The United Arab Emirates (UAE) is accelerating construction of a major new oil pipeline that will double ADNOC’s crude export capacity through the emirate of Fujairah, significantly strengthening the country’s ability to ship oil to global markets without relying on the strategically vital but increasingly vulnerable Strait of Hormuz.
Kuwait Petroleum Corporation (KPC) is set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, said a report. The shift comes as oil prices, down more than 25% in two years, sit below levels needed to fund the Gulf’s diversification plans.
