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UAE builds port to counter Iran threats
The United Arab Emirates has begun implementing a strategic plan to build a new port for exporting crude oil in order to counter Iranian threats to hinder marine traffic by closing the Strait of Hormuz.The emirates of Abu Dhabi and Fujairah started in January constructing a port through which 70 percent of Abu Dhabi's crude oil will be exported. The step came in the wake of Iranian threats to close the vital strait a move that could deal a massive blow to the oil market since 40 percent of the world's oil is shipped by sea and 20 percent of all oil shipments pass through the strategic passage. The seven-kilometer (three mile) waterway is the only marine entrance to the Gulf. Once completed, the port will transport up to 1.8 million barrels of crude oil daily, Moussa Mourad, the manager of the Port of Fujairah told the UAE's Emirates Business 24/7 newspaper. "The port will be equipped to receive gigantic oil tankers and crude oil will reach Fujairah through a pipeline and will be stored in warehouses near the port," he said.
Posted by: Fred 2009-03-04 |
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