Gulf state pipeline would bypass Straits of Hormuz
ABU DHABI — The United Arab Emirates has launched a project to
reduce the threat of Iranian attacks on oil shipments.
The UAE has drafted plans to construct an oil pipeline that would bypass
the Straits of Hormuz. The 43-kilometer straits, dominated by neighboring
Iran, contains up to 30 percent of global oil shipments.
Also In This Edition
Abu Dhabi's International Petroleum Investment Co. has invited six
companies to bid for the engineering and design contract for the 1.5 million
barrel per day oil pipeline, Middle East Newsline reported. The 320-kilometer pipeline would enable the UAE
to pump more than half of its 2.4 million barrels per day of oil exports to
the terminal of Fujairah in the Gulf of Oman. IPIC also plans to build a
refinery on Fujairah.
IPIC said the contract would be awarded in August. The contenders were
identified as companies from Australia, Britain, France and the United
States.