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The United States has welcomed an agreement between Iraq and Syria to rehabilitate and reconstruct the Iraq-Syria crude oil pipeline. The agreement, which has been hailed as a strategic infrastructure project, will restore a key energy corridor linking Iraqi oil production to Mediterranean export markets.
According to US officials, a US-led international consortium will oversee the project’s technical and financial implementation. The consortium will be responsible for ensuring that the rehabilitation work is carried out in a timely and efficient manner, taking into account the complexities of the project and the regional context in which it will operate.
Once rehabilitated, the pipeline is expected to have an initial transport capacity of 2 million barrels of crude oil per day. This represents a significant increase in the current capacity of the pipeline, which has been severely impacted by years of conflict and neglect.
The Iraq-Syria crude oil pipeline has been a critical infrastructure project for both countries, allowing them to export oil to global markets through the Mediterranean port of Banias in Syria. The pipeline has played a crucial role in stabilizing the economies of both countries and has also contributed to the regional energy security.
However, the pipeline has suffered significant damage in the past few years, primarily due to the ongoing conflict in Syria. The disruption of the pipeline has had a significant impact on Iraqi oil exports, resulting in losses worth millions of dollars.
The agreement to rehabilitate the pipeline is seen as a major breakthrough for the energy sector in the region. It is expected to boost energy production and exports from Iraq and Syria, creating new economic opportunities and jobs for local communities.
The US government has welcomed the agreement, describing it as a strategic initiative that will contribute to regional stability and economic growth. “This project is a major step forward for the energy sector in the region,” a US official said. “It will not only boost energy production and exports but also promote regional economic growth and stability.”
The project is expected to be completed within the next 18 months, with an estimated investment of $10 billion. The US-led consortium will provide technical and financial support to the project, which will be carried out in close coordination with the governments of Iraq and Syria.
In a statement, the White House praised the agreement, saying it demonstrates the commitment of both countries to regional stability and economic development. “We welcome the agreement between Iraq and Syria to rehabilitate the Iraq-Syria crude oil pipeline,” the White House said. “This project is a testament to the importance of regional cooperation and collaboration in promoting economic growth and stability in the Middle East.”