Syria and Iraq Reboot Oil Pipeline Link in Face of Strait of Hormuz Crisis

Syria and Iraq are working to restore a key oil pipeline between the two countries, which is expected to be completed within three years. The Haditha-Banias pipeline will transport Iraqi oil from the country's interior to Syria's coast, where it can be exported to Mediterranean markets. A consortium of companies including Chevron will carry out the project.

The Syrian Petroleum Company CEO Youssef Qablawi said negotiations for a contract are underway and should be finalized within three months. The pipeline's capacity is estimated at between 1.5 million and 2 million barrels per day, which would generate significant revenue for Syria. Qablawi described the project as 'vital' for Syria.

The restoration of the pipeline has gained new urgency due to the closure of the Strait of Hormuz, a key maritime route for Gulf oil exports. The closure has hit Iraqi oil exports hard, and Baghdad began shipping crude through Syria by truck in April to circumvent the strait.