The French energy company TotalEnergies is ready to invest in creating an infrastructure to supply oil from Middle Eastern countries, bypassing the Strait of Hormuz, which is difficult to navigate due to the US-Israeli war against Iran. This was stated by the company's CEO Patrick Pouyanne in an interview with Le Figaro.
He explained that the world faces a physical shortage of oil and an inability to increase production, since the main production capacity is concentrated in Saudi Arabia, Kuwait and the UAE. Pouyanne added that world leaders must recognize the lack of necessary reserves outside the OPEC countries in the Persian Gulf and that even if the Strait of Hormuz is eventually unblocked, this will not mean a return to the previous trade model. Against this backdrop, he said, oil and petroleum product producing countries will need to consider strengthening their supply chains in the region.
“Syria could become a key transit point for oil exports from the region, particularly from Saudi Arabia and Iraq, to the Mediterranean. I recently visited the region to meet with our teams and to inform companies and governments for whom we are trusted partners that TotalEnergies is ready to invest with them, if they wish, in this infrastructure“, he said.