Syria and Iraq have signed a memorandum of understanding to rebuild the long-defunct Kirkuk-Baniyas pipeline, first built in 1952 and shut since 2003 after being damaged during the US-led invasion of Iraq. The project, estimated to cost between $4–8 billion, involves the Syrian Petroleum Company, Iraq's Basra Oil Company, and a consortium including Chevron. Officials say the 800-kilometre route could eventually carry more than two million barrels of oil per day to the Mediterranean, generating transit, storage and refining revenue for Damascus while creating thousands of construction jobs.
Al Jazeera’s Obaida Hitto reports from Baniyas, Syria.
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