Abu dhabi: Iraq is taking significant steps to diversify its crude oil export routes, as part of broader efforts to bolster its external relations. The Council of Ministers has recently taken decisive actions, including the activation of the Iraq-Trkiye Framework Agreement on water resources. This agreement, aimed at enhancing bilateral cooperation, will see its financing mechanism come into effect on September 1, 2026.

According to Emirates News Agency, in a move to expand Iraq's crude oil export avenues, the Council of Ministers has authorized the Chief Executive Officer of Basra Oil Company to sign a memorandum of understanding. This memorandum, between the Ministry of Oil and the Syrian Ministry of Energy, focuses on the establishment of a pipeline project. The proposed pipeline is intended to connect Iraqi oil production to global export markets through the Mediterranean Sea, thereby providing a strategic outlet for Iraq's oil exports.

Furthermore, the Council has empowered the Minister of Oil to sign a memorandum of understanding with a consortium of companies, including ConocoPhillips, TI Capital, and NovaTerr. This agreement is set to initiate discussions on evaluating the exploration and development potential of the Akkas Field, located in western Iraq, along with its surrounding regions. This move is expected to enhance Iraq's oil production capabilities and further integrate the country into the global energy market.