Iraq Approves Basrah-Haditha Oil Pipeline Project

Iraq has approved the construction of the Basrah-Haditha oil pipeline, a $4.6 billion (5.97 trillion Iraqi dinars) initiative aimed at enhancing the country's oil transport capacity and boosting production from 4 million barrels per day to 6 million by 2028. The development will be led by the state-run Basra Oil Company and Oil Projects Company, funded under the Iraq-China agreement, reflecting growing economic ties between the two nations. The 685-kilometer pipeline is expected to streamline crude distribution across Iraq’s central and southern regions, with construction set to be completed within 720 days. Additionally, Iraq plans to award new oil and gas concessions to international companies, aiming to increase recoverable oil reserves to 160 billion barrels. This project is part of Iraq's broader strategy to solidify its role in the global energy market and drive economic growth.