Iran opens new oil terminal in bid to bypass crucial Strait of Hormuz for exports


Strait of Hormuz

(Worthy News) – Iran opened its first oil terminal in the Gulf of Oman, a move aimed at making Iranian President Hassan Rouhani’s regime less dependent on the Strait of Hormuz, often a source of international tension.

The location of the new oil terminal — a project that began in 2019 and will cost some $2 billion — will also reduce transportation and insurance expenses for oil tankers.

The Strait of Hormuz, a crucial channel located between the Persian Gulf and the Gulf of Oman, is used by oil producers to transport crude from the Middle East. Approximately 20% of the world’s crude oil passes through the waterway. [ Source: CNBC (Read More…) ]

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