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(Bloomberg) — Japan’s Chiyoda Corp. says it is considering resuming construction work on a giant liquefied natural gas export plant in Qatar, in a sign of cautious optimism hours after the US and Iran agreed a ceasefire.
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Qatar evacuated staff from its facility in Ras Laffan in early March following an Iranian drone attack. That shut production and again delayed the start of a massive expansion, which had been due to come online by the end of this year. Chiyoda, an engineering heavyweight, is one of the companies involved in that construction.
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“Based on the situation so far, we are considering the resumption of on-site work for the LNG project in Qatar,” a Chiyoda spokesperson said on Wednesday.
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Hours ahead of a deadline set by President Donald Trump, the US and Iran agreed to a two-week ceasefire that’s could pause a conflict that has damaged infrastructure across the region, and reopen the vital Strait of Hormuz.
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Chiyoda’s return to work in Ras Laffan will raise hopes for some parts of the wider facility, after operator QatarEnergy said last month the damage would take years to repair.
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Chiyoda shares surged to 16%, the most since March 18, touching the upper daily limit during morning trading hours in Tokyo as investors bet on the company as a key player in reconstruction across the Persian Gulf. The broader Topix Index gained as much as 3.5%.
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Companies like Chiyoda are “likely to play a key role in repairing or replacing energy infrastructure, including LNG, hydrogen, ammonia, decarbonization projects and desalination plants” in the Middle East, said Neil Newman, head of strategy at Astris Advisory Japan.
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—With assistance from Alice French and Aya Wagatsuma.
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