Iraq’s Oil Ministry announced today the Basra-Haditha pipeline project that will export 2.5 million barrels daily through three export terminals in Banias Syria, Ceyhan Turkey, and Aqaba Jordan. The project will create 15,000 Iraqi jobs and enable Iraq to utilize additional OPEC export quotas. The project represents a strategic effort to diversify crude transportation sources and maximize petroleum revenues for Iraq’s oil-dependent economy.<\/p>\n
Oil Ministry spokesman Sahib Buzoon stated: “The land route for oil export via Basra-Haditha pipeline is an auxiliary path to maritime transport which is safe, fast, and less costly.”<\/p>\n
He clarified that “export volumes via Basra-Haditha pipeline will reach 2.5 million barrels.”<\/p>\n
He emphasized it “has many benefits as it pumps crude oil to refineries located in central, southern, and northern Iraq for producing petroleum derivatives.”<\/p>\n
The project features:<\/p>\n
Export of 2.5 million barrels daily
\nHigher safety and speed than maritime transport
\nLower costs compared to alternative routes
\nSupply of domestic refineries with crude oil<\/p>\n
Buzoon identified the terminals:<\/p>\n
Banias in Syria
\nCeyhan in Turkey
\nAqaba in Jordan<\/p>\n
Each capable of handling “2.5 million barrels daily capacity.”<\/p>\n
This diversification reflects Iraqi strategy to reduce dependence on single export point.<\/p>\n
Multiple terminals provide:<\/p>\n
Flexibility in export operations
\nReduced geopolitical risks
\nAlternative options during crises
\nEnhanced economic security<\/p>\n
Buzoon noted that “the pipeline includes 56 major pumping stations.”<\/p>\n
This large number reflects:<\/p>\n
Advanced engineering complexity
\nSophisticated technical capabilities
\nAdvanced pumping and control systems
\nInternational safety standards<\/p>\n
Include:<\/p>\n
Modern pumping systems
\nAdvanced automated control
\nInternational safety standards
\nContinuous performance monitoring<\/p>\n
Buzoon stated: “Project work began following Council of Ministers and Oil Ministry decision during 2024.”<\/p>\n
He explained “implementation was delayed due to lack of liquid funds with $5 billion allocated.”<\/p>\n
He added “$1.5 billion has been allocated with the remainder in installments.”<\/p>\n
Total project budget:<\/p>\n
$5 billion total cost
\n$1.5 billion allocated
\nRemaining funds in installments
\nGovernment budget financing<\/p>\n
Buzoon stated “workforce on the project reaches approximately 15,000 Iraqi workers.”<\/p>\n
This number represents:<\/p>\n
Significant economic opportunities
\nSupport for Iraqi labor market
\nLocal employment opportunities
\nIncome improvement for Iraqis<\/p>\n
Include:<\/p>\n
Creating 15,000 job opportunities
\nDirect worker income
\nLocal economic revitalization
\nSkills and experience development<\/p>\n
Buzoon confirmed “pipeline’s domestic benefits exceed external ones.”<\/p>\n
He explained “transport vessels carrying crude from southern fields will use pipelines to fill refineries.”<\/p>\n
This means the project serves domestic consumption first.<\/p>\n
Iraq benefits from:<\/p>\n
Supply of crude to refineries
\nLocal petroleum derivative production
\nReduced fuel imports
\nImproved economic situation<\/p>\n
Buzoon referenced “activation of important Kirkuk-Ceyhan pipeline which the Ministry is operating at 1.6 million barrels daily capacity.”<\/p>\n
He clarified it “is not a substitute for maritime transport but an auxiliary in crises to diversify oil export outlets.”<\/p>\n
This reflects comprehensive diversification strategy.<\/p>\n
The plan includes:<\/p>\n
Basra-Haditha pipeline (2.5 million barrels)
\nKirkuk-Ceyhan pipeline (1.6 million barrels)
\nMaritime transport (primary)
\nComplete source diversification<\/p>\n
Buzoon affirmed “the project is not temporary nor a substitute for maritime transport.”<\/p>\n
Rather it comes “within Oil Ministry’s plan to diversify crude pumping sources to maximize revenues.”<\/p>\n
He clarified “Iraq depends more than 90 percent on oil.”<\/p>\n
This reflects:<\/p>\n
Importance of protecting petroleum economy
\nNecessity of diversifying export sources
\nReducing geopolitical risks
\nMaximizing revenues and benefits<\/p>\n
Buzoon stated: “This project will enable us to utilize additional oil export increases granted by OPEC.”<\/p>\n
He added “Iraq managed to export two shipments during April.”<\/p>\n
This demonstrates immediate project benefits.<\/p>\n
The project enables:<\/p>\n
Utilizing additional OPEC quotas
\nIncreasing petroleum exports
\nImproving financial revenues
\nStabilizing government budget<\/p>\n
Oil prices “recorded today a decline exceeding 5 percent.”<\/p>\n
Brent crude “fell 5.1% to reach $96.06 per barrel.”<\/p>\n
West Texas Intermediate “declined 5.5% to settle at $89.87 per barrel.”<\/p>\n
Decline attributed to:<\/p>\n
Optimism regarding tensions reduction
\nExpectations of ending regional war
\nReduced supply disruption concerns
\nAnticipated market stability<\/p>\n
Price decline reflects:<\/p>\n
Hopes for geopolitical tensions easing
\nExpectations of stability return
\nMarket confidence in positive developments
\nReduced risk premium<\/p>\n
Price decline may affect:<\/p>\n
Iraqi petroleum revenues
\nGovernment budget and spending
\nPlanned development projects
\nOverall economic stability<\/p>\n
Despite current price declines:<\/p>\n
Project remains strategically vital
\nLong-term revenue protection necessary
\nEconomic diversification essential
\nRevenue stability assured<\/p>\n
The project ensures:<\/p>\n
Economic stability despite price fluctuations
\nMaximum revenue utilization
\nImproved infrastructure capabilities
\nEnhanced export flexibility<\/p>\n
The Basra-Haditha pipeline project reflects Iraq’s comprehensive strategy to diversify crude oil export sources and maximize petroleum revenues. With capacity for 2.5 million barrels daily, creation of 15,000 jobs, and export flexibility through three terminals, the project represents crucial progress toward Iraqi economic independence. Despite current oil price declines, the project remains vital for ensuring long-term stability of Iraq’s oil-dependent economy and achieving sustainable economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Iraq’s Oil Ministry announced today the Basra-Haditha pipeline project that will export 2.5 million barrels daily through three export terminals in Banias Syria, Ceyhan Turkey, and Aqaba Jordan. The project will create 15,000 Iraqi jobs and enable Iraq to utilize additional OPEC export quotas. The project represents a strategic effort to diversify crude transportation sources […]<\/p>\n","protected":false},"author":1,"featured_media":33675,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","override":[{"template":"7","parallax":"1","fullscreen":"1","layout":"left-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"topbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"1","show_post_related":"0","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0"},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"jnews_post_split":{"post_split":[{"template":"1","tag":"h2","numbering":"asc","mode":"normal","first":"0","enable_toc":"0","toc_type":"normal"}]},"footnotes":""},"categories":[196],"tags":[],"class_list":["post-33674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy"],"_links":{"self":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/33674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/comments?post=33674"}],"version-history":[{"count":0,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/33674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media\/33675"}],"wp:attachment":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media?parent=33674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/categories?post=33674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/tags?post=33674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}