Memorandums of understanding have been signed to advance the construction of a pipeline linking Haditha, Iraq, to Banias, on Syria’s Mediterranean coast, thus creating an alternative route for international oil supplies. The project is expected to be completed within two and a half years.
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Saudi Arabia’s oil company posted net profit of USD 32.5 billion in the first quarter and said a pipeline was key to bypassing transport restrictions in the Strait of Hormuz.
A bill passed in Brazil’s Chamber of Deputies that changes gas pipeline exploration law. The subject will move forward for consideration by Senate.
