Iraq will invest 1.5 billion dollars this year to build a crude oil export pipeline.

The cabinet of Iraq, the second largest oil-producing country in the Organization of the Petroleum Exporting Countries, has issued a statement saying that the country has approved a budget of 1.5 billion US dollars for the construction of a new multi-directional crude oil export pipeline, ensuring that crude oil can be flexibly transported to the three major ports of Basra, Banias, and Aqaba. The total project cost is estimated to be 5 billion US dollars. The pipeline will start in the southern province of Basra and extend to the western region of Haditha. Upon completion, the pipeline will provide flexibility in supplying oil to refineries in the central and northern regions, and will increase overall production capacity.