Iraq and Syria signed a memorandum of understanding (MoU) to rebuild a long-defunct crude oil export pipeline running to Syria's Mediterranean coast, the Iraqi government announced on Saturday.
The Iraqi oil ministry said in a statement that the project is part of a strategic vision to diversify export routes, bolster energy infrastructure, and enhance regional energy security.
The pipeline, originally built in 1952, runs about 800 km from the oil-rich Kirkuk region in northern Iraq to Syria's Mediterranean port of Baniyas. It has been closed for years since it was damaged during the Iran-Iraq War and the Iraq War.
According to the ministry, the project will be implemented by a consortium comprising U.S. oil giant Chevron and Switzerland-based driller Transocean, alongside Qatari-based international construction services company Urbacon Trading and Contracting.
The pipeline's final capacity will be determined in the upcoming technical and engineering study phase, it added.
Expected benefits of the project will include new investment opportunities, and the creation of a strategic corridor for Iraqi crude to global markets, and boosted bilateral economic cooperation with Syria, the ministry noted.
The agreement came as Iraq seeks to expand its oil export outlets after disruptions in the Strait of Hormuz, stemming from conflict between the United States and Iran, have taken a heavy toll on the country's oil revenues.
According to UK-based consulting firm Vortexa, in May this year, Iraq's seaborne oil exports plummeted to just 8 percent of the same period last year.
Iraq's economy relies heavily on crude oil exports, which make up about 90 percent of its national fiscal revenues.
Iraq, Syria sign MoU to rebuild oil pipeline extending to Mediterranean
Business leaders, researchers and entrepreneurs from around the world gathered at the 2026 World Artificial Intelligence Conference (WAIC), where discussions are focusing on turning AI innovation into cross-border partnerships and real-world applications.
The 2026 WAIC is running in Shanghai from Friday to Monday under the theme "AI Partnership for a Brighter Future."
Across the exhibition halls, conversations often extended beyond product demonstrations, with visitors exploring potential partnerships, supply chains and overseas expansion.
Among them was Paolo Brizzi, chief information officer of Italy's Competence Center for Industry and Manufacturing (CIM), who met with a Chinese AI company to discuss cooperation ranging from industrial applications to entering the European market.
"My point is not to be a customer or a provider of technologies, but to identify parts [where we can] actually collaborate and work together," he said.
The four-day conference has also created opportunities for startups to connect with investors, researchers and potential customers. One startup launched an online networking group on the opening day, attracting hundreds of participants who exchanged ideas, explored business opportunities and sought technical solutions.
Participants said AI innovation depends not only on technological breakthroughs but also on cooperation across industries and countries.
"Collaboration is important because alone you cannot do so much. It needs to be a team support ecosystem," said Florian Wohlrab, CEO of Canada-based OpenHW Foundation.
For many international visitors, the conference is also an opportunity to explore how AI can help address practical challenges. Omar Khan, a participant from Pakistan, said international cooperation is essential to ensuring AI benefits everyone.
"I think, for me, we are all the one. We're human and I think we can cooperate a lot," he said.
Some attendees were looking for solutions to challenges in their home countries. A visitor from Kenya said AI applications such as weather forecast and soil analysis could help improve agricultural productivity across many parts of Africa, where farming remains a cornerstone of the economy.
As countries race to advance AI technologies, participants at this year's WAIC said the conference has become a platform for connecting ideas, technology and demand across borders, helping turn AI innovation into practical international cooperation.
World AI Conference highlights growing demand for global AI partnership
