Iraq Embarks on Major Subsea Oil Pipeline Project

Iraq has inked a significant deal to build a subsea oil pipeline in collaboration with Italian contractor Micoperi and Turkey's Esta, aimed at exporting oil through its southern ports. This project is expected to have a daily capacity of 2.4 million barrels.

Iraq has taken a formidable step in its oil export strategies by signing an agreement to develop a subsea oil pipeline, the oil ministry announced on Sunday.

In collaboration with Italy's Micoperi and Turkey's Esta, the project aims to enhance Iraq's export capacity via its southern ports, reflecting a significant advancement in the country's oil export infrastructure.

The ambitious pipeline is projected to boast a capacity of 2.4 million barrels per day, though details on its final export destinations remain undisclosed, illustrating Iraq's ongoing efforts to bolster its oil industry.

(With inputs from agencies.)