(Reuters) — Iraq has signed a deal to establish a subsea oil pipeline for exports via its southern ports, the country's oil ministry said on Sunday.

The project is in cooperation with Italian offshore contractor Micoperi and Turkey's Esta for a pipeline with capacity of 2.4 million barrels per day (bpd), the ministry said without providing further detail on the destination of the exports.

$4.6 Billion Basrah-Haditha Pipeline

In December 2024, Iraq’s cabinet approved the Basrah-Haditha oil pipeline project, a major infrastructure initiative expected to cost approximately 5.97 trillion Iraqi dinars ($4.56 billion), according to a statement from the Prime Minister’s office.

The oil ministry previously said the pipeline would transport crude oil to the country’s central and southern regions. Iraq’s current production is around 4 million barrels per day.