Iraqi Prime Minister Ali al-Zaidi's visit to Washington resulted in landmark deals with US companies for the country's economy. According to the Prime Minister's media office, 48 agreements, memoranda of understanding, and cooperation protocols were signed covering the energy, health, and technology sectors.
According to Reuters, the total value of these deals exceeds $60 billion. The most notable among the signed collaborations was the agreement with Chevron for the reconstruction of the Iraq-Syria oil pipeline. The Iraqi state news agency announced that the project will be carried out by US energy giant Chevron.
The US State Department welcomed the plan to rehabilitate the pipeline in a statement. The statement noted that a US-led international consortium will handle the technical and financial aspects of the project, and emphasized that upon completion, the pipeline will have a capacity to transport 2 million barrels of crude oil per day. The department said the pipeline will be a critical energy corridor linking Iraqi oil to Mediterranean export markets.
US Ambassador to Ankara Tom Barrack said Iraq's recent oil pipeline deals will pave the way for a program that will make the dependence on the Strait of Hormuz for oil shipments a thing of the past. The Baghdad administration aims to develop alternative routes to the Strait of Hormuz, where shipments have been disrupted due to the US-Israel war on Iran.
In line with this strategic goal, reviving the long-dormant pipeline stretching from Iraq's Kirkuk region to Syria's Mediterranean port of Baniyas is of great importance.
The deals also envisage collaborations between the oil and electricity ministries and companies such as ExxonMobil, KBR, GE Vernova, Shell, and Halliburton. Iraq also signed an agreement with Starlink, a prominent player in global satellite communications, to bring its services to the country.
Chevron's corporate business development president Jake Spiering announced that the company signed two additional agreements with Iraq focused on increasing oil production.
Prime Minister al-Zaidi said at a business summit at the US Chamber of Commerce, "We are implementing an open-door policy. Anyone with a project can come and talk to us. We will not make things difficult for anyone."
