Iraq parliament supports Basra-Aqaba oil pipeline project

Sun, May 18, 2014

by Mohammad Ghazal

Iraq's parliament fully supports a project to build an $18 billion pipeline to export crude oil from Basra to Jordan's port city of Aqaba, Adnan Al Janabi, chairman of its energy committee, said Sunday.

"We are very supportive of this strategic project with Jordan, which will greatly help Iraq increase its oil exports across the world," Janabi told The Jordan Times on the sidelines of the Iraq Future Energy Forum, attended by representatives from several international companies in the field of oil and gas.

The 1,680-kilometre double pipeline will pump one million barrels of oil a day from Basra on the Arabian Gulf to Aqaba Port, and around 258 million cubic feet of gas.

The Basra-Aqaba oil pipeline, which is expected to be operational late in 2017, will provide Jordan with 150,000 barrels of- oil per day, while the rest will be exported through Aqaba, generating an estimated $3 billion a year in revenues for the Kingdom.

Janabi announced Sunday that negotiations are under way between Iraq and Jordan to build a refinery in Aqaba to be jointly financed by the public and private sectors in the two countries.

To read the full piece from Zawya, click here.