ReportedShipping, energy & marketsLondon, United Kingdom
Aramco and KPC chiefs seek investment in Hormuz bypass routes and overseas fuel storage
- Mountain Time
- Local time
- 3:30 PM in London
- Where
- London, United Kingdom
Saudi Aramco CEO Amin Nasser called for outside investment in routes that bypass the Strait of Hormuz and in crude and fuel storage closer to consuming markets. Kuwait Petroleum Corporation chief Sheikh Nawaf Saud Al-Sabah said KPC was discussing refined-product storage in Europe with European partners.
Why it matters
Additional bypass capacity and overseas storage could reduce importers’ dependence on transits through Hormuz, but require consumer-country and private-sector funding before they can provide near-term supply resilience.
Source
- OilPrice.comoilprice.comPublished
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