Four die as vessel capsizes in Egypt's Gulf of Suez, three still missing
The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal and has not disrupted navigation along the trade route, the Suez Canal Authority Chairman Osama Rabie said in a statement.
Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea.
The vessel is a jackup barge unit named Admarine 12 owned by a subsidiary of offshore drilling service provider ADES. It was carrying 30 personnel, 23 of whom were rescued, ADES said in disclosure to the Saudi Exchange.
The petroleum ministry earlier misidentified the vessel as Adam Marine 12.
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TimesLIVE
a day ago
- TimesLIVE
Four die as vessel capsizes in Egypt's Gulf of Suez, three still missing
At least four people died when a vessel capsized while being towed in the Gulf of Suez, one of Egypt's prominent Red Sea oil production sites, the vessel operator's Saudi Arabian owner, ADES Holding Company, said on Wednesday. The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal and has not disrupted navigation along the trade route, the Suez Canal Authority Chairman Osama Rabie said in a statement. Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea. The vessel is a jackup barge unit named Admarine 12 owned by a subsidiary of offshore drilling service provider ADES. It was carrying 30 personnel, 23 of whom were rescued, ADES said in disclosure to the Saudi Exchange. The petroleum ministry earlier misidentified the vessel as Adam Marine 12.
eNCA
13-06-2025
- eNCA
Gulf countries fear Israel-Iran spillover
Gulf countries on Friday unanimously condemned Israel's strikes on Iran, fearing an escalation that could threaten economic interests and security. "Gulf states are very much caught between a rock and a hard place," Sanam Vakil, director of the Chatham House think-tank's Middle East and North Africa Programme told AFP. While "they are quietly applauding the further weakening of Iran they face real risks and have to play their cards carefully", she said. Their close ties to Israel's protector Washington, which maintains military bases in the region, and their proximity to Iran -- and its missiles -- pose risks. Vakil said that "Saudi diplomats are distancing themselves from Israel and condemning the strikes as a means to stay out of this conflict". The unfolding situation is playing out against a recent diplomatic rapprochement Riyadh has been building with Tehran ever since China in 2023 brokered an agreement aiming to restore ties. "This is a notable difference with the situation that prevailed in the region 10 years ago, when Saudi Arabia was sort of inciting the United States to strike Iran, calling it the 'head of the snake'," said Karim Bitar, a lecturer in Middle Eastern studies at Paris's Sciences Po university. Indeed, as Tehran reeled from Israel's attacks and planned retaliation, Saudi Arabian Foreign Minister Faisal bin Farhan called his Iranian counterpart and "stressed the importance of dialogue to address disputes". - Stability at risk - "Gulf countries realise that this Israeli attack will jeopardise their economic interests as well as the entire stability" of the region, Bitar said. That is a major preoccupation of Saudi Crown Prince Mohammed bin Salman, who has been focusing on economic growth, giga-projects at home and diversification away from oil. During Donald Trump's first US presidency, Saudi Arabia and the United Arab Emirates had pushed for a stronger stance against Iran. Gulf countries supported Trump's decision to pull the United States out of the 2015 Iran nuclear deal. But Gulf sentiment began to change after the United States failed to provide significant backing following attacks blamed on Tehran, analysts said. A 2019 attack -- claimed by Yemen's Huthis but blamed by Riyadh and Washington on Tehran -- hit Saudi Arabia's Abqaiq processing plant and Khurais oil field, temporarily halving the kingdom's crude output. Tehran denied involvement. The UAE too has been targeted by attacks from the Huthis that hit Abu Dhabi in 2022. Seeking to avert attacks by Iran and its proxies, especially as they host US bases that could become targets in the wake of a broader conflict, Gulf monarchies have pursued a detente. "The greatest concern in the Gulf now will be to what extent the United States will have to rely on their bases to assist in the defence of Israel," said Middle East analyst Andreas Krieg. - US 'red line' - While Trump's administration has distanced itself from Israel's operation, it has warned Iran not to hit US targets in the Middle East. "It has... drawn a firm red line, warning that any attacks on US personnel or military installations will provoke a response," Vakil said. She added, however, that "for now, Iran is unlikely to target Gulf infrastructure or assets". The leaders of Saudi Arabia, the UAE and Qatar last month had urged Trump, as he visited the region, to not order US strikes on Iran's nuclear facilities and to pursue a deal instead, according to the US news outlet Axios. "The Gulf states had hoped that Trump would show strong leadership and would contain (Israeli Prime Minister Benjamin) Netanyahu's neo-conservative tendencies to escalate," said Krieg. Negotiations on Iran's nuclear programme had been going on between Washington and Tehran, although with little headway. Oman had been readying to host a sixth round of talks on Sunday, before Israel's attack threw that into doubt. For Bitar, the Israeli strikes seemed to be trying to "torpedo" the US-Iran talks. "What will be the US reaction? Will they maintain their blind and unconditional support for Israel, or will they try to go back to the negotiating table and reach a new deal?" he asked. By Sahar Al Attar
TimesLIVE
11-06-2025
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Nigeria's $5bn oil-backed loan from Aramco 'delayed by oil price drop'
Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5bn (R88.63bn) oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria's largest oil-backed loan to date and Saudi Arabia's first participation of this scale in the country, although the decline in oil price could shrink the size of the deal, the sources said. Nigeria's President Bola Tinubu, two of the sources said, first broached the loan in November when he met with Saudi Crown Prince Mohammed bin Salman in Riyadh at the Saudi-African Summit. Details and progress on the loan talks have not been previously reported. The slow progress in discussions reflects the strain of the recent oil price drop, caused largely by a shift in OPEC+ policy to regain market share rather than curtail supply. Brent has fallen about 20% to around $65 per barrel from above $82 in January. A lower oil price means Nigeria could need more barrels to back the loan, but years of under-investment are complicating its ability to meet production goals. Tinubu sought approval for $21.5bn (R381.10bn) in foreign borrowing last month to bolster the budget, and the $5bn oil-backed facility under discussion with Aramco would be part of that, sources said.
