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Kuwait gearing up for possible oil route closure by Iran
(DPA)
1 July 2008
1 July 2008
KUWAIT CITY - Kuwait is drawing up a contingency plan to maintain the flow of oil exports in case Iran closes the Strait of Hormuz, a vital oil route in the Gulf, a Kuwait official was quoted as saying Tuesday.
"There are precautionary plans to export Kuwaiti crude in cooperation with the Gulf Cooperation Council (GCC) countries, but those plans are not finalized yet," Saad al-Shuwaib, head of the state oil firm Kuwait Petroleum Corp was quoted as saying by KUNA news agency.
The comments came in response to remarks by the head of Iran's Revolutionary Guards on Saturday that Tehran would impose restrictions on shipping in the Gulf if attacked by Israel.
The Strait of Hormuz is a vital oil route at the mouth of the Gulf, through which an estimated 20 per cent of the world's daily oil supply passes.
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