UAE oil company announces new investments to bypass Hormuz

UAE oil company announces new investments to bypass Hormuz Abu Dhabi National Oil Co (Adnoc), the Emirate's national oil company, announced plans to construct a new gas export facility to bypass the Strait of Hormuz. The company reported its income for the second quarter of 2026 earlier today, beating forecasts with a net income of $665m and strong guidance for the rest of the year, contingent on exports being fully restored in the fourth quarter. Adnoc also announced its intention to…