11 June 2012The UAE is nearing completion of a pipeline through the emirate of Fujairah that will allow it to reroute the bulk of its oil exports around the Strait of Hormuz, the path for a fifth of the world's oil supply, the Associated Press has reported. Once it is running at full volume, the pipeline will let the country get two-thirds of its peak oil production to market even if the strait is shut. That's about 10% of the total 17 million barrels of oil a day that currently goes through Hormuz. Mohammed Saif Al Afkham, the director general of Fujairah municipality said he expects the pipeline to be commissioned this month. "This will add a lot to the shipment of oil, and it will make it faster and easier instead of going to the Arabian Gulf," he said. |
