Containership and bulker operator Safeen Feeders is expanding its portfolio into the oil and gas sector, having signed a deal with Iraqi marine services company Amaan Baghdad to support a new project relating to fuel oil transport and storage in Iraq.
Under the terms of the agreement, Safeen Feeders will manage the entire project, providing three very large crude carriers (VLCCs) and one MR tanker.
Working with Amaan Baghdad, the shipping arm of AD Ports Group will transport fuel oil from terminals in Port of Khor Al Zubair and Umm Qasr South Port to Iraqi territorial waters using the MR tanker. The fuel oil will then be transferred and stored on the VLCCs, which will serve as floating fuel tanks with a monthly delivery capacity of 750,000 tonnes.Â
“The agreement is secured at competitive rates, providing flexibility for the Iraqi partners, and ensuring a favourable rate of return for Safeen Group, which will not engage capex in this transaction,” the company said.
In addition to this new deal, Safeen Feeders supports a weekly container service that connects Iraq with global markets.
