TotalEnergies Backs Two Major Oil Pipelines to Bypass Hormuz

AI Summary

TotalEnergies is investing in two major oil pipelines to bypass the strategic Strait of Hormuz, supporting Abu Dhabi’s Fujairah export route and a pipeline from Iraq through Syria to the Mediterranean. These actions follow disruptions to Hormuz transit amid regional tensions, reinforcing TotalEnergies' priority on alternative Gulf export routes.

TotalEnergies will invest in two major oil pipelines designed to bypass the Strait of Hormuz, backing Abu Dhabi’s expansion of its Fujairah export route and a planned pipeline carrying Iraqi crude through Syria to the Mediterranean. CEO Patrick Pouyanné announced the commitments Monday at the ONS energy conference in Norway, two months after saying investment in alternative Gulf export routes had become an “absolute priority” for TotalEnergies following the paralysis of Hormuz during the Iran war. The company has not disclosed…