Iraq has signed dozens of preliminary agreements with Western oil companies, including a significant deal to revive a crude oil pipeline to Syria, as the nation seeks to reduce its reliance on the Strait of Hormuz for exports. The agreements were finalized at a United States-Iraq business summit held on Friday at the US Chamber of Commerce in Washington.

The primary focus of the summit was the preliminary deal to reconstruct the defunct Iraq-Syria crude oil pipeline. This pipeline, which once ran from Iraq’s oil-rich Kirkuk region to the Syrian Mediterranean port of Baniyas, is intended to provide Baghdad with an alternative route for its oil exports. Major U.S. energy company Chevron is slated to undertake the reconstruction project, according to Iraq’s state news agency.

The U.S. Department of State welcomed the initiative, stating that a "US-led international consortium" would manage the technical and financial aspects of the pipeline's rehabilitation. The department indicated that upon completion, the pipeline would have an initial capacity to transport 2 million barrels of crude oil per day, describing it as a "critical energy corridor" linking Iraqi production to Mediterranean markets.

U.S. Ambassador to Turkiye, Tom Barrack, expressed optimism about the agreements, suggesting they could lead to a program that "will make the Strait of Hormuz an afterthought." Beyond the Syria pipeline, Chevron also finalized two additional agreements with Iraq aimed at increasing oil production, according to Jake Spiering, Chevron's president of corporate business development.

In total, the preliminary agreements between Iraqi officials and U.S. firms span the energy, healthcare, and technology sectors, with an estimated combined value exceeding $60 billion, Reuters reported. This broad scope of deals underscores Iraq's strategy to diversify its economy and attract foreign investment across multiple industries.

Iraqi Prime Minister Ali al-Zaidi articulated the government's welcoming stance at the summit, stating, "We are using an open-door policy." He added that the administration aims to facilitate business, assuring potential investors, "Everybody who has a project can come and talk to us. We will not make it difficult for anyone."

The revival of the Iraq-Syria pipeline is particularly significant given the current geopolitical climate and disruptions in the Strait of Hormuz, a vital chokepoint for global oil transit. Recent escalations in the US-Israel war against Iran have heightened concerns over the security and stability of this maritime route.

Alongside energy sector agreements, Iraq also formalized an arrangement with Starlink, Elon Musk's SpaceX venture, for its formal operation within the country, according to Iraqi state media. This indicates a push by Iraq to enhance its technological infrastructure and connectivity.