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Market Chatter: Chevron Moves Toward Iraq Oil Investments, Pipeline Project

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Chevron (CVX) is expected to formalize its pursuit of major oil investments in Iraq by signing preliminary agreements on Friday, Bloomberg reported Thursday, citing a senior company executive.

The accords would reinforce Chevron's exclusive discussions over the West Qurna-2 and Nasiriyah oil fields and pave the way for eventual commercial agreements, although the documents are not expected to carry binding terms, the executive said.

Chevron has joined US and international companies studying an export pipeline that would bypass the Strait of Hormuz by reviving the long-idle Kirkuk-Baniyas line, which runs through Syria to the Mediterranean coast, the report said.

Iraqi Prime Minister Ali Al-Zaidi met Chevron executives in Houston during his US visit, following his meeting with President Donald Trump earlier this week, the report said. Chevron did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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