Iraq Approves Basra Crude Oil Transfer and Storage at Syrian Ports Baniyas and Tartus

The Iraqi Cabinet has approved a contract between the Iraqi Ministry of Oil and the Syrian side to facilitate the transfer, storage, and handling of quantities of crude oil through the Mediterranean ports of Baniyas and Tartus.

This arrangement includes shipments of Basra crude oil encompassing light, medium, and heavy grades.

Additionally, the Cabinet agreed to establish a representative office for the Ministry of Oil to manage export operations via this route.

The Cabinet also endorsed the recommendations from a meeting held on May 20 between the Prime Minister and senior officials of the Ministry of Oil. The plan outlined aims to maximize crude oil export capacities by increasing pipeline exports from 220,000 barrels per day to 770,000 barrels per day in two phases over two and a half months.

Moreover, the plan includes raising truck-based oil exports to neighboring countries to reach 420,000 barrels per day across three stages.

The recommendations further granted the Minister of Oil the necessary financial and contractual authorities. The Oil Marketing Company is tasked with undertaking the required procedures to contract for the new quantities.

There is also a directive to resume operations of the Fluid Catalytic Cracking (FCC) units in refineries through the Japanese operating company.