Saudi Arabia Sets New Regulations for Transporting Nuclear, Radioactive Material

New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
TT
20

Saudi Arabia Sets New Regulations for Transporting Nuclear, Radioactive Material

New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)
New regulations for transporting radioactive material in Saudi waters (Asharq Al-Awsat)

Saudi authorities issued new regulations for maritime transportation and handling of nuclear and radioactive materials to, from, and through Saudi Arabia, according to official sources.

The authorities informed all port managers, maritime agents, and operating companies of the new measures calling on the representatives of the private sector operating in Saudi ports to adhere to the new requirements issued by the Nuclear and Radiological Regulatory Commission (NRRC).

Saudi Port Authority (Mawani) announced that any company importing, exporting, or transiting nuclear and radioactive materials through the Kingdom must obtain a license from competent authorities.

The Authority asserted that the Commission must be notified regarding the innocent passage of ships carrying nuclear and radioactive materials and their belongings.

The agent must ensure that the sender and the consignee have prior authorization if the ship is carrying a cargo of this kind.

The Authority banned the import, export, and transit of radioactive waste across the Kingdom’s territorial sea. It also indicated that shipments containing spent fuel must obtain a license and written notice two weeks ahead of the shipping date.

The new requirements also prevent ships from carrying plutonium unless it is part of a medical device, with specific requirements.

If the ship's interior is contaminated with radioactive materials in ports, harbors, or the territorial waters of the Kingdom, it must be removed by an authorized authority, before the ship returns to service.

The Authority stressed that if a ship transporting nuclear materials was involved in an accident, it should issue a detailed report on the measures taken. Also, the flag state bears full responsibility for any accident per the Kingdom's maritime law and the UN Convention on the Law of the Sea.

The Ports Authority, in cooperation with the Saudi Customs, recently adopted a new mechanism for handling merchandise and containers of abandoned goods and containers in the ports that exceed its statutory period.

The Authority indicated that this procedure increases the speed of the container turnover rate for shipping lines and ensures the optimal use of the ports' capacity.

It emphasized that this decision aims to define the roles and responsibilities of the concerned authorities within the port on handling abandoned goods.



Oil Prices Rise as Iran Suspends Cooperation with UN Nuclear Watchdog

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
TT
20

Oil Prices Rise as Iran Suspends Cooperation with UN Nuclear Watchdog

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

Oil futures edged up on Wednesday as Iran suspended cooperation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the US dollar softened further. Brent crude was up 55 cents, or 0.8%, to $67.66 a barrel at 1301 GMT, while US West Texas Intermediate crude rose 58 cents, or nearly 0.9%, to $66.03 a barrel.

Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel. Iran enacted a law on Wednesday that stipulates any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel's air strikes, according to Reuters.

"The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, a commodity analyst at UBS. "But this is about sentiment, there are no disruptions to oil." Planned supply increases by the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, appear already priced in by investors and are unlikely to catch markets off-guard again imminently, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6, a similar amount to the hikes agreed for May, June and July. "We are all talking about additional supply coming to the market, but the supply has not really hit the market," UBS' Staunovo said. "Probably because it's being consumed domestically."

Overall OPEC+ exports are relatively flat to slightly down since March, Staunovo said. He expects this trend to persist over the summer as hot weather drives higher energy demand. The greenback continued to weaken, falling to a 3-1/2-year low against its major peers on Wednesday. A weaker dollar tends to support oil prices, as it can boost demand for buyers paying in other currencies.

The release of the key US monthly employment report on Thursday will shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, said Tony Sycamore, an analyst at IG.

Lower interest rates could spur economic activity, which would in turn boost oil demand. Official US oil stockpile data from the Energy Information Administration is due to be released at 10:30 a.m. EDT (1430 GMT) on Wednesday. American Petroleum Institute data late on Tuesday showed US crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles are typically drawn down amid summer demand, sources said.