Iraq approves Third Offshore Oil Pipeline for $416.9m

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Iraq approves Third Offshore Oil Pipeline for $416.9m

The Energy Ministerial Council’s proposal for a third offshore oil export pipeline has been approved by the Iraqi Cabinet. The pipeline, which will have a capacity of 2 million barrels per day (BPD) and measure 48 inches in diameter, is expected to be finished in 400 days. Dutch firm Boskalis will construct it at a total cost of $416.9 million, with backing from a Japanese loan.