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Archive for the category “United Arab Emirates”

United Emirates Habshan-Fujairah pipeline

[source]
The United Arab Emirates is nearing completion of a pipeline (236 miles/380 km) through the mountainous sheikdom that will allow it to reroute the bulk of its oil exports around the Strait of Hormuz at the mouth of the Gulf, the path for a fifth of the world’s oil supply… Once it’s running at full volume, the pipeline will let the UAE get two-thirds of its peak oil production to market even if the strait is shut. That’s about 10 percent of the total 17 million barrels of oil a day that currently goes through Hormuz. The pipeline is expected ready to be used later this month. The pipeline is 4 foot wide and designed to handle 1.5/1.8 million barrels of crude a day. The pipeline was constrcuted by China National Petroleum Corp.

[foxnews]

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UAE abandoning US$ in China trade

[UAE Palm Island][source]
The US dollar is fast losing out its reserve currency status with China aggressively replacing the dollar with the Yuan as a currency for bi-lateral trade. The latest is an agreement signed between the China and the United Arab Emirates (UAE), which will use the Yuan for oil trade.

[CommodityOnline.com]

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