A new oil pipeline that bypasses the Strait of Hormuz started its exports Sunday, and the first cargo is heading to a refinery in Pakistan, officials and industry sources said.
A new oil pipeline that bypasses the
Strait of Hormuz
started its exports Sunday, and the first cargo is heading to a refinery in
Pakistan
,
officials and industry sources said.
"The official opening was today after the tests were completed, and the
first cargo is going to
Pakistan
,"
the official, who asked not to be named, told Dow Jones Newswires.
News that the route is getting close to operating will provide some relief to
oil markets rattled by Iranian threats to block the Strait, through which
one-fifth of the world's oil is currently shipped.
The pipeline, which can transport 1.5 million barrels a day of crude, is
expected to have a regular flow of oil by August, Ali Rashid Al Jarwan, chief
executive of Abu Dhabi Marine Operating Co., or Adma-Opco, said earlier this
month.
The 400-kilometer link, which costs around $4 billion, will enable Abu Dhabi,
the largest United Arab Emirates sheikdom, to export as much as 70% of its
crude from Fujairah, located outside the Persian Gulf on the Gulf of Oman,
where tankers will be able to pick up the oil instead of sailing into the
Persian Gulf via the Strait of Hormuz, the narrow waterway watched over by
Iran.
It is known as Abu Dhabi Crude Oil Pipeline, or Adcop, and is being built for
the
Abu Dhabi
government investment firm International Petroleum Investment Co., or IPIC.
Iran has in recent months ratcheted up threats to close the Strait of Hormuz if
the European Union goes through with an embargo on Iranian oil, the latest step
taken to pressure Tehran into giving up a nuclear program that the West
suspects is aimed at securing atomic weapons.
The Strait is one of the world's busiest tanker routes through which
Persian
Gulf
oil producers ship their crude exports.
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