Reuters: U.S. envoy Thomas Barrack pushed partner-linked firm for $15 billion Iraq-Syria oil pipeline project that would bypass Hormuz
U.S. presidential envoy Thomas Barrack advocated for TI Capital, a company run by his longtime business partner Ziad Ghandour, to participate in a planned $15 billion oil pipeline project connecting Iraq with Syria’s Mediterranean coast, according to three people familiar with the matter cited by Reuters. Barrack retained a financial interest in a separate real-estate venture managed by TI Capital, prompting ethics experts to question whether his involvement in promoting the firm complied with federal rules, although Reuters found no evidence that he would profit from the pipeline itself.
Iraq and Syria signed agreements in July with a consortium comprising California-based TI Capital, Chevron and Qatar’s UCC Holding to conduct technical and financial studies for the project. Two people with direct knowledge of the discussions told Reuters that Barrack pressed for Ghandour’s company to be included during engagements with Iraqi and Syrian officials after the war with Iran began.
Barrack disclosed in 2025 that he held an interest in a real-estate venture near San Francisco managed by TI Capital that could entitle him to as much as 20% of its profits once a specified threshold was reached. He also disclosed a paid consulting role with the venture in 2024 and said he intended to retain the investment after entering government.
Ethics specialists told Reuters that Barrack’s relationship with Ghandour could raise concerns under federal rules requiring officials to avoid matters in which personal or business relationships could call their impartiality into question. Reuters found that Barrack had not filed a conflict-of-interest waiver covering his ties to TI Capital in connection with the pipeline project.
The State Department rejected suggestions that Barrack had a financial conflict, saying he has “no affiliation with, role in, or financial interest in” the Kirkuk-Baniyas pipeline project and had been certified as complying with ethics requirements. It said his public support for the project reflected longstanding U.S. policy favoring regional energy integration.
The Kirkuk-Baniyas pipeline historically carried Iraqi crude to Syria’s Mediterranean coast but has been out of service since the 2003 U.S. invasion of Iraq. Plans to revive the route gained new urgency after the war with Iran disrupted traffic through the Strait of Hormuz, through which a major share of global oil supplies normally passes. People familiar with the project told Reuters in August that rebuilding the pipeline could cost about $15 billion and take at least four years.
