'Iraq ready to embark on Basra-Aqaba oil pipeline'

AMMAN — Iraq on Thursday announced the completion of the technical preparations of the extension of the Iraqi oil pipeline, to run through the Kingdom with a capacity of 1 million barrels per day.

Iraqi Oil Minister Thamir Ghadhban voiced his country’s hope that 1 million barrels would be exported per day through the Basra-Aqaba oil pipeline adding that Iraq has finished all planning preparations for its construction.

Ghadhban stressed that Iraq, at this time, only depends on the southern export port to transfer Iraqi crude.

Thus, the Iraqi oil ministry has laid out its grand plan to rehabilitate and develop the pipeline to ensure its sustainability, boosting Iraq’s national oil production capabilities to its highest levels ever, he added.

Developing export capabilities through the southern ports and the extension of an Iraqi pipeline towards Jordan, as well as building an alternative new pipe replacing the old destroyed one, from Kirkuk to the Iraq-Turkey border, is Iraq’s new goal, Ghadhban noted.

Notably, the two countries had agreed earlier to supply Jordan with some 10,000 barrels of oil a day via the pipeline.

Amman and Baghdad have recently signed six agreements in the fields of energy, industry, trade, agriculture, transport and ICT, which are pending implementation.

Under these deals, Jordan would lower its fees on Iraqi shipments via the Port of Aqaba and supply Iraq with electricity.

Jordan will also be importing oil from Iraq at standard Brent crude prices minus shipping and transportation costs and deviations in specifications.