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Article: Only the Gulf crisis can spoil success. (Suez Canal and the economic blockade of Iraq) (MEED Special Report: Shipping)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- September 14, 1990
- Author:
CopyrightCOPYRIGHT 1990 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SUEZ Canal revenues have not yet been affected by the Gulf crisis, but they are likely to drop by 10-20 per cent over the next 12 months because of the economic blockade of Iraq; according to Suez Canal Authority (SCA) officials and diplomats in Cairo. it is still too soon to say whether the crisis will also affect plans to enlarge the canal to take deeper draught ships.
Revenues are expected to be $130 million-260 million down on the 1989 total of $1,300 million. The loss will ultimately be determined by the duration of the blockade against Iraq and the effects on trade of any military action in the Gulf.
Until Iraq's invasion of Kuwait on 2 August, the ...