EMEA News
ADNOC to Fast Track New Crude Pipeline Project Via Fujairah
State-owned oil company ADNOC has been directed to accelerate the construction of its new West-East Pipeline via the Port of Fujairah.
The instruction came during a meeting of the Executive Committee of ADNOC’s Board of Directors, chaired by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in Abu Dhabi, Abu Dhabi Media Office said in a press release on Friday.
The project will double the company’s crude export capacity and expand its ability to bypass the Strait of Hormuz as the Iran war raises concerns over vessel traffic through the critical oil shipping route.
According to ADNOC, the pipeline is already under construction and is expected to become operational in 2027, doubling the company’s export capacity through Fujairah.
The project will strengthen the UAE’s ability to export crude from the Gulf of Oman without tanker traffic transiting Hormuz, one of the world’s most strategically important oil shipping chokepoints.
Fujairah has been a major oil storage and bunkering hub in the region, but the recent Iranian attacks have dented bunker demand in the port.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 932.00 | 0.50 | 1345.00 | 27.00 |
| Rotterdam | 759.00 | 6.00 | 1425.00 | 11.50 |
| Houston | 791.50 | 6.50 | 1417.50 | 9.00 |
| Fujairah | 968.00 | 11.50 | 1735.00 | 58.50 |
| EMEA Average | 904.00 | 2.50 | 1730.00 | 23.00 |
| Global 20 Ports Average | 920.00 | 8.50 | 1552.00 | 19.50 |
| Global 4 Ports Average | 865.50 | 4.50 | 1491.50 | 61.00 |
| Global Average Bunker Price | 962.00 | 3.50 | 1611.50 | 12.50 |
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