US companies have signed agreements worth $60 billion with Iraq to develop new oil export infrastructure, including pipelines that would allow the country to ship crude without relying on the Strait of Hormuz.
The deals, finalized at the US Chamber of Commerce, mark a significant escalation in efforts to secure alternative energy routes amid ongoing geopolitical instability in the Persian Gulf.
Chevron was among the signatories, committing to three separate projects, one of which focuses specifically on constructing a new pipeline to provide Iraq with an independent export corridor.
The broader package also encompasses investments in healthcare, communications, and general infrastructure, reflecting a comprehensive approach to strengthening bilateral economic ties.
This development follows recent announcements by Iraq to construct a new pipeline network backed by US and Qatari firms, as well as a separate agreement with Syria to rebuild a crude pipeline to the Mediterranean.
Those earlier moves were aimed at reducing vulnerability to disruptions in the Hormuz corridor, which has seen heightened risk due to US-Iran tensions and recent military strikes.