Studies Approved for New Iraqi Oil Export Pipelines

By John Lee.

The Council of Ministers has approved the signing by Basra Oil Company (BOC) of a Heads of Agreement (HOA) and a non-disclosure agreement (NDA) with a consortium comprising US firm Capital TI, Qatar's UCC [Urbacon Trading & Contracting], and US major Chevron.

The approval allows for a state-owned company to be added to the consortium as it proceeds with two strategic pipeline routes: a strategic export pipeline running from Basra to Haditha, Kirkuk and Ceyhan, and a second export pipeline route from Basra to Haditha and Banias.

According to the Council of Ministers, the agreements will allow the consortium to begin preparing integrated technical and financial studies comparing the viability of the two routes, without placing any final financial or contractual obligations on the Ministry of Oil.

(Source: Ministry of Oil)

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