Iraq and Syria to Sign Pipeline Construction Agreement

Deep News09:42

According to an official statement, Iraq will sign a pipeline construction agreement with Syria to build a pipeline connecting domestic oil fields to export crude oil to global markets through the Mediterranean Sea.

The Iraqi Cabinet issued a statement indicating that it has authorized the General Manager of the Basra Oil Company to sign a memorandum of understanding for the project's construction with the Syrian Ministry of Oil.

The Cabinet also instructed the Oil Minister to sign a memorandum with a consortium of companies, including ConocoPhillips, TI Capital, and Novatela, to initiate consultations on the exploration and development assessment of the Akkas gas field and surrounding areas.

The statement mentioned that the Iraqi Ministry of Oil will publicly tender the Qayyarah integrated project to improve the country's oil infrastructure and increase crude oil production capacity. The Cabinet also approved a proposal related to the tender for drilling an exploration well at the Karatappa site.

The Cabinet approved the launch of the Iraq-Turkey Water Resources Framework Agreement, and the financing mechanism for supporting projects under this agreement will officially take effect on September 1st.

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