Financial Ports

$2bn VLCC spree: PIF Energy’s race to secure Hormuz oil flows

CLAVE 1 / 4PIF Energy plans to spend $2bn acquiring up to 15 secondhand VLCCs to secure shipping capacity through the Strait of Hormuz.

CLAVE 2 / 4The company expects to complete its initial acquisition programme within three to four weeks, subject to vessel availability and due diligence.

CLAVE 3 / 4The G7 has committed to releasing 100 million barrels of diesel, crude oil, and other reserves over four months to address fuel supply concerns.

CLAVE 4 / 4PIF Energy’s fleet will transport crude from Iraq and other Gulf producers to markets in Asia and Europe, supporting refinery demand.

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