Arab Today, arab today uae ships first oil via fujairah as iran threats escalate
Last Updated : GMT 19:10:18
Arab Today, arab today
Arab Today, arab today

UAE ships first oil via Fujairah as Iran threats escalate

Arab Today, arab today

Arab Today, arab today UAE ships first oil via Fujairah as Iran threats escalate

Fujairah - Ma'an

As Iranian threats to close the Strait of Hormuz grew louder over the weekend, the United Arab Emirates quietly loaded its first cargo on Sunday from its long-awaited new oil export terminal on the Gulf of Oman. UAE oil officials and executives from oil majors such as ExxonMobil, Shell and Total gathered on the eastern coast of the country to open an alternative route for up to 75 percent of UAE\'s exports. A European Union ban on Iranian crude imports came into effect on July 1 and Iran has been intensifying its threats to disrupt oil shipments from the Gulf. Two Iranian military officials warned over the weekend that Iran could stop oil from sailing through the vital shipping lane. Alarmed by the Iranian threats, the UAE has completed its long-delayed project to pump up to 1.8 million barrels a day to an export terminal on the eastern port of Fujairah. Over the next few months, the Gulf OPEC member hopes to increase exports from the new facility to around 1.5 million bpd, nearly two-thirds of the 2.4 million it typically exports each day, and the new pipeline could carry three-quarters of the UAE\'s oil exports if needed. \"This is a very strategic project, it gives the options to our clients to transport larger quantities (of oil),\" UAE\'s oil minister Mohammed bin Dhaen al-Hamli said. \"I consider this project to be complementary, so we have an alternative...to give us choice to have more than one trade route.\" The 370-km Abu Dhabi Crude Oil Pipeline carries oil from fields in the UAE\'s western desert to Fujairah, a major oil storage and fuel bunkering hub on the east coast. The new terminal also has eight crude oil storage tanks each with a capacity of one million barrel. The first cargo loaded on Sunday with oil pumped from western fields in Abu Dhabi across the mountainous north-east tip of the Arabian peninsula is to be shipped to Pakistan. The bulk of UAE\'s oil is exported to Asia. \"It will make other projects viable in this area, and will also avoid more insurance and also will give access to the open sea,\" Abdulla Nasser Al Suwaidi, the head of state-run Abu Dhabi National Oil Co. said after the opening ceremony. Exports from the new facility would start at a few hundred thousand barrels a day and rise gradually over the next few months, Suwaidi said. Until now, the UAE, like Qatar and Kuwait, had been entirely dependent on Hormuz to export its crude and the pipeline ends its dependence on a shipping artery that Iran has increasingly threatened to block as Western sanctions on its oil exports have tightened. Saudi Arabia too has opened a bypass in the last few months, giving Riyadh scope to export more of its crude from Red Seaterminals should Iran try to block the Strait of Hormuz, but other Gulf oil exporters remain dependent on it. Flows through the Strait last year accounted for about 35 percent of all sea-borne traded oil, or almost 20 percent of oil traded worldwide. Almost 17 million barrels of oil were shipped between the northern tip of Oman and the southern coast of Iran in 2011, according to the US Energy Information Administration. \"By the end of the year this 1.5 mln bpd will be fully operational which is almost 70 pct of the UAE\'s crude,\" IPIC\'s managing director Khadem Abdulla Al Qubaisi said. Abu Dhabi government-owned International Petroleum Investment Company undertook the pipeline project and ADNOC\'s onshore unit ADCO will be the operator. IPIC is also planning to build a $3 billion refinery in Fujiarah with a capacity of 200,000 bpd, due to be completed in mid-2016. Qubaisi said the project was at its front end engineering design and construction was yet to start.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae ships first oil via fujairah as iran threats escalate Arab Today, arab today uae ships first oil via fujairah as iran threats escalate

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae ships first oil via fujairah as iran threats escalate Arab Today, arab today uae ships first oil via fujairah as iran threats escalate

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday