Iraq takes actions to diversify its crude oil export routes

BAGHDAD, (UrduPoint / Pakistan Point News / WAM - 26th Jul, 2026) As part of efforts to strengthen Iraq’s external relations, the Council of Ministers lastnight voted to activate the Iraq–Türkiye Framework Agreement on water resources, with the financing mechanism for projects under the agreement to enter into force on September 1, 2026.

To diversify Iraq’s crude oil export routes and outlets, the Council of Ministers approved authorizing the Chief Executive Officer of Basra Oil Company to sign a memorandum of understanding between the Ministry of Oil and the Syrian Ministry of Energy concerning the establishment of a pipeline project linking Iraqi oil production to global export markets through the Mediterranean Sea.

The Council also authorized the Minister of Oil to sign a memorandum of understanding with the consortium of companies (ConocoPhillips, TI Capital, and NovaTerr) to commence discussions on assessing the exploration and development potential of the Akkas Field in western Iraq and the surrounding areas.