The Iraqi government has authorized the signing of a memorandum with Syria regarding the construction of oil pipelines that will connect Iraqi fields with global export markets via the Mediterranean Sea. This was reported by Bloomberg, writes UNN.
Details
The Iraqi Cabinet has allowed the General Director of Basra Oil Co. to sign a memorandum of understanding with the Syrian Ministry of Oil for the implementation of the pipeline construction project.
The government also instructed the Oil Minister to sign a memorandum with a consortium that includes ConocoPhillips, TI Capital, and Novaterra to begin negotiations on the assessment, exploration, and development of the Akkas field and adjacent territories.
In addition, the Iraqi Ministry of Oil will announce a tender for the implementation of the "Integrated Qayyarah" project, which involves the development of the country's oil infrastructure and an increase in production capacity. The Cabinet also approved a tender for drilling an exploration well in the Kara-Tappa area.
Separately, the Iraqi government announced the activation of a framework agreement with Turkey on cooperation in the field of water resources. The financing mechanism for projects under this agreement will take effect on September 1.
G7 central banks prepare for rate decisions amid rising oil prices – Bloomberg26.07.26, 04:57