{"id":575630,"date":"2020-10-21T04:02:32","date_gmt":"2020-10-21T04:02:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/"},"modified":"2020-10-21T04:02:32","modified_gmt":"2020-10-21T04:02:32","slug":"israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/","title":{"rendered":"Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Israel, UAE make progress on oil route to Europe that could bypass Egypt\u2019s Suez<\/strong><strong> Canal: <\/strong>An agreement signed this week by Israel\u2019s <a href=\"https:\/\/www.eapc.com\/hello-world\/\">state-owned Europe Asia Pipeline Co (EAPC)<\/a> and UAE-based Med-Red Land Bridge could see oil shipped from the Gulf to Europe bypass the Suez Canal. The binding MoU aims to use the existing Eilat-Ashkelon pipeline connecting the Red Sea to the Mediterranean, EAPC, which owns the pipeline, said in a statement cited by <a href=\"https:\/\/www.reuters.com\/article\/emirates-israel-pipeline-idUSL8N2HB2R3\">Reuters<\/a>. EAPC and its new partner Med-Red \u2014 a consortium of Emirati and Israeli companies \u2014 are aiming to use a \u201cland bridge\u201d to ship oil between countries in the region through a route that saves time and fuel compared to the Suez Canal, according to the newswire. \u201cThere will be options to bring the oil by tanker to Eilat port or to build a pipeline from the UAE across Saudi Arabia to Israel,\u201d Israeli newspaper <a href=\"https:\/\/en.globes.co.il\/en\/article-agreement-signed-to-operate-israel-uae-oil-pipeline-1001346340\">Globes<\/a> said. Med-Red is already in \u201cadvanced negotiations with major players in the West and in the East for long-term service agreements,\u201d according to EAPC\u2019s statement.<\/p>\n<p><strong>While financial details weren\u2019t made public, EAPC said it could increase the quantity of shipped oil<\/strong> by \u201ctens of mns of tons per year,\u201d according to Reuters. A final agreement could be worth USD 700-800 mn over several years and could see oil start flowing at the start of 2021, the newswire quoted a source in the know as saying.<\/p>\n<p><strong>This could chip into Suez Canal revenues.<\/strong> The proposal to bypass the canal began floating around last month, when EAPC suggested using the 60-year-old pipeline to lessen Israel\u2019s dependence on the canal, Suez Canal Authority head Osama Rabie <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/67c8a867-4ecf-4aac-871d-52c84f95b93f\">said at the time<\/a>. Rabie said the plans would pose a national security risk, depriving Egypt of a vital source of revenue. Nearly 66% of oil sent from the GCC to western countries is shipped through the Suez Canal or the Sumed pipeline linking Alexandria to the Red Sea.<\/p>\n<p><strong>The recent Israel-UAE normalization agreement is allowing this arrangement to be made in the open, <\/strong>suggests <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-20\/israel-and-uae-open-talks-over-top-secret-oil-pipeline?sref=mmeFTDW1\">Bloomberg<\/a>. Prior to that, Israeli officials considered information on the operations of the Eilat-Ashkelon pipeline as classified. The pipeline, with a capacity of 600k barrels per day and some 23 mn barrels of storage, was built in the 1960s by Israel and Iran. When both nations cut diplomatic ties following the Iranian Islamic Revolution in 1979, they stopped using the pipeline as an official channel for shipping Iran\u2019s oil.<\/p>\n<p><strong>The UAE and Israel are eager to become BFFs<\/strong>, also <a href=\"https:\/\/www.wsj.com\/articles\/israel-u-a-e-to-allow-citizens-visa-free-travel-11603207483?mod=searchresults&page=1&pos=2\">announcing yesterday<\/a> that they would give each other\u2019s citizens visa-free travel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Israel, UAE make progress on oil route to Europe that could bypass Egypt\u2019s Suez Canal: An agreement signed this week by Israel\u2019s state-owned Europe Asia Pipeline Co (EAPC) and UAE-based Med-Red Land Bridge could see oil shipped from the Gulf to Europe bypass the Suez Canal. The binding MoU aims to use the existing Eilat-Ashkelon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575631,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[168,72,6110,6111,91,2380,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-diplomacy","tag-enterpriseam","tag-europe-asia-pipeline-co","tag-med-red-land-bridge","tag-oil-and-gas","tag-speed-round","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"0a0c6f0c-5606-4356-bddb-7fd353cac8d2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/220.jpg","photo_position":"above","related_issue":[575625],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business\" \/>\n<meta property=\"og:description\" content=\"Israel, UAE make progress on oil route to Europe that could bypass Egypt\u2019s Suez Canal: An agreement signed this week by Israel\u2019s state-owned Europe Asia Pipeline Co (EAPC) and UAE-based Med-Red Land Bridge could see oil shipped from the Gulf to Europe bypass the Suez Canal. The binding MoU aims to use the existing Eilat-Ashkelon [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-21T04:02:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/220.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business\",\"datePublished\":\"2020-10-21T04:02:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\"},\"wordCount\":443,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/220.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DIPLOMACY\",\"EnterpriseAM\",\"Europe Asia Pipeline Co\",\"Med-Red Land Bridge\",\"oil and gas\",\"SPEED ROUND\",\"Suez Canal\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/\",\"name\":\"Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business - 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Israeli environment minister Tamar Zandberg said last week that the agreement to use Israel as\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567993,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/around-the-world-on-14-december-2020\/","url_meta":{"origin":575630,"position":1},"title":"Around the world on 14 December 2020","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Just to raise our hackles a little bit: The chairman of DP World says that Israel is the \u201clogical\u201d link between the EU and Middle East. Ports in Europe and the Middle East would be best, and most logically and strategically, linked via Israel, DP World Chairman Sultan Ahmed bin\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559766,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/us-lng-carriers-%e2%9d%a4-suez-canal\/","url_meta":{"origin":575630,"position":2},"title":"US LNG carriers \u2764 Suez Canal","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Suez Canal beating out Cape as Panama alternative for US LNG shippers: The Suez Canal in recent weeks has been the preferred shipping route for US LNG carriers heading to East Asia and looking to avoid a highly congested Panama Canal, according to Argus Media. Shippers are finding that the\u2026","rel":"","context":"In &quot;SHIPPING&quot;","block_context":{"text":"SHIPPING","link":"https:\/\/enterpriseam.com\/egypt\/category\/shipping\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562832,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/","url_meta":{"origin":575630,"position":3},"title":"The Suez Canal could face competition from Russia in three years","author":"enterpriseam admin","date":"8 June 2021","format":false,"excerpt":"Russia could be mainstreaming its Suez Canal-alternative shipping route in 2024. Russian energy firm Rosneft is looking to start shipping oil products from its planned megaproject, Vostok Oil, through the Northern Sea Route in three years\u2019 time, Reuters reports. The energy project, which would have an average 6.2 bn tonnes\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568186,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/whos-jockeying-with-the-suez-canal\/","url_meta":{"origin":575630,"position":4},"title":"Who\u2019s jockeying with the Suez Canal?","author":"enterpriseam admin","date":"21 December 2020","format":false,"excerpt":"The Suez Canal Authority will slash transit fees for large oil tankers traveling between northern Europe and southeast Asia by 48% as it looks to maintain the canal\u2019s status as a critical shipping route, Al Malreports. The authority began implementing the decision earlier this month and the discounts will run\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573304,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/oil-demand-slump-hits-egypts-sumed-pipeline\/","url_meta":{"origin":575630,"position":5},"title":"Oil demand slump hits Egypt\u2019s Sumed pipeline","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Egypt\u2019s Sumed oil pipeline is feeling the effects of the global demand slump: Egypt\u2019s Sumed pipeline has recently been operating at only a quarter of its capacity due to a historic slump in global demand for oil and the subsequent production cuts that were introduced in May, data compiled by\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/227.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575630"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575630\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575631"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575630"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575630"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}