Saudi Aramco looking to buy insurance against war and terror attacks, sources say

Workers are seen at the damaged site of a Saudi Aramco oil facility, in Khurais, Saudi Arabia, on Sept. 20, 2019.Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters.

An initial loss estimate from the strikes on Aramco’s plants was 2 billion riyals , a third source said. Aramco, which said in October it had fully restored oil output after the September attacks on its facilities, did have war cover around five years ago, the source added.Companies have become nervous about attacks on their property in Saudi Arabia, the world’s top crude exporter, after the strikes which temporarily shut down 5.7 million barrels per day of Aramco’s output, more than 5 per cent of global oil supply.

Saudi Basic Industries Corp , which Aramco agreed to buy in a $69.1-billion deal this year, already has war insurance, one of the sources said. SABIC did not immediately respond to a request for comment, but said in its 2018 annual report that it “kept a close eye on emerging geopolitical interruption risks” and had added cyber insurance to its global insurance program.

Source: Insurance Report (insurancereport.net)

globebusiness But from Iran and Yemen :)

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