Iraq and Syria formalized an agreement on July 17 in Washington to rehabilitate the Kirkuk-Baniyas crude oil pipeline connecting northern Iraq to Syria’s Mediterranean coast. The project involves Iraq’s Basra Oil Company and Syria’s Syrian Petroleum Company backed by an international consortium including Chevron, targeting an initial capacity of 2 million barrels per day, nearly tripling the historical throughput of 700,000 barrels per day. The main objective is to diversify Iraq’s export routes by bypassing the Strait of Hormuz, through which approximately 20% of global oil production passes.
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