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FINANCIAL NEWS
UAE’s bypass-pipeline to operate in August: Official
04 Jul 2012
(MENAFN) Abu Dhabi Marine Operating Company CEO Ali Jarwan confirmed that the Hormuz Strait bypass pipeline that UAE has been building to transport crude oil will be fully operational by August, Reuters reported.
The 360 km Habshan-Fujairah pipeline is set to carry oil from fields in Abu Dhabi on the Gulf to Fujairah on the Gulf of Oman.
In late May, Fujairah ruler Shaikh Hamad bin Mohammed Al Sharqi said the pipeline would pump its first quantities in June, with an initial capacity of 1.5 million bpd rising to 1.8 million bpd. UAE’s current production is around 2.5 million bpd.
Fears that Iran would block the Hormuz Strait intensified, driving the UAE to speed up work on the pipeline project, which started in 2008.
Recently, it has been reported that Iranian MPs endorsed a bill banning Europe-bound tankers from using the Strait of Hormuz to punish EU nations that were involved in imposing sanctions on Iran.
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BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
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04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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