The French oil company TotalEnergies plans to acquire a stake in a consortium that will build an oil pipeline from Iraq to the Mediterranean Sea, bypassing the Strait of Hormuz, according to CEO Patrick Pouyanne.
“Total is in active talks to participate in a consortium that plans to build an oil pipeline from Basra to Baniyas in Syria“, he told The National newspaper.
The French company is seeking to acquire a 10% stake in the consortium. According to the publication, this oil pipeline could become an alternative route for oil exports, especially in light of the conflict over the Strait of Hormuz.
The consortium already includes the American company Chevron, the investment company TI Capital and the Qatari-Syrian UCC Holding. Experts estimate the project's cost at approximately $15 billion, and construction will take at least four years.