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Al-Falih: We will increase our crude oil exports through the East-West pipeline to 7 million barrels per day
Source: NEW DELHI (Reuters)
Saudi Arabia plans to increase by 40% the capacity of the East-West pipeline from here two years in order to secure new oil export lines outside the Strait from Hormuz, announced the Saudi Minister of Energy.
"At first, importers must secure navigation in the strategic waterway at the Gulf entrance after attacks on oil tankers in the region and the Iranian maintenance of a beating vessel British flag, "Khalid al-Faleh told Reuters.
Al-Faleh said the international community should take immediate action to protect oil reserves and secure the strait, through which about one fifth of the world's oil pbades.
During a visit to India, the oil minister said during a visit that oil importers "must do what they need to protect their energy deliveries because the Saudi Arabia can not do it alone.
"India must also play its part in securing the freedom of navigation in the traffic lanes that transmit energy to the rest of the world," Faleh said after meeting with his Indian counterpart, Darmendra Pradhan.
India sent two warships into the straits.
Saudi Arabia exports part of its crude oil shipments through the Red Sea to the aid of a 1,200km pipeline from the east of the kingdom, where oil production is concentrated, to the port city of Yanbu, in the Red Sea, in the west of the country.
Al-Falih said the kingdom plans to increase its crude oil exports through the East-West gas pipeline by 5 million barrels a day, if necessary.
"We hope to increase its capacity to 7 million barrels a day," he said, adding that it could take two years.
In his talks in India, Faleh said that Saudi Arabia was ready to provide additional oil to New Delhi.
Al-Faleh confirmed that Saudi Aramco's talks to acquire a minority stake in Reliance Industries' Indian badet refining badets did not stop, after Reuters sources told Reuters this week that the negotiations were in stalemate.
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