Middle East

ISRAEL-UAE: Israeli pipeline company EAPC had signed a preliminary deal to help transport oil from the United Arab Emirates to Europe via a pipeline that connects the Red Sea city of Eilat and the Mediterranean port of Ashkelon. It would save time, fuel and costs versus crossing the Suez Canal, to transport oil back and forth between other countries. It could provide quicker access for consumers in Asia to oil produced in the Mediterranean and Black Sea regions.

SOURCE: REUTERS

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