BAGHDAD, April 13 (Xinhua) -- Iraq's state-run Basra Oil Company (BOC) signed a contract on Sunday with an Italian-Turkish consortium to develop a new offshore oil export pipeline, aimed at enhancing the country's crude export capacity from its southern terminals.

The Iraqi Oil Ministry said in a statement that the agreement was signed with Italy's MICOPERI and Türkiye's ESTA, under the patronage of Oil Minister Hayan Abdul Ghani.

Abdul Ghani described the project as a strategic step toward improving the flexibility and stability of Iraq's southern crude exports. The new offshore pipeline is expected to have a capacity of around two million barrels per day, the ministry said.

Crude oil exports are the backbone of Iraq's economy, accounting for roughly 90 percent of the country's total revenues. Enditem

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