Iraq and Syria have signed a memorandum of understanding to restore and modernise the Kirkuk–Baniyas oil pipeline, aiming to strengthen regional energy infrastructure and expand Iraq’s crude export options.
The project will be overseen by Chevron, with technical and feasibility studies carried out by a consortium including Capital TI and Qatar’s UCC. The pipeline would transport crude from Iraq’s Kirkuk region to Syria’s Mediterranean port of Baniyas, creating an additional route to European markets.
Key developments
- Chevron will oversee the project and related technical studies.
- The pipeline would reduce Iraq’s reliance on existing export routes, including the Strait of Hormuz.
- The route has remained largely inactive since damage sustained during the 2003 conflict.
- Chevron also signed agreements advancing potential investment in Iraq’s West Qurna 2 and Nassiriya oilfields.
ℹ️ CNBC
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