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Report: Gulf States Consider Building New Oil Pipeline to Bypass Strait of Hormuz
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The Financial Times, citing sources, reported that Iran's control over the Strait of Hormuz is prompting Gulf states to reconsider building a pipeline that would bypass the strait to continue exporting oil and natural gas. Officials and industry executives said a new pipeline may be the only way to reduce the long-term impact of potential disruptions in the strait on Gulf countries. However, such projects are costly, involve complex political issues, and would take years to complete. Currently, Saudi Arabia bypasses the Strait of Hormuz via the East-West pipeline, which transports 7 million barrels of oil per day. Saudi Arabia is also reportedly considering whether to further expand the capacity of the East-West pipeline, construct a new pipeline, or revive the US-led India-Middle East-Europe Economic Corridor (IMEC). (mn/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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