Business · Energy & Commodities · 10 hrs ago

Saudi Arabia developing pipelines to bypass the Strait of Hormuz

Saudi Arabia developing pipelines to bypass the Strait of Hormuz

Saudi Arabia is developing additional pipelines that would let energy supplies reach global markets without passing through the Strait of Hormuz.

Energy Minister Prince Abdulaziz bin Salman announced the work at the opening of the International Energy Forum in Riyadh.

He said the pipelines would help reduce the risk of supply disruptions.

He also said building alternative routes costs far less than having none.

The announcement comes amid challenges to the movement of energy supplies and the markets they serve.

The minister said energy security requires coordination among countries, rather than each country acting alone.

He warned that without cooperation, countries may focus separately on securing their own energy needs.

Saudi Arabia says it will continue meeting its commitments to global energy markets.

Sources

Related news