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FINANCIAL NEWS
UAE’s bypass pipeline transport first 1m bpd
24 Jun 2012
(MENAFN) The first one million barrels of Gulf oil flowed through a new pipeline crossing the UAE to the Gulf of Oman, bypassing Strait of Hormuz controlled by Iran, Reuters reported.
UAE is set to finish the bypass pipeline project next month, ending long dependence on the vital Gulf shipping artery which Iran has threatened to block as Western sanctions on its oil exports began hurting.
The 370-km Abu Dhabi Crude Oil Pipeline transports the crude from fields in the UAE’s western desert to the east coast port of Fujairah in the north, a major oil storage and fuel bunkering hub.
The new pipeline has a capacity of around 1.5 million bpd while UAE exports total around 2.4 million bpd.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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