The Suez Canal Authority (SCA) denied on Wednesday what was circulated by some media outlets regarding the impact of the Eilat-Ashkelon pipeline project on the competitiveness of the Suez Canal.
SCA confirmed that reports on the impact of the pipeline (Eilat - Ashkelon) on the oil trade traffic passing through the canal are baseless.
It clarified that the percentage of that impact on the volume of crude oil trade heading northward will not exceed (12% - 16%) which represents only about 0.61% of the total trade traffic passing through the Suez Canal of various types of ships.
The statistics of the oil trade crossing the canal showed that there is no reason to fear the competitiveness of the pipeline (Eilat-Ashkelon) if it is operating, as the proportion of oil trade in the UAE represents about 0.7% of the total oil trade traffic passing through the canal.
The proportion of Saudi Arabia’s trade passing through the Suez Canal represents about 4.9%, and Kuwait’s trade constitutes about 1.4% of the total oil trade passing through the canal.
Follow the latest news on Google News
