Turkey, Egypt, and Saudi Arabia have discussed the creation of a consortium to manage oil and gas transportation through the Strait of Hormuz amid the conflict in the Middle East, Reuters reported, citing sources.
The talks took place in Islamabad with the participation of Pakistan. Participants addressed issues of conflict de-escalation and the restoration of shipping through the Strait of Hormuz. As a solution, the parties proposed a mechanism similar to the Suez Canal model, which involves tariff regulation of vessel passage.
The meeting participants also stated that a ceasefire is a priority and considered ensuring safe shipping as a step toward reducing tensions.
Earlier in March, Iran warned Kenya against cooperation with the United States and Israel amid the escalation in the Middle East and the situation surrounding the Strait of Hormuz, citing risks to shipping security. Iran stated that reports of the closure of the strait are "false" and constitute "propaganda by the United States and the Israeli regime."
The Strait of Hormuz is a key maritime artery in the Middle East through which a significant portion of the world's oil supplies pass.
