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KUWAIT / WAM
The oil maritime transport sector needs to be further developed through increased international collaboration and a unified legislative system, the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Tuesday.
In its monthly report obtained by the Kuwait News Agency (KUNA), OAPEC noted that further cooperation between Arab nations is needed to stave off challenges and develop the maritime transport sector, adding that the sector is viable, with promising dividends for Arab nations.
OAPEC said that the maritime transport sector is instrumental to the growth of the oil industry, saying that the sector has been given precedence in the international economic stage.
According to recorded data, oil transporters made up more than half of the commercial fleet in Arab nations in 2015, with a capacity of 84,315 thousand tons coming mostly from OAPEC member nations.
Meanwhile, OAPEC noted that many of its member nations have formed special companies designated for oil and gas transport, in addition to ensuring well developed ports that are on par with international standards.