Exporting oil through the new Habshan-Fujairah pipeline will secure safe transportation of the UAE’s oil exports, cut insurance costs and reduce its dependence on the Straits of Hormuz, analysts told Gulf News.
The investment is an economically and politically strategic move for the UAE, they said.
“From the UAE’s perspective, this will help it to secure its most strategic economic asset against political tensions with Iran,” said Said Hirsh, analyst at London-based Capital Economics. “The pipeline is very good from the perspective of the international community as at least one step to help ease rising supply concerns from the dependence on the Strait of Hormuz.”
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