🔶 Aramco is looking to develop an alternative pipeline to the Strait of Hormuz.
The CEO of Saudi Aramco announced that the company is looking into developing an east-west pipeline to transport crude oil to export terminals in the Red Sea and bypass the Strait of Hormuz.
Amin Nasser, in a statement to Reuters in this regard, referring to the disruption of traffic in the Strait of Hormuz, said that Aramco is also looking for alternative ways to export and increase oil storage capacity outside this country.
America's war and captivity with Iran caused a decrease in Aramco's oil output, but the increase in global oil prices compensated for the decrease in income caused by the decrease in production volume.
The CEO of Aramco also pointed to 130 reported cases of ground attack on oil tankers in the Strait of Hormuz and added that the cost of shipping oil by sea has increased more than 15 times compared to last year.
Before the conflicts, about 20% of the world's oil supply passed through the Strait of Hormuz. The Saudi East-West pipeline has the capacity to transport up to 7 million barrels of oil per day and was the target of ground attack several times during the US-Iran war.