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FINANCIAL NEWS
UAE- Fujairah to launch oil pipeline next month
28 May 2012
(MENAFN) The Ruler of Fujairah, His Highness Sheikh Hamad bin Mohammed Al Sharqi, announced that next month, the emirate will launch the Habshan-Fujairah oil pipeline, reported Emirates 24/7.
Sheikh Hamad said that the 360km pipeline, which will have an initial capacity of 1.5 million barrels per day (bpd) going up to 1.5 million bpd, will transfer most of the UAE’s oil from fields in the capital on the Gulf to Fujairah on the Gulf of Oman, bypassing the Strait of Hormuz
On the other hand, he added that Fujairah, which is the world’s third largest center for ship bunkering after Rotterdam in the Netherlands, and Singapore, plans to benefit from its location and become an export hub for oil and gas.
It is worth noting that in 2011, the Emirate of Fujairah established a zone for oil industries, moreover, it introduced a new power factory supplied by gas, which is transferred by a pipeline from Qatar through Dubai and Abu Dhabi.
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