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Hormuz could be ‘redundant’ in five years: HSBC
DUBAI: Investment in alternative logistics routes in the Gulf to mitigate the impact of the Iran war could make the Strait of Hormuz “redundant” in the next five years, HSBC Group Chief Executive Georges Elhedery said on Tuesday. The conflict has highlighted the world’s heavy reliance on the strategic waterway, through which a fifth of global oil and liquefied natural gas trade previously passed. It is forcing Gulf nations to channel resources towards the development of energy pipelines to ports, investments that Elhedery said will allow the region to weather the fallout from the conflict. “We...
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