Baghdad and Damascus agree on oil pipeline
Iraq and Syria signed a memorandum of understanding to develop a pipeline for transporting crude oil through Syrian territory to the Baniyas port on the Mediterranean Sea, aiming to expand export outlets and support energy security. The project seeks to diversify Iraq's export routes and reduce dependence on the Strait of Hormuz, especially in light of the impacts of the US-Iran conflict on maritime navigation. The implementation is expected to involve an American company and a Qatari company, contributing to enhancing economic cooperation and investments in the regional energy sector, with capacity assessments outlined in technical and engineering studies.
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