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Iraq, Jordan, and Egypt signed oil pipeline agreement
Date: Click quantity: 38

Iraq, Jordan, and Egypt signed an agreement to build an oil pipeline to transport Iraqi oil from Basra to Egypt through Aqaba, Jordan. The construction period of the project will not be very long, only the part from Basra to the Jordanian border needs to be built.

The initial intention is to supply 7 million barrels per day by the end of 2020, but Iraq’s current production capacity does not exceed 5 million barrels per day. The Iraqi Oil Minister stated that the intended supply will not be reached until 2025, and a new supply agreement may be announced in the near future.

Economists believe that Iraq’s oil industry and exports will benefit significantly. At present, 95% of Iraq’s oil is transported through Basra Port, which is greatly restricted by weather conditions. The construction and operation of new pipelines will greatly reduce the burden on Basra Port and reduce management risks. The pipeline will avoid the impact of the situation in the Persian Gulf, bypass the problem of oil transportation through Syria, and ensure the oil demand and energy security of Jordan and Egypt.