Trump envoy kept financial ties to firm behind $15 billion Hormuz-bypass oil pipeline plan
CVX•Thomas Barrack advocated for TI Capital, whose founder is his business partner, to join studies for a planned Iraq-Syria pipeline estimated to cost $15 billion. Barrack holds a separate interest entitling him to up to 20% of profits from a TI Capital-managed venture; the State Department said he had no pipeline stake and complied with ethics rules.
1. Pipeline discussions
Iraq and Syria signed memorandums of understanding in July with a consortium including TI Capital, Chevron and UCC Holding to conduct technical and financial studies for rehabilitating the Kirkuk-Baniyas oil pipeline. Three people said Barrack pressed for TI Capital to be included, and a June joint statement by Barrack and Iraq’s prime minister commended Iraq’s decision to advance an agreement with TI Capital.
2. Ethics concerns
Barrack has a longstanding business relationship with TI Capital founder Ziad Ghandour and retained an interest in a separate real-estate venture managed by the firm. A 2025 financial disclosure said Barrack could receive 20% of profits once the venture reaches an established minimum. Ethics experts said his advocacy raised impartiality concerns; the State Department said he had no affiliation, role or financial interest in the pipeline and was certified as compliant with ethics rules.
3. Project cost and timeline
The pipeline, which once carried Iraqi crude to Syria’s Mediterranean coast, has been out of action since 2003. People familiar with the plan said in August that rebuilding it would cost $15 billion and take at least four years. Barrack has not filed an ethics waiver related to his ties to TI Capital, according to records reviewed in the article.
