Oil minister Bassim Khudair said this week that new pipeline projects to bypass the Strait of Hormuz and revamp Iraq’s domestic network will require an investment of “no less than $15bn.” Speaking on 8 August, he stated that the figure is yet to be finalized, and that talks are ongoing with a consortium of Chevron, Qatari-Syrian firm UCC Holding and US investment fund TI Capital.
The firms signed a preliminary agreement with Iraq last month to study future pipeline routes to Turkey and Syria (MEES, 17 July). These will be enabled by the long-planned 2.25mn b/d Basra-Haditha pipeline project, which will carry crude oil from Basra to the north, replacing the country’s aging Strategic Pipeline. The new pipelines are to be built on BOOT basis, and Mr Khudair indicated that a “second phase” may include a future connection to Jordan’s Aqaba. (CONTINUED - 381 WORDS)