He described the crisis as worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war on gas, put together. Engineering conglomeratesMultinational engineering giants will be among the first companies called in to Iran once the fighting stops to help assess the damage and draw up reconstruction plans. Firms with experience in repairing and constructing oil rigs, refineries, pipelines and natural gas liquefaction plants will play a vital role in Iran’s recovery and in restoring revenue flows to the country. Ports, power grids and water systems across the region have all taken hits, requiring an equally critical reconstruction effort. Desalination plants supplying clean water in Iran and Bahrain have also been hit, as have parts of the Israeli electricity grid, widening the scope of the rebuild well beyond Iran’s borders.

Source: The Star March 27, 2026 08:24 UTC