Iraq has finalized preparations to implement a new oil pipeline project to export Iraqi crude through the Jordanian port of Aqaba on the Red Sea, senior officials said.
In a statement on Friday, Iraqi Oil Minister Thamir al-Ghadhban said “The export capacity of the Basra-Aqaba pipeline, which runs through Jordan, is expected to reach one million barrels per day (bpd).”
The arrangements include the pipeline’s “track, components, absorptive capacity, the mechanisms of linking it to the northern Kirkuk oil fields, funding sources, and implementation and operational means,” according to Ghadhban.
Meanwhile, Jordan's Minister of Energy and Mineral Resources Hala Zawati was quoted as saying that the project is awaiting the approval of the Iraqi cabinet, to be followed by the signing of an agreement between Jordan and Iraq, and then implementation of the pipeline project would begin.
In 2013, Iraq and Jordan signed a 2013 pipeline agreement worth about $18 billion and announced that multiple financing options would be considered.