• TSLA
    188.89 USD 4.85%
  • MMM
    101.72 USD 2.71%
  • SP500
    4193.05 USD 0.02%
  • MSFT
    321.21 USD 0.89%
  • AMZN
    115.02 USD -1.07%
  • AAPL
    174.22 USD -0.55%
  • NFLX
    363.05 USD -0.64%
  • NVDA
    311.79 USD -0.28%
  • META
    248.34 USD 1.09%
  • BRKA
    501198.61 USD -1.19%
  • T
    16.38 USD 0.43%
  • ADBE
    372.09 USD 0.22%

Yemen faces the possibility of ecological disaster

The oil tanker Safer is stranded off the coast of Yemen. The UN is trying to raise $80 million to remove it. The private sector must help.

Yemen is facing a severe humanitarian crisis caused, among other things, by 7 years of war. Another problem for the country is the stranded oil tanker Safer, which has been stuck in the Red Sea since 2015.

Now the situation is worsening and all the oil from the tanker could leak into the sea. This might leak up to 4 times more oil than the great Exxon Valdez oil tanker disaster off Alaska in 1989. If the oil were to leak, the UN says the clean-up costs could be as high as $20 billion.

You may also like: Japan returns to nuclear power

The situation is being addressed by the UN, which is trying to secure the necessary $80 million in funding to safely remove the tanker. At the moment, it has raised over $60 million, which means that it still has some money to raise, which is why efforts are being made to involve the private sector.

Yemen’s largest oil company has pledged funds

Yemen’s largest private company, HSA Group, will provide $1.2 million for the initial unloading of a tanker that is expected to hold slightly over 1 million barrels.

HSA’s general manager of Yemen operations said.

“With large amounts of funding still missing and time running out, HSA believes the private sector must step in.”

In addition to private companies, a crowdfunding drive is being held in which $142,000 was raised. That was launched in June and another is set to launch at the end of this month. However, the original goal was to raise $5 million, far more than was raised.

Read also: USA has become the largest exporter of LNG

The UN is also asking donors who have pledged funds to disburse them promptly, and others who can contribute to do so as soon as possible.

It is also hoped that HSA’s announcement of the contribution will motivate other companies to help avert a potential environmental disaster. However, many companies are struggling with their operations because of the aforementioned humanitarian crisis.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...


Post has no comment yet.

Want add your comment? Sign up or Sign in