The Parliamentary Oil, Gas and Natural Resources Committee stressed the importance of restoring the Kirkuk-Baniyas line, which connects Iraqi oil wells to the Syrian ports.

Committee member Zainab al-Moussawi said, in a press statement today, Thursday, that the "Kirkuk-Baniyas pipeline" will reduce the costs of transporting and exporting oil, as it is a shortcut to the northern Iraqi oil fields across the Mediterranean sea, which contain oil reserves estimated at 13 billion barrels, which constitutes 12% of the total Iraqi reserves of crude oil.

She added, "The Kirkuk-Baniyas pipeline allows Iraq to benefit from the Syrian oil refineries as an alternative to the refineries targeted by the Iraqi government in distant countries, and it will also help Iraq increase its daily oil production because the pipeline is designed for a large export capacity, and Iraq is working to increase production to 8 million barrels per day by 2027."

Al-Moussawi revealed that there is an exchange of views on launching investments in the field of oil and energy in both countries by providing facilities for Iraqi companies wishing to invest in the oil field in Syria, which in turn will ensure the re-operation of the "Kirkuk-Baniyas" oil pipeline that connects Iraqi oil wells with Syrian ports.

The establishment of the Iraqi-Syrian oil export pipeline "Kirkuk-Baniyas" dates back to 1952 and was implemented by the "British Petroleum" company after World War II.

Source: National Iraqi News Agency