MOA signed by Israel and UAE for oil&gas transportation

The Israeli company Asia Pipeline Company (EAPC) has signed a memorandum of understanding with MED-RED Land Bridge Ltd., a consortium of Israeli and Emirate based companies in the Emirates. The MOA includes the cooperation on the storage and transport of crude oil and oil&gas products between the Persian Gulf and Western markets, and between the Mediterranean Sea and Asia. The economic aspect was not disclosed, nor were the volumes and origin of the oil to be transported. The oil cooperation project will probably receive the support of the United States, which were the main promoters of the diplomatic rapprochement between Israel and the Emirates.