economy
UAE to complete second oil pipeline bypassing strait of Hormuz by 2027
State oil company fast-tracks previously undisclosed project, which is expected to double export capacity
TL;DR
- UAE is constructing a new oil pipeline to bypass the Strait of Hormuz, with completion expected by 2027.
- The project aims to secure crude oil exports against potential disruptions in the vital waterway.
- The new pipeline is anticipated to double the UAE's export capacity via the port of Fujairah.
- This initiative follows the UAE's withdrawal from Opec, signaling a potential shift in its energy strategy.
- The UAE and Saudi Arabia are noted as the only Gulf producers with pipelines exporting crude outside the Strait of Hormuz.