NEW YORK CITY: The UN has received enough pledges of funding to begin the first phase of the salvage operation on the decaying Safer oil tanker, David Gressly, the organization’s resident and humanitarian coordinator in Yemen, announced on Wednesday.

The vessel, which contains more than 1.14 million barrels of oil, has been moored in the Red Sea off the coast of Yemen for more than seven years. It has had little or no maintenance during that time and its condition has deteriorated to a point where there are growing fears of a catastrophic oil spill.

The planned salvage operation to make it safe is split into two phases: The transfer of the oil from the tanker to another vessel, followed by a permanent storage solution until the political situation in Yemen allows for it to be sold or be transported elsewhere.

Speaking during a briefing on the sidelines of the 77th Session of the UN General Assembly, Gressly said 17 countries contributed to raising the $75 million needed for the first phase of the operation, including $10 million from Saudi Arabia, in addition to contributions from private sector, public foundations and a crowdfunding campaign organized by the UN. A second donation of $7 million by the Netherlands ensured the target was reached.