Iraq, Syria Advance Mediterranean Oil Pipeline with Chevron-Led Consortium
A new agreement between Iraq and Syria could pave the way for a Mediterranean crude oil export pipeline backed by an international consortium that includes Chevron, opening an alternative route for regional energy exports.
(P&GJ) — Iraq and Syria have signed agreements with an international investor consortium led by Qatar's UCC Urbacon Concessions Investments and including Chevron Business Development EMEA Ltd. and TI Capital to evaluate development of a crude oil pipeline linking Iraq to Syria's Mediterranean coast.
The agreements, signed in Washington, D.C., establish a framework for assessing, financing and developing a cross-border pipeline that would create an alternative export route for Iraqi crude outside the Persian Gulf.
The project calls for an onshore pipeline connecting Iraqi oil production with export infrastructure on Syria's Mediterranean coast. Project partners said the corridor is intended to improve regional energy security and diversify export options by reducing reliance on existing Gulf shipping routes.
The agreements include a government-to-government memorandum of understanding between Iraq and Syria, along with separate heads of agreement between each government and the investor consortium.
UCC will coordinate the consortium, while Chevron will contribute technical and project development expertise and TI Capital will support investment planning.
Officials said the consortium will work with government ministries, regulators and state energy companies in both countries to complete feasibility studies, develop financing plans and establish the project's commercial framework.
A bilateral working group will oversee cross-border coordination while technical, financial and environmental studies advance.
"The agreements establish a coordinated framework to assess, develop, finance and implement an onshore pipeline corridor linking Iraqi crude oil production with export and delivery infrastructure on Syria's Mediterranean coast."
The consortium said the proposed pipeline would build on the historic Iraq-Syria oil connection while incorporating modern engineering, environmental, health, safety and financing standards.
Project developers emphasized that the final route, capacity, investment structure, construction schedule and commercial terms remain subject to engineering studies, commercial negotiations, regulatory approvals and execution of definitive agreements.