(MENAFN) Jordan and Iraq have agreed to build an USD18 billion pipeline that will transport crude oil from Basra in the south of Iraq to the Kingdom's port city of Aqaba, Jordan Times reported.
The paper quoted Basra Governor Khalaf Al Khalaf as saying that the pipeline will export oil from Basra, which pumps about 2.3 million barrels per day (bpd).
He added that the pipeline is vital for Iraq's exports, as Basra is expected to produce 17 million bpd in four years.
The paper also quoted Jordanian and Iraqi officials, attending the Basra Investment Conference, as saying that the two countries are expected to set up the framework for the biding process.
Khalaf also said that the project will provide about 10,000 jobs and help Jordan, which has scarce natural resources and imports more than 90 percent of its total energy needs to be more independent and generate USD3 billion a year in revenues.
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