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FINANCIAL NEWS
UAE completes Hormuz oil pipeline
04 May 2012
(MENAFN) UAE Oil Minister, Mohammed Al Hamli, announced that the country completed constructing the oil pipeline that will bypass the Strait of Hormuz and exports may begin by August, reported Emirates 24/7.
Al Hamli added that at the current time, the pipeline is being tested, and is filled with crude.
Moreover, the pipeline will have an initial operating capacity of 1.4 million barrels per day (bpd), which could be raised later to 1.8 million bpd.
It is worth noting that the strategic oil pipeline connects the Habshan oilfields to the port of Fujairah.
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