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Italian Economic Diplomacy - Latest news from the world



Italian Economic Diplomacy  - Latest news from the world


Oman and Iran review joint gas pipeline project in the Strait of Hormuz

The Sultanate of Oman and Iran have agreed to review the project design of the gas pipeline in the Strait of Hormuz. The revised layout of the underwater pipeline is shorter but deeper, at a depth of 1000 metres instead of the initially planned 300 metres, entailing a cost variation that has not been disclosed yet. The project must be self-financed, said Oil and Gas Minister Mohammed Bin Hamad Al Rumhy, and Oman has already established contacts with Japanese, Korean and Chinese companies to study possible fund-raising options. By the end of 2016 the Sultanate plans to publish the tender notices for the different project design and construction phases, to be predictably contracted out over the following two-year period.

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