New UAE Pipeline Bypassing Hormuz Now 50% Complete, ADNOC CEO Says

By Yousef Saba and Ahmad Ghaddar

DUBAI, May 20 (Reuters) – A new crude oil pipeline that bypasses the Strait of Hormuz and which the United Arab Emirates began building last year is now 50% complete, the CEO of state oil giant ADNOC, Sultan Al Jaber, said on Wednesday.

Iran has largely kept the waterway critical for global oil and gas supplies shut to all ships apart from its own since the U.S.-Israeli strikes in February, sending energy prices and inflation surging, fanning fears of an economic downturn.

The Abu Dhabi Media Office publicly revealed