FINANCIAL NEWS

Iraq to transport oil via Syria pipeline

19 Sep 2010

(MENAFN) Spokesman for the Iraqi government Ali al-Dabbagh said that the establishment of a project to transport Iraqi crude oil to export terminals at the port in the Mediterranean coast through Syrian territory has been approved, Reuters reported.

Al-Dabbagh said in a statement released by his office in Baghdad that it had been agreed to establish a strategic, technical and economic cooperation in the transfer and export of crude oil between Iraq and Syria.

Al-Dabbagh emphasized that this project comes in line with the Iraqi government’s bid to develop the oil sector and promoting the levels commensurate with the actual need to increase current production and export capacity of crude oil, which effectively contribute to the construction and reconstruction in Iraq.

He explained that the project consists of a pipeline with a capacity of 1.
25 million barrels per day to transport customary crude oil with all the necessary facilities, in addition to a pipeline with a capacity of 1.5 million barrels per day to transport heavy oil.

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