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The race to find routes around the Strait of Hormuz and which nation is winning
Oil-exporting nations are future-proofing themselves amid uncertainty around the Strait of Hormuz. (Reuters)
Gulf nations are scrambling for ways to bypass the Strait of Hormuz, with plans for more pipelines and a new port.
Analysts say existing infrastructure has helped cushion the global oil market from even greater price spikes during the US-Iran war.
Iran has reportedly put their proxies in Yemen, the Houthis, on notice to block another crucial shipping route.
The Strait of Hormuz is closed again, tankers are being attacked, the Gulf's oil and gas exports are threatened, and chaos remains the new norm.
But for months, countries and companies have been finding ways to bypass the choke point, and are now making plans to future-proof themselves from even more disruption with new pipelines and a potential new port.
Dubai plans new port to bypass Strait of Hormuz
Dubai/London | DP World is planning to build a new port and a container terminal on the United Arab Emirates’ east coast that would reduce Dubai’s dependence on its flagship Jebel Ali hub and bypass the Strait of Hormuz.
The Dubai-based port operator is in talks to develop a new multipurpose port in the coastal area of Fujairah and a new terminal at the existing harbour in the same emirate, people familiar with the matter said.
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Oil pipelines around the Strait of Hormuz won't end the threat Iran poses to Middle East crude exports
Middle East oil producers plan to build new pipelines to reduce their dependence on the Strait of Hormuz, as Iran disrupts the Gulf states' seaborne crude exports with near daily attacks on tankers.
But new pipelines will not end the threat to the region's energy exports, analysts said. This infrastructure is just as vulnerable to the low-cost, asymmetric attacks that have targeted ships in Hormuz, they said.
The U.S. is supporting Iraq's effort to rebuild a crude oil pipeline that runs from its northern city of Kirkuk through Syria to the Mediterranean Sea, a State Department official told CNBC Thursday. U.S. companies are expected to play a role in the pipeline's construction, the official said.
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