INA–Damascus
The Syrian Petroleum Company confirmed on Tuesday that the Iraqi-Syrian oil pipeline will serve as a strategic outlet to European markets, noting that the project's completion will take approximately two and a half years.
The Director of Communications and Institutions at the Syrian Petroleum Company, Safwan al-Sheikh Ahmad, told the Iraqi News Agency (INA): "The memorandum of understanding signed between Iraq and Syria includes conducting technical and financial surveys and studies for an oil pipeline project extending from Haditha to Banias."
He explained that "this strategic pipeline will play a significant role in the economic growth of the two brotherly countries," pointing to "the high level of coordination between the Syrian and Iraqi governments on the oil file, especially after the recent visit of the Iraqi Foreign Minister to Syria, during which the participation of foreign companies in this project was discussed."
Sheikh Ahmad added that the signing of the memorandum of understanding coincided with the signing of another memorandum between the American company Chevron and the companies UCC and TI to carry out the pipeline's construction, explaining that "the pipeline's design capacity is approximately 2.5 million barrels per day, with a length of about 800 kilometers, and the project is expected to take between two and two and a half years to complete."
"The pipeline represents a vital artery for transporting Iraqi oil through Syrian territory towards Europe," Sheikh Ahmed stated.
He clarified that the past few months witnessed the signing of an agreement between the Iraqi State Oil Marketing Company (SOMO) and the Syrian Petroleum Company to transport Iraqi fuel oil through the Al-Tanf border crossing to Banias and then to the Banias refineries before re-exporting it to Europe by tankers.
"The project of this pipeline will contribute to reducing the effort and costs associated with transportation operations and will lessen the strain on infrastructure in both Syria and Iraq," he added, confirming, "The project will have a positive impact on the Iraqi and Syrian people."
Sheikh Ahmed pointed out that the memorandum of understanding will later be developed into a full contract or agreement, with the expectation of implementing mutual visits between the two sides during the next stages, in addition to holding workshops and field visits for technicians and engineers from both countries in the event of starting to implement the project on the ground while stressing that "the strong relations between the Syrian and Iraqi peoples will in turn be reflected in joint economic benefits."
