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Iraq-Syria Oil Pipeline Connected Under U.S. Sponsorship
The Iraqi Minister of Oil, Basem el-Abadi, signed an agreement with the Syrian side to construct a new oil pipeline, aiming to revive the Iraqi oil export route through Syrian territory instead of the Kirkuk-Banyas pipeline, which has been halted for years. The pipeline is expected to have a capacity of around two million barrels per day, with the project's implementation taking approximately 30 months. This development is part of Iraq's efforts to diversify its oil export outlets and reduce reliance on maritime routes in the Gulf, especially given the security challenges in the Strait of Hormuz. Additionally, ConocoPhillips announced its approval to acquire a 42% stake in the Kirkuk oil fields project, valued at up to $400 million, reflecting Iraq's pursuit of attracting foreign investments to develop its energy sector.
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