The pipeline has been closed for six months after it was ruled that Turkey was transporting oil without Iraq’s approval.
The cable will provide the UK with renewable energy from Morocco in what the government has called a “project of national significance”.
The UK’s largest untapped oilfield has been approved amid widespread backlash from climate protestors.
Despite a Western ban on insuring tankers carrying oil above a set price, Russia continues to use European and “shadow” tankers.
Earlier in June, New Fortress Energy was granted a permit by Mexico’s Ministry of Energy to export up to 7.8 million tonnes of liquefied natural gas until April 2028.
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The UK is looking to import wind and solar energy from Egypt via subsea cables.
Western sanctions appear ill-equipped to prevent Russian oil supplies reaching other parts of the world.
The acquisition will create one of the largest US energy pipeline companies.
The price rise is caused by supply cuts from Saudi Arabia and Russia and a resurgence in Chinese demand.
A turbine trip disrupted output last Thursday, as strike action continues.