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Iraq-Syria oil pipeline nears agreement
The Iraq-Syria oil pipeline rehabilitation project is in the final stages of negotiations, aiming to open a new export corridor for Iraqi oil through the Mediterranean and reduce dependence on existing export routes. The agreement is expected to be signed within two to three months, after which engineering studies will commence, followed by the implementation of the work over a period ranging from 30 months to three years. The project seeks to increase Iraq's oil export capacity to two million barrels per day, making it one of the largest export pipelines in the region. It also provides Syria with an opportunity to restore its role as a regional energy transit hub, with potential for toll revenues and port development at Baniyas. The pipeline dates back to 1952 and ceased operation in 2003. Today, it is part of efforts to revive it, supported by international backing and global companies, due to its economic and strategic benefits for both countries.
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