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Iraq and Syria sign a historic U.S.-backed agreement in Washington to rebuild the Kirkuk–Baniyas crude oil pipeline, creating a major land route from northern Iraq to Syria’s Mediterranean coast. The project aims to carry up to 2 million barrels per day and reduce dependence on the volatile Strait of Hormuz. A U.S.-led consortium including Chevron, UCC Holding, and TI Capital will support execution. The deal also boosts Syria through future transit fees and reflects a wider Western effort to weaken Iran’s leverage over regional energy flows.
Friday, 17 July, 2026