$18bn Pipeline Project between Iraq and Jordan

Iraq and Jordan, two countries from Middle-East, have agreed to build a pipeline, worth US$18bn, which will carry oil from the Iraqi province Basra to the Kingdom’s port city Aqaba.
Oil from southern city of Basra will be exported through this pipeline and it is expected that around 2.3m barrel per day, which is around 70% of total oil production of Iraq, will be supplied to Jordan through this pipeline. Governor of Basra province, Khalaf Al Khalaf revealed this data.

By 2017, 17m barrels per day will be the capacity of Basra province. Hence, this pipeline project is crucial at the moment for the province, as well as for Iraq.
Over 10,000 job opportunities will be created by this pipeline project. On the other hand, Jordan is struggling with its natural resources and imports 90% of its overall resources from different countries for its huge energy needs.

The kingdom has a huge debt as it has imported natural gas from Egypt. 19% GDP in the year of 2011 from 9% GDP in the year of 2003, Kingdom seems to do well through its energy imports. Soon, officials from both the country will be together in a meeting, Basra Investment Conference, to discuss further prospects of this project.