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Friday, August 17, 2007

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.

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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.

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