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Breaking: Chevron Will Explore a Pipeline Bypassing the Strait of Hormuz
Chevron intends to sign preliminary deals tomorrow to invest in two Iraqi oil fields.
The company also will join a consortium of investors exploring the construction of a pipeline to connect Iraq’s oil patch with the Syrian coast. Middle East oil producers are scrambling for alternatives to the Strait of Hormuz. About 20% of the world’s oil transited the waterway before the Iran war began. Gulf governments are pouring billions of dollars into new pipelines, rail corridors and energy storage hubs to bypass the strait, in what is set to become one of the most durable outcomes of the war.

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