Iraq has signed several agreements with Western companies to strengthen its energy sector and expand export routes. The Iraq oil deals include a plan to restore the Iraq-Syria crude oil pipeline. As a result, Iraq hopes to reduce its reliance on the Strait of Hormuz for oil exports.
The agreements were signed during a US-Iraq business summit in Washington. They cover the energy, healthcare, and technology sectors. According to Iraqi officials, the combined value of the deals exceeds $60 billion.
One agreement focuses on rebuilding the pipeline linking Iraq’s Kirkuk oil fields to Syria’s Mediterranean port of Baniyas. Iraqi state media reported that Chevron will lead the project. Meanwhile, the United States welcomed the agreement and expressed support for the initiative.
The US Department of State said a US-led international consortium will manage the technical and financial work. After completion, the pipeline will transport up to two million barrels of crude oil each day. Therefore, officials believe the project will strengthen Iraq’s export capacity.
Chevron also signed two additional agreements to increase Iraq’s oil production. Furthermore, company officials said the projects would support long-term energy development. They expect the investments to boost cooperation between Iraq and international energy companies.
In addition, Iraq signed an agreement allowing Starlink, the satellite internet service owned by SpaceX, to operate officially in the country. Officials believe the partnership will improve internet access and strengthen digital services nationwide.
US Ambassador to Türkiye Tom Barrack praised the pipeline project. He said it could reduce Iraq’s dependence on the Strait of Hormuz. At the same time, he described the project as an important step toward improving energy security and export flexibility.
The new Iraq oil deals show Baghdad’s commitment to attracting foreign investment and expanding its economy. Finally, Prime Minister Ali al-Zaidi said Iraq welcomes international investors and will continue supporting projects that encourage long-term economic growth.
