Iraq planning $500 million pipelines

Iraq’s State-run South Oil Company is reportedly in talks with international oil companies to build three pipelines to connect its key oil and gas fields with the export system in the south of the country.

“We are talking to CNPC [China National Petroleum Corporation], BP, Eni and others to build three pipelines,” Dhiaa Jaafar told Dow Jones Newswires.

The three pipelines will link the Tuba, Nahr Ben Umar and Rumaila North fields with the Faw peninsula and allow the crude oil to be shipped to terminals in the Gulf.

Iraq has estimated its reserves as the second largest in the world but three decades of underinvestment and international sanctions has left it’s oil and gas infrastructure in a dire state, the ongoing security problems have also caused problems with militants recently attacking the export pipeline to Turkey.

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