- Iraq's government has struck dozens of agreements with Western oil companies, including to restore an energy supply route Baghdad could use to export its oil without the Strait of Hormuz.
- The preliminary deals were signed at a United States-Iraq business summit at the US Chamber of Commerce in Washington, as Baghdad seeks to move away from dependence on the Strait of Hormuz.
- Iraq and Syria signed a cooperation agreement to reconstruct the long-defunct Iraq-Syria crude oil pipeline, which runs from the oil-rich Kirkuk region in northern Iraq to Syria’s Mediterranean port of Baniyas.
- The US Department of State welcomed Iraq and Syria’s plan to rehabilitate the pipeline, stating a US-led international consortium would execute the technical and financial aspects.
- Chevron will carry out the project under the agreement, with the pipeline expected to have an initial transport capacity of 2 million barrels per day of crude oil.
- Iraq's latest oil pipeline agreements are expected to lead to a program that will make the Strait of Hormuz an afterthought, according to US ambassador to Turkiye Tom Barrack.
- In addition to the Syria pipeline project, Chevron signed two other agreements with Iraq focused on boosting oil production.
- Iraqi officials' initial agreements with US firms, spanning the fields of energy, healthcare, and technology, are worth more than $60 billion.
- Prime Minister Ali al-Zaidi stated at the summit that they are using an open-door policy for projects, encouraging everyone to come and talk.
- Western energy companies signed dozens of agreements with Iraqi officials on oil and gas and pipelines as Iraq seeks to deepen relations with the U.S.
Iraq's government has struck numerous agreements with Western oil companies, including Chevron, to revive the Iraq-Syria crude oil pipeline, which will help bypass the strategic Strait of Hormuz.1567
The agreements, signed at a U.S.-Iraq business summit, are valued at over $60 billion and aim to enhance Iraq's energy export capabilities.8
The U.S. Department of State welcomed the pipeline rehabilitation plan, stating it will have an initial transport capacity of 2 million barrels per day and serve as a critical energy corridor linking Iraqi oil to Mediterranean markets.
Iraqi Prime Minister Ali al-Zaidi emphasized an open-door policy for foreign investment, stating, “Everybody who has a project can come and talk to us. We will not make it difficult for anyone.”9
Chevron's president of corporate business development, Jake Spiering, noted the company's commitment to investing in projects that will create alternative export routes out of Iraq.
The agreements also include plans for ConocoPhillips to acquire interests in BP Energy of Kirkuk Ltd, further solidifying Western investment in Iraq's oil sector.
As Tom Barrack, U.S. envoy to the region, stated, Iraq is at the forefront of a new strategic security alliance with the U.S., despite the chaos created by war.
“The agreements, signed at a US-Iraq business summit in Washington, total over $60 billion across energy, healthcare and technology sectors. Chevron signed three agreements including to rehabilitate the Kirkuk-to-Baniyas pipeline, with an initial capacity of 2 million barrels per day.”
