American oil giant Chevron has signed a memorandum of understanding with Iraq to supply oil via a route that bypasses the Strait of Hormuz, according to a report from The Zioneer. The agreement is the latest in a series of US-linked energy deals aimed at reducing reliance on the strategic waterway.
American oil giant Chevron has signed a memorandum of understanding with Iraq to supply oil via a route that bypasses the Strait of Hormuz, according to a report from The Zioneer. The deal adds to a growing list of US-linked energy agreements in the Middle East aimed at reducing dependence on the strategic waterway, which has been a focal point of US-Iran tensions.
The development aligns with broader regional efforts to create alternative export routes. The Zioneer has previously reported on related initiatives: Iraq signed an oil field management deal with US company Halliburton, and Syria and Iraq reportedly joined a US-led plan for a Mediterranean pipeline bypassing the Strait of Hormuz. Separately, the US and Iran have engaged in talks over Hormuz transit security, with a reported agreement on a liaison center.
No further details on the Chevron-Iraq MoU, including the specific route, volume, or timeline, have been released. The agreement is subject to further negotiations and regulatory approvals.
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