Middle East News

Led by declines in marine fuel and heavy distillates, oil product stockpiles at the Port of Fujairah fell by 10% in the past week to the lowest level in almost five months.

A loan of up to 110 billion yen to be provided by the Japan International Cooperation Agency (JICA) will be used for the installation of a new fluid catalytic cracking (FCC) complex at the Basrah facility, one of the biggest oil refineries in Iraq.

Israel-based Oil Refineries (ORL) has reportedly delivered its first cargo of very low sulphur fuel oil (VLSFO).

Following the attacks on the tankers Front Altair and Kokuka Courageous  on Thursday (13 June), the Norwegian Maritime Authority (NMA) has raised the security level for the Strait of Hormuz and advised Norwegian-flagged vessels to ‘keep well clear of Iranian territorial water’.

The International Maritime Organization (IMO) Secretary-General Kitack Lim has condemned the suspected attacks on two tankers off the coast of Oman.

Crude oil prices have staged something of a rebound, following reports of attacks on two tankers in the Gulf of Oman.

Oil products climbed for a third consecutive week, led by gains in jet fuel and other middle distillates, including marine gasoil, according to Fujairah Oil Industry Zone data.

The oil and gas giant is reported to have hired five new people, including two Singapore-based traders, at the Middle East bunkering hub as it seeks to further expand its trading business.

Following the attacks on four tankers in Fujairah on 12 May, Lloyd’s Market Association’s Joint War Committee (JWC) has added the United Arab Emirates (UAE) to its list of area at risk from war, piracy, terrorism and related perils.

Under the terms of new joint venture and concession agreements, MSC subsidiary Terminal Investment Ltd has committed to support the development of container handling at the port.