Iraq and Syria have signed a memorandum of understanding (MoU) to restore and modernize the oil pipeline connecting Haditha in Iraq with the Port of Baniyas on Syria’s Mediterranean coast, AzerNEWS reports.
According to Iraq’s INA news agency, the project will be overseen by U.S. energy company Chevron under the terms of the agreement.
Al-Monitor reported that the project’s technical studies and feasibility assessment will be prepared by a consortium comprising Chevron, Capital TI, and Qatar’s UCC.
Iraqi authorities believe the project will boost exports of crude oil produced in Kirkuk Province by providing a route to Syria’s Mediterranean coastline, from where it can be shipped to European markets.
The planned restoration of the pipeline is expected to strengthen Iraq’s export infrastructure and diversify its oil transportation routes, while enhancing regional energy cooperation.