Iraq-Syria pipeline revival deal

Iraq and Syria signed a memorandum of understanding in Washington on July 17, 2026, to rehabilitate and reconstruct the Iraq-Syria crude oil pipeline, which runs from Haditha in Iraq to Baniyas on Syria's Mediterranean coast. The project, backed by a US-led consortium including Chevron, Capital TI, and Qatar's Power International Holding, aims to restore a key export route with an initial capacity of 2 million barrels per day. The pipeline has been out of service since the 2003 US invasion of Iraq. The agreement comes as global shipping through the Strait of Hormuz has sharply declined due to the US-Israeli war with Iran, prompting Iraq to seek alternative export routes. The US State Department welcomed the deal as a priority infrastructure project of strategic significance. Iraq is also expected to sign 50 agreements with the US worth $60 billion. Chevron additionally signed agreements to potentially enter the West Qurna 2 and Nassiriya oilfield oilfields.