BAGHDAD, April 13 (Xinhua) -- Iraq's state-run Basra Oil Company (BOC) signed a contract on Sunday with an Italian-Turkish consortium to develop a new offshore oil export pipeline, aimed at enhancing the country's crude export capacity from its southern terminals.
The Iraqi Oil Ministry said in a statement that the agreement was signed with Italy's MICOPERI and Türkiye's ESTA, under the patronage of Oil Minister Hayan Abdul Ghani.
Abdul Ghani described the project as a strategic step toward improving the flexibility and stability of Iraq's southern crude exports. The new offshore pipeline is expected to have a capacity of around two million barrels per day, the ministry said.
Crude oil exports are the backbone of Iraq's economy, accounting for roughly 90 percent of the country's total revenues. ■
