Iraq, Egypt, Jordan sign pipeline agreementStaff writer ▼ | Tuesday March 11, 2014 3:47AM ET
From the Jordanian city, approximately a million barrels a day are to be transferred to Egypt, where the oil will be refined and exported to African countries. According to the information from The Jordanian Times, the countries hope to build the pipeline extension until 2017.
According to the Iraqi minister of oil, Abdul Kareem Luaibi, the country’s oil production will grow "steeply" in few years and there will be need for infrastructure for the exporting.
"The pipeline through Aqaba will be a main instrument in this regard and will help us boost our exports. In addition, it will greatly benefit the Jordanian economy", said Luaibi in a press conference after the signing of the agreement. By the agreement, Jordan is to receive daily approximately 150,000 barrels of oil. ■