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Iraq, Syria to sign pipeline deal to link oil production sites to global markets
The Iraqi cabinet authorized the Basra Oil Co. to sign a memorandum of understanding with the Syrian oil ministry on the building of the project.
Iraq will sign an agreement with Syria on the construction of pipelines linking oil production sites to global export markets via the Mediterranean, according to a statement.
The Iraqi cabinet authorized the director general of Basra Oil Co. to sign a memorandum of understanding with the Syrian oil ministry on the building of the project, the cabinet said in the statement.
Iraq’s government also instructed the oil minister to sign a memo with a consortium including ConocoPhillips, TI Capital and Novaterra to begin discussions on assessing the exploration and development of the Akkas field and its surrounding areas, the cabinet said.
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The oil ministry will announce that the Integrated Qayyara Project will be put up for bidding to further develop Iraq’s oil infrastructure and increase output capacity, according to the statement. The cabinet also approved a recommendation on a tender to drill an exploratory well in Qara Tappah.
The activation of the Iraq–Turkey framework agreement on water resources was approved, with the financing mechanism for projects under the agreement set to enter into force on Sept. 1, the cabinet said.
