The owner of Al Nisr Al Saudi ship, which has been hijacked by Somali pirates, said the insurance company has agreed to pay a ransom of $20 million to win the release of the ship and its 14-member crew — 13 Sri Lankans and a Greek.

Kamal Arri, Manager of International Bunkering Company, said his company had received a preliminary approval from Saudi Arabian Monetary Agency (SAMA) to pay the ransom. "We are now waiting for the Interior Ministry's approval," he told Arab News.

He requested Second Deputy Premier and Interior Minister Prince Naif to intervene in the matter to win the release of the ship and crew as quickly as possible.

"Being the ship's owner, we have already sent a cable to the Interior Ministry to allow quick payment of ransom by the insurance company," he added.

The International Maritime Organization (IMO) has asked the ship owner to explain the prolonged difficulties being faced by the ship's crew in the light of complaints lodged by Sri Lankan and Greek authorities, reported Arab News.

Arri said he had contacted the IMO and informed them that efforts are being made to pay the ransom to win the release of the ship and crew.

"The consulates of Sri Lanka and Greece have been contacting us, inquiring about the safety of crew members," he said.