But the UAE oil minister says issues with construction will delay the launching of the pipline for another six months, amid a growing rhetoric tussle between Iran and the U.S. over the strait.
Flows through the strait -- considered the world's most important shipping lane -- are estimated at around 15-17 million barrels per day, and Iran threatened to close the key waterway following a new round of sanctions against the regime.
The U.S. relies heavily on Middle East oil and gas imports, much of which passes through the strait.
U.S. naval forces fired back by rescuing 13 Iranian sailors from Somali pirates in the nearby Arabian Sea.
More from GlobalPost: Strait of Hormuz: War of words over Iran oil blockade threats (VIDEO)