Energy

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

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President of Iran, Hassan Rouhani speaks during the National Combat Board Meeting with Coronavirus (Covid-19) in Tehran, Iran on Nov. 21, 2020.

Iranian Presidency Handout | Anadolu Agency | Getty Images

WASHINGTON – Iran on Thursday 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.

“This is a strategic move and an important step for Iran. It will secure the continuation of…



Source cnbc.com

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