UAE considers third crude oil export pipeline to bypass Strait of Hormuz
CL Colgate-Palmolive Co
$97.94 +1.43%
View chart & analysis → - 1The United Arab Emirates is considering plans to build a third crude oil export pipeline toward the east coast.
- 2The project would expand the current capacity of 2 million barrels per day being pumped to the Fujairah terminal via existing land corridors.
- 3ADNOC stated that Bloomberg's report is inaccurate and purely speculative.
So what's the key point?
The United Arab Emirates is considering creating a new route to send more oil. However, ADNOC said this news is not true.
Source Bloomberg +2 · View original ↗
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