Sat, 30 Jun 2012 02:29:44 CDT
Saudi Arabia: Saudi Arabia has reopened an old oil pipeline built by Iraq to bypass Gulf shipping lanes, giving the kingdom scope to export more of its crude from Red Sea terminals should Iran try to block the Strait of Hormuz, Reuters has reported, citing industry sources. The Iraqi Pipeline in Saudi Arabia (IPSA), laid across the kingdom in the 1980s after oil tankers were attacked in the Gulf by both sides during the Iran-Iraq War, has not carried Iraqi crude since Saddam Hussein invaded Kuwait in 1990. Saudi Arabia confiscated the pipeline in 2001 to compensate for debts owed by Baghdad and has used it to transport gas to power plants in the west of the country in the last few years.
Read full article at: ameinfo.com