HSBC CEO Says Hormuz May Become Redundant in About Five Years

HSBC Group CEO Georges Elhedery said new Gulf export routes may make the Strait of Hormuz redundant in about five years, a forecast that leaves its liquefied natural gas traffic unresolved. “But Hormuz, probably in five years’ time, may become redundant,” Elhedery said at the HSBC Future Forum in Dubai on Oct. 20. His five-year horizon is a forecast, not a completion date for a specific export project. The strait connects the Persian Gulf with the Gulf of Oman. About 25% of oil shipped by sea worldwide passed through it in 2025.

Source: TokenPost