The Israeli Broadcasting Corporation "Makan" said that Israeli officials held talks with Emirati officials to establish an oil pipeline and its derivatives that passes through Saudi territory to the port of Eilat via the Red Sea, and from there to Ashkelon port.
The corporation stated that: "The project would be suitable for transporting crude to European markets in particular, and would be a detour on the dangerous shipping routes from the Strait of Hormuz and the coast of Somalia."
It added, "This pipeline will save the costs of transporting crude by oil tankers through the Suez Canal."
Israeli sources suggested that Israel would reap huge sums annually from this project.
Simultaneously, according to news reports, the Emirati "Al Habtoor" group of billionaire Khalaf bin Ahmed Al Habtoor, the largest holding company in the UAE, will open a representative office in Israel.
The Emirates Group operates in the fields of hotels, infrastructure, media, vehicles and other fields.
"The goal is to discover some aspects of cooperation with the Israelis in the next few years," Khalaf Al Habtoor was quoted by Israeli media.