UAE to complete second oil pipeline bypassing strait of Hormuz by 2027
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The UAE is accelerating the construction of a new oil pipeline that will bypass the strait of Hormuz, set to be completed by 2027. This initiative aims to enhance crude export capacity and mitigate risks associated with regional disruptions, particularly in light of the ongoing blockade of the waterway crucial for global oil transport.
State oil company fast-tracks previously undisclosed project, which is expected to double export capacity Business live – latest updates The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption. The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war, is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies. Continue reading...