Iraqi Oil Pipeline Plan Hits Major Roadblocks Amid Delays and High Costs
The proposed pipeline to transport Iraqi crude oil to Syria's Mediterranean coast is facing significant challenges. The project, which aims to bypass the Strait of Hormuz and reduce reliance on this strategic waterway, has been estimated to require at least four years and $15 billion in investments.
The U.S. Administration supports the project as a way to decrease the importance of the Strait of Hormuz in global oil supply, but experts say that actual construction would take longer than anticipated due to existing infrastructure issues.
A consortium led by Chevron is reviewing and assessing the feasibility of the pipeline plan, which includes new infrastructure and potentially two pipelines with capacities ranging from 1.5 million barrels per day (bpd) to 2 million bpd.