Jordan and Iraq to fast-track Basra-Aqaba pipeline
The Jordanian monarch King Abdullah II and Iraqi President Nizar Amidi have reached an agreement to implement a project to extend a pipeline transporting Iraqi oil from Basra to the Jordanian port of Aqaba. The goal is to strengthen economic cooperation and provide a safe alternative for oil exports, especially given the challenges posed by disruptions in navigation through the Strait of Hormuz. The project involves pumping one million barrels per day via a 1,700-kilometer pipeline, with an estimated cost of $18 billion, along with the construction of strategic storage facilities and an export line in Aqaba. Iraq aims to reduce its reliance on the Strait of Hormuz and restore its export levels to pre-crisis status, while Jordan seeks to enhance its energy security and transform its port into a regional hub for oil trading. The two sides agreed to expedite the implementation process after improving technical and financial conditions, with expectations of creating jobs and stimulating the local economy.
Notice: This Is an AI-Generated Summary
Comments (0)