Baghdad: Oil Minister Basim Mohammed Khudair al-Abadi confirmed on Wednesday that Iraq is seeking to establish significant partnerships with major international companies. He also stated that the new oil pipelines will provide two additional outlets to enhance export flexibility.

According to Iraqi News Agency, Al-Abadi mentioned that Iraq has favored American companies for partnerships, which aligns with the nation's strategy to diversify oil export routes. He highlighted that during his recent visit to Washington, discussions with US President Donald Trump and Iraqi Prime Minister Ali al-Zubaidi focused on attracting international companies to Iraq.

Al-Abadi noted that Iraq's strategic plan to diversify its oil export routes has been longstanding, emphasizing the need to reduce reliance on the Strait of Hormuz. He elaborated that economic and financial challenges have previously hindered the implementation of pipeline projects.

He detailed that a consortium of two American companies, TI Capital and Chevron, along with the Qatari company UCC and an Iraqi private entity, will be responsible for implementing the pipeline system. This system will run from Basra to Fishkhabur, connecting to Ceyhan, with an additional branch from Haditha to Banias.

The Oil Minister emphasized that this initiative will offer Iraq two new export routes for oil, complementing the Strait of Hormuz with pathways through Ceyhan and Banias.