Iraq, Syria sign MoU to rebuild oil pipeline extending to Mediterranean

Iraq and Syria on Saturday signed a landmark agreement to rebuild and rehabilitate the cross-border Kirkuk-Baniyas crude oil pipeline. Bypassing the conflict-ridden Strait of Hormuz, the US-backed project aims to deliver up to 2.0 million barrels per day directly to the Mediterranean. Once completed, the Mediterranean export route will allow landlocked Iraqi crude to reach global and European markets with far greater flexibility.