(MENAFN- Kuwait News Agency (KUNA)) Jordan, Egypt and Iraq signed a memorandum of understanding (MoU) Sunday that would foster oil and natural gas cooperation among the three countries.
Iraq, in line with the MoU, will be supplying Jordan and Egypt with its surplus of oil and natural gas production.
Iraqi Minister of Oil Adel Abdulmahdi, at a joint news conference with his Jordanian and Egyptian counterparts, Ibrahim Saif and Tareq Al-Mulla respectively, said the agreement was a chance for Iraq to boost its production and exports after it lost some of its exporting channels in the past years.
He said the three countries agreed to build an oil pipeline which would start from the Iraqi southern city of Basra to Hadeetha to reach Zarqa in Jordan and then to Aqaba, from which it would be extended to Egypt.
Saif said the pipeline would shorten the distance of transportation and thus reduce the cost.
Al-Mulla said the MoU would allow Egypt refine crude oil in Egypt-based refineries.
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