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The Economic Times
The Economic Times
Business

HSBC CEO says alternative routes could make Strait of Hormuz 'redundant' in five years

HSBC Georges Elhedery Strait of Hormuz Gulf Dubai Iran

Investment in alternative logistics routes in the Gulf to mitigate the impact of the Iran war could make the Strait of Hormuz "redundant" in the next five years, HSBC Group Chief Executive Georges Elhedery said on Tuesday.

The conflict has highlighted the world's heavy reliance on the strategic waterway, through which a fifth of global oil and liquefied natural gas trade previously passed.

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