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A project to build a new oil pipeline from Iraq through Syria to the Mediterranean Sea, aimed at reducing dependence on the Strait of Hormuz, would take at least four years and cost $15 billion, RIA Novosti reports.
The project would require the construction of entirely new infrastructure rather than the renovation of the existing pipeline. Executives from US energy companies are promoting the project as part of a strategy to reduce the oil sector’s dependence on the Strait of Hormuz. A consortium involving Chevron has already received preliminary backing to conduct feasibility studies.
Earlier, US Treasury Secretary Scott Bessent said the Strait of Hormuz could lose its significance over the next two years. According to him, before the war, around 20% of global oil and liquefied natural gas exports passed through the strait, but a significant share of those volumes could eventually be rerouted through overland pipelines.
Iraq had previously also discussed the construction of a new oil pipeline with Syria. In June, Iraqi Foreign Minister Fuad Hussein said the two sides were considering the project with the participation of foreign companies.