Iraq-Syria Pipeline Deal to Link Oil Production Sites to Global Markets

A pipeline deal is set to be signed between Iraq and Syria, linking oil production sites in both countries to global markets via the Mediterranean.

The Iraqi cabinet has authorized the director general of Basra Oil Co. to sign a memorandum of understanding with the Syrian oil ministry on the project's construction.

Iraq's government also instructed the oil minister to sign an agreement with a consortium consisting of ConocoPhillips, TI Capital, and Novaterra to discuss the exploration and development of the Akkas field.