Iraq plans two new oil export routes via Fishkhabur and Banias.
The Iraqi Ministry of Oil announced on Monday its intention to establish a new pipeline system for transporting and exporting crude oil via two routes to Fishkhabur and Banias, as part of its plans to develop infrastructure and diversify the outlets for exporting Iraqi crude to global markets. Dailynews reports
The ministry said in a statement, received by Shafaq News Agency, that its Undersecretary for Extraction Affairs, Naseer Aziz, chaired a meeting to discuss the project to establish the new pipeline system, stressing that the proposed routes will provide additional export outlets in addition to the main outlet in southern Iraq, which will enhance the flexibility of the export system and provide multiple options for marketing and transporting crude oil.
Aziz explained that the project includes two routes, the first being Basra – Haditha – Fishkhabur, and the second being Haditha – Banias, indicating that its implementation will contribute to developing the infrastructure for transporting and exporting crude oil and enhancing Iraq’s ability to diversify the routes and outlets of its oil exports.
He stressed the importance of expediting the development of project implementation mechanisms and identifying its technical and operational requirements and needs, in addition to completing discussions with the consortium of international companies UCC, TI CAPITAL and CHEVRON regarding investment in implementing the project using the BOOT method.
The meeting was attended by the Director General of Basra Oil Company, representatives from North Oil Company, Missan Oil Company, SOMO Oil Marketing Company, and the Department of Studies, Planning and Follow-up.
It is worth noting that Iraq and Syria signed a memorandum of understanding on July 17, under US auspices, to restart the Kirkuk-Banias pipeline, allowing the resumption of Iraqi oil transport to Mediterranean ports via Syrian territory, in a move aimed at diversifying export outlets and strengthening economic cooperation between the two countries.
Shafaq.com