UAE’s new pipeline bypassing Strait of Hormuz nearly 50% complete, oil chief says

The UAE has completed nearly 50% of a second pipeline that will bypass the Strait of Hormuz, the head of Abu Dhabi National Oil Company (ADNOC) said Wednesday, as Gulf producers seek alternative export routes amid the prolonged closure of the key waterway. “Right now, too much of the world’s energy still moves through too few chokepoints,” ADNOC CEO Sultan Ahmed Al Jaber said in an interview at the Atlantic Council.