Dubai plans new port to bypass Strait of Hormuz; DP World is planning to build a new port and a container terminal on the UAE's east coast that would reduce Dubai’s dependence on its flagship Jebel Ali hub and bypass the Strait of Hormuz, reports FT
Newsquawk Staff ·
- DP World in talks to develop a brand new multipurpose port in the coastal area of Fujairah and a new terminal at the existing harbour in the same emirate, reports FT citing sources.
- Activity at Jebel Ali, the region’s largest container port, fell between 90-95% after Iran closed the strait in response to US-Israeli attacks, the sources said.
- Official said the new port could be completed as soon as within a year and a half.
Sources
- US waives Russian diesel tax record requirements for buyers
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.67 LOWER AT 97.15/BBL; BRENT (X6) SETTLES USD 0.03 HIGHER AT USD 108.82/BBL
- China and Russia agree to support firms to expand oil cooperation, Xinhua reports
- IRGC says Saudi and UAE pipelines cannot replace the Strait of Hormuz and Hormuz Strait has no alternative for oil transit, reports SNN
- French President Macron says Saudi Arabia has agreed to extend extra diesel supplies
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