Iraq signs deals with Western oil firms, including to revive Syria pipeline
Summary
Iraq has signed multiple agreements with Western oil companies, including a plan to restore the Iraq-Syria oil pipeline to export crude oil via the Mediterranean. The deals aim to reduce reliance on the Strait of Hormuz, a key but often disrupted shipping route, and involve major companies like Chevron and Starlink.Key Facts
- Iraq and Syria agreed to rebuild the Iraq-Syria crude oil pipeline from Kirkuk, Iraq to Baniyas, Syria.
- Chevron, a US energy company, will lead the pipeline restoration project.
- The US State Department supports the pipeline project, expecting it to transport 2 million barrels of oil per day after completion.
- The pipeline will connect Iraq’s oil directly to Mediterranean export markets, bypassing the Strait of Hormuz.
- Chevron signed two additional agreements with Iraq to increase oil production.
- Iraq signed an official deal with Starlink to operate telecommunications services in the country.
- The combined initial agreements with US companies cover energy, healthcare, and technology fields, worth over $60 billion.
- Iraqi Prime Minister Ali al-Zaidi stated Iraq has an open-door policy for foreign investment and cooperation.
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