Iraq plans to raise pipeline oil exports to 770,000 barrels a day in 75 days

BAGHDAD, Iraq — Iraq aims to increase oil exports through pipelines from 220,000 barrels a day to 770,000 barrels a day within 75 days, as part of a plan to redirect shipments away from the Strait of Hormuz. The plan would shift exports to Turkey’s Ceyhan Port and to new shipping routes through Syria, according to the source text. The Council of Ministers approved a two-stage pipeline extension and a plan to raise oil exports by tanker to neighboring countries to 420,000 barrels a day. It also approved an agreement between the Iraqi Oil Ministry and Syria on transporting, storing and handling crude oil through the ports of Baniyas and Tartus. Iraq has also started construction on the Basra-Haditha pipeline. The line is backed by $1.5 billion in financing from an agreement with China and is expected to reach a capacity of about 2.25 million barrels a day. The project is intended to strengthen the domestic transport system and connect it to future export facilities.