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The Maritime and Port Authority of Singapore (MPA) and the International Tanker Owners Pollution Federation Limited (ITOPF) have renewed a Memorandum of Understanding (MOU) aimed at expediting the processing of oil spill compensation claims. The MOU on Oil Spill Resources was first signed in 2007 and Singapore was the first country in the world to establish such an agreement that covered a pre-agreed schedule of rates for oil spill response resources. The agreement was supported by the International Group of P&I Clubs and the International Oil Pollution Compensation Fund. In addition to establishing a pre-agreed schedule of rates to expedite claims settlements, the MOU helped ensure necessary resources were available to handle oil spills. As part of the renewal, the schedule of rates were reviewed and updated based on current market conditions.