Iraq is accelerating plans to build new oil pipelines to Mediterranean ports in Turkey and Syria, with Oil Minister Basim Khudair confirming a feasibility study is underway for routes linking Basra and Kirkuk to Ceyhan and Baniyas, eventually extending to Jordan's Aqaba port.
Prime Minister Ali al-Zaidi returned from Washington with a $60 billion deal package that includes the U.S. State Department providing technical support for pipeline reconstruction. Chevron will lead a consortium to rebuild the 700,000 barrels-per-day Kirkuk-Baniyas line, while ConocoPhillips will acquire a 42% stake in BP Energy Company of Kirkuk Limited to revive northern Iraqi oil fields.
The push comes as Iraq seeks alternatives to the Strait of Hormuz, which handles 20 million barrels daily. Oil accounts for more than 90% of Iraqi state revenue, and Baghdad currently exports via a Kurdistan pipeline with a second line in testing.