Iraq has announced plans to rebuild a cross-border oil pipeline.

On the 18th local time, the Iraqi Ministry of Oil announced that Iraq and Syria have signed a memorandum of understanding to refurbish an oil export pipeline from Iraq to the Syrian Mediterranean coast. It is understood that this oil pipeline was originally built in 1952, starting in Kirkuk, Iraq, and ending in Banias, Syria, with a total length of about 800 kilometers. The pipeline suffered severe damage during the Iran-Iraq War and the Iraq War, and has been abandoned for a long time. The Iraqi Ministry of Oil stated that this project will help diversify Iraq's oil export routes, strengthen energy infrastructure construction and regional energy security, and create a new strategic corridor for Iraqi oil to reach global markets. Due to recent blockages in the Strait of Hormuz, Iraqi oil exports have been greatly restricted. Before the outbreak of the conflict with Iran, 95% of Iraq's oil was exported through the Strait of Hormuz, and the government's finances relied on oil revenue for 90%. According to the British Wood Mackenzie consulting firm, Iraq's maritime oil exports plummeted to 8% of the same period last year in May this year. In order to open up export channels, Iraq has turned its attention to this long-neglected pipeline. However, some analysts believe that as the pipeline has been abandoned for a long time, it will require comprehensive repairs, which could take two to three years to complete.