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Browsing: MED-RED Land Bridge
The United Arab Emirates (UAE) has started transporting oil to Europe via an Israeli pipeline.
According to multiple reports, the deal was sealed months after the energy deal prompted Egyptian worries over a ‘rival’ to the Suez Canal for shipping fuel.
Reports further indicate that an Emirati vessel that arrived at the Port of Eilat in southern Israel last week was in fact an oil tanker.
Details show that the tanker hooked to the Eilat-Ashkelon pipeline has so far seen six tonnes of crude (6,000 liters) fed through per hour.
Memorandum of Understanding
Israeli state-owned Europe-Asia Pipeline Company (EAPC) in October last year signed a memorandum of understanding with MED-RED Land Bridge, a company with both Israeli and Emirati owners, to transport oil through the pipeline.
It was signed in Abu Dhabi with US Treasury Secretary Steve Mnuchin and other US and UAE officials present.
The MoU came amid a …
