Iraq insists cost of Basra-Aqaba pipeline come under $9 billion

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AMMAN — The cost of building the Basra-Aqaba oil pipeline, agreed on at the tripartite summit between Jordan, Egypt, and Iraq earlier this year, should be under $9 billion, the Iraq Oil Ministry said in a statement issued Wednesday, according to Mamlaka TV.اضافة اعلان

The statement said that negotiations between Jordan and Iraq on the pipeline deal have reached a developed stage.

The ministry said that “the project is still under technical and commercial discussion, despite the negotiations, with the aim of adding economic value to Iraq and Jordan, provided that the implementation costs are reduced to less than $9 billion.”

The ministry said that Iraqi Prime Minister Mustafa Al-Kazemi confirmed that in 2021 Iraq will proceed with the project. A tripartite summit took place in Baghdad between Jordan, Egypt, and Iraq, where it was agreed to provide an outlet for the export of Iraqi oil through Jordan and Egypt by moving ahead and completing the Arab Gas pipeline and the construction of the Basra-Aqaba oil pipeline, as well as the renewal of the annual contract to supply Jordan with oil.

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