Syria backs $5.7 billion pipeline as 5,000 oil trucks bypass Hormuz

  • About 5,000 oil trucks now travel from southern Iraq across Syria to the Mediterranean port of Baniyas.
  • The proposed 1,000-mile pipeline would carry 2 million barrels of crude oil daily and cost $5.7 billion.
  • A consortium including Chevron, TotalEnergies, and Syrian and Qatari investors is expected to sign a final contract in September.

Syria is positioning itself as an overland energy corridor after about 5,000 trucks began carrying oil from southern Iraq to the Mediterranean port of Baniyas in April, following the stoppage of cargo traffic through the Strait of Hormuz during the U.S.-Israeli war with Iran. The Trump administration has backed a proposed Chevron-led pipeline capable of transporting 2 million barrels of crude oil per day from Basra to Baniyas. The 1,000-mile project, valued at $5.7 billion, would take at least two and a half years to build, with a final contract expected in September. Led by new president Ahmed al-Sharaa, Syria sees the project and related transport links as opportunities created by the lifting of international sanctions, but the plan faces militant threats, damaged infrastructure, limited investment and uncertainty over whether Hormuz traffic will resume.

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