Iraq approves deal to export oil via Syria’s Mediterranean ports

Baghdad (IraqiNews.com) – The Iraqi cabinet approved a deal on Tuesday between the Ministry of Oil and Syria for the transportation, storage, and handling of crude oil through the Mediterranean ports of Baniyas and Tartus. The initiative is consistent with Iraq’s objective to explore alternative crude oil export routes and improve its export capabilities through different channels. In the past few months, the Iraqi Ministry of Oil started developing plans to export crude oil through Syria’s Baniyas port and Jordan’s Aqaba port, as well as raise its export capacity through Turkey’s Ceyhan port. Currently, between 500 and 700 tanker trucks are transporting Iraqi oil daily to Syria via a newly opened border crossing. The Iraqi government has also begun work on the Basra-Haditha pipeline project, which will be part of a multi-route oil export network. The Basra-Haditha pipeline project has secured $1.5 billion in funding through an agreement between Iraq and China, with construction set to commence in 2026. The pipeline’s capacity is projected to be approximately 2.25 million barrels per day using 56-inch diameter pipes. This design aims to enhance domestic transportation and establish connections to future export facilities. The project aims to reduce dependence on the Strait of Hormuz by creating a new route for oil exports. The pipeline would extend towards the Jordanian port of Aqaba and the Syrian port of Baniyas, offering direct routes to European markets through the Red Sea and the Mediterranean. The project is part of a larger strategy for Iraqi infrastructure rehabilitation, which is critical to increasing Iraq’s oil export capabilities. The post Iraq approves deal to export oil via Syria’s Mediterranean ports appeared first on Iraqi News.