INSEAD Day 4 - 728x90

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Blast rocks one of Iran’s biggest and oldest refinery complexes

Last month, Iran became the ninth member of the Shanghai Cooperation Organisation which encompasses a vast stretch of the globe from Moscow to Beijing. (AFP)
  • The explosion was caused by the "bursting of one of the furnaces of the sulphur production unit of Abadan refinery", state news agency IRNA said.
  • The news agency described the plant as "the oldest refinery complex and one of the biggest in Iran", adding that it "supplies 25 percent of the country's fuel needs".

An explosion rocked a key oil refinery in Iran’s southwestern city of Abadan overnight, state media said Friday, reporting no casualties.

The explosion was caused by the “bursting of one of the furnaces of the sulphur production unit of Abadan refinery”, state news agency IRNA said.

The blast “did not cause any casualties”, it added, noting that production at the refinery was continuing as usual.

The news agency described the plant as “the oldest refinery complex and one of the biggest in Iran”, adding that it “supplies 25 percent of the country’s fuel needs”.

Industrial accidents are common in Iran, with a series of similar incidents occurring last year, including a large fire at an oil refinery in southern Tehran.

Some in the Islamic republic blame the incidents on Israel, while others consider US sanctions — which almost completely isolate Iran from the rest of the world, complicating the maintenance of industrial facilities — as a more likely cause.

A cyber attack last October halted all fuel distribution stations nationwide, prompting sharp responses from Iranian officials, who accused the United States and Israel of being behind the attack.

The city of Abadan in Khuzestan province was also the site of one the deadliest disasters in the country in years.

A 10-storey building that was under construction in the city collapsed on May 23, leading to the deaths of 43 people and sparking a series of demonstrations across the country accusing the authorities of corruption and incompetence.