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Iraq Oil Minister announces project to establish two new export routes outside the Strait of Hormuz
Iraqi Oil Minister, Basem Muhammad Khudair Al-Abadi, stated that Iraq is planning to develop its oil export pipeline infrastructure to provide two additional export routes away from the Strait of Hormuz, via pipelines reaching Ceyhan and Baniyas, in order to enhance the security and stability of its oil exports. He affirmed that this new project is part of a strategy to diversify export outlets and reduce dependence on the Strait of Hormuz. Additionally, negotiations have begun with major American companies to undertake strategic projects and develop gas fields, which will help increase gas production and secure fuel for power plants. He also pointed out that Iraq's investment environment has become more attractive due to political and security stability, and that the Ministry is focusing on developing the oil and gas sector to achieve economic development.
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