Abu Dhabi’s International Petroleum Investment Company (IPIC) has invited six companies to bid for the engineering and design contract on an oil pipeline to bypass the Strait of Hormuz, the IPIC said.

Over 13 million barrels per day of crude, over 15 per cent of global supply, flows from Gulf producers through the shipping chokepoint, according to the International Energy Agency.
The 1.5 million bpd pipeline would allow the UAE, the world’s sixth-largest oil exporter, to pump more than half of its 2.3-2.4 million bpd of exports to the terminal of Fujairah on the Gulf of Oman.