Baghdad - INA
Oil Minister Basim Mohammed Khudair al-Abadi confirmed on Wednesday that Iraq is seeking to establish significant partnerships with major international companies. He also stated that the new oil pipelines will provide two additional outlets to enhance export flexibility.
Al-Abadi told the Iraqi News Agency (INA): "Iraq is seeking to establish significant partnerships with major international companies, which is why American companies have been so favored." He noted that "today's visit to Washington and the meeting with the US President included frank discussions."
He added that "there is a shared understanding between US President Donald Trump and Iraqi Prime Minister Ali al-Zubaidi regarding attracting international companies."
Al-Abadi pointed out that "before the war, we had a strategy of diversifying oil export routes, as a country like Iraq, with its vast oil and gas reserves, cannot remain dependent on a single outlet, namely the Strait of Hormuz." He explained that "economic and financial problems were preventing us from implementing the pipeline project."
He further explained, "Today, there is a consortium of two American companies, TI Capital and Chevron, in addition to the Qatari company UCC. An Iraqi company will also participate as a private entity in implementing a pipeline system from Basra to Fishkhabur, connecting to Ceyhan, and a branch from Haditha to Banias."
The Oil Minister emphasized that "this will provide, in addition to the Strait of Hormuz outlet, two export routes for oil: through Ceyhan and through Banias."
