Baghdad, July 18 (Xinhua) -- Iraq and Syria signed a memorandum of understanding (MoU) to build a crude oil export pipeline running to Syria's Mediterranean coast, the Iraqi government announced on Saturday.
The Iraqi oil ministry said in a statement that the project is part of a strategic vision to diversify export routes, bolster energy infrastructure, and enhance regional energy security.
The ministry said that the project will be implemented by a consortium comprising U.S. oil giant Chevron and Switzerland-based driller Transocean, alongside Qatari-based international construction services company Urbacon Trading and Contracting.
The pipeline's final capacity will be determined in the upcoming technical and engineering study phase, it added.
The project is expected to boost bilateral economic cooperation, unlock new investment opportunities, and create a strategic corridor for Iraqi crude to global markets, it noted.
The agreement came as Iraq seeks to expand its oil export outlets after disruptions in the Strait of Hormuz, stemming from conflict between the United States and Iran, have taken a heavy toll on the country's oil revenues.
Iraq's economy relies heavily on crude oil exports, which make up about 90 percent of its national fiscal revenues. ■
