Baghdad: The Ministry of Oil is advancing with the completion of technical and economic requirements for the Basra-Haditha-Kirkuk-Banias pipeline project, which is pivotal to the strategic goals of Iraq’s oil sector.

According to National Iraqi News Agency, the office of the Deputy Minister of Oil for Extraction Affairs announced that Deputy Minister Naseer Aziz led a technical meeting involving a consortium of international investment companies. The meeting included representatives from Chevron Qatar, TI Capital, and UCC, alongside relevant companies and departments within the Ministry of Oil.

Aziz highlighted that the meeting focused on the technical and economic aspects of the project, discussing its implementation requirements, phases, and strategies for progress. The goal is to devise a clear roadmap for the project’s implementation, grounded in sound technical and economic principles.

The Basra-Haditha-Kirkuk-Banias pipeline is deemed a crucial strategic project. It aims to enhance the flexibility of Iraq’s crude oil transportation and export system, diversify export outlets, and bolster the security and sustainability of Iraqi oil exports. The meeting was conducted following directives from the Prime Minister and the Minister of Oil to finalize the project’s technical and economic procedures, ensuring alignment with the strategic objectives of the oil sector and strengthening Iraq’s crude oil transportation and export capabilities.

The statement emphasized that the pipeline project is part of broader plans to develop Iraq’s crude oil transportation system and diversify export routes, ultimately enhancing the flexibility of Iraqi oil exports.