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HSBC: New Oil Routes to Diminish Gulf Role
CEO of HSBC, George H Koleiry, expected that alternative oil routes, such as pipelines and ports outside the Strait of Hormuz, will be able to reduce dependence on the strait within five years. He explained that the Iranian conflict revealed how much the world relies on Hormuz, and that significant investments in infrastructure will enable overcoming the consequences of shipping disruptions through the strait, which before the war was described as a passage for about one-fifth of global oil trade.
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