The United Arab Emirates has completed nearly 50% of a pipeline that will bypass the Strait of Hormuz, says Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Co.

In an interview with Atlantic Council, an American think tank focused on international affairs, Al Jaber also said the "world's energy moves through too many choke points." 

The Strait of Hormuz is a vital waterway through which 20% of the globe's crude oil is exported. Additionally, a large portion of global exports of natural gas and petrochemicals depend on the strait. Traffic through the strait has been severely restricted ever since hostilities with the U.S. and Israel began at the end of February. 

Earlier this month, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed the Abu Dhabi National Oil Company to fast-track the project, which is now expected to be operating by 2027. It's expected to double the Middle Eastern country's export capacity. 

The UAE has utilized an existing pipeline to Fujairah for some of its oil exports during the blockade. It has a maximum capacity of 1.8 million barrels of oil per day, according to CNBC.