Construction of a pipeline from Abu Dhabi's largest oilfields to Fujairah, allowing crude to bypass the Strait of Hormuz, has been completed.
The pipeline to the Arabian Sea promises greater security in the event that the narrow waterway is closed, and promises to help cut the costs of exporting oil from the UAE.
About 40 per cent of the world's international oil trade, including all of Abu Dhabi's exports of about 2 million barrels daily, passes through the strait.
Testing for leaks and structural integrity, which must precede the 370km pipeline's entry into service, will begin next month, said Khadem al Qubaisi, the managing director of the International Petroleum Investment Company (IPIC), which owns the pipeline.
Last year, Dh257 billion (US$69.96bn) worth of Abu Dhabi's crude passed through the strait, which lies between Iran and Oman. Iran and Iraq attempted to close the waterway in the 1980s in the so-called tanker war during the Iran-Iraq War. In April the head of Iran's Islamic Coalition Party said that if the republic were attacked it would try to close the waterway again.
In July, a Japanese tanker carrying crude oil from Ruwais to Japan was struck by a small boat containing explosives, blowing glass out of portholes, injuring a crew member and leaving a crater in the hull. A group calling itself the Abdullah Azzam Brigades claimed responsibility in a message on its website. Last month, the UAE Armed Forces opened a naval base in Fujairah.
By routing crude overland from its Habshan oilfields to the Fujairah coast, Abu Dhabi will also save on the cost of insurance for shipments through the Strait of Hormuz and speed delivery of crude to the international market.
For now, the planned capacity of 1.5 million barrels per day (bpd) of the Abu Dhabi Crude Oil Pipeline (ADCOP) would be more than half of the emirate's daily crude output.
"This certainly shows that you can bypass the straits," said Robin Mills, an oil analyst at Emirates National Oil Company in Dubai and a business columnist for The National.
IPIC began construction of the pipeline in 2008 and hoped to finish last year, but completion was delayed by difficulties in procuring building materials. IPIC plans for the pipeline to reach a maximum capacity of 1.8 million bpd.
The pipeline is a boon for Fujairah, which will see significant investment. The emirate is already a major bunkering and refuelling centre, second in importance only to Singapore. But the new naval base, a new oil export terminal and a planned 500,000 bpd refinery to be built by IPIC and ConocoPhillips have all helped to boost Fujairah's economy.
The emirate's prominence as a world energy hub is also bolstered by the plans of national and foreign companies to double the number of fuel storage tanks on its coast in the next three years. About 10,000 vessels pass through its port each year.
* With additional reporting by Hashim al Mohammed
business@thenational.ae
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
FORSPOKEN
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Marvel's%20Spider-Man%202
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Assassin's%20Creed%20Mirage
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Starfield
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Tu%20Jhoothi%20Main%20Makkaar%20
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Godzilla%20x%20Kong%3A%20The%20New%20Empire
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Company%20profile
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE