Middle East News

The largest project financing exercise to be undertaken in the Sultanate of Oman has seen commitments from 29 financial institutions from 13 countries and insurance and guarantees provided by three major Export Credit Agencies.

Global Petro Storage will hold a majority interest in a three-party joint venture company which will invest in a greenfield terminal project in the Port of Hamriyah.

On 29 September, the group’s MT Andros bunker barge supplied 1,500 mt of HFO 380 cSt and 300 mt of low sulphur marine gasoil to the LPG carrier, Gas Beauty I.

The 0.50% global sulphur cap will enable Saudi Arabia and the UAE to benefit from higher exports of diesel; however, less sophisticated refineries in Iraq will make it difficult for the country to market its high sulphur fuel oil, says Arab Petroleum Investments Corporation.

Three new bunker traders have joined the company’s Dubai office.

The Iraqi company has been granted a bunker license to operate in the Suez Canal and Egyptian territorial waters.

Tests on samples taken at Mina al Ahmadi showed catfines values ranging between 85 to 110 mg/kg, against the ISO 8217:2017 limit of 60 mg/kg.

The Dubai-listed tanker company has installed scrubbers on two of its vessels, as well as new advanced engine fans which, it claims, will reduce fuel consumption by 5%.

Following the signing of a memorandum of understanding, Dubai-headquartered NICO International and UK-based Cleanship Solutions will collaborate on retrofitting exhaust gas cleaning and ballast water management (BWM) systems in the Gulf and Middle East region.

Contractors on the multi-billion-dollar refinery project have been issued with a ‘notice to proceed’.