Middle East News

As political tensions escalate in the Middle East, insurers and reinsurers will look to raise premiums, renegotiate terms of cover and introduce riders and endorsements to policies to reflect the higher risks of trading in the region, says Jonathan Moss, head of marine and trade at law firm DWF.

NIMR International (NIMR) and the Port of Duqm Company have signed a long-term bunkering agreement covering the supply of marine gasoil (MGO), very low sulphur fuel oil (VLSFO) and marine lubes at Oman’s Port of Duqm and dedicated anchorage areas.

Following discussions over the possible impact of last week’s US airstrike on Baghdad airport which killed the Iranian general Qasem Soleimani, the Joint War Committee (JWC) underwriters group has judged that while there are increased tensions in the Gulf region there has – for now at least – been ‘no dramatic change’ to the level of maritime security risk.

Qatar Petroleum has announced a 15-year deal to supply up to three million tonnes a year of LNG to Kuwait Petroleum Corporation (KPC).

Following Iran’s threat to seek revenge for the US air strike on Baghdad airport, security consultancy Dryad Maritime has warned that another Iranian attack on Saudi oil facilities is ‘a realistic possibility’.

Concerns over security in the Middle East have ratcheted up another notch as Iran has threatened to take ‘severe revenge’ following a US air strike on Baghdad International Airport which killed General Qasem Soleimani, the leader of Iran’s Quds Force.

Islamic Revolution Guard Corps (IRGC) navy forces are reported to have impounded a bunker tanker transporting smuggled fuel off the island of Abu Musa, near the entrance to the Strait of Hormuz.

Ottawa-based Canada Business Holdings Inc. has secured a licence for a new refinery which will have production capacity for 300,000 barrels per day of IMO 2020-compliant low sulphur marine fuel.

DP World will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to enable the port to serve ultra-large container carriers (ULCCs).

Trading in shares in the UAE-based Brooge Petroleum and Gas Investment Co. (BPGIC) will begin today following the completion of its merger with Twelve Seas Investment at the end of last week.