UAE says new pipeline that will bypass Strait of Hormuz is nearly 50% complete

The United Arab Emirates has built nearly 50% of a second pipeline that will bypass the Strait of Hormuz, said the CEO of Abu Dhabi National Oil Co., or ADNOC, on Wednesday. "Right now, too much of the world's energy still moves through too few chokepoints," Sultan Ahmed Al Jaber said in an interview at the Atlantic Council . The new pipeline will double ADNOC's export capacity through Fujairah, a port that sits on the Gulf of Oman just beyond Hormuz. …