05:00 - 27.07.2026

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July 27, Fineko/abc.az. Iraq is preparing to sign an official memorandum of understanding with Syria on the construction of pipelines connecting its inland oil production fields to international markets via the Mediterranean.

The Iraqi Cabinet has authorized the director general of Basra Oil Company to execute the agreement with the Syrian Ministry of Petroleum.

The pipeline initiative is designed to lower transit costs and diversify export corridors for Iraqi crude heading to European markets. Alongside the pipeline mandate, the cabinet authorized discussions with a consortium featuring ConocoPhillips, TI Capital, and Novaterra for the exploration and development of the Akkas field, approved tender plans for the Integrated Qayyara Project, and sanctioned exploratory drilling in Qara Tappah.

Additionally, the cabinet approved activating the Iraq–Turkey framework agreement on water resources, with its project financing mechanism set to take effect on September 1.