State oil company fast-tracks previously undisclosed project, which is expected to double export capacity
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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.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Abu Dhabi’s crown prince, has directed the UAE state oil company to fast-track the previously undisclosed project so that the pipeline can begin carrying oil from the emirates to the port of Fujairah by 2027.
