TotalEnergies Eyes 10% Stake in Ambitious Basra-Baniyas Pipeline Project

French energy giant TotalEnergies is currently in active discussions to secure a 10 percent stake in a new international consortium planning to build the Basra-Baniyas pipeline. Chief Executive Patrick Pouyanne confirmed the talks on Monday during a ceremony at the French presidential palace in Paris, where France and Iraq signed a series of diplomatic agreements.

The $15 billion pipeline project aims to connect southern oilfields in Basra near the Arabian Gulf to Baniyas on Syria's Mediterranean coast, providing Iraq with an alternative export route. This development comes as Baghdad seeks viable solutions to ongoing oil export difficulties, exacerbated by the shutdown of the Strait of Hormuz by Iran following a joint US-Israeli attack earlier this year.

The consortium currently includes major players such as US oil and gas giant Chevron, Qatari-Syrian company UCC Holding, and US investment company TI Capital. Industry experts estimate that construction of the alternative export route will take at least four years as discussions to finalize the consortium's structure continue.

During the visit by Iraqi Prime Minister Ali Al Zaidi, Mr. Pouyanne also signed a preliminary agreement with Iraq's Ministry of Electricity Ali Wahib to strengthen Iraq's supply of liquefied natural gas. Additional agreements struck between Baghdad and Paris covered key sectors including defense, data infrastructure, and civil aviation.