks on vessels continued.
Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed that three oil tankers caught fire on Tuesday after striking naval mines while transiting an “unauthorised route” in the eastern part of the strait.
The UK Maritime Trade Operations (UKMTO) agency said it received reports of incidents involving two tankers in the region. It said one of the tankers had been struck by an unknown projectile northeast of Oman’s Lima village.
The attacks came after maritime monitoring firms reported at least 37 attacks on ships in and near the Strait of Hormuz in November. The figure is the highest monthly total for ship attacks since the start of the war.