Iraq, Syria to sign pipeline deal to link oil production sites to global markets

Iraq's cabinet authorized Basra Oil Co. to sign a memorandum of understanding with Syria's oil ministry for building pipelines linking oil production sites to global export markets via the Mediterranean.

The Iraqi government instructed the oil minister to sign a memo with a consortium including ConocoPhillips, TI Capital, and Novaterra to discuss exploration and development of the Akkas field.

The oil ministry will announce the Integrated Qayyara Project for bidding to develop Iraq's oil infrastructure and increase output capacity.

The cabinet approved a tender to drill an exploratory well in Qara Tappah and activated the Iraq–Turkey framework agreement on water resources, effective September 1.

The pipeline deal aims to connect Iraqi oil production to global markets through Syrian territory.