Baghdad: The Syrian Petroleum Company has announced that the Iraqi-Syrian oil pipeline will serve as a strategic outlet to European markets, with the project expected to be completed in approximately two and a half years. The Director of Communications and Institutions at the Syrian Petroleum Company, Safwan al-Sheikh Ahmad, revealed the details, emphasizing the project’s significance for economic growth in both Iraq and Syria.
According to Iraqi News Agency, the memorandum of understanding signed between Iraq and Syria involves conducting technical and financial surveys and studies for the proposed pipeline, which will stretch from Haditha to Banias. The pipeline’s design capacity is anticipated to be around 2.5 million barrels per day, covering a distance of about 800 kilometers. Sheikh Ahmad highlighted the high level of coordination between the Syrian and Iraqi governments, particularly following the recent visit of the Iraqi Foreign Minister to Syria, where the involvement of foreign companies in the project was discussed.
The signing of the memorandum coincided with another agreement involving the American company Chevron and companies UCC and TI to undertake the pipeline’s construction. This pipeline is expected to become a crucial channel for transporting Iraqi oil through Syria to Europe. Sheikh Ahmad mentioned an agreement between the Iraqi State Oil Marketing Company (SOMO) and the Syrian Petroleum Company to transport Iraqi fuel oil through the Al-Tanf border crossing to Banias, and subsequently to Banias refineries for re-export to Europe.
The pipeline project is anticipated to reduce transportation costs and infrastructure strain in both Syria and Iraq. It is expected to have a positive impact on the citizens of both countries. Sheikh Ahmad noted that the memorandum of understanding is likely to evolve into a full contract, with plans for mutual visits, workshops, and field visits involving technicians and engineers from both nations as the project progresses. The strong relations between Syria and Iraq are anticipated to yield joint economic benefits.