Iraq & Syria Agree to Build Oil & Gas Pipelines

Source: bloomberg 9/16/2010, Location: Middle East

Iraq and Syria plan to build as many as three new cross-border pipelines for oil and natural gas, providing the Iraqi government with new and potentially useful options for marketing its most valuable commodities.

Officials from the two countries’ oil ministries signed a memorandum of understanding to build two oil pipelines and Iraq’s first international gas pipeline, Senior Deputy Oil Minister for Upstream operations Abdul Karim al-Luaybi said in an interview in Baghdad today. The pipelines would originate at oil fields near Kirkuk in northern Iraq and terminate at Syria’s port of Banias on the Mediterranean Sea.

The agreement comes as Iraq, home to the world’s third- biggest oil reserves, seeks to more than double its current crude production of 2.345 million barrels a day. Iraq depends on oil for most of its income and is counting on foreign companies such as Exxon Mobil Corp. to boost output at fields that have suffered from years of war, mismanagement and scant investment.

The oil ministry expects to boost daily production by about 13 percent, or 300,000 barrels a day, in the next year alone, said Abdul Mahdy al-Ameedi, deputy director general at Iraq’s Petroleum Contracts and Licensing Directorate, speaking in a phone interview on Aug. 23.


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Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


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