Jordan and Egypt signed MOU with Iraq for the Natural Gas

Mar 10, 2014 16:55 IST

Jordan and Egypt signed MoU with Iraq on 9 March 2014 under which natural gas will be supplied from Iraq to Jordan and Egypt. The 18 billion dollar oil pipeline will transfer one million barrels of oil per day from Basra to Aqaba. The oil pipeline will be completed by early 2018.

imageThe MOU will enable the countries to connect the natural gas fields in Iraq to the Arab Gas Pipeline. The Arab Gas Pipeline stretches from Egypt's Arish in northern Sinai through Jordan to Lebanon.

The agreement is expected to give a boost to energy needs of Jordan and the neighbouring countries. The pipeline will provide Jordan with 150000 barrels of oil per day.

With the extension of pipeline from Iraq's Basra to Egypt via Jordan's Aqaba, Iraq seeks to use the pipeline as a gateway to transport its oil to other African countries.

Egypt was ready to process and refine the Iraqi crude oil that will reach through the pipeline at its refineries and help export it to other African states.

Jordan imports about 96 percent of its energy needs annually. It is planning to implement several oil shale and renewable energy projects for the production of electricity. The majority of these projects are expected to be operational in 2018.

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