Oil buyers to be compensated
NZPA-Reuter Manama, Bahrain Gulf Arab States decided on Sunday evening to compensate buyers for any oil they lose in attacks on oil tankers, said Bahrain’s Minister of Development and Industry yesterday. Yousef Shirawi told the Bahrain-based Gulf News Agency that the Ministers from Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman, and Bahrain also decided at a meeting in Saudi Arabia on Sunday evening not to reduce the price of their oil.
He said that because of the Gulf war attacks on Arab oil tankers and the rise in insurance rates, the price of Gulf oil was no longer competitive. The 163,448-ton Kuwaiti supertanker Kazimah was hit in the Gulf on Sunday by a missile fired from an unidentified aircraft. Mr Shirawi, who attended the meeting in Taif, said the decision to compensate for shipments destroyed in attacks on tankers was meant to prevent the rise of insurance rates. Earlier report, page 6
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Press, 12 June 1984, Page 4
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159Oil buyers to be compensated Press, 12 June 1984, Page 4
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