In a speech during the opening "CERA Energy Week".. Sultan Al Jaber: Closing the Strait of Hormuz is considered economic terrorism against all countries of the world
HOUSTON, March 23 / WAM / His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Chairman of the Board of Directors of Masdar, and Executive Chairman of XRG, confirmed today that Iran’s closure of the Strait of Hormuz is considered economic terrorism that affects all countries of the world and its repercussions go far beyond the energy markets.
In his speech during the opening of “SIRA Energy Week” held in Houston, Texas, USA, His Excellency said that when the security of the Strait of Hormuz is threatened, costs increase daily on factories, farms, and families around the world.
His Excellency stressed that energy security is not just a slogan, but rather constitutes the difference between light and darkness and between the continued functioning of life’s facilities or their cessation, pointing out that recent weeks have stressed the necessity of keeping the arteries of the world’s life open. He said, “The Strait of Hormuz is one of those arteries, 21 miles wide, and 20 million barrels per day pass through it, that is, one-fifth of the world’s daily need for oil and gas, more than a third of the fertilizers that the world needs, and up to a quarter of the world’s production of petrochemicals, in addition to large quantities of minerals that Industries need it, meaning that a large portion of the basic materials needed for the global economy passes through one vital artery. However, Iran believes that closing it represents an acceptable strategy.
He added: “When the security of the Strait of Hormuz is threatened, this pressure is immediately transmitted to all parts of the world, as oil prices have risen by 50 percent in three weeks, which raises the cost of living for the most vulnerable groups, slows economic growth everywhere, and costs increase daily on factories, farms, and families in various parts of the world. Therefore, exposing the Strait of Hormuz to danger is not an aggression against a specific country, but rather economic terrorism against all countries of the world, and no country should be allowed to take the Strait of Hormuz.” “We are a hostage, not now, not at any time, and while we appreciate all efforts aimed at achieving stability in markets and reducing prices, this is not a supply problem, but rather a security problem with one sustainable solution, which is to keep the strait open, because freedom of navigation is a basic principle of international law and the United Nations Convention on the Law of the Sea, and Iran’s actions affect people all over the world, especially the most vulnerable groups.”
Al Jaber stressed that the UAE did not want this conflict to occur and took all possible steps to prevent it, but it was fully prepared to confront it when it was forced to do so. He said: “These events tested our defensive capabilities, confirmed our strength, steadfastness, and ability to withstand, and showed our true nature.”
He added: At ADNOC, we have been subjected to attacks that no civilian institution should face, especially in light of our focus on providing energy resources to the world. We are implementing exceptional measures to maintain the safety of our staff, and we strive as much as possible to provide energy resources to all customers. We will continue to defend our dear homeland, our values and principles. This experience has confirmed the validity and credibility of our model of progress, which is based on realism and not on ideologies, and moves forward with a fixed path and practical methodology, and focuses with great precision on results.
His Excellency explained that the steadfastness of the UAE and ADNOC in such circumstances came through investment in infrastructure, preparedness years before crises occurred, long-term planning, and building strategic partnerships. He said: For us in the UAE, partnership is not just a practice we adopt, but rather a part of our identity. Our commitments are firm, and credibility is the core of our approach. When necessary, we step forward and take the initiative to support. Therefore, our relations with all our partners, including the United States of America, last, and we have invested through ADNOC, XRG, and Masdar have invested more than $85 billion in energy assets in the United States to support electricity generation and advanced chemical manufacturing, as the United States offers a unique combination of resource abundance and investment stability. We continue to explore many opportunities along the energy sector value chain. We are also working to enhance our investments in infrastructure, from storage facilities to gas liquefaction facilities and gas return stations.
Looking to the future, His Excellency said: The current crisis has revealed a great discrepancy in visions between those who seek to enhance stability and prosperity and those who seek to destabilize. He explained that the UAE made its choice a long time ago and established ADNOC to be one of the most reliable energy companies in the world, not because disturbances do not reach us, but because we are steadfast and committed to continuing to work steadily if they arrive. Therefore, we diversified sources and methods of energy production, strengthened the paths that connect supplies to markets, and focused on integrating a group Widely diversifying energy sources, leveraging technology and artificial intelligence in all our operations to double efficiency, and shaping the next phase in the energy sector, we have built a global network of partnerships with partners who have a firm conviction that energy security is a shared responsibility.
Al Jaber extended an open invitation to the leaders of the energy sector to attend the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) during the month of next November, saying: The developments of recent weeks have made clear that there are those who are working to enhance stability, and there are those who are content with following the turmoil, and have confirmed that stability is not achieved on its own, but must be built with determination and teamwork.
He added: If you believe that the approach of cooperation and enhancing stability should overcome the mentality of conflict, then your place is with us. Therefore, I invite you to join us in “ADIPEC” during the month of next November, so that it will be more than just a conference, but rather a forum to emphasize the necessity of the steadfastness of the global energy system.
It is worth noting that the “SIRA Energy Week” activities will be held from March 23 to 27, and the “ADIPEC” events will be held from November 2 to 5, 2026 at the ADNEC Center in Abu Dhabi.
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