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FINANCIAL NEWS
UAE oil minister says bypass pipeline ready by year-end
23 Oct 2012
(MENAFN) UAE’s oil minister Mohammed al-Hamli said that Fujairah pipeline, built to bypass the Strait of Hormuz, will be completely ready by the end of the year and will carry most of Abu Dhabi’s oil exports, Reuters reported.
The Opec member opened the pipeline after Iran threatened to block the vital shipping lane, which passes almost 35 percent of the world’s oil traded by sea, to transport up to 1.8 million barrels a day (bpd) and shipped its first export cargo in July.
The 370 km Abu Dhabi Crude Oil Pipeline carries oil from fields in the UAE’s western desert to massive oil storage facilities in Fujairah on the east coast.
A new terminal in Fujairah has eight crude oil storage tanks each with capacity of one million barrels.
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