Iraq-Syria oil pipeline project estimated at $15 billion

The project to rebuild an oil pipeline connecting Iraq to the Mediterranean via Syria is expected to cost at least $15 billion and take approximately four years to complete. This timeline exceeds previous estimates from U.S. officials, who suggested a two-year window.

Sources indicate that the project may require laying entirely new infrastructure rather than simply rehabilitating the existing, war-damaged Kirkuk-Banias line. Potential delays could arise from the need to remove old infrastructure and secure new land-use rights from the Syrian government.

The initiative aims to provide a strategic alternative to the Strait of Hormuz, reducing reliance on a waterway impacted by regional conflict. U.S. Treasury Secretary Scott Bessent has noted the strategic importance of shifting exports to underground pipelines. Chevron is reportedly involved in feasibility studies and negotiations regarding investments linked to Iraq's West Qurna 2 and Nasiriyah fields, which the pipeline would need to connect to.