Baghdad, July 26 (SANA) Iraq’s cabinet has authorized the chief executive of Basra Oil Company to sign a memorandum of understanding (MoU) between Iraq’s Ministry of Oil and Syria’s Ministry of Energy to develop an oil pipeline linking Iraqi crude production to global export markets through the Mediterranean.
The Iraqi News Agency (INA) said the authorization was granted during a cabinet meeting chaired by Prime Minister Ali al-Zaidi on Saturday as part of a package of decisions aimed at developing Iraq’s oil and gas sector and attracting investment.
The proposed pipeline is intended to diversify Iraq’s crude oil export routes by providing access to Mediterranean ports.
The move follows the signing on July 18 of two memoranda of understanding between Syria, Iraq and an international consortium to rehabilitate and revive the Kirkuk-Baniyas crude oil pipeline. The agreements were signed during meetings in the United States as part of efforts to restore one of the region’s key energy infrastructure projects and strengthen cooperation in the energy sector.
In a separate decision, the cabinet authorized Oil Minister Bassem Mohammed Khudair to sign a memorandum of understanding with a consortium comprising ConocoPhillips, TI Capital and Novatir to begin discussions on the exploration and development potential of the Akkas gas field in Iraq’s western Anbar province and surrounding areas.
The measures are part of Iraq’s broader strategy to upgrade its oil and gas infrastructure, increase production and diversify export routes.
Earlier, Khudair said Iraq had signed seven major oil and gas investment contracts worth more than $200 billion with U.S. companies, including Chevron, Halliburton, KBR and Schlumberger, as part of plans to expand investment in the country’s energy sector.
R.D/ABD
