I raq’s cabinet has approved an IQD 1.2 tn (USD 1.26 bn) major oil pipeline project, according to a cabinet statement.Iraq’s Finance Ministry will provide the funds for the project, which involves two marine pipelines and the development of an oil export terminal, Zawya cites Iraqi outlets as saying.

ICYMI- Funds for the Sealine 3 project were approved back in June, but have since been held by the Finance Ministry. They have now been allocated as part of the Oil Ministry’s planned budget for investments for the next three years, according to the statement.

What we know: The funds will be put towards construction of two pipelines as part of the project dubbed Sealine 3, which includes the rehabilitation of the Khor Al Amaya oil export terminal, and of a new marine platform in Basra port, the outlet writes. The subsea oil export pipeline project is reported to be carried out by Dutch dredging, maritime, and infrastructure leader Boskalis, the outlet adds.

The expected impact: Theproject will allow Iraq to increase oil production by 500k barrels per day (bbl /d) and avoid the loss of some 2 mn bbl / d if these projects are not executed, Zawya quotes officials as saying.

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