Jordan and Iraq sign Aqaba-Basra pipeline agreement
Jordan and Iraq have signed a preliminary agreement for a new oil pipeline
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Jordan's Minister of Energy and Mineral Resources Malek Kabariti said that Iraq on Monday signed an agreement on basic principles to build a pipeline to export crude oil from Basra to Aqaba.
Kabariti was quoted in a statement carried by the Jordan News Agency, Petra, as saying that the agreement Jordan signed recently aimed at implementing the 1,680-kilometre double pipeline which will pump one-million barrels of oil a day and around 258 million cubic feet of gas.
Kabariti added that the deal entails providing the Jordan Petroleum Refinery Company with 150,000 barrels of oil from Iraq daily, while approximately 100 million cubic feet of natural gas will be used by Jordan.
According to official figures on the Kingdom’s current energy consumption, the quantity would be enough to meet Jordan’s needs to be paid for from $3 billion in fees levied on Iraq, according to officials.
Regarding the financing of the project, Kabariti said that the pipeline will be built at the expense of the Iraqi government on the “build, operate, transfer” basis.
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