Gulf Petrochem FZC, an oil-products trader based in the United Arab Emirates, plans to triple the size of a $135 million fuel storage facility it inaugurated today at the port of Fujairah, outside the Strait of Hormuz.
Pirates threatened a ship at the north end of the Strait of Hormuz in the nearest-ever attack to the waterway, which handles 20 percent of the globally traded oil, according to the International Maritime Bureau.
The 41-year-old refurbished transport vessel overseeing an international Middle East mine- hunting exercise can defend itself from Iranian speedboats with two new machine guns cued by long-range cameras bought under a special Pentagon program.
Somali pirates’ attacks on shipping plunged last year to the lowest since at least 2007 as increased use of armed guards and naval intervention deterred incidents in an area handling about $1 trillion in trade.
Mitsui O.S.K. Lines Ltd. , operator of the world’s second-largest oil-tanker fleet, said one of its ships may have been attacked near the Strait of Hormuz, deemed by the U.S. to be the most important chokepoint for oil supply.